Trakx Weekly Update: July 8

Weekly Update
• Jul 08, 2024
Trakx Weekly Update: July 8

Key Crypto Market Figures

Trakx Weekly Update: July 8

CTIs Weekly Performance

Crypto markets experienced significant turmoil over the past week, highlighted by the Trakx Top 10 Crypto CTI declining 11.7%. This drop was driven by the broader market’s reaction to $665M in daily liquidations as Bitcoin tanked below $55K, fueled by Germany-related FUD. In response to the market instability, Justin Sun offered to buy $2B in bitcoin from Germany to help alleviate selling pressure. Additionally, Mt. Gox moved $2.7B in bitcoin ahead of its $9B payout process, further contributing to the market’s volatility.

Bitcoin’s price drop below its 200-day average brought the bull market trendline into focus, intensifying concerns among investors.

Within the Trakx family of CTIs, the BTC Momentum CTI showed the most resilience, with a marginal decline of 0.1%. Conversely, the Trakx Meme CTI was the weakest performer, plummeting by 19.6%. Other notable declines included the Trakx Gaming CTI and NFT Metaverse CTI, which fell by 20% and 20.4%, respectively.

Trakx Weekly Update: July 8

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Labour landslide sets up Starmer as UK prime minister with unstated crypto plans: CoinDesk.
  • Coinbase argues Gary Gensler’s email is ‘appropriate source of discovery’ in SEC lawsuit: The Block.
  • Biden’s reelection odds drop to single digits on Polymarket: Cointelegraph.
  • SlowMist reports $20.66M in stolen funds in Q2: Crypto.news.
  • US spot bitcoin ETFs see $20M net outflows: The Block.
  • EigenLayer competitor Symbiotic crosses $1B in deposits in under a month: The Block.
  • Bitcoin miners show signs of capitulation: CoinDesk.
  • South Korean government to launch crypto transaction monitoring system: Cointelegraph.
  • SEC wants retailer’s crypto suit tossed as it’s based on ‘phantom’ policy: Cointelegraph.
  • Vitalik Buterin opts for faster Ethereum, EIP-7732 gives hope: Cointelegraph.
  • Insider trading allegations hit Khamzat Chimaev’s Smash token: Cointelegraph.
  • Bittensor identifies vulnerability behind $8M exploit: The Block.

Trakx News

Trakx Weekly Update: July 8
Trakx Weekly Update: July 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.

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.


TRAKX SAS,  10 rue de Penthièvre, Paris, 75008, FRANCE - French société par actions simplifiée Paris Trade and Companies Register number 850 626 078

Crypto Asset Service Provider (CASP) Registered with the Autorité des Marchés Financiers (AMF) under number E2021-020

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.

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