Invictus Capital: Weekly Wrap 13.08
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Bullish price action has again continued this week with Bitcoin now facing resistance at $48k after trading above its 200-day moving-average on Monday, while Ether now faces resistance at the $3,400 level. According to Glassnode, Bitcoin continues to flow out of exchanges this month at similar levels to the period between 2020 and Q1 this year, where flows were dominated by heavy accumulation and the GBTC arbitrage trade. Coinbase’s Q2 results, which beat estimates, revealed that cryptocurrencies now generate more trading volume than the FAANG stocks, some of the largest public equities in the world. This year exchange volumes are on pace to reach $16 trillion, up more than 8x on 2020 volumes.
This week, the most notable news story in crypto was the Poly Network suffering the largest Defi hack ever (in dollar terms) when hackers exploited a vulnerability in the protocol’s contract system. The hackers made off with a staggering $612m worth of crypto assets from Ethereum, Binance Smart Chain and Polygon wallets. As the severity of the situation became apparent, the hackers had a change of heart and pledged to return all the stolen funds. So far, the unidentified hackers have returned about $260 million of the stolen funds, according to blockchain forensics firm Elliptic. The situation highlights the many misconceptions associated with crypto, particularly the narrative that the industry primarily supports scammers and malicious actors. While many point to the privacy inherent in crypto as a problem, the hackers’ actions demonstrate that the transparent nature of the blockchain — even if individual identities are difficult to determine — makes spending stolen funds more difficult. This is better than the state of affairs for fiat currency theft that often requires major intervention from regulators and inter-agency cooperation to trace, often across multiple legal jurisdictions.
Traditional markets had a volatile start this week as Friday’s strong US employment numbers spurred bond yields higher and drove a Monday capitulation in gold markets that saw prices briefly dip below $1,700/toz as the dollar surged. Gold’s fate was however reversed later in the week as US inflation readings — that for a change were in line with expectations — helped support the narrative that inflationary pressures would be transitory. Bond yields retraced on this news, the dollar weakened and gold recovered — at the time of writing gold is back above last Friday’s close. Stocks were seemingly unfazed by the week’s events, grinding slowly upwards over the week without regard for the newsflow. At risk of sounding like a broken record, the S&P500 is again at all-time highs this week.
Whilst bond yields in traditional markets struggle to lift from near-zero, the Invictus Yield Vault’s interest rates have increased to an all-time high! The market’s recent bullish trend and heightened market volatility have allowed Invictus Alpha to boost their 18-month rate on BTC, ETH and stablecoins to 13% APY. Please visit the Invictus Yield Vault Landing Page to view the rates and contact details of the Invictus Yield Vault team.
Indicators (06 August— 13 August)
- Invictus Margin Lending (IML): $1.26, +5.59% (weekly compound annualized rate)
- Invictus Gold Plus (IGP): $1.08, -2.72%
- Emerging Markets Solar (EMS): $1.28, -0.11%
- Crypto10 Hedged (C10): $6.15, +7.92%
- Crypto20 (C20): $3.72, +14.61%
- Invictus Bitcoin Alpha (IBA): $2.40, +7.28%
- Invictus Hyperion Fund (IHF): $0.471 (Updated Q2–21)
- Invictus Capital Token (ICAP): $10.47, +13.79%
- BTC: $44,430.81, +8.68%
- ETH: $3,048.69, +7.78%
- GOLD: $1,753.68, -2.77%
- S&P500: 4,460.83, +0.72%
SolStreet Announces Good Fill Hunting — Part 2 of the Money Never Sleeps Trading Competition Series
With SolStreet’s Wolf of SolStreet competition drawing to a close, and over 12,500 funds on the platform jostling for the top position, we are happy to announce that registrations are now open for Good Fill Hunting — the second competition in the three-part Money Never Sleeps series.
With a total prize pool of 250,000 STRT tokens (est. $150,000), the competition starting 30 August is not to be missed!
Head over to our registration form and follow the instructions to register. More details to follow in the coming days.
Invictus Announces $5K Friday Giveaways
Invictus Capital is excited to announce the launch of $5K Fridays, a brand new series of giveaways to celebrate the performance of the C10 fund.
Every Friday until 03 September 2021 we’ll be giving away $5,000 (five winners will win $1,000 each).
Read more in the article here.
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.
Other News & Links
- Invictus in the Press/News
1. Invictus Capital: How Revolutionized Crypto Investing Could Help You Reach Your Earning Goals
2. Invictus Capital Crypto10: Steady Growth During Unsteady Times
- Hackers return funds from likely record DeFi crypto attack
- Syntropy News
1. Syntropy Releases ARK: Survival Evolved Integration
2. Malcolm Bloom is joining Syntropy as Change and Innovation Lead
- Quantfury News
1. Weekly Diary Episode 2
- Fund managers position for transitory U.S. inflation
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