Invictus Capital: Weekly Wrap 20.08
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Risk off sentiment prevailed in most markets this week as we saw disappointing industrial production numbers from China and tightening pandemic restrictions in many regions, with fears over the longer-term impact of the Delta variant still high. This combined with the effect of hawkish news from the Fed — with many analysts bringing forward their forecasts for QE tapering — saw stock markets struggle heavily. Despite the hawkishness, US bond yields dipped in a curious move, until you consider that investors are left with few viable safe havens under deflationary, anaemic growth conditions that the global economy risks sinking into. Gold was a clear winner, along with the dollar, as the S&P500 and many other indices seem set for their worst week since the June release of May’s shocking inflation numbers.
The broader crypto market continued its bullish price action over the past week with layer-1 solutions Solana and Terra ($LUNA) leading the pack after breaking all-time highs Monday, quickly followed by Cardano, which is due to release smart contracts on September 12 amid much hype. In contrast to traditional markets, crypto seems to be thriving in what may be just a taste of what is to come. Meanwhile, Bitcoin managed to hold above its 200-day moving average and broke out yesterday from a slight downtrend over the past week. Late in the week momentum was spurred further by news that Coinbase, which as of mid-year held $585.8M worth of cryptoassets, will be buying a further $500M with another 10% of all profits allocated to future crypto purchases.
This week also saw news of yet another partnership between crypto industry players and sports teams, as Crypto.com and the Italian football division, Serie A, announced a new multi-year sponsorship deal. This ongoing industry trend can only accelerate crypto’s push into the mainstream.
Global cryptocurrency adoption has surged by 881% over the last year, according to data from blockchain analysis firm Chainalysis. This has primarily been fueled by the growing adoption of cryptoassets in emerging markets, with Vietnam, India, and Pakistan taking the top three spots in Chainalysis’ annual Global Crypto Adoption Index. The benefits of cryptoassets have been widely recognized as an instrument to drive growth in countries with underdeveloped financial systems. With the explosive growth of Defi and P2P platforms in emerging markets, cryptoassets offer billions of people who have been historically excluded from traditional finance the opportunity of financial freedom.
The magnitude of the opportunity available was made apparent as multinational investment behemoth, BlackRock, revealed that they have extended their reach within the cryptoverse with a $384 million investment into two major publicly traded Bitcoin mining firms. This follows the likes of other illustrious firms such as Fidelity and Vanguard who have gained significant exposure to the Bitcoin mining sector over the past few months.
Indicators (13 August — 20 August)
- Invictus Margin Lending (IML): $1.27, +6.96% (weekly compound annualized rate)
- Invictus Gold Plus (IGP): $1.10, +1.51%
- Emerging Markets Solar (EMS): $1.28, -0.20%
- Crypto10 Hedged (C10): $6.94, +12.87%
- Crypto20 (C20): $4.35, +17.02%
- Invictus Bitcoin Alpha (IBA): $2.39, -0.55%
- Invictus Hyperion Fund (IHF): $0.471 (Updated Q2–21)
- Invictus Capital Token (ICAP): $8.21, -21.53%
- BTC: $44,190.92, -0.54%
- ETH: $3,177.63, +4.23%
- GOLD: $1,779.11, +1.45%
- S&P500: 4,405.80, -1.23%
SolStreet Announces Good Fill Hunting — Part 2 of the Money Never Sleeps Trading Competition Series
SolStreet.finance is celebrating an outstanding first competition on the Solana devnet: The Wolf of SolStreet. The competition took place over the first two weeks of August and saw 13,000 funds created with 18,000 investors participating in the inaugural competition. Over 88,000 transactions took place on the protocol which would have cost $30 running on the Solana Mainnet. Comparatively this would have cost $37k on Binance and $2.8m on Ethereum!
With a total prize pool of 250,000 STRT tokens (est. $150,000), the next competition, Good Fill Hunting, 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
- BlackRock ETFs hold $384 million of shares in Bitcoin mining firms
- Syntropy News
1. Syntropy’s Bill Norton on DARP, Blockchain, and the Internet
2. Become a Syntropy Foreign Ambassador!
- This map shows where cryptocurrency is taking off around the world
- Quantfury News
1. Weekly Diary Episode 3
- Fed minutes show most officials see taper starting this year
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