Here are some key points from the Weekly Performance Analysis by Fundstrat (published 40 minutes ago)
- Over the past 7 days, the FS CryptoFX Agg Index increased by 3.8%, compared to 1.2% decrease in the S&P 500.
- Cryptocurrencies were in the global limelight last week, starting with US Treasury Secretary Steven Mnuchin`s new conference on Monday, where he re-emphasized the US stance as “very serious concerns” about the uses of Libra. Note that he also clarified the “the US welcomes responsible innovation.”
- Cryptocurrency markets were up 3.8% with 3.3% gain in Bitcoin price. Keep in mind that Ken has a series of slides attached to this robust piece of research.
- The comments by Steven Mnuchin triggered a 10% initial rally but within 24 hours, Bitcoin price fell by 10% (actually in one hour) during the Libra hearing.
- The Fundstrat team produces a series of research pieces that cover politics, technical analysis, fundamentals and of course strategy. We have written about them and of course produced audiovisual packages that discuss their products including an ETF that has had strong performance.
- Final note, if you are interested in connecting with the Fundstrat team, we are happy to help.