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Solana and Cosmos Lead CoinDesk 20 Higher: CoinDesk Indices Market Update
Ether significantly underperformed as 16 out of 20 assets posted gains last week.
May 7, 2024, 4:21 p.m.
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CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).
The CoinDesk 20 gained 2.7% over the past week, with 16 of the 20 cryptos in the gauge closing higher. This recovery comes after a tumultuous month of April, in which the index lost more than 25% of its value.
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Leading the move higher was Cosmos and Solana , which strengthened 15% and 13%, respectively.
Ether was a notable underperformer over the past week, falling 3.4% as optimism waned over approval of a spot ETF.
CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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