Download PDF Introduction We have seen some of the unique trading instruments introduced by the crypto space in our last article, namely perpetual futures and inverse futures and options. Building on our knowledge from another prior article where we introduced cryptocurrencies, basic blockchain infrastructure, as well as some decentralized finance Read more…
Download PDF Coinbase Global Inc (NASDAQ: COIN) – Market Cap as of 24/04/2021: $58.09bn Introduction On April 14th Coinbase, the largest cryptocurrency exchange in the US, went public via a direct listing and reached a valuation of over $80bn. The NASDAQ assigned a pre-emptive reference price of $250 per share, Read more…
Download PDF When lockdowns and travel restrictions started to threaten companies’ survival in March last year, all eyes turned to cash. What was before a mundane Treasury responsibility became a hot topic for discussion amongst C-suite executives. Mentions of cash, liquidity, and lines of credit multiplied in earnings calls. Cash Read more…
Download PDF Introduction Intrinsic value is a measure of what an asset is worth, and it is obtained by means of an objective calculation (to a certain extent), such as a DCF, where the cashflows of a company are discounted to the present in order to estimate the company’s true Read more…
Monex Group Inc (TYO: 8698) – market cap as of 20/04/2018: ¥149.15bn Introduction On April 16, the online brokerage giant Monex officially acquired the cryptocurrency exchange Coincheck for ¥3.6bn (~$33.55m). The move is questioned by the general public due to the recent security breach in Coincheck and the theft of Read more…
Introduction The purpose of this article is to analyse different futures markets on cryptocurrencies and try to find justifications for excessive premia and discrepancies in prices. Firstly, we are going to present a general overview on cryptocurrencies and futures, then a short analysis of premia and finally we’ll look at Read more…
Introduction The purpose of this article is to apply the mathematical framework of Modern Portfolio Theory to an unconventional asset class. Cryptocurrencies, Bitcoin included, are a novel and little known asset class with a relatively low market cap of $44 billion and very high volatility. By applying Markowitz’s Portfolio Theory Read more…
In the second part of the article, we saw how to spot anomalous price movements and how to profit from the divergence between futures and spot prices in the crypto market. Moreover, we showed the key indicator on which we should always be focused on. In this third part, which Read more…
This article is the follow up to “How to Manipulate the Bitcoin Market (1/3)”. In the second part, we want to show how the spikes in price between the end of May and the first half of June 2016 were the result of just a few investors who used huge Read more…
As of today (02-10-2016) there are 16,051,950 bitcoins out of 21 million that will ever be in circulation, priced at $604.05 each (that makes a total market capitalization around $9.7 billion). As a comparison, $9.7 billion is approximately equal to only 1.5% of Apple’s total market capitalization. During next weeks, Read more…
Bitcoin Imagine you could send your money from one part of the world to another in a matter of minutes and without paying outrageous fees to the banks. Bitcoin is an innovative way to do this. It was invented by Satoshi Nakamoto in 2008 and published as open-source software. Bitcoin Read more…