Nov 7, 2022: Crypto Weekly #025
Stablecoin wars reignite, Crypto outperforms tech stocks and institutions are growing their DeFi presence.
Welcome to One Click Crypto’s (1CC) newsletter.
Bitcoin and other cryptocurrencies fell on Monday, as the digital asset industry prepares for a busy week that will put the correlation between DeFi and stocks to the test amid a flurry of critical macroeconomic data.
Meanwhile, the CEX war reignites as Binance is liquidating its holdings of FTT one week after FTX’s announcement of an upcoming stablecoin launch. Large institutions like JPMorgan, Goldman Sachs, and Fidelity, on the other hand, are making big moves into blockchain technology.
At the time of writing, Bitcoin is trading at $20,708, or +1.29% from 7 days ago. Ethereum, on the other hand, gained +1.02%. The total cryptocurrency market cap is $1.05T and Polygon is up +40.78%, fighting for a spot in the top ten crypto assets.
Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token
Following Binance CEO Changpeng “CZ” Zhao’s announcement that Binance is liquidating its holdings of FTX’s native exchange token FTT, mass withdrawals from FTX have accelerated, with weekly stablecoin outflows from FTX reaching a staggering $451M, according to Nansen.
Binance, on the other hand, has seen net inflows of more than $411M over the same time period. In addition, approximately $94M in cryptocurrencies, including approximately $73.9M in Ethereum, were transferred from FTX to the crypto lending firm Nexo.
Bitcoin Outperformed NASDAQ After Fed Raised Rates By 0.75%
Following the announcement of another rate hike by the Federal Reserve, Bitcoin recovered the $21,000 mark. The number one cryptocurrency is up 10% week on week, while key altcoins are trading around ranges not seen since September.
At the same time, major equity markets have plummeted in the aftermath of the FED’s statement, with NASDAQ dropping by -3.3%.
JPMorgan Makes Its First Blockchain Transaction
JP Morgan has successfully completed its first-ever cross-border transaction using decentralized finance on the Polygon public blockchain. The trade was made possible by Project Guardian, a pilot program run by the Monetary Authority of Singapore to investigate potential DeFi applications in wholesale finance markets.
- Goldman Sachs Launches Crypto Explainer, Trend Tool for Institutional Clients
- Coinbase Posts Third Consecutive Losing Quarter Amid Crypto Rout
- Fidelity Is Launching Commission-Free Crypto Trades for Retail Investors
- 401(k) Plans Now Let Workers Put Retirement Money Into Crypto
- Kraken Launches 70 Ethereum, Solana NFT Collections
- Mastercard Welcomes 7 Crypto, Blockchain Startups
The October Crypto report has arrived. Read the latest market insights, the macroeconomic state of DeFi, and our latest research in just one click.
One Click Crypto performance
Aggregated return of One Click Crypto vs. BTC and ETH
Bitcoin (BTC) gained +5.08%, while Ethereum (ETH) rose by +16.23% last week. One Click Crypto returned +4.05% on average.
Top trading strategy
The newest One Click AI bot, Explorer, shined last week with the highest net return of +4.49% on average. Performer and Astral v2 gained +3.65% and +3.07%, respectively.
Top-performing market pairs
Among the many profitable trading pairs, the LTC: BUSD returned the most at +24.20% ROI for the Performer v2 strategy. Four more LTC pairs returned +19.05% profits on average.
October 28, 2022
- Resolved issues with the connection of API key after enabling “Spot trading”
- Resolved issue with the update of API key
October 25, 2022
- Rebranding of One Button Capital to One Click Crypto
October 21, 2022
- Functionality allowing users to refresh the recorded stable coin balance after topping up on their exchange account
- Changing portfolio overview page for “lite view”
- Resolved issue with 0 as the recorded price for Crypto.com (rejected order by exchange)
October 20, 2022
- Resolved issue with how price is recorded by Bitpanda Pro for filled market orders
- Resolved issue with the execution of orders for FTX users that don’t use subaccounts
Digital assets look like they are about to break their correlation to tech stocks and finally start trading independently. That will be good for investors for two reasons.
1) Better diversification and hedging between investment sectors
2) Favorable growth environment for crypto during a global recession (like at the moment)
CEO at One Click Crypto
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.