Digital Assets Weekly: March 6th, 2020

Summary

Market Analysis:

• Crypto markets rebounded modestly this week and remain the best performing asset class YTD.

Portfolio Strategy:

• Crypto Emerging Markets are influenced by broader financial conditions but its idiosyncratic drivers and macro market cycle mater most long term.

Winners & Losers

• Winner: Tron's founder Justin Sun who executed a hostel takeover of Steem's decentralized social media network.
• Loser: Bitmex after the FCA issued a notice that the firm has been operating in the U.K. without permission.

Weekly Rant:

• Ripple CEO saying Proof of Work (PoW) is a 'Massive Waste' of Energy makes me cringe.

Financing Activity:

• Arweave raised $8.3M for its permanent internet content storage service.
  
• AlphaPoint raised $5.6M for its crypto infrastructure business.

Recent Research:

• Tom Lee: Tom’s Take on Crypto: Bitcoin Proving to Be a Macro Hedge
• Robert Sluymer: Crypto Technical Analysis: Pullbacks from 50-62% retracement resistance beginning to bottom  
• Ken Xuan: Crypto Quant: Crypto Benchmark Indices Performance and Review

Market Analysis

Bitcoin rose modestly by 4.5% on the week, partially recovering last week’s losses and bringing its year to date return to 27.6%. Stocks and other risk assets squeaked out incremental gains, while gold and treasuries r...