Trakx Weekly Update: April 8

Weekly Update
• Apr 08, 2024
Trakx Weekly Update: April 8

Key Crypto Market Figures

Trakx Weekly Update: April 8

CTIs Weekly Performance

Consolidation was the name of the game last week in the crypto sphere as indicated by the Trakx Top10 Crypto CTI declining by 5% over the past seven days. As we typically observe during pull-backs, the best performer was the defensive Inflation Hedge CTI, which gained 1.2% over the past week. In contrast, the weakest performer was the Meme CTI, which slipped over 13% last week after having more than doubled since the start of the year.

In a repeat of the correction seen in the middle of March, cryptocurrency prices dipped after positive US macro data prompted investors to yet again push back the timing of the first Fed rate cut. The trigger for the shift was another stellar non-farm payrolls report (US employment increased a much-better-than-expected 303k), which prompted some Fed officials to express their discomfort with cutting rates until there is more convincing evidence that inflation is moving down towards their 2% target rate. As a result, even though Fed officials target a broader measure of inflation (core PCE), this week’s CPI report will be closely scrutinized by investors in the hope that it validates a disinflationary trend and thereby cement expectations the US central bank will begin easing at the July FOMC meeting, which currently is priced like a coin toss.

Away from the macro front, one of the larger cap cryptocurrencies that experienced some issues last week was Solana. Although labelled a high performance blockchain due to its ability to process much higher transaction volumes than Bitcoin or Ethereum, the Solana blockchain has suffered from a rise in failed transactions amid a surge in demand due to the memecoin mania. However, proponents of the Solana network have pointed out that the vast majority of these failed transactions are due to spamming arbitrage bots and that while the current real-life scaling stress test may be irritating to actual users of the network, it will help devs make the blockchain more resilient as bugs get fixed and network patches are rolled out.

Finally, Bitcoin Cash – a 2017 hard fork of the seminal cryptocurrency – underwent its latest halving event, where the block subsidy paid to miners dropped from BCH 6.25 to BCH 3.125. Following the new issuance cut, the token rallied over 10%, a move that likely assuages some fear crypto investors have that the Bitcoin halving - slated to occur in less than two weeks – is already fully priced-in after the recent rally.

Trakx Weekly Update: April 8

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Bitcoin Tops $71K, Ordinals Bets Rise Ahead of Halving: CoinDesk
  • Bitcoin Cash successfully completes halving, price leaps to its highest since 2021: Cryptoslate
  • Solana struggles: Record 75% of user txs are failing... or are they?: Cointelegraph
  • DOJ moves 30K BTC connected to Silk Road seizure: Blockworks
  • Central banks launch new project with aim for slice of $14tn tokenisation pie: DLNews

Trakx News

Trakx CTIs Performance

Trakx Weekly Update: April 8

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.

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