Invictus Capital: Weekly Wrap 27.08
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Traditional markets this week recovered firmly from last week’s stock market decline, with the S&P500 again touching all-time highs at publication, supported by a weaker dollar and the dovish tone from Fed chair Powell’s speech at the annual Jackson Hole symposium — the premiere central banking conference organised annually by the Fed. This has seen the dollar dip alongside a pullback in US bond yields, which have been in an uptrend since Monday. Gold rose firmly for the second week in a row. Also supporting stocks were static numbers on new job claims and unfilled positions out of the US, which coupled with earlier data on declining unemployment, suggests that workers are returning to the labor market alongside those who are leaving their jobs in search of a more attractive one. This suggests that structural mismatches in the labor market can be resolved in time and help subdue inflationary pressures.
The past week also saw another layer-1 solution break all-time highs this week, as Avalanche broke above $59 Wednesday. The smart contract platform, which was included in C20 prior to breaking out, is now consolidating between $41-$46 as it looks to build momentum before its next move. In crypto markets, Bitcoin hit a three-month high on Monday, trading above $50,000 for the first time since May. The move was short lived however, with Bitcoin now consolidating in the $46-$49k range, with many expecting further volatility as a result of Friday’s month-end options expiry.
The month’s end also marks a number of records broken in the NFT space with over $900 million spent in the past 30 days. The surge in volume and astronomical gains have placed the industry in the spotlight — capturing its first form of institutional involvement with Visa purchasing its own CryptoPunk for $150,000. The fanatical spike in trading volume (76,240% YTD on OpenSea) and the launch of a number of new projects have driven network congestion on the Ethereum blockchain to worrying levels — however, this could be the start of a bullish narrative for Ethereum, with massive amounts of Ether burnt by these transactions since the introduction of EIP-1599. While many analysts contend there are clear signs of a prevailing bubble, the NFT space is still in its infancy, with plenty of room to grow.
On the institutional front, Microstrategy announced yet another Bitcoin purchase, with 3,907 BTC added to its balance sheet. Under the leadership of CEO Michael Saylor, an outspoken advocate for the institutional adoption of Bitcoin, Microstrategy has now accumulated 108,992 BTC ($5,172,985,338), more than any other publicly-traded company. Institutional investors already hold over 7% of Bitcoin’s circulating supply. With a recent SEC filing revealing that multinational investment bank Morgan Stanley has also invested $38 million in Grayscale Bitcoin Trust, the only question left is which corporation will be next.
Indicators (20 August — 27 August)
- Invictus Margin Lending (IML): $1.27, +6.59% (weekly compound annualized rate)
- Invictus Gold Plus (IGP): $1.11, +1.35%
- Emerging Markets Solar (EMS): $1.28, +0.27%
- Crypto10 Hedged (C10): $6.83, -1.49%
- Crypto20 (C20): $4.24, -2.47%
- Invictus Bitcoin Alpha (IBA): $2.58, +8.12%
- Invictus Hyperion Fund (IHF): $0.471 (Updated Q2–21)
- Invictus Capital Token (ICAP): $8.26, +0.62%
- BTC: $47,286.97, +7.01%
- ETH: $3,105.15, -2.28%
- GOLD: $1,793.64, +0.82%
- S&P500: 4,470.00, +1.46%
Invictus Capital’s Q2 2021 Round-table Discussion
Join our analysts as they discuss Invictus Capital’s incredible performance over Q2 2021 and answer questions from our Discord community.
Check out the video here.
SolStreet Announces Good Fill Hunting — Part 2 of the Money Never Sleeps Trading Competition Series
After the success of the recently-concluded Wolf of SolStreet competition, in which participants battled to win their share of the prize pool, we’re pleased to announce the second competition in the three-part Money Never Sleeps series — Good Fill Hunting — with an estimated $180,000 in STRT token prizes.
The competition starts August 30!
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.
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.
Other News & Links
- Invictus in the Press/News
1. CryptoSlate: Invictus Capital aims to bridge the gap between blockchain and traditional finance
2. Nasdaq: One Year Since Launch, Invictus Capital’s Bitcoin Alpha Reaps Benefits
- SolStreet’s Money Never Sleeps series of trading competitions continues
- Quantfury News
1. Weekly Diary Episode 4
- MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC
- Powell says taper could start in 2021, with no rush on rate hike
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