Trakx Weekly Update: January 30, 2023

Key Crypto Market Figures

Crypto Tradable Indices (CTIs) Weekly Performance

Crypto prices remained firm over the past week, with the Top 10 Crypto CTI gaining 2.5% on the week. As a result, Bitcoin which rose 5%, is on track for its best January performance in a decade, indicative of a sharp reversal in bearish sentiment that negatively impacted prices for much of 2022. Key to sustaining this bullish trend will be Wednesday’s FOMC meeting followed by Friday’s US non-farm payrolls. The overwhelming consensus is for a 25bp hike and another solid jobs report but continued easing in hourly wage growth, which would be consistent with the “soft-landing” narrative. However, after such a solid monthly performance there is clearly a risk of a near-term pull-back on profit-taking.

Amongst our CTIs the best performer was ESG, with the index up 10% w/w, closely followed by the Top 10 PoS CTI (+7%). Contributing to the strong performance in both indices was the 21% rally in Avalanche as investors continued to speculate on its potential following the earlier announcement that it was teaming up with AWS to accelerate blockchain adoption by businesses and governments.

Sources: Coingecko and AlphaVantage

Market Trends

• Panama’s Supreme Court to rule on cryptocurrency legislation: Cointelegraph
• Top 3 Reasons Why Crypto Prices Are Not Plummeting After Genesis Bankruptcy News: Cryptonews
• Best January since 2013? 5 things to know in Bitcoin this week: Cointelegraph
• UK denies crypto companies the US lets operate: Blockworks
• Fantom Blockchain to Release Version 2 of fUSD Stablecoin: Coindesk
• What Is Counterparty? Historical NFTs Built on Bitcoin: Decrypt
• Bitcoin trades near $23,100 as institutions play a major role in the ongoing rally: Kitco.com

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.

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 a high degree of compliance, custody and liquidity. Trakx is registered with the French regulator (AMF).

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.