Weekly Wrap 30/10

Market News

Bitcoin continued to lead cryptoasset price movements over the past week, reaching almost $14,000 on Wednesday, a level not seen since June 2019. As a result of reduced hash rate from Chinese miners and increased network demand, fees surged above $10 as users vied for their transactions to be confirmed despite the congestion. Bitcoin closed the week 3.70% up, while Ethereum lost ground with a failed breakout above the $400 mark.

Despite Bitcoin’s strength, traditional assets suffered under the weight of the pandemic’s record numbers and uncertainty surrounding both the election and Brexit negotiations. The risk-off mood benefitted the dollar and weighed on gold. The euro also felt itself under added pressure from a commitment from the ECB to implement additional monetary stimulus at their next meeting - this helped stem the tide for lockdown-hit European stocks, but the same couldn’t be said for many other markets. This despite estimate-beating US tech earnings and record-breaking US GDP readings (but with economic activity still depressed relative to pre-pandemic levels).

With few viable hedges available for a play on a Democratic clean sweep, and most prediction markets suggesting that is the likely result, expect wild volatility next week as results roll in from across the US - even if the results aren’t unexpected.

Industry News

• Average Bitcoin transaction fees rose to their highest level since 2018 this week
• Tech earnings tsunami buoys Alphabet, sinks Apple

Market Indicators

• IML $1.13 6.11% (weekly compound annualized rate)
• IGP $1.14 -0.28%
• EMS $1.12 -0.23%
• C10 $1.36 -2.19%
• C20 $0.65 -4.24%
• IBA $1.12 4.36%
• BTC $13,452.76 3.70%
• ETH $386.62 -6.58%
• GOLD $1,866.65 -1.97%
• S&P5003,302.25 -4.26%

Other News

• Invictus Capital is proud to announce that we will be the official sponsor of the AIM Summit webinar to be held next week 4 November, with Keynote speaker Joe Lubin, Co-Founder of Ethereum and Founder of ConsenSys. Joe will be discussing the topic: Building Blocks: Can the DeFi Revolution be the First Step in a New Global Financial System? Daniel Schwartzkopff, CEO Invictus Capital will be moderating the event and we look forward to you joining us on 4 November by registering here.
• NOIA: Network Pre-Launch With 500+ Locations, 150+ Providers
• Don't forget to leave feedback and upvote ideas on our new board here!