Ten years since the immaculate inception Ten years since the immaculate inception Ten years since the immaculate inception

Ten years since the immaculate inception

Cryptocurrencies 4 minutes to read
Jacob Pouncey

Cryptocurrency analyst, Saxo Bank Group

Summary:  The total crypto market cap fell 4% last week but the sector is still packed with activity, ranging from IPOs to acquisitions and anniversaries.

This week the entire crypto market cap fell by 4% to hover around $202 billion. Ethereum and Bitcoin both fell by 3% against the US dollar. This week’s decline is the largest move in more than two weeks. It seems that nothing in particular was the cause of the sell-off. 

New wave of IPOs announced

Earlier this week it was rumoured that Coinbase would reveal details of its upcoming IPO, however, the company’s COO denied the rumours. But Coinbase did raise $300 million in a Series E round led by Tiger Global, valuing the company at $8 bn. Cryptocurrency miner Bitfury is also considering an IPO. The company is joining the ranks of the three largest miners who also announced IPOs earlier this year. These IPOs will be competing for the same capital in the markets. Investors can expect the number of crypto IPOs to rise as fast as the crypto market during the next bull run.

Europe’s oldest exchange acquired

Bitstamp has confirmed that it was acquired by a European subsidiary of South Korean NXC corporation. The company also owns South Korean exchange Korbit. The purchase price was rumoured to be close to $400m back in March. With global volumes at yearly lows, companies are not as flush with cash as in the last quarter of 2017. In fact, Coincheck exchange reported another quarterly loss of $5.3m. Investors can expect more acquisitions to happen in this market as firms position themselves to capture larger exposure to globally traded volumes during the next run. 

Blockchain turns 10

Today marks 10 years since the anonymous creator of Bitcoin, Satoshi Nakamoto, released the original bitcoin white paper. Since then, Bitcoin and blockchain have evolved into having several purposes: a digital settlement layer, a censorship resistant store of value, a method to transact data in a trustless environment, and finally an entirely new investment opportunity. The first Bitcoins were traded at fractions of a cent, and now crypto-specific hedge funds are investing in the asset. With the number of technical changes on the horizon including, second layer solutions, such as lightening network and atomic swaps, the next ten years are sure to be exciting for Bitcoin.


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)

Saxo Markets
40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.

©   since 1992