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Crypto Payments at 90 Million Stores: Weekly Newsletter #015

Mastercard joins Binance, Crypto is fighting to stabilize over $1T market capitalization, and FTX grows by +1000% in a single year.

Welcome,

In this edition of the OB Capital weekly newsletter, we will look at the top stories from the past week, and the reasons for the market crash.

Bitcoin fell nearly 5% after Powell’s speech at the Fed’s conference on Friday. Federal Reserve Chairman Jerome Powell warned households and businesses to prepare for pain as the central bank works to reduce inflation.

In addition, the fear that 137,000 BTC are about to be offloaded on the open market, following the Mt. Gox saga further intensified the Bitcoin situation.

Market update

The time is 16:30 UTC on August 29, 2022. The cryptocurrency market has regained its $1T mark after falling below it for a brief moment. Bitcoin dominance in the market keeps shrinking, as the asset goes down by -5.43% in the last 7 days.

The hero of July, Ethereum loses -6.49% in a week’s time, and is now trading at $1.529. Solana is yet again the largest loser from the top 10 list with -10.23%.

Data from Aug 29, 2022, at 16:30 UTC via Messari.io.

Latest news:

FTX Grew Revenue 1,000% During the Crypto Craze, Leaked Financials Show

According to leaked financial documents, crypto exchange FTX saw a more than 1,000% increase in revenue in just one year. Revenue increased from $90M in 2020 to over $1B in 2021. Barron’s estimated that FTX would be worth up to $20B in a public stock offering after reviewing the leaked documents.

FTX is a major player in the world of digital assets, having been founded in 2019 by crypto entrepreneur Sam Bankman-Fried. According to CryptoCompare data, FTX handled $56.9B in spot trading volume in July and $248 billion in derivatives such as Bitcoin futures.

Binance and Mastercard Partner to Provide Crypto Payments at 90 Million Stores

Mastercard is now collaborating with Binance, the world’s largest cryptocurrency exchange, to enable cryptocurrency payments in 90 million stores. Mastercard CEO Michael Miebach stated in a LinkedIn post that the company is working to realize the full potential of blockchain technology by making it easier to access and use in everyday purchases.

More Than Half Of All Bitcoin Trades Are Fake According To Forbes

Based on an analysis of 157 crypto exchanges, Forbes magazine claims that 51% of the daily Bitcoin trading volume reported is fake.

“Wash trading” and “poor exchange surveillance” are two common criticisms leveled at Bitcoin. Some traders engage in wash trading to inflate an asset’s trading volume in order to give the appearance of rising popularity.

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

One Button Capital outperformed both Bitcoin and Ethereum in the last week and month, with the two leading cryptocurrencies losing almost 20% each.

Aggregated return for 7 and 30 days, measured on Aug 28 23:59 UTC. Source: OB Capital Stats

Top trading strategy

The top 3 risk-management AI strategies struck again as Solar lost only -0.77% during the widespread market crash. Both Horizon and Ascendant performed decently in the downtrend as they lost only about -1.3% each.

Top-performing AI strategies between Aug 22 00:00 UTC and Aug 28 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

The markets are bleeding, but not LUNA — the real cryptocurrency hedge. Jokes aside, the new project of Terraform Labs saw the best gains during the downtrend, and our Performer v2 bots were there to profit from the rally.

The AI was also successful in bringing profits against EOS: BUSD and ATOM: BUSD.

Best market pairs and used strategy between Aug 22 00:00 UTC and Aug 28 23:59 UTC. Source: OBC Stats

Product updates

August 20, 2022
- Resolved visual issue with the bots not appearing as archived after stop-loss has triggered

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

Final word

One Trillion US Dollars. A huge amount of money and a mythical ground for the cryptocurrency market. Closing above it at the end of August will be crucial for the bulls to stand on top.

It is easy to panic as we watch how the market and even the whole world’s economy are collapsing. Still, it is also important to remember that Bitcoin and the crypto revolution were born during the last big financial recession after the housing crisis of 2008.

Since then, crypto has proven to be the most lucrative industry of our generation, with returns that have never been seen before. The show must go on.

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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