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Institutional Uncertainty In Crypto: Weekly Newsletter #019

FED rates hike, SEC attacks crypto, and NASDAQ enters the market…

Welcome,

After the latest FOMC meeting, the Fed’s Jerome Powell announced another interest rate hike by 75 bps. As expected, all risky asset markets reacted negatively to the news, and the “best” part is that there are no signs that the Fed intends to slow down the pace.

Furthermore, last week we had JPMorgan making an anti-crypto speech, Mark Cuban confronting the SEC for not looking after investors’ interests, and NASDAQ entering the market with a focus on securities.

Let’s see how the recent institutional uncertainty impacted the market in the last 7 days.

Market update

At the time of writing, Bitcoin (BTC) is trading at $19,084, or -2.32% from 7 days ago. The second-largest digital currency, Ethereum (ETH), is trading at -4.05%.

The total market cap of crypto is up by $6B, and Bitcoin’s dominance is down by -6.18%. Against all odds, Ripple (XRP) is up by +22.47% in the last week.

Data from Sep 26, 2022, at 16:45 UTC via Messari.io.

Latest news:

JPMorgan CEO Attacks Crypto, Calling It “Worthless”, Despite Offering It To Its Clients

At a congressional event this week, Jamie Dimon, CEO of JPMorgan, voiced his opposition to cryptocurrencies.

He described cryptocurrencies as “dangerous decentralized Ponzi schemes” despite the fact that he accepts stablecoins that are adequately regulated. Dimon stated that JPMorgan is a significant user of blockchain technology.

In fact, JPMorgan made Bitcoin funds available to institutional clients and announced that BTC was undervalued earlier this year. At the end of the speech, Dimon talked about JPMorgan’s crypto token JPM Coin (make what you want out of it).

Mark Cuban Calls Out SEC’s Gensler: Do Regulators Really Care About Investors?

Mark Cuban, who amassed a substantial fortune as one of the most successful tech investors during the internet boom, now believes that cryptocurrencies are in a comparable position to the web in the late 1990s.

Cuban responded to Gensler on Twitter by questioning whether the SEC was actually interested in working on behalf of investors and whether the agency would ever “make it easy for investors and businesspeople to ask and receive answers to their questions.”

He continued by stating that it is nearly impossible for the average person to initiate such a conversation and that those who cannot afford attorneys “can only speculate” regarding cryptocurrency regulation.

NASDAQ Enters Crypto Business With A Focus On Securities

The half-a-century-old financial stock exchange, Nasdaq, is set to officially enter the cryptocurrency market, offering institutional investors crypto services.

Nasdaq will establish a new division that will offer institutional-grade solutions with an emphasis on enhanced custody, liquidity, and integrity. The new service underscores their aspiration to facilitate institutional participation in digital assets.

Other news

Our research

The OBC August 2022 Report is out! Making +180.65% ROI in 20 months. The brilliance of AI and how OB Capital performed against 14 other funds.

Read the latest crypto and AI insights in the PDF here.

Other articles

One Button Capital Investment Thesis

DeFi Vs. Regulations. The Good And The Bad.

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

During last week’s market crash, Bitcoin (BTC) and Ethereum (ETH) dropped by -3.24% and -3.26%, respectively. The aggregated performance of OB Capital remained stable during that time at +1.25% thanks to two key sell-offs on Sep 23, 08:00 UTC, and Sep 25, 20:00 UTC.

Aggregated return for 7 and 30 days, measured on Sep 25 23:59 UTC. Source: OB Capital Stats

Top trading strategy

The top three performing AI strategies in the last week were Performer v2, Horizon, and Ascendant. Performer v2 gained +1.19%, while the other two strategies hovered around neutral at 0%.

Top-performing AI strategies between Sep 19 00:00 UTC and Sep 25 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

After another great week for Ripple (XRP), the DeFi asset traded up at a nice rate between Sep 19 and Sep 23. Two of our AI strategies managed to catch the trend and gain a good profit, with an average return of +35.74% for the week.

Best market pairs and used strategy between Sep 19 00:00 UTC and Sep 25 23:59 UTC. Source: OBC Stats

Product updates

Below are the most recent updates to the OB Capital products:

September 22, 2022
- Resolved issue which wasn’t updating the allocated portfolio when switching between stablecoins

September 21, 2022
- Crypto.com integration
- Indicator for Binance that shows when the “Spot & Margin” option on the API keys will be automatically disabled by Binance

September 19, 2022
- Resolved bug on Safari that blocked the users from logging in

September 16, 2022
- Resolved bug when connecting a new exchange through “lite view” that didn’t allow the available stable coin balance to be retrieved from the exchange

Final word

As we approach the end of September (and this quarter), it is an excellent time to reflect. The year so far has been challenging, not just in the digital asset world but in every other market as well. Stocks are down, commodities are down, and cryptocurrencies are burning.

The average length of a bear market is 289 days, and we are currently on the 320th day if we count Nov. 10, 2021, as the start of this down cycle. The past couple of months have shown that nothing is predictable in the current economic environment, so we might be in for a longer ride this time around.

With everything collapsing, it looks like a miracle that AI can still perform during this modern-day recession. On the upside, when the market recovers, it might be the last time we see top crypto assets this cheap, as we are reaching the critical mass in crypto adoption.

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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