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Benchmark Crypto Indices by Fundstrat Global Advisors

Apple Launched A Weapon, A Cheaper iPhone

Over the past 7 days, the FS CryptoFX Agg Index increased by 4.6%, compared with a 0.6% increase for the S&P 500. (Slide 6).

  • Another peaceful week for Bitcoin relative to its usual volatility: Bitcoin earned a 4% “mild” gain with four major volume spikes over the past week: 1) BTC climbed to $8,200 from $7,900 in early morning on Monday; 2) BTC gained 6% within an hour around noon on Wednesday; 3) BTC broke the $8,800 resistance level but quickly plummeted 5% back to $8,300 in the first trading hour Friday October 11; 4) BTC gave up 4% in Sunday afternoon session. Altcoin mixed: the Exchange sector had the best performance (+18%) led by 0x (+37%) and Binance Coin (+19%). The Privacy sector suffered the most (-1.2%), with Monero 3.5% lower than the prior week. Facing increasing pressure from regulatory authority (FATF) and continuous fight against mining ASICs, Monero has declined more than 50% since the June high at near $120 level.

  • Leaving the Libra Game: 
    After Mastercard, Visa, and eBay pulled out of Facebook’s Libra, Booking Holdings announced today it was withdrawing from the project. We do not know if there will be more partners dropping out. However, Facebook’s Mark Zuckerberg’s testimony before Congress next week will be an excellent opportunity for Facebook/Libra: i) to clear the air between them and the lawmakers; ii) to educate the public about the project and hopefully help them to form an opinion on broader cryptocurrency-related topics.

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