Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
You can access both of our platforms from a single Saxo account.
Crypto Update: Delays and declines in ETH
Jacob Pouncey
Cryptocurrency analyst, Saxo Bank
Summary: This week the entire crypto market cap fell by 2% to around $120 billion. Additionally, Bitcoin and Ethereum fell around 2% and 6% respectively. Bitcoin is consolidating between $3.5k and $3.8k
Ethereum update
Last week, we reported that the Ethereum hardfork had been delayed with no new date set. During the developers call last Friday the leading developers decided to reschedule the hardfork for 27 February 2019. This hardfork would reduce the amount of ether per block from 3 to 2, which would reduce the number of newly minted ether created, lowering the interest rate. Despite the delay and the price decline, the Ethereum network has continued to process a record number of transactions. The institutional research firm Diar reported that in December Ethereum processed over 115 million ether on-chain. This highlights that even though price is down over 90% from the peak, transaction volume has been increasing over the past three months.
Markets bolstered by new supply
Over $15 billion in new cryptocurrency supply has been added to the crypto market cap over the course of 2018, which is roughly 12% of the total market cap. Almost a third of the increase in value is attributed to completely new projects that have entered the market. However, market cap is not necessary a proxy for the health of the blockchain ecosystem.
Last week, we reported that the Ethereum hardfork had been delayed with no new date set. During the developers call last Friday the leading developers decided to reschedule the hardfork for 27 February 2019. This hardfork would reduce the amount of ether per block from 3 to 2, which would reduce the number of newly minted ether created, lowering the interest rate. Despite the delay and the price decline, the Ethereum network has continued to process a record number of transactions. The institutional research firm Diar reported that in December Ethereum processed over 115 million ether on-chain. This highlights that even though price is down over 90% from the peak, transaction volume has been increasing over the past three months.
Markets bolstered by new supply
Over $15 billion in new cryptocurrency supply has been added to the crypto market cap over the course of 2018, which is roughly 12% of the total market cap. Almost a third of the increase in value is attributed to completely new projects that have entered the market. However, market cap is not necessary a proxy for the health of the blockchain ecosystem.
Bithumb to go public in US
One of the world's largest exchanges by volume is planning to go public in the US via a reverse takeover. The newly named Blockchain Exchange Alliance plans to bring the Bithumb exchange public by acquiring the holding company, Blockchain Industries, which trades on the public US over-the-counter markets. This would allow the Blockchain Exchange Alliance to list publicly in the US without the hassle of an IPO. The firm plans to acquire more exchanges under the new ticker. However, Bithumb has been accused of faking its volume. A recent report highlights that the exchange has the second highest volume but ranks ninth in order book depth.
One of the world's largest exchanges by volume is planning to go public in the US via a reverse takeover. The newly named Blockchain Exchange Alliance plans to bring the Bithumb exchange public by acquiring the holding company, Blockchain Industries, which trades on the public US over-the-counter markets. This would allow the Blockchain Exchange Alliance to list publicly in the US without the hassle of an IPO. The firm plans to acquire more exchanges under the new ticker. However, Bithumb has been accused of faking its volume. A recent report highlights that the exchange has the second highest volume but ranks ninth in order book depth.
Latest Market Insights
Quarterly Outlook
-
-
Quarterly Outlook
Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity
John J. Hardy
Global Head of Macro Strategy
After the chaos of Q2, the quarter ahead should get a bit more clarity on how Trump 2.0 is impacting... -
Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
Commodity Outlook: Commodities rally despite global uncertainty
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ... -
Quarterly Outlook
Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever
Jacob Falkencrone
Global Head of Investment Strategy
-
Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
-
Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy
Disclaimer