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Bear Market Over? Crypto Weekly Newsletter #034

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+120% ROI Trading Bot, SOL Rallies +52%, Derivatives Volume Drops, ETH Liquid Staking Trends, Trader Joe on BNB.

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Letter
One Button Capital
January 9, 2023
Jan 9

Welcome,

According to Bloomberg, the cryptocurrency sector shows signs of life early in 2023, posting larger gains than other asset classes such as stocks, bonds, and gold.

Source

Today’s newsletter covers the following:

  • Solana leads the bull run at +70.81% YTD
  • Crypto derivatives trading volume plummets
  • Ethereum Shanghai upgrade to supercharge liquid staking
  • AVAX’s DEX Trader Joe expands to BNB

Market update

The cryptocurrency market trends upward, led by Solana at +52.41% ROI in the last seven days. Among the other leading crypto assets, Lido Staked Ether (+28.61%) and Cardano (+27.24%) show the highest ROI, while ETH rallies by +10.70% week-on-week.

Data from Jan 09, 2023, at 18:15 UTC via Messari.io.

Latest news:

Crypto Derivatives Trading Volume Plummets

According to CoinGlass data, the volume of Bitcoin Futures on the top 11 centralized exchanges dropped by -38.79% to $386.59B in December. As of Jan 09, 2023, the volume for this month sits at $64.91B, continuing the downward trend for now.

Source: CoinGlass. Chart by: The Block

On the other hand, CryptoCompare’s latest Exchange Review shows that the total derivatives volume of cryptocurrencies decreased by -52.7% in December, reaching $1.16T.

Ethereum Shanghai Upgrade To Supercharge Liquid Staking

Ethereum developers have confirmed that the Shanghai upgrade, scheduled for March, will include the ability to withdraw staked ETH.

This news brings relief to stakers who were concerned about the indefinite lock-in of their tokens. Currently, 15.9M ETH, worth approximately $19.8B, have been deposited into the staking contract, representing 13.2% of the supply. The Shanghai upgrade will also include gas fee reduction for layer 2 solutions and data storage and access improvements.

Where we are at with Ethereum’s roadmap. Source: Vitalik’s Twitter

According to CoinTelegpraph, the upgrade will allow liquidity staking protocols to grow with the possibility of reaching last year’s Merge highs for the leading ETH staking tokens.

AVAX’s DEX Trader Joe expands to BNB

Trader Joe, Avalanche’s leading decentralized exchange (DEX), is expanding its ecosystem to BNB Chain. Trader Joe’s Joepegs NFT Marketplace and DEX will be available by the end of March. BNB Chain users will be able to discover premium digital collectibles and trade tokens using the Joepegs Marketplace and Liquidity Book AMM.

Joepegs is the most popular NFT marketplace on Avalanche, with over 34,000 users, and has facilitated over $9.5 million in secondary sales. Liquidity Book offers low fees and concentrated liquidity provisioning for liquidity providers on BNB Chain.

Other news

Our research

Read our latest research articles in one click.

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One Click Crypto performance

Aggregated return of One Click Crypto vs. BTC and ETH

Last week, Bitcoin gained +2.08%, while Ethereum jumped by +5.76%. The average returns of all 1CC trading strategies produced +2.86% ROI for the same time period.

The average returns for 7 and 30 days, measured on Jan 08 at 23:59 UTC. Source: 1CC Stats

Top trading strategy

Last week, One Click’s top-performing crypto trading strategies were Performer v1 and Explorer at +5.50% and +5.48% average ROI, followed by Astral at +4.25%.

Top-performing AI strategies between Jan 02 00:00 UTC and Jan 08 23:59 UTC. Source: 1CC Stats

Top-performing market pairs

During GALA’s incredible rally, two of One Click Crypto’s trading AI bots caught the trend. Performer v2 gained +120.58% last week, while Explorer returned +102.31%. Solana continued its last week’s uptrend and the Performer v1 AI bot gained another +40.19%.

The best market pairs for 1CC AI bots between Jan 02 00:00 UTC and Jan 08 23:59 UTC.

Final word

The first two weeks of 2023 look promising for crypto, but we should still pay attention to global events, such as economists predicting a 70% chance of a 2023 recession.

Bitcoin just recently turned 14 years old, and it might be about to face its most unpleasant macro environment to date. Something that the network was initially designed to combat following the 2008 crisis is now put to the test.

On the upside, crypto is here to stay, and even the IRS acknowledges this as they see decentralized currencies becoming “more legitimate and sophisticated.”

But the question is, what will stand next to BTC when the market fully recovers?

Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi

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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