Crypto fee wars ahead, $100M hacked on Horizon, FTX loans over $750M.
Today we will talk about the market upturn, the potential fee wars between exchanges, and other major news from the past week in crypto.
But before we get into that, I want to share a bit of my experience from the Crypto Expo Asia that took place in Singapore on Jun 22–23, 2022.
I also want to give special thanks to everyone who could not make it to the expo but took the time to watch the live stream. Amazing support!
Now, let us move on to the news of the week.
Bitcoin (BTC) is currently trading at $20,711 which is slightly better than last week’s price. The positive surprise comes from Ethereum and Solana returning between 5–10% of their value.
The largest gainer of the top ten crypto assets is Dogecoin with a net gain of +19.90%. XRP surpasses Cardano for seventh place.
The average 7D change of the top ten leading cryptos is 5.33%.
Fee Wars Between Binance and Coinbase?
Binance US effectively eliminated fees for spot Bitcoin trading on its platform as long as customers use U.S. dollars, Tether, USD Coin, or Binance USD, making it the least expensive provider on the market. Industry insiders say the action may prompt a response from Coinbase and lead to a battle between exchanges over trading fees.
Over $1B Were Stolen in 2022 Through Bridge Hacks
Another day, another big hack. This time Horizon got hit for $100M+, making it the third 9-figure hack of the year. Hackers have stolen the crypto from the cross-chain bridge created by the Harmony network.
The Harmony team has already identified a specific account that they believe is to blame for the incident. The incident comes after a string of comparable assaults on blockchain bridges, such as the $600 million Ronin Network hack earlier this year.
The CEO of FTX Gives Out $750M To Companies At The Edge Of Bankruptcy
Struggling cryptocurrency lender BlockFi secured a $250M line of credit from the cryptocurrency exchange FTX to give it access to capital and strengthen its platform and balance sheet. Just one day after FTX CEO Sam Bankman-Fried said his exchange planned to rescue troubled crypto firms, BlockFi CEO Zac Prince announced the bailout.
Voyager — a crypto brokerage firm that has lost $650m+ over the last few weeks is another firm that was rumored to be going bankrupt. Sam Bankman-Fried gave a $500M+ loan to them, becoming the biggest shareholder in the company with 11%.
Read our 37-page May 2022 Report by downloading the paper from here.
Alternatively, you can read some of the covered topics as separate publications from the “Other articles” section below.
The performance of all trading strategies currently active at One Button Capital exceeded the returns from Bitcoin (BTC) and Ethereum (ETH) by +13.16% and +26.22% respectively over the last 30 days.
This week we see a return of Performer as the top trading strategy of the week with net gains of +12.23%. The Performer AI is very suitable for catching trend reversal on the upside, and he did not disappoint this time again. Horizon keeps amazing with its sixth consecutive placement in the weekly top 3 (number one bot of the month as well.)
This week the AI outperformed themselves. The best strategy in the last 7 days is ATOM: BUSD with a +28.78% ROI, followed closely by XMR: USDT with +22.86%. What is fascinating is that 78.8% of the OBC bots outperformed the market in the last week.
One Button Capital is excited to collaborate with our new partners. The dark times in crypto did not divide the community but rather brought it together.
Because of the difficulties, many companies have joined forces to build a better DeFuture, and the news we’ve been reviewing in the last few weeks demonstrates this very well.
The true impact of these newly formed decentralized economies will get revealed over time. I and my team will continue to analyze the growth of the industry and share every insight with you in our weekly letters and monthly reports.
CEO at One Button Capital
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.
We regularly prepare insightful reports and case studies about crypto trading and the blockchain industry.
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