Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

<ul><li>It should come as no surprise that 2022 was rife with contagion in the crypto industry.</li><li>Numerous crypto companies went bankrupt, many due to fraud.</li><li>Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.</li></ul>

It should come as no surprise that 2022 was rife with contagion in the crypto industry.Numerous crypto companies went bankrupt, many due to fraud.Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

<ul>
<li>In the past one and a half months, exchange-traded crypto funds have been launched in two countries.</li>
<li>Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.</li>
<li>Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.</li>
</ul>


In the past one and a half months, exchange-traded crypto funds have been launched in two countries.
Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.
Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.


<ul><li>Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.</li><li>You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.</li><li>This framework is set to take full effect on December 30, 2024.</li></ul>

Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.This framework is set to take full effect on December 30, 2024.

Crypto Moves #30 – The European Union’s MiCA Removes Tether from the Market

<ul><li>Do we even need to mention the most significant news from last week? Probably not.</li><li>However, here is a brief summary: the U.S. Securities and Exchange Commission (SEC) approved an Ethereum spot ETF on Thursday.</li><li><span style="font-weight: 400;">Almost as significant as the approval itself is the shift in the U.S. regulatory environment’s tone toward crypto.</span></li></ul>

Do we even need to mention the most significant news from last week? Probably not.However, here is a brief summary: the U.S. Securities and Exchange Commission (SEC) approved an Ethereum spot ETF on Thursday.Almost as significant as the approval itself is the shift in the U.S. regulatory environment’s tone toward crypto.

Crypto Crisp: “There Is No Second Place”

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

<ul><li>Indeed, this has been a remarkable week.</li><li>In last week’s Crypto Moves #28, we noted that the tight race between President Biden and Trump in the 2024 Presidential Election, along with Trump’s unexpected pro-crypto stance, might push Biden to publicly support the crypto industry.</li><li>This move would aim to attract the growing number of pro-crypto voters.</li></ul>

Indeed, this has been a remarkable week.In last week’s Crypto Moves #28, we noted that the tight race between President Biden and Trump in the 2024 Presidential Election, along with Trump’s unexpected pro-crypto stance, might push Biden to publicly support the crypto industry.This move would aim to attract the growing number of pro-crypto voters.

Crypto Moves #29 – What to Expect from the Ethereum Spot ETFs?

Mads is Senior Cryptocurrency Analyst at Steno Research. With about eight years of experience in the cryptocurrency market, many of those years spent in a professional capacity, Mads has gained extensive insight into the crypto market, covering both trading and technical facets. He previously founded one of the largest Danish crypto-brokers, which was later acquired. Afterward, he worked as a trader at Bitcoin Suisse and, most recently, served as a Cryptocurrency Analyst at Saxo Bank.