Trakx Weekly Update: April 17, 2023
Key Crypto Market Figures
CTIs Weekly Performance
Crypto prices resumed their uptrend over the past week, with the Trakx Top 10 Crypto CTI up 11% - a significantly stronger performance than other asset classes such as the S&P500 and Gold (both gained only 1% on the week). The standout performers, however, were the Exchange focused Crypto Tradable Indices (CTIs), with the Centralized Exchange CTI up 18% and the Decentralized Exchange CTI up 13%. Such strong performances suggest that investors are becoming more confident that the bullish move in crypto prices will persist, boosting trading activity and hence revenues.
Elsewhere, the ESG CTI gained 14% aided by a 24% rally in Solana after a new Android phone (Saga) powered by the Solana blockchain was unveiled that will allow its users access to the Solana ecosystem of apps.
Finally, sentiment in the crypto sector was also supported by the successful Shapella upgrade to Ethereum. As a result, ETH staked on the network can now be withdrawn for the first time since last September’s merge. Significantly, although $35bn of ETH is now eligible to able to be withdrawn less than 1% was queued to exit, a strong signal that ETH users are committed to participate in the network, news that provided a fillip to ETH’s price pushing it above the $2,000 mark.
Sources: Trakx, Coingecko, Alphavantage
Market Trends
- Ethereum's Shapella upgrade pushes ether price past $2,000 for first time since August: TheBlock
- T. Rowe to Test Avalanche Blockchain in Renewed Push on Wall Street: Bloomberg
- EU’s MiCA Vote Likely Delayed by One Day Without Further Changes: Coindesk
- Solana Saga, an Android Phone With a Crypto Twist: Blockworks
Trakx News
- Ryan Shea published two articles this week: “On (the) QT”, why the Fed might be soon forced to capitulate; and “Ultimate Backstop”, Governments vs. Central Banks – who backstops who?
- Ryan Shea was quoted in the article “Bitcoin hovers around $30,000 ahead of US inflation data as altcoins dip” in The Block
Trakx CTIs Performance
Sources: Coingecko and AlphaVantage
*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.
Trakx is a global fintech company creating new standards for digital asset investments. Through our trading platform, we offer thematic Crypto Tradable Indices (CTIs) and customised solutions, providing sophisticated investors with a high degree of compliance, custody and liquidity.
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Disclaimers: No Investment Advice. Index returns and statistics are for illustration only. Index returns do not reflect any transaction costs or expenses. Past performance does not guarantee future results. The information provided in this newsletter does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the newsletter content as such. Trakx.io does not recommend that any cryptocurrency should be bought, sold, or held by you. Readers shall conduct their own due diligence and consult their financial advisors before making any investment decisions.
