The Index Standard for Digital Assets.
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Joined October 2012
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The Cryptex Digital Market Cap Index closes the week at 1,225.21, -3.4% on the week and +22.5% from its 1,000 base.
$BTC -5.4%.
The Fed held rates at 3.75% to 4.00% on Wednesday. Two officials dissented in favor of a rate hike, with inflation still elevated.
Thursday brought the largest crypto hack on record. TRM Labs estimates $6.36B was stolen from Binance wallets and attributes the attack to North Korean hackers. Roughly $2.7B was frozen. Binance said user funds are safe.
$BTC opened Monday near $80,000, traded as high as $81,900 on Thursday, and ends near $76,800.
Bitcoin dominance sits at 61.4%.
“We believe that @Binance is strong.”
Joe just joined @SchwabNetwork to discuss Binance’s response to the hack, why he expects the exchange to cover the losses, and the outlook for crypto adoption.
GM.
The Cryptex Digital Market Cap Index opens the week at 1,242.73, +0.48% on the day and +24.3% from its 1,000 base.
Key macro and crypto this week:
Brazil’s runoff went to Lula on Sunday after a first round loss, the first comeback of its kind since 1989.
The iShares MSCI Brazil ETF opened 25% lower.
Wednesday: FOMC at 2:00 ET and Warsh’s press conference.
A hold is heavily priced. October hike odds have gone from 57.6% a month ago to 17.2% last Monday to single digits now. December is still near 80%.
Wednesday also brings $MSFT and $GOOG after the close.
Thursday: Q3 GDP and September PCE at 8:30 ET, Amazon after the bell.
Friday: Bank of Japan.
$COIN and $MSTR report.
Ripple Swell runs in New York.
The Cryptex Digital Market Cap Index closes the week at 1,268.58, -1.1% on the week and +26.9% from its 1,000 base.
$BTC -0.5%.
What drove it:
Leaders: $PEPE +17.0%, $BONK +7.6%, $ZEC +7.3%
Laggards: $FIL -14.4%, $APT -11.3%, $AVAX -9.3%
Spot $BTC ETFs took in roughly $1.07B from Monday to Wednesday, then gave back $635.6M on Thursday, the largest daily outflow since June.
Thursday’s trigger was equities. The Nasdaq closed sharply lower on Oct 22 after Tesla cut its spending forecast.
$BTC opened the week near $81,000, was rejected near $85,000 midweek, and ends near $81,500.
Dominance sits at 59.4%.
Cryptex Finance retweeted
Owning 20 different cryptos isn’t diversification.
It’s just 20 ways to lose money on the same day.
Joe Sticco @CryptexFinance breaks down why most “diversified” crypto portfolios are correlated risk, what a real index actually tracks, and why institutions are finally moving.
The S&P 500 of crypto is closer than people think.
Full episode: youtu.be/pNtBPOviavA
This statement does not constitute an offer of any securities for sale. The registration statement has not yet become effective. Shares may not be sold nor offers to buy accepted prior to effectiveness.
“Indexing is something that has been on Wall St. for decades but there’s still no significant benchmark for digital assets yet.”
Joe just joined @SchwabNetwork live from the @NYSE to discuss digital assets and markets.
Opinions are provided for informational purposes only. This is not investment, legal, tax, or financial advice, nor a recommendation to buy, sell, or hold any asset or security.
