CRYPTO MOVERS AND PRICES
CRYPTO STORY OF THE DAY
BTC Has Outperformed This Week - We Provide A Brief Overview Of The Space's Improving Performance Against Global Benchmarks
- Since February 20 (highs in SPX), BTC has traded down -40%. Versus other major benchmarks in that period:
- Has underperformed the SPX by 10%
- Has underperformed the NDQ by just over 10%
- Has underperformed the FSTE by 7%
- Has outperformed WTI by 10%
- Has underperformed spot gold by 28%
- Since March 11, BTC has sold off -20%. Versus other major benchmarks in that period:
- Has underperformed the SPX by 5%
- Has underperformed the NDQ by 3%
- Has traded in line with the FTSE
- Has outperformed WTI by 15%
- Has underperformed spot gold by 10%
- Furthermore, BTC has outperformed all of the above benchmarks this week trading +28%.
Crypto Takeaway: We're not prepared to fully close the door on the possibility that BTC ends up performing relatively well out of this crisis period.
Prior to the March 11 sell-off, BTC had been trading smartly in the range of 7,5000. A massive global liquidation brought crypto down in concert, which we believe was greatly exacerbated by leverage in the crypto-derivative ecosystem.
The added issues that saw exchanges freeze, for a variety of different reasons, left the space in a mess. Obviously, it would be unusual to see BTC rally if we see another 10% sell-off day in the SPX.
That said, the week's activity has been encouraging and the likelihood of another melt-down has been greatly reduced given the mass speculative-long liquidations.