Benchmark Crypto Indices Weekly Performance Review — May 5
Over the past 7 days, the FS CryptoFX Agg Index increased by 12.6%, compared to a 0.2% decrease for the S&P 500 (Slide 6). Bitcoin’s price surged above $9,000 last Wednesday and, at a point, reached nearly $9,500. This rally is likely to be a good sign as we are approaching the Bitcoin mining reward halvening event in less than one week. Another good sign was that Bitcoin broke through its 200DMA for the first time since the February crash. As one of our crypto investment rules, a break above its 200DMA generally signals a positive long-term trend and has been bullish for Bitcoin historically.
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