Weekly Crypto Market Wrap Up - 12 August 2022

What are this week’s crypto market news?

The crypto market continues its uptrend this week. The Consumer Price Index figures published on Wednesday are reassuring and show a slowdown in inflation. Equity markets welcomed the news.

The market uptrend is also driven by the successful activation of Proof-of-Stake (PoS) on Ethereum’s Goerli Testnet, Ethereum (ETH)’s third and final testnet merge before the blockchain transitions to Proof-of-Stake (PoS) from its current Proof-of-Work (PoW) mechanism.

In this context, BTC is up 7% this week and may rise towards the $25,000 resistance zone. ETH climbed by 12% and is on its way to test the $2,000 zone.

BTC/USD & ETH/USD 4h charts. Source: TradingView.

Source: TradingView – Past performance not indicative of future results.

If these key levels corresponding to large open interest in the derivatives market are crossed over, the rise of BTC could accelerate towards $28,000. The $23,000 zone is the nearest support on the downside.

What about our strategies?

Best bot performers of the week are Wise: ETH, Wise: BNB & Wise: ETH – BTC.

Wise: ETH is up +14.23% and Wise: BNB is up +10.3% this week with a full exposure to the uptrends of their underlying assets. Wise: ETH – BTC is up +9.67% due to a 0.75 average exposure to ETH.

Worst performers are Wise: BCH -5% and Wise: SOL +1.5%. Both strategies have suffered from repeated unwinds of exposure and underperformed their underlying assets BCH (+7.11%) and SOL (+15.50%).

Learn more about our strategies.


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