Weekly Crypto Wrap by NavExM: 23rd August 2024

Week in Review

• Goldman Sachs reveals $419 million stake in spot Bitcoin ETFs in recent filing.
• Spot Ether ETF weekly flows turn positive for first time since launch.
• Ethereum blockchain median gas fees hit 5-year lows.
• MetaMask partners with Mastercard, launches crypto debit card.
• NYSE scrubs plan to list Bitcoin ETF Options.
• Celsius sues Tether, seeking $3.5 billion over Bitcoin collateral sell-off.?
• US Senator Chuck Schumer promises crypto bill for 2024 if Kamala Harris wins election.
• IMF execs ponder raising crypto mining and AI electricity prices by 85%.
• Trump Organization announces launch of crypto real estate initiative – former US President recently discloses his crypto holdings.
• US annual inflation rate slows to 2.9% in July, lowest since 2021.
• UK inflation picks up less than expected, boosts rate cut bets – economy expands 0.6% in second quarter.

State of crypto

• Spot Bitcoin ETFs record positive flows in 8 of the last 10 days.
• Mt. Gox moves US$700m in Bitcoin: First major transaction in 3 weeks.
• Bitcoin mining expenses soar 168% amid capacity growth.
• Bitcoin staking platform Babylon to begin phased mainnet launch this week.
• Brazil approves second Solana ETF while U.S. is still waiting.

Crypto Fear & Greed Index

Why Measure Fear and Greed?

The cryptocurrency market is a wild ride, fueled by the emotional reactions of investors. When the market is on the rise, greed takes over, and people can't resist the fear of missing out. Conversely, when the numbers dip into the red, panic sets in, and investors hastily offload their holdings.

1. Extreme fear can be a signal that investors are overly concerned, potentially presenting a buying opportunity.
2. When investors are becoming excessively greedy, it may indicate that the market is due for a correction.

By analyzing the current sentiment of the Bitcoin market and crunching the numbers, we translate this data into a straightforward meter ranging from 0 to 100. Zero represents "Extreme Fear," while 100 signifies "Extreme Greed.

The week ahead: economic events

August 23rd: Japan Inflation Rate.

August 24th: United States Fed Funds Interest Rate.

August 26th: Germany Ifo Business Climate Index. United States Durable Goods Orders.

August 28th: Australia Monthly CPI Indicator. Germany GfK Consumer Climate.

Source: trading economics

Global Updates

• US consumer sentiment improves, with retail sales up, though building permits decline.
• China’s industrial production slows in July, while retail sales experience slight growth.
• Japan’s trade deficit expands in July as Q2 GDP growth beating expectations.
• The UK economy expands in Q2 2024, driven by higher retail sales.
• Canada’s annual inflation drops to 2.5% in July, the lowest since March 2021.

Follow us on LinkedIn to not miss our weekly newsletters and Join us on Twitter to participate in the ongoing campaigns.

Disclaimer

The content shared in this newsletter is provided by NavExM (we, us, our). It is intended for general informational purposes only and should not be construed as an opinion or recommendation. Please note that past performance may not reflect future results, and any references to historical performance are for illustrative purposes.

The information presented may not be exhaustive, accurate, or comprehensive enough to serve as the sole basis for decision-making. It may include forward-looking statements subject to risks, uncertainties, and other factors. We strongly advise seeking professional advice before acting on any content mentioned in this newsletter.