Vibe Check: Coiling the Spring: CoinDesk Indices' Todd Groth

Periodic observations and market musings from Todd Groth, Head of Research, CoinDesk Indices

AccessTimeIconFeb 7, 2024 at 2:04 p.m. UTC
Updated Feb 7, 2024 at 2:06 p.m. UTC
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Coiling the Spring

We’ve regained 1650 levels on the CoinDesk 20 Index, as the digital asset market settles into familiar levels pre-bitcoin spot ETF launch and we’ve re-established a significant uptrend in the Bitcoin Trend Indicator (BTI). The indicator is an online tool, created by CoinDesk subsidiary CoinDesk Indices, to help investors determine where the price of bitcoin (BTC) is going.

(CoinDesk Indices)
(CoinDesk Indices)

The market has also been shrugging off the recent move higher in U.S. interest rates, from last Friday’s January blowout jobs report (+353k vs +170k expected) and Jerome Powell’s 60 Minutes interview over the weekend.  

(TradingView)
(TradingView)

“We're making good progress. The job is not done” said Powell on inflation, causing rates to shoot back upwards towards 4.1% on the U.S. 10-yr (from 3.9% days prior).  

Another area where we’re making good progress but the job is not done? The CoinDesk 20, as we move upwards towards retesting the 1800 level and form a bullish pennant.

(CoinDesk Indices)
(CoinDesk Indices)

Need more color on what's happening in the markets? Check out these stories:

Edited by Aoyon Ashraf.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Todd Groth, CFA

Todd Groth is Head of Index Research at CoinDesk Indices. . He has over 10 years of experience involving systematic multi-asset risk premia and alternative investment strategies.


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