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Letter

The Crypto/Stocks Correlation Continues: Weekly Newsletter #014

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Both crypto and the stock market are down. When will the correlation stop?

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Letter
One Button Capital
August 22, 2022
Aug 22

Welcome,

According to the majority of analysts, the correlation between crypto and other riskier assets seems to be the leading factor for last week’s market decline.

Bitcoin (BTC) erased three weeks of gains after plunging 8.4%, its biggest single-digit decline in two months, taking the whole crypto market down with it. Parallelly to this, the U.S. stock indexes kept falling, extending Friday’s downturn when all three major indexes finished the week in the red.

Fear of rising inflation is the largest contributor to the chain reaction according to a Bloomberg survey.

Market update

The total global market cap of crypto fell by $14B in the last seven days, with Solana being the biggest loser in the top ten list. The asset dropped by -20.62%, followed by Cardano and Ethereum, which lost -17.73% and -16.62% respectively.

Data from Aug 22, 2022, at 16:30 UTC via Messari.io.

Latest news:

Coinbase Preps for the Merge, Warns Users of Interruptions

Coinbase, the world’s largest cryptocurrency exchange, is preparing users for The Merge, the Ethereum network’s transition to proof-of-stake.

The exchange will temporarily halt ETH and ERC-20 token deposits and withdrawals as a precautionary measure during the merge, which is scheduled to take place on September 15th. During this time, Coinbase has assured its users that their assets will be safe and secure.

FTX Has Been Warned To Stop Misleading Customers

The FDIC has written to five cryptocurrency companies, demanding that they stop making false claims about deposit insurance.

The agency contacted FTX US, Cryptonews.com, Cryptosec.info, SmartAsset.com, and FDICCrypto.com. The regulator stated in a press release that these companies falsely represented that certain crypto-related products were FDIC-insured.

Canadian Crypto Exchanges Impose 30k CAD Annual Limit For Altcoins

Canadian crypto exchanges Newton and BitBuy have announced new rules, including a $30K CAD annual ‘buy limit’ for ‘restricted coins’ for their Ontario users.

Under these new changes, Ontario-based users will be subject to a CAD $30,000 “net buy limit” on all crypto coins, excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). Other changes include a ‘trading questionnaire’, in which users disclose details about their past crypto trading experience and risk tolerance to the exchange.

Other news

Our research

Read the OB Capital July 2022 Report on our website or download the PDF here.

The crypto market stabilizes, OB Capital makes +20.96% ROI and we reach record-high inflation.

Other articles

How AI Took Over The Financial World

One Button Capital Investment Thesis

World’s Richest Gamblers (Investors)

DeFi Vs. Regulations. The Good And The Bad.

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

After a sudden price drop last week, the average ROI of the cryptocurrency market was -12.00%. One Button Capital lost only -7.27% during this period, outperforming both Bitcoin and Ethereum.

Aggregated return for 7 and 30 days, measured on Aug 21 23:59 UTC. Source: OB Capital Stats

Top trading strategy

The three AI trading strategies that protected our investors’ portfolios the most last week were Solar with -2.65% ROI, Horizon with -3.06% ROI, and Explorer with -3.53% ROI.

Out of the 551 running bots on the platform, 92.01% outperformed the underlying market.

Top-performing AI strategies between Aug 15 00:00 UTC and Aug 21 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

During the unexpected crypto plunge, we had several AI strategies that actually recorded green numbers between Aug 15 — Aug 21. Our Performer v2 trading bot nailed a +12.78% ROI in EOS: BUSD, while Explorer gained a modest +1.22% in BNB: BUSD.

Best market pairs and used strategy between Aug 15 00:00 UTC and Aug 21 23:59 UTC. Source: OBC Stats

Product updates

August 19, 2022
- Resolved critical bug for Kraken API connection for newly created exchange accounts

August 16, 2022

- Updating Kraken step-by-step connection tutorial
- Updating disclaimer for automated BNB fees on Binance.US on the “create new bot” page
- Resolved issue with 24h and 7d ROI not appearing for all AI models on the public statistics
- Added Binance.US disclaimer for automated BNB fees on the “create investment portfolio” page

Final word

Despite the poor overall performance in the markets this last week, the Blockchain revolution keeps going strong. This time the scene will be the Coinfest Asia in Bali between Aug 25–26, 2022.

One Button Capital is one of the featured startups at the event. The team will be presenting the project in front of an audience of VCs and HNW investors. Our goal for the event is marketing, strategic partnerships, and connections with VC firms and crypto investors.

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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