Here you will find the latest installment on Benchmark Crypto Indices Weekly Performance Analysis.
Over the past 7 days, the FS CryptoFX Agg Index decreased by 2.4%, compared with a 1.4% decrease for the S&P 500 (Slide 6). After failing to regain the $11,000 price level last Tuesday (8/19), Bitcoin price hit resistance and fell 10% over the next 48 hours before climbing back above $10,000. Bitcoin jumped 6% Sunday evening (Asia morning), coinciding with increased US-China trade tensions.
Most important news: In the annual Jackson Hole Economic Policy Symposium, Bank of England Governor, Mark Carney proposed eventually the replacing the dollar as a reserve currency with a multi-central bank sponsored virtual currency akin to Libra. He believes that this would be a better option over the long-term than either the USD remaining as reserve currency or it being replaced with another currency such as China’s Renminbi. This new virtual currency would be managed by the public sector and called a “Synthetic Hegemonic Currency.”
- The best performing size-based index was FS CryptoFX 250, which was down 0.6%. The worst performing size-based index was FS CryptoFX Eq Wt, which was down 3.5%.
- The best performing sector index was FS CryptoFX Stable Coin, which was down 0.4%. The worst performing sector index was FS CryptoFX Privacy, which was down 6.8%.
Look for more on Crypto from Tom Lee and the team at Fundstrat Global Advisors.