Welcome,
The global cryptocurrency market is still on the decline, as investors remain pessimistic about the future of the industry in the face of rising inflation and interest rates.
According to CoinMarketCap, the crypto market dropped from $1.28T on June 6 to below $1T on June 13, resulting in close to a $300B loss in market capitalization in just one week.
Despite the poor performance of the market, there are good news and research indicating that we may move to a bull market later this year.
Let’s analyze.
Bitcoin (BTC) is currently trading at $23,434, way under the $25,000 barrier, and is down 13.57% in the last 24 hours and 24.44% over the previous week. The total market value of the asset is $452B, as it hits an 18-month low.
At the time of writing the total weekly ROI of the whole crypto market is -20.45% with BTC further increasing its dominance at 46.47%.
The largest loser in the top ten crypto assets is Solana (SOL) with -36.90% in the last week.
On June 7, two U.S. senators introduced a bipartisan bill that, if passed, could pave the way for increased crypto adoption and growth. One of the key points proposed in the bills is that there will be no tax on crypto transactions under $200.
Another major thing is that most crypto assets will be viewed as commodities, rather than securities — meaning that regulation would go under the CFTC (Commodity Futures Trading Commission) rather than the Securities and Exchange Commission (SEC), which has historically been shown to be anti-crypto and wants as much regulation as possible.
Additionally, crypto miners would have to pay tax when they sell their assets, rather than at the time of mining like they do now. Finally, stablecoins would need to maintain a 100% reserve in order to be authorized to function.
Last week, PwC (one of the four largest accounting firms in the world) published its 2022 global crypto hedge fund report. According to the paper, individual funds grew by an average of 150% in 2021 compared to the previous year.
The percentage of crypto hedge funds with an AuM of over $20 million increased in 2021 to 59%, from 46%, which is significant as $20m is the threshold for “critical mass” in the traditional hedge fund world.
About 42% of crypto hedge funds utilized DeFi platforms to enhance yield through farming, and/or borrowing and lending of assets, while 78% of crypto hedge funds have invested in the DeFi sector.
PayPal has finally made it possible for cryptocurrency users to move their funds from its platform to other wallets and exchanges. Since the fintech giant launched its crypto buy, sell, and hold service in October 2020, users have requested the ability to move cryptocurrency from PayPal to external wallets the most.
At the same time, big crypto lender Celsius freezes all account withdrawals due to “extreme market conditions.” Celsius lends out customer deposits to other users to earn a return. The firm managed $11.8B in assets as of May 17, according to its website. The company said it has 1.7 million users and raised $750m in funding late last year from investors.
If you missed the OB Capital May Report you can read the full 37-page paper here.
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Aggregated return of OB Capital vs. BTC and ETH
The performance of all trading strategies currently active at One Button Capital exceeded the returns from Bitcoin (BTC) and Ethereum (ETH) by +11.27% and +30.6% respectively over the last 30 days.
Top trading strategy
The three best AI strategies in the past week are Horizon -2.00%, Clipper -4.60%, and Solar -7.81%. Last week’s prediction of our AI was correct and we had a false reversal, which is why our best risk management bots closed almost all of their positions.
Top-performing market pairs
Unfortunately, there are no positive returns on a per market pair basis as well, but the week’s top performers managed to save catastrophic losses. The best market pair for our trading strategies in the last 7 days is 1INCH: USDT with a -0.18% return, followed closely by BTC: USDC with -2.00%. Note that all three market pairs are from different AI strategies.
Here are the most recent changes on the OB Capital app:
June 11, 2022
June 9, 2022
May 31, 2022
Going through a bear market is difficult, especially if it is your first time. But if we could take one thing from big players it is to always stay calm during a recession.
Some experts in the crypto space predict an upturn in the cycle in Q4 this year, while others are looking forward to a big 700% spike in leading assets.
No matter if the above forecasts come true or not, the One Button Capital Fund will continue to rely heavily on its AI technology to manage investors’ funds. The fund has proven itself to be a better hedge than following pure speculation and this bear market is not an exception.
We are looking forward to seeing what the market has to bring in the following seven days.
PS Do not miss One Button Capital’s presentation at Crypto Expo Asia.
Join us on 22–23 June 2022 in Fairmont Hotel, Singapore.
Best regards,
Max Yampolsky, CEO at One Button Capital
ir@onebutton.capital
We regularly prepare insightful reports and case studies about crypto trading and the blockchain industry.
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