Trakx Weekly Update: August 14, 2023
Key Crypto Market Figures
CTIs Weekly Performance
After several negative price actions last week, this was a relatively stable week for the crypto market. The decentralised exchange CTI gained 4% thanks to Thorchain's (Rune) impressive weekly performance of 43%.
The weakest performer was the centralised exchange CTI, which was down 1% on the week.
Trakx Inflation Hedge and NFT Metaverse CTIs also suffered a 1% loss.
Amidst the various fluctuations, Bitcoin maintained its stability. The flagship cryptocurrency showcased its resilience, edging up by a modest 1% throughout the week. This consistency in performance further solidifies Bitcoin's role as a benchmark within the crypto ecosystem.
Last week, PayPal accomplished a notable milestone as the first major fintech company to incorporate digital assets into its payment and transfer systems. The outcome was the introduction of a stablecoin pegged to the US dollar, named PayPal USD. US Representative Maxine Waters, a member of the Democratic Party, expressed significant apprehension regarding the move, particularly in the absence of a comprehensive federal framework for regulating digital assets.
On the regulatory side, the Fed is creating a new supervisory program to oversee the activities of the banks it supervises related to cryptocurrency, blockchain technology, and tech-driven nonbank partnerships, with the aim of complementing its existing supervisory process and strengthening the oversight of tech-driven activities.
Sources: Trakx, Coingecko, Alphavantage
Market Trends
- PayPal’s Stablecoin Is No Libra. Why the Timing Feels Right: Coindesk
- Former FTX CEO Sam Bankman-Fried ordered to jail after judge revokes his bail: Nytimes
- Central Bank of Brazil Reveals Name of Its Controversial CBDC: Decrypt
- Huobi's Stablecoin Reserves Down 30% Amid Reports of Executive Arrests: Coindesk
Trakx News
Trakx signed a strategic partnership with Global Football Alliance, a leading organization in the world of football, focused on promoting organizational best practices, marketing, digital, and fan experience: GFA.
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.
