Invictus Capital: Weekly Wrap 10.09

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Market News

The crypto market continues its recovery following Tuesday’s crash which saw Bitcoin fall as low as $42.8k on some exchanges — with anecdotal reports linking the fall to El Salvador’s teething issues regarding the much-anticipated implementation of Bitcoin as legal tender. The largest cryptoasset by market capitalization is down over 7% over the past week at the time of publication, with some analysts now expecting buyers to step in, seeing the sharp sell-off as nothing more than a temporary retracement and healthy leverage flushout. Despite the bearish price action, the total crypto market cap remains above $2 trillion, driven in part by strong performance in altcoins; Solana ($SOL), Terra ($LUNA), Algorand ($ALGO), and FTX’s native token $FTT are respectively up ~30%, ~13%, ~68% and ~15% over the past week. Thursday saw Mastercard announce the acquisition of crypto intelligence company CipherTrace, another signal of ongoing institutional interest within the crypto market.

While institutional interest remains strong, the general public continues to be bombarded with crypto advertising which bodes well for adoption. The NBA’s Stephan Curry this week announced a partnership with FTX, while Paris Saint Germain (PSG), one of the most recognizable franchises in sport, has announced a lucrative long-term sponsorship with Crypto.com. Agreements of this scale have the potential to introduce millions of sports fans globally to crytpoassets for the first time. The Parisian club has a star-studded team with some of the most marketable athletes in sport, from Neymar and Kylian Mbappé to the newly signed Lionel Messi. A remarkable aspect of the sponsorship deal is that a significant proportion of the sponsorship fee will be paid in Crypto.com’s own token CRO and exclusive Non-Fungible Tokens (NFT) — with the package reported to be worth tens of millions of dollars. Crypto.com, one of the largest cryptoasset exchanges globally, has recently launched a massive marketing campaign and has already agreed sponsorship deals with the NHL, UFC, and Formula1.

Global stock markets moved comparatively slowly in a quiet week, with the US and Canada celebrating Labor Day on Monday. The slide was largely driven by disappointing economic sentiment readings in Europe, concerns in the Chinese property market, and last week’s poor US payroll numbers. While these have boosted expectations for continued dovishness from central banks, the other side of the coin is that longer term growth outcomes are poorer. Tech stocks benefitted, though most major stock indices globally were down for the week. Bond yields edged up with the dollar, whilst gold dipped under the weight of rising real yields.

Indicators (03 September— 10 September)

The Invictus Podcast: Episode 2

Our hosts Gadi Chait and Jason Peckham welcome our second guest, Alex Svanevik, the CEO of Nansen. They discuss how Nansen became “the Bloomberg of jpegs” for trading NFTs, their series A funding round and outlook for covering Solana, and more.

Watch the video here.

Life at Invictus

Explore office life with the team at Invictus in this recent video here!

Invictus Yield Vault

The Invictus Yield Vault allows qualifying lenders the opportunity to lend a minimum amount of $50,000 BTC, ETH and/or Stablecoins for highly competitive interest rates to Invictus Alpha, Invictus Capital’s trading division.

To view our rates and contact our Vault team, please visit our landing page.

The rates recently increased!

Borrow Against Your Crypto With Peace of Mind

Crypto users can now, for the first time, borrow against their crypto secure in the knowledge that their investment will not get liquidated. Invictus Alpha (the trading company of Invictus Capital) has engineered a new product that is offering users the opportunity to borrow USD-based stablecoins (or BTC and ETH) against BTC and ETH with no risk of liquidation.

Check out the article here. To inquire, please complete this form.

Other News & Links

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