Crypto Update: Close, closer, finally
Cryptocurrency analyst, Saxo Bank
This week the entire crypto market cap fell 16% to just over $230 billion. Similarly, Bitcoin fell by 15%, continuing its slide from the previous week. Ethereum held strong against Bitcoin by dropping 13% for the week.
This confirms that the last bounce ensnared overzealous buyers and now the market is likely searching for a new bottom. The overall market trend continues to be to the downside. The market tends to not react to positive news and overreact to negative press.
SEC delays decision on VanEck/SolidX ETF
On August 7, the SEC decided to delay its decision on one of the most highly anticipated Bitcoin ETFs by 45 days. The VanEck SolidX Bitcoin Trust is backed by Cboe and is considered to be one of the top contenders in the race to be one of the first US-regulated, exchange-listed crypto funds. The announcement aided the continued decline of the Bitcoin price. The SEC can continue to delay the decision into next year, but currently its next date to take action is September 30, 2018.
Traditional exchanges are launching crypto services
The New York Stock Exchange’s parent company Intercontinental Exchange announced the creation of Bakkt, a digital asset platform that will launch in November. Bakkt will launch with physical delivery of futures contracts. This could be the largest physically delivered futures contracts by volume from a US regulated institution. CME and Cboe contracts are cash-settled. This announcement is huge as anyone connected to ICE can connect to Bakkt and trade under their existing account.
Banks continue to mull over crypto services
Two Barclays employees stated on their LinkedIn profiles that they are working on a cryptocurrency trading desk initiative for the firm, hinting that Barclays may launch a digital asset service in the future. However, the bank denied any plans to launch a cryptocurrency trading desk but confirmed that the two employees do work at the bank. Additionally, Goldman Sachs announced that is considering to offer a custody service for cryptocurrency funds. If these solutions become live it could increase adoption among other institutions and potentially allowing for a greater flow of capital to crypto assets.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.