Bear Market Bottom? Weekly Newsletter #008
Key economic indicators to move crypto in the upcoming week.
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.
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.
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.
- Crypto Market Brushes Aside US Treasury Framework for Digital Assets
- Cryptocurrency Is Coming to Your Credit Cards
- Bank of Spain Includes Binance in Its Crypto Registry
- Russia to Improve Crypto Transaction Monitoring as Regulation Draws Closer
- India’s Law Enforcement Agency Probes Crypto Exchanges for Forex Violations
- Argentineans Rush to Tether After Economy Minister Resigns
- Ethereum Takes One Step Closer to Major Software ‘Merge’
- Three Execs Leave JPMorgan This Week to Join Crypto Firms
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%.
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.
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
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,
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.