Cryptocurrency analyst, Saxo Bank
Summary: This week the entire crypto market cap fell by 8%, bringing the market cap to just under USD 280 bn. The SEC delays ETF decisions, and Binance schedules hours of maintenance. Meanwhile, Coinbase and Binance are preparing for the battle of the decade.
This week the entire crypto market cap fell by 8%, bringing the market cap to just under USD 280 bn. Ethereum and Bitcoin fell by about 9% each. It appears that bitcoin is heading for a re-test of USD 10k. Murad Mahmudov of crypto fund Adaptive Capital believes bitcoin to be in an accumulation band for a USD 100k price target in the future.
This Thursday, one of the largest exchanges by volume is set to undergo maintenance starting 2 AM UTC. Binance has stated that it will take six to eight hours for the upgrade. Once the update is complete Binance will resume trading 30 minutes after. Traders with margin positions are advised to look at their collateral balance before the maintenance period because the price could move against them during the downtime. Traders should be prepared for volatility during that time.
2024: The wasted year
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.
