Trakx Weekly Update: July 17, 2023

Key Crypto Market Figures

CTIs Weekly Performance

It was a very positive week for the crypto assets in general and our flagship CTI, Trakx Top 10 Crypto gained 9%, bringing the year-to-date performance to 50%. The best performing cryptocurrency over this timeframe was XRP (Ripple), up 63%. The case of Ripple, when US regulators eventually found that Ripple Lab didn’t violate securities law by selling digital tokens to the public, was welcomed by the crypto industry and the impact on XRP token price was quite substantial. Bitcoin and Ether remained in a significant uptrend. We also noted the very good performance of Stellar (+34%) and Solana (+31%) last week, both in Trakx Top 10 Index.

US CPI Inflation has hit its lowest level in more than 2 years (3% in June) and the encouraging inflation report may sign the beginning of a shift in the Fed policy, after the anticipated interest rate rise in July.

From the US we got a set of positive news for the industry with the introduction of a revised version of the crypto bill: while maintaining the broad scope of the previous legislation, it incorporates updates to reflect industry developments, such as the collapse of FTX. Former SEC Chair Jay Clayton said that applicants for a spot bitcoin ETF have a strong chance of approval if they can demonstrate it’s a more efficient way for investors to access the digital asset.

Finally, Britain remains cautious about issuing a digital version of the pound given privacy and other issues involved, and the government has launched a public consultation on that topic.

Sources: Trakx, Coingecko, Alphavantage

Market Trends

• Are Solana (SOL) Bulls Back in Control After 30% Recovery? Beincrypto.
• Breaking Ethereum (ETH) Breaks $2,000 as Bitcoin Dominance Starts to Fade: Beincrypto.
• XRP Moves Into the Weekly Spotlight, Dwarfing Other Crypto Assets: Coindesk.
• Bitcoin Miners Face 'Stress Test' in Next Halving: JP Morgan: Decrypt.

Trakx News

• Lionel Rebibo, Yann Le Floch and the Trakx team are attending various events in Paris this week, the EthCC week and the Polkadot Conference.

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.