Trakx Weekly Update: February 6, 2023

Weekly Update
• Feb 06, 2023
Trakx Weekly Update: February 6, 2023

Key Crypto Market Figures

Trakx Digital Assets Newsletter 20

Crypto Tradable Indices (CTIs) Weekly Performance

After a very strong performance in January, with market leader Bitcoin up around 40% - the best monthly performance since the late bull market surge in October 2021 - prices consolidated over the past week. While the Fed confirmed prior expectations that the pace of monetary tightening was decelerating the blow-out US employment report (+517k) tempered some of the bullishness.

Amongst our CTIs the best performers were exchange indices, with the CEX and DEX CTIs up 6% and 3% respectively, an indication that the turn in crypto sentiment is expected to boost trading activity.

The subdued price action did not, however, mean the crypto community was controversy-free. A developer mined the largest ever block in Bitcoin’s history containing a cartoon wizard NFT. Some Bitcoiners celebrated the news arguing the use of such “ordinals” extends Bitcoin’s use-cases. However, the purists, who prefer to see Bitcoin used for payment transactions, were clearly unimpressed describing the transaction as “spam”. Could this be the opening salvo in yet another Bitcoin narrative war?

Trakx Weekly Update: February 6, 2023

Sources: Coingecko and AlphaVantage

  • First mover Asia: Bitcoin not ready to soar as investors await Fed Chair speech, more earnings: Coindesk
  • Ethereum devs finalize fork on the Zheijang testnet, here’s what it means for ETH: FxStreet
  • Bitcoin inches higher, GBTC discount narrows as share price perks up: TheBlock
  • $20K Bitcoin may return, says analyst as US unemployment hits 54-year low: Cointelegraph
  • Giant Bitcoin 'Taproot Wizard' NFT Minted in Collaboration With Luxor Mining Pool: Coindesk
  • What Is Canto? The Token That Rallied 700% in a Month: decrypt

Trakx News

Trakx CTIs Performance

Trakx Weekly Update: February 6, 2023

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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