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.

Disclaimer:

Investing involves risk, including the possible loss of all the money you invest. In particular, crypto-assets are a highly volatile and speculative asset class. HAL is only suitable for traders who are willing to bear the risk of loss and experience sharp drawdowns. Past performance is not necessarily a guide to future performance.

The purpose of this material is to provide objective, educational and interesting commentary and analysis on developments in the crypto-assets sector. Nothing in this material should be interpreted as constituting an offer of (or any solicitation in connection with) any investment products or services by any member of the CoinShares Group where it may be illegal to do so. Access to any investment products or services of the CoinShares Group is in all cases subject to the applicable laws and regulations relating thereto.