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XTZ Performs Best (+73.77%); ADA Offers More Than Its Peers

By | Coinscious Lab, Data Analytics, Market Report | No Comments
Biggest
30d % Gain

Tezos (XTZ) 
+73.77%

Biggest 30d %
Gain (Sector)

Digital Content
+23.22%

Biggest
30d % Loss

Pundi X (NPXS) 
-16.06%

Smallest 30d %
Loss (Sector)

Stablecoins
-0.00%

Overview

Released bi-weekly, this report aims to identify broad trends in the cryptocurrency market. In order to reflect the latest developments in this fast-paced and volatile market, the reports plan to focus on metrics derived from a 30-day rolling window of data, this time from February 28, 2019 to March 28, 2019.

Our universe of analysis includes 50 of some of the most widely used and traded cryptocurrencies, and groups them into sectors that reflect similar utility and valuation models. Through analysis of the recent historical performance of individual cryptocurrencies as well as their sectors, we provide a framework for analysis where investors can identify outperforming cryptocurrencies or sectors by comparing their performance relative to peers.

Sector
Constituent Coins/Tokens
Digital Cash BTC, BCH, BSV, LTC, BTG, DOGE, DCR, BCD, DGB
Privacycoins XMR, DASH, ZEC, XVG, BCN
DApp Platforms ETH, EOS, ADA, NEO, ETC, XEM, XTZ, QTUM, LSK, AE, ZIL, ICX, BTM, ETP
Resources SC, GNT
Payments and Settlements XRP, XLM, OMG, NPXS, MKR, PPT
Decentralized Exchanges BTS, ZRX, WAVES
Digital Content TRX, ONT, BAT, STEEM
Data and Information IOTA, VET, LINK, REP
Stablecoin USDT, TUSD, DAI

Analysis

The performance of major cryptocurrencies over the past month has been good, with 45 out of the 50  cryptocurrencies that we examined up from their values 30 days ago. Bitcoin (BTC), the largest cryptocurrency by market cap, is trading around $4100, still in the sideways trend that began in November last year. However, it is also up 5.00% compared to 30 days ago.

Outside of cryptocurrencies, the S&P 500 has been relatively flat, only up 1.11% from 30 days ago and closing yesterday at $2815.44.

Figure 1 presents the risk versus return trade-off over the past 30 days by plotting mean daily return versus historical daily volatility for various cryptocurrencies.   

Figure 1. Plot of mean daily return against historical daily volatility for individual cryptocurrencies from February 28, 2019 to March 28, 2019. Higher returns at a given level of risk, measured through historical daily volatility, indicates a better investment.

The best performer overall over the past month was Tezos (XTZ), with a total return of 73.77%. Tezos is a self-amending proof-of-work dApp platform that removes the need to hard fork when implementing protocol amendments.

Stakeholders vote for their preferred proposed protocol amendments through a formal and systematic process that has four discrete periods: the Proposal Period, the Exploration or “Testing” Vote Period, the Testing Period, and the Promotion Vote Period. The Tezos community successfully concluded the first round of voting, the Proposal Period, on March 20 and are currently in the Exploration period, casting votes to decide whether the winning proposal will move on to be deployed to the test network.

This news is significant because it is the first time that the self-amending upgrade process has been put into action. According to ​Tezos​, removing the need to hard fork in order to make protocol amendments is an important because “the suggestion or expectation of a fork can divide the community, alter stakeholder incentives, and disrupt the network effects that are formed over time. Because of self-amendment, coordination and execution costs for protocol upgrades are reduced and future innovations can be seamlessly implemented.” ​Tezos’ price went up in the days leading up to the end of the first voting period, so it is possible that growing enthusiasm and positive news about the protocol upgrade was the underlying cause. The success of the first vote also likely caused the subsequent 31% jump on March 20.

The second and third best performing cryptocurrencies were Cardano (ADA) and Basic Attention Token (BAT) with total returns of 55.14% and 39.56% respectively. Cardano is noteworthy in that it offered higher returns than its peers with similar levels of risk, including several other dApp platforms. 

Pundi X (NPXS) was the worst performing cryptocurrency, with total losses of 16.06%.

Figure 2a. Cryptocurrencies with the highest total returns from February 28, 2019 to March 28, 2019.

Figure 2b. Cryptocurrencies with the lowest total returns from February 28, 2019 to March 28, 2019.

Figure 3 shows various performance measures of the nine sectors as well as that of the S&P 500 for comparison and Figure 4 plots the performance over time of each sector. Performance between the sectors was all positive, except for stablecoins with a very small negative return. Total returns ranged from 0.00% (stablecoins) to 23.22% (digital content).

Figure 3. Mean daily returns, historical daily volatility, total returns, maximum drawdown, and ex-post Sharpe ratio for each sector from February 28, 2019 to March 28, 2019. Smaller maximum drawdowns and more positive Sharpe ratios are more desirable. The Sharpe ratio is calculated with the 10 year US Treasury bill rate as the annual risk-free rate.

Figure 4a. Price performance over time of sectors that had positive total returns between February 28, 2019 to March 28, 2019.

Figure 4b. Price performance over time of sectors that had negative total return between February 28, 2019 to March 28, 2019.

Figure 5 shows the correlation between the daily returns of each sector. The S&P 500 had little correlation with most cryptocurrency sectors except for stablecoins, which it had a 0.31 correlation with. Resources, consisting of Siacoin (SC) and Golem (GNT), was the least correlated with the others. Correlations between sectors were more varied and less highly positively correlated than observed in previous months.

Figure 5. Correlation between daily returns of each sector from February 28, 2019 to March 28, 2019. Correlation ranges between -1 and 1. Correlation close to 1 indicates a more positive relationship between the pair of cryptocurrency returns and correlation close to -1 indicates a more negative linear relationship. Correlation close to 0 indicates no linear relationship.

APPENDIX A: Methodology

The daily price data of cryptocurrencies in USD at 4:00 PM EST from February 28, 2019 to March 28, 2019 was used for our calculations.

The prices are the volume weighted average price of the cryptocurrency in USD at 4:00 PM EST each day across all exchanges where Coinscious has data.

To analyze performance by sector, the prices of constituent cryptocurrencies was normalized by dividing by the price on February 28, 2019, then averaged. When calculating the daily returns using this averaged normalized price, it is equivalent to if each sector was represented as an equally weighted portfolio of its constituent cryptocurrencies formed starting February 28, 2019 and the daily returns of the portfolio were calculated. Returns used throughout this report refer to simple returns.

Daily closing price data of the S&P 500 index from Yahoo Finance was also used as a proxy to represent the US equity market. The latest 10 year US Treasury bill rate from YCharts was used for calculations involving a risk-free rate.

In subsequent reports, we may update our universe, sectors, methodology, and analysis to reflect new developments.

APPENDIX B: Terminology

  • Volatility: A measure of the dispersion in the trading price of an instrument over a certain period of time, defined as the standard deviation of an instrument’s returns.
  • Drawdown: A measure of the decline of the trading price of an instrument or investment since the previous peak during a certain period of time. Less negative, less frequent, and shorter drawdowns are more desirable.
  • Maximum drawdown: The maximum peak to trough decline of the trading price of an instrument or investment over a certain period of time. Less negative maximum drawdowns are more desirable.
  • Sharpe ratio: A risk adjusted measure of return that describes the reward per unit of risk. The reward is the average excess returns of an investment against a benchmark or risk-free rate of return, and the risk is the standard deviation of the excess returns. A higher Sharpe ratio is better. Ex-ante Sharpe ratio is calculated with expected returns whereas ex-post Sharpe ratio is calculated with realized historical returns.
  • Correlation: A measure of the linear relationship between two series of random variables, which in the context of finance, can be two series of returns. Correlation ranges between -1 and 1. Correlation close to 1 indicates a more positive relationship between the pair of cryptocurrency returns and correlation close to -1 indicates a more negative linear relationship. Correlation close to 0 indicates no linear relationship.

Disclaimer

The information contained herein is for informational purposes only and is not intended as a research report or investment advice. It should not be construed as Coinscious recommending investment in cryptocurrencies or other products or services, or as a solicitation to buy or sell any security or engage in a particular investment strategy. Investment in the crypto market entails substantial risk. Before acting on any information, you should consider whether it is suitable for your particular circumstances and consult all available material, and, if necessary, seek professional advice.

Coinscious and its partners, directors, shareholders and employees may have a position in entities referred to herein or may make purchases and/or sales from time to time, or they may act, or may have acted in the past, as an advisor to certain companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies.

Neither Coinscious or its partners, directors, shareholders or employees shall be liable for any damage, expense or other loss that you may incur out of reliance on any information contained in this report.

Litecoin & EOS Surge, With Bitcoin Trading Around $4,000

By | Coinscious Lab, Data Analytics, Market Report | No Comments

Coinscious Market Report

by Coinscious Lab

February 19, 2019

Biggest
30d % Gain

 Pundi X (NPXS)
+47.06%

Largest 30d %
Gain (Sector)

Payments & Settlements
+6.76%

Biggest
30d % Loss

 NEM (XEM)
25.41%

Biggest 30d %
Loss (Sector)

Data & Information
6.70%

Overview

Released bi-weekly, this report aims to identify broad trends in the cryptocurrency market. In order to reflect the latest developments in this fast-paced and volatile market, the reports plan to focus on metrics derived from a 30-day rolling window of data, this time from January 20, 2019 to February 18, 2019.

Our universe of analysis includes 50 of some of the most widely used and traded cryptocurrencies, and groups them into sectors that reflect similar utility and valuation models. Through analysis of the recent historical performance of individual cryptocurrencies as well as their sectors, we provide a framework for analysis where investors can identify outperforming cryptocurrencies or sectors by comparing their performance relative to peers.

Sector
Constituent Coins/Tokens
Digital Cash BTC, BCH, BSV, LTC, BTG, DOGE, DCR, BCD, DGB
Privacycoins XMR, DASH, ZEC, XVG
DApp Platforms ETH, EOS, ADA, NEO, ETC, XEM, XTZ, QTUM, LSK, AE, ZIL, ICX, BTM, ETP
Resources SC, GNT
Payments and Settlements XRP, XLM, OMG, NPXS, MKR, PPT
Decentralized Exchanges BTS, ZRX, WAVES
Digital Content TRX, ONT, BAT, STEEM
Data and Information IOTA, VET, LINK, REP
Stablecoin USDT, TUSD, DAI

Analysis

Over the past month, 25 out of the 50 major cryptocurrencies that we examined are up from their values 30 days ago. Bitcoin (BTC), the largest cryptocurrency by market cap, recently broke out of the narrow range from $3,600 and $3,800 that it was confined to. It is currently trading around $3,950 at the time of writing. As is often the case, Bitcoin’s move upwards coincided with good news from other cryptocurrencies as well, with 44 out of the 50 cryptocurrencies having positive returns on February 18th.

Outside of cryptocurrencies, the S&P 500 has been performing well, up 3.93% from 30 days ago and closing last Friday at $2,775.60. Figure 1 presents the risk versus return trade-off over the past 30 days by plotting mean daily return versus historical daily volatility for various cryptocurrencies.

Figure 1. Plot of mean daily return against historical daily volatility for individual cryptocurrencies from January 20, 2019 to February 18, 2019. Higher returns at a given level of risk, measured through historical daily volatility, indicates a better investment.

The best performer overall over the past month was Pundi X (NPXS), with a total return of 47.06%. The second and third best cryptocurrency was Litecoin (LTC) and EOS (EOS), with a total return of 42.79% and 23.01% respectively. Pundi X and Litecoin both performed relatively better than the similar cryptocurrencies that make up the rest of their sectors. Pundi X is a token used for payments and settlements, while Litecoin falls into the digital cash category.

NEM (XEM) was the worst performing cryptocurrency, with total losses of 25.41%. Stellar Lumens (XLM) was the second worst performing cryptocurrency, with total losses of 22.56%. Figure 2 shows various performance measures of the nine sectors as well as that of the S&P 500 for comparison and Figure 3 plots the performance over time of each sector. Total returns ranged from -6.70% (data and information) to 6.76% (payments and settlements). There was a dip in all sectors except for stablecoins around the end of January but all sectors have rebounded, making recoveries with varying degrees of success.

Figure 2. Mean daily returns, historical daily volatility, total returns, maximum drawdown, and ex-post Sharpe ratio for each sector from January 18, 2019 to February 20, 2019. Less negative maximum drawdowns and more positive Sharpe ratios are more desirable. The Sharpe ratio is calculated with the 10 year US Treasury bill rate as the annual risk-free rate.

Figure 3a. Price performance over time by sectors that had positive returns between January 20, 2019 to February 18, 2019.

Figure 3b. Price performance over time by sectors that had negative returns between January 20, 2019 to February 18, 2019.

Figure 4 shows the correlation between the daily returns of each sector. As shown in Figure 2, stablecoins continued to fulfill their intended purpose well by maintaining low volatility, mean daily returns near 0%, and a near zero total return of -0.20% over the observation period. Stablecoins had moderate negative correlation with other sectors except for digital content, with which it had near zero correlation. As for the other sectors, they were less positively correlated with each other compared to the numbers we reported two weeks ago. Correlation ranged from 0.54 to 0.92, slightly lower compared to 0.66 to 0.95 previously. The S&P 500 also had near zero correlation with all cryptocurrency sectors.

Figure 4. Correlation between daily returns of each sector from January 20, 2019 to February 18, 2019. Correlation ranges between -1 and 1. Correlation close to 1 indicates a more positive relationship between the pair of cryptocurrency returns and correlation close to -1 indicates a more negative linear relationship. Correlation close to 0 indicates no linear relationship.

APPENDIX A: Methodology

The daily price data of cryptocurrencies in USD at 4:00 PM EST from January 20, 2019 to February 18, 2019 was used for our calculations.

The prices are the volume weighted average price of the cryptocurrency in USD at 4:00 PM EST each day across all exchanges where Coinscious has data. If there was insufficient good quality data on a cryptocurrency’s value in USD, we would instead use the cryptocurrency’s value in USDT and apply a conversion rate to turn it to USD. If data was still insufficient, then we would find the volume weighted average price of the cryptocurrency in both BTC and ETH, then converted both into USD, and finally took the mean of those values. The conversion rates we use at a given time are the volume weighted average price of USDT, BTC, or ETH to USD at that specific time across all exchanges where Coinscious has data.

To analyze performance by sector, the prices of constituent cryptocurrencies was normalized by dividing by the price on January 20, 2019, then averaged. When calculating the daily returns using this averaged normalized price, it is equivalent to if each sector was represented as an equally weighted portfolio of its constituent cryptocurrencies formed starting January 20, 2019 and the returns of the portfolio were calculated. Returns used throughout this report refer to simple returns.

Daily closing price data of the S&P 500 index from Yahoo Finance was also used as a proxy to represent the US equity market. The latest 10 year US Treasury bill rate from YCharts was used for calculations involving a risk-free rate.

In subsequent reports, we may update our universe, sectors, methodology, and analysis to reflect new developments.

APPENDIX B: Terminology

  • Volatility: A measure of the dispersion in the trading price of an instrument over a certain period of time, defined as the standard deviation of an instrument’s returns.
  • Drawdown: A measure of the decline of the trading price of an instrument or investment since the previous peak during a certain period of time. Less negative, less frequent, and shorter drawdowns are more desirable.
  • Maximum drawdown: The maximum peak to trough decline of the trading price of an instrument or investment over a certain period of time. Less negative maximum drawdowns are more desirable.
  • Sharpe ratio: A risk adjusted measure of return that describes the reward per unit of risk. The reward is the average excess returns of an investment against a benchmark or risk-free rate of return, and the risk is the standard deviation of the excess returns. A higher Sharpe ratio is better. Ex-ante Sharpe ratio is calculated with expected returns whereas ex-post Sharpe ratio is calculated with realized historical returns.
  • Correlation: A measure of the linear relationship between two series of random variables, which in the context of finance, can be two series of returns. Correlation ranges between -1 and 1. Correlation close to 1 indicates a more positive relationship between the pair of cryptocurrency returns and correlation close to -1 indicates a more negative linear relationship. Correlation close to 0 indicates no linear relationship.

Disclaimer

The information contained herein is for informational purposes only and is not intended as a research report or investment advice. It should not be construed as Coinscious recommending investment in cryptocurrencies or other products or services, or as a solicitation to buy or sell any security or engage in a particular investment strategy. Investment in the crypto market entails substantial risk. Before acting on any information, you should consider whether it is suitable for your particular circumstances and consult all available material, and, if necessary, seek professional advice.

Coinscious and its partners, directors, shareholders and employees may have a position in entities referred to herein or may make purchases and/or sales from time to time, or they may act, or may have acted in the past, as an advisor to certain companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies.

Neither Coinscious or its partners, directors, shareholders or employees shall be liable for any damage, expense or other loss that you may incur out of reliance on any information contained in this report.

Waves Dominates Again As Best Overall Crypto Performer In Past Month

By | Coinscious Lab, Data Analytics, Market Report | No Comments

Coinscious Market Report

by Coinscious Lab

January 7, 2019

Biggest
30d % Gain

  Waves (WAVES)
+99.69%

Biggest 30d %
Gain (Sector)

Data & Information
+51.21%

Biggest
30d % Loss

 Pundi X (NPXS)
-13.07%

Smallest 30d %
Gain (Sector)

Privacycoins
+0.34%

Overview

Released bi-weekly, this report aims to identify broad trends in the cryptocurrency market. In order to reflect the latest developments in this fast-paced and volatile market, the reports plan to focus on metrics derived from a 30-day rolling window of data, this time from December 8, 2018 to January 6, 2019.

Our universe of analysis includes 51 of some of the most widely used and traded cryptocurrencies, and groups them into sectors that reflect similar utility and valuation models. Through analysis of the recent historical performance of individual cryptocurrencies as well as their sectors, we provide a framework for analysis where investors can identify outperforming cryptocurrencies or sectors by comparing their performance relative to peers.

Sector
Constituent Coins/Tokens
Digital Cash BTC, BCH, BSV, LTC, BTG, DOGE, DCR, BCD, DGB
Privacycoins XMR, DASH, ZEC, BCH, XVG
DApp Platforms ETH, EOS, ADA, NEO, ETC, XEM, XTZ, QTUM, LSK, AE, ZIL, ICX, BTM, ETP
Resources SC, GNT
Payments and Settlements XRP, XLM, OMG, NPXS, MKR, PPT
Decentralized Exchanges BTS, ZRX, WAVES
Digital Content TRX, ONT, BAT, STEEM
Data and Information IOTA, VET, LINK, REP
Stablecoin USDT, TUSD, DAI

Analysis

Cryptocurrencies are holding on to their recovery, with bitcoin (BTC) off the lows and currently trading around $4,100, maintaining approximately the same level for the past two weeks. Other major cryptocurrencies have been performing well, with 45 out of the 51 cryptocurrencies that we examined up from their values 30 days ago. Outside of cryptocurrencies, the S&P 500 continued sliding downwards, down 3.84% from 30 days ago and closing last Friday at $2531.94.

Figure 1 presents the risk versus return trade-off over the past 30 days by plotting mean daily return versus historical daily volatility for various cryptocurrencies.

Figure 1. Plot of mean daily return against historical daily volatility for individual cryptocurrencies from December 8, 2018 to January 6, 2019. Higher returns at a given level of risk, measured through historical daily volatility, indicates a better investment.

The best performer overall over the past month was waves (WAVES), with a total return of 99.69%. Waves was also the best performer in our report two weeks ago.

Also worth mentioning is Ethereum (ETH) the second largest currency by market cap at the moment, with total returns of 82.21%. This may be a result of the upcoming Constantinople hard fork, which will happen on block 7080000, around January 16, 2019. Constantinople is a non-contentious fork, meaning that the vast majority of the Ethereum community will be accepting the changes. The five Ethereum Improvement Proposals to be addressed are EIP 1234, EIP 145, EIP 1014, EIP 1052, and EIP 1283. Most notably, EIP 1234 will drop mining rewards per discovered block from three to two ETH, thus decreasing the supply of new ETH.

Pundi X (NPXS) was the weakest performing cryptocurrency, with total losses of 13.07%. Pundi X is a decentralized payment ecosystem that uses NPXS tokens on proprietary physical point-of-sale devices.

Figure 2 shows various performance measures of the nine sectors as well as that of the S&P 500 for comparison and Figure 3 plots the performance over time of each sector. All sectors had positive total returns, with gains ranging from 8% to a little over 51% (excluding stablecoins). Out of all the sectors, data and information performed the best, with a total return of 51.21%. The data and information sector is composed of IOTA (IOTA), VeChain (VET), chainlink (LINK), and augur (REP).

Figure 2. Mean daily returns, historical daily volatility, total returns, maximum drawdown, and ex-post Sharpe ratio for each sector from December 8, 2018 to January 6, 2019. Less negative maximum drawdowns and more positive Sharpe ratios are more desirable. The Sharpe ratio is calculated with the 10 year US Treasury bill rate as the annual risk-free rate.

Figure 3a. Price performance over time by sectors that had positive returns between December 8, 2018 to January 6, 2019.

Figure 3b. Price performance over time by sectors that had negative returns between December 8, 2018 to January 6, 2019.

Figure 4 shows the correlation between the daily returns of each sector and quantifies some of what we visually observe from Figure 3. Stablecoins had moderate negative correlation with other sectors. As shown in Figure 2, stablecoins continued to fulfill their intended purpose well by maintaining low volatility and mean daily returns near 0%, and a near zero total return of 0.34% over the observation period. As for the other sectors, they had high positive correlation with each other, ranging from 0.67 to 0.97. The S&P 500 had little correlation with any cryptocurrency sectors.

Figure 4. Correlation between daily returns of each sector from December 8, 2018 to January 6, 2019. Correlation ranges between -1 and 1. Correlation close to 1 indicates a more positive relationship between the pair of cryptocurrency returns and correlation close to -1 indicates a more negative linear relationship. Correlation close to 0 indicates no linear relationship.

APPENDIX A: Methodology

The daily price data of cryptocurrencies in USD at 4:00 PM EST from December 8, 2018 to January 6, 2019 was used for our calculations.

The prices are the volume weighted average price of the cryptocurrency in USD at 4:00 PM EST each day across all exchanges where Coinscious has data. If there was insufficient good quality data on a cryptocurrency’s value in USD, we would instead use the cryptocurrency’s value in USDT and apply a conversion rate to turn it to USD. If data was still insufficient, then we would find the volume weighted average price of the cryptocurrency in both BTC and ETH, then converted both into USD, and finally took the mean of those values. The conversion rates we use at a given time are the volume weighted average price of USDT, BTC, or ETH to USD at that specific time across all exchanges where Coinscious has data.

To analyze performance by sector, the prices of constituent cryptocurrencies was normalized by dividing by the price on December 8, 2018, then averaged. When calculating the daily returns using this averaged normalized price, it is equivalent to if each sector was represented as an equally weighted portfolio of its constituent cryptocurrencies formed starting December 8, 2018 and the returns of the portfolio were calculated. Returns used throughout this report refer to simple returns.

Daily closing price data of the S&P 500 index from Yahoo Finance was also used as a proxy to represent the US equity market. The latest 10 year US Treasury bill rate from YCharts was used for calculations involving a risk-free rate.

In subsequent reports, we may update our universe, sectors, methodology, and analysis to reflect new developments.

APPENDIX B: Terminology

  • Volatility:  A measure of the dispersion in the trading price of an instrument over a certain period of time, defined as the standard deviation of an instrument’s returns.
  • Drawdown:  A measure of the decline of the trading price of an instrument or investment since the previous peak during a certain period of time. Less negative, less frequent, and shorter drawdowns are more desirable.
  • Maximum drawdown:   The maximum peak to trough decline of the trading price of an instrument or investment over a certain period of time. Less negative maximum drawdowns are more desirable.
  • Sharpe ratio:  A risk adjusted measure of return that describes the reward per unit of risk. The reward is the average excess returns of an investment against a benchmark or risk-free rate of return, and the risk is the standard deviation of the excess returns. A higher Sharpe ratio is better. Ex-ante Sharpe ratio is calculated with expected returns whereas ex-post Sharpe ratio is calculated with realized historical returns.
  • Correlation:  A measure of the linear relationship between two series of random variables, which in the context of finance, can be two series of returns. Correlation ranges between -1 and 1. Correlation close to 1 indicates a more positive relationship between the pair of cryptocurrency returns and correlation close to -1 indicates a more negative linear relationship. Correlation close to 0 indicates no linear relationship.

Disclaimer

The information contained herein is for informational purposes only and is not intended as a research report or investment advice. It should not be construed as Coinscious recommending investment in cryptocurrencies or other products or services, or as a solicitation to buy or sell any security or engage in a particular investment strategy. Investment in the crypto market entails substantial risk. Before acting on any information, you should consider whether it is suitable for your particular circumstances and consult all available material, and, if necessary, seek professional advice.

Coinscious and its partners, directors, shareholders and employees may have a position in entities referred to herein or may make purchases and/or sales from time to time, or they may act, or may have acted in the past, as an advisor to certain companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies.

Neither Coinscious or its partners, directors, shareholders or employees shall be liable for any damage, expense or other loss that you may incur out of reliance on any information contained in this report.