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Letter

Bear Market Bottom? Weekly Newsletter #008

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Key economic indicators to move crypto in the upcoming week.

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Letter
One Button Capital
July 11, 2022
Jul 11

Welcome,

Crypto got a modest relief boost as prices stabilized and investors grew more confident. Even though last week was quiet, it may be the calm before the storm, as several key events in the upcoming days can shake the market.

According to the Economic Calendar, this week includes an update on US inflation figures (Wed), US weekly jobless claims and wholesale inflation figures (Thurs), Chinese GDP figures (Fri), and US retail sales figures (Fri).

We will pay close attention to these indicators because they have a history of influencing crypto prices. Now, let us move on to the updates from last seven days.

Market update

Bitcoin (BTC) rebounded slightly last week and is currently trading at $20,445. Ethereum (ETH) on the other hand consolidates around $1,144.

Despite the uplift in performance in the market, Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) show an average loss of -5.92%.

The total market cap of crypto is back at over $900B, with BTC dominating at 43.35% share.

Data from Jul 11, 2022, at 16:30 UTC via Messari.io.

Latest news:

Failed Cryptocurrency Exchange MT. Gox Is Returning 140,000 BTC

The Japanese cryptocurrency exchange, Mt. Gox provided an update on the repayment procedures for its creditor rehabilitation plan.

The process can begin as early as August, according to the statement, and the document describes the various payment options available to creditors, including direct Bitcoin compensation.

At its peak, the exchange handled more than 70% of all Bitcoin. In 2014–850,000 BTC were stolen, with the majority of it being customer funds. Forced to cease operations, they filed for bankruptcy several days later.

Eventually, Mt. Gox recovered 140 000 BTC. And for the past eight years, customers have fought to recover a portion of it.

The First Euro-Backed Stablecoin Enters The Market

Circle, the company behind the fourth-most-traded cryptocurrency (USDC), has introduced a new stablecoin called Euro Coin. It is the first to offer round-the-clock transactions in euros through DeFi apps and the Web3 ecosystem.

The stablecoin with the ticker EUROC will be available to purchase on centralized exchanges such as Bitpanda, Bitget, Huobi Global, and later FTX and Binance(US). Despite being a Euro-Backed stablecoin, for now, it will be traded only to U.S customers.

Crypto VS. Regulations Saga Continuous In Fear Of Financial System Threat

Vice-Chair of the Federal Reserve Lael Brainard stated that cryptocurrencies require regulation before they become so large as to threaten the financial system.

Brainard said in a speech demonstrating that the central bank is closely monitoring the crypto crisis and that the lack of regulatory guidelines has been a confusing and troublesome issue for the entire crypto industry.

Other news

Our research

The OB Capital June 2022 Report is out. Read on our website or download the 54-page PDF.

Investing in bear markets, crypto inflation, and the importance of timing the market in crypto.

Other articles

One Button Capital Investment Thesis

Web3 and DeFi Trends In 2022

AI Response To The Terra (LUNA) Meltdown

Should You Invest In Funds In 2022?

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

The One Button AI trading strategies show good performance in both downtrends and uptrends, with the bulk of our bots outperforming the market in both conditions.

The current 30 days returns of OBC, exceed those of Bitcoin (BTC) and Ethereum (ETH) by over +25%, while the top two digital assets are in the negative.

In the last week, the aggregate returns of all OB Capital strategies returned +1.96% ROI, while BTC gave +0.82% and ETH lost -1.14%.

Source: One Button Capital Stats

Top trading strategy

This week the duel between the Performer strategies continues with v2 in the lead with +4.74% ROI. A close second is its ancestor Performer with +3.50%. In third place we have the Clipper, trading at +1.16%, who starts to gain steam as the market turns green.

The Horizon strategy records 30 days return of +17.41%, keeping its phenomenal performance from June onto the new month.

Source: One Button Capital Stats

Top-performing market pairs

CRV: USDT remains the best trading pair with a +26.62% ROI, followed this time by ETH: BUSD with +15.13%. Bitcoin returns in the top 3 with BTC: USDT having a +13.60% gain.

Source: One Button Capital Stats

Product updates

July 11, 2022
- Added improved caching mechanism for bots

July 9, 2022
- Added support for USDT-based investment portfolios on Kraken

July 8, 2022
- New parameter displaying the total traded volume of certain bot

July 5, 2022
- Resolved issue with displaying the AVG ROI/month for individual bots

Final word

The small recovery last week came as a relief to investors after months of struggle and downward action. Analysts are still split into two camps on whether this will be the bottom of the 2022 bear market.

With each fallen piece, the pace of the Crypto Domino Effect slows down, but the upcoming update of key economic indicators may spike the market’s volatility again. The next five days are decisive in forecasting which direction crypto will move during July.

Thank you for having me today and until next week,

Max Yampolsky,
CEO at One Button Capital
ir@onebutton.capital

DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.

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