Trakx Weekly Update: May 7

Weekly Update
• May 07, 2024
Trakx Weekly Update: May 7

Key Crypto Market Figures

Trakx Weekly Update: May 7

CTIs Weekly Performance

Cryptocurrency prices were a mixed bag over the preceding seven day period. While the larger market cap tokens were little changed, as evidenced by the Trakx Top10 Crypto CTI gaining just 1%, altcoins fared much better. One particular highlight was AI, with our AI CTI rallying 13%, putting it top of the Trakx performance tables. In contrast, the Bitcoin/Ether CTI came in bottom, losing 3% over the week.

At the start of the week, crypto prices remained under the cosh with investors still unnerved by the recent stagflationary data emanating from the US. Evidence of this poor sentiment was not just apparent in price data, spot Bitcoin ETFs posted one of their worst days since their January launch, with even BlackRock’s successful ETF witnessing its first ever outflow. However, the tide turned after Friday’s non-farm payroll report which was unambiguously bullish for crypto prices. Not only did headline employment come in below expectations (175K versus 240K), but so too do average hourly earnings. Combined with an uptick in the jobless rate, the report showed clear signs of softening in the jobs market, which prompted investors to price in September for the first Fed rate cut and a further rate cut by year-end – a scenario that last week’s rather uneventful FOMC meeting did nothing to challenge.

Last week was also busy terms of US legal activity in relation to crypto markets. After last year pleading guilty to money laundering violations Binance founder CZ was sentenced to four months in prison – a sentence that raised eyebrows not just because CZ was previously famous for tweeting selfies showing him holding up four fingers (who says US judges don’t have a sense of humour) but because it was considerably more lenient that that handed to his nemesis SBF. Less positively, Roger Ver, an early advocate of Bitcoin, was arrested and charged for failing to declare capital gains on $240 million raised from Bitcoin sales in 2017. Finally, unredacted parts of the recent lawsuit filed against the SEC by Consensys saw the US regulator refer to Ether as a security, suggesting that the US is unlikely to follow Hong Kong’s recent lead by permitting both ETH and BTC spot ETF products.

Trakx Weekly Update: May 7

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Binance founder Changpeng ‘CZ’ Zhao sentenced to 4 months, will enter prison as country’s richest inmate: Fortune Crypto.
  • Roger Ver Indicted for Tax Fraud: CoinDesk.
  • Grayscale’s spot bitcoin ETF logs second day of net inflows: The Block.
  • Bitcoin mining revenue hits post-halving yearly low: Cointelegraph.
  • SEC Has Secretly Considered Ethereum a Security Since 2023, Says Consensys in Unredacted Lawsuit: Decrypt.
  • Saylor predicts SEC will designate Ethereum as a security and deny spot ETF applications this summer: CryptoSlate.

Trakx News

  • We have just launched our first Airdrop Campaign, do not hesitate to participate!
  • We are very happy to announce our collaboration with Martial Eagle and Compass Financial Technology for the launch of Martial Eagle Value, the world’s first thematic Smart Beta Index. More details to follow very soon. Stay tuned!
  • Ryan Shea published his latest monthly update “Crypto Comedown: After The High”.

Trakx CTIs Performance

Trakx Weekly Update: May 7

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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