What happened in the crypto market this week?
After a bullish start on the markets, Bitcoin (BTC) has hit the $25,000 resistance three times before losing momentum at the end of the week and returning to the $21,000 support area. Ethereum (ETH) also hit the $2,000 resistance three times before returning to the $1,750 area.
Source: TradingView – Past performance not indicative of future results.
After a summer bullish rally on stock markets, most markets are now encountering major resistance zones, with investors waiting for further inflation figures and macroeconomic data.
The release of the Federal Open Market Committee (FOMC) meeting minutes on August 17 was nonetheless rather positively received by the markets. Fed officials indeed suggested that “it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation”.
The ETH/BTC pair is stagnating at around 0.08. The Ethereum merge scheduled for or around September 15, 2022 remains a market catalyst – it is nevertheless losing steam as markets await macroeconomic data to be released in September.
Which coin has performed best this week?
Let’s focus on the project Chiliz and its CHZ token, which marks a performance of 33.1% over the last 7 days.
Chiliz CEO Alexandre Dreyfus is taking advantage of the resumption of sports competitions to multiply big announcements.
After announcing at the beginning of August an agreement with FC Barcelona for the acquisition of 24.5% of the shares of the “Barça Studio” which manages the video productions of the Catalan club for the sum of $100 million, Alexandre Dreyfus announced on August 18 that Chiliz had obtained regulatory approval from the Organismo Agenti e Mediatori, the Italian financial regulator. The licence allows Socios.com to provide virtual currencies and digital wallets for its fan engagement and rewards platform in a key market.
The chain of good news allows the CHZ token to appreciate strongly. With the soccer world cup in Qatar starting in less than 100 days, we could see additional traction via this event around the fan tokens and therefore the CHZ.
What about our strategies?
The best strategies of the week are Wise: BNB, and Artificial Intelligence (AI) Pick.
Wise: BNB is up +13.73% and Artificial Intelligence (AI) Pick is up 7.42%.
The worst performers are Pulse: ETH Hourly with -4.01% and Wise: SOL with -3.37%
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. Napbots 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.