Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
You can access both of our platforms from a single Saxo account.
Crypto Update: The long road to an ETF
Jacob Pouncey
Cryptocurrency analyst, Saxo Bank
This week the entire crypto market cap fell 9% to just under $270 billion. Similarly, Bitcoin fell by 7% after rising for the previous two weeks. Ethereum outpaced Bitcoin and the general market by falling 10% over the last week. The market is likely consolidating after a strong two-week rally. Keep in mind that the overall market trend is currently to the downside.
SEC rejects Winklevoss ETF proposal
Last week the SEC denied the Winklevoss brothers' second attempt to bring a Bitcoin ETF to market. The brothers, who are famous for their early involvement in Facebook, are no strangers to rejection from the SEC with the previous attempt failing in March of last year. This application was one of many ETFs awaiting a decision from the SEC. The market is waiting for a decision on the VanEck SolidX Bitcoin Trust that is backed by Cboe, which some believe has the best chance of being approved of any of the outstanding applications.
Galaxy Digital will begin trading today
The cryptocurrency firm Galaxy Digital run by billionaire investor Mike Novogratz, formerly of Goldman Sachs, is set to trade August 1 on the TSX Venture Exchange. The firm will join a host of publicly traded companies listed on the Canadian exchange that offer exposure to the cryptocurrency markets. The firm sold shares at CAD $5 apiece in January around the peak of the cryptocurrency market. It will be interesting to see at what price the shares trade at the market open.
Bitmain made $1bn in profit in one quarter
The largest bitcoin mining operator and hardware provider made more than $1bn of profit in the first quarter of this year despite the down market. In a leaked email, the term sheet for a proposed IPO stated that the company has almost surpassed its total 2017 profit in the first quarter of 2018. A conservative estimate puts profits at $2-3bn for 2018. Additionally, Bitmain will look to file for an IPO soon with a valuation multiple similar to chipmakers like NVidia and AMD.
Latest Market Insights
Quarterly Outlook 2024 Q3
Sandcastle economics
-
-
Bonds: What to do until inflation stabilises
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.
-
Equities: Are we blowing bubbles again
Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.
-
FX: Risk-on currencies to surge against havens
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.
-
Commodities: Energy and grains in focus as metals pause
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.
Disclaimer