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Letter

Binance In Trouble or Not? Crypto Weekly Newsletter #031

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$7Bn CEX outflows, MetaMask-PayPal partnership, Tether’s FUD to 0 in 2023.

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Letter
One Button Capital
December 19, 2022
Dec 19

Welcome,

Binance, the world’s largest crypto exchange, had temporarily halted USDC withdrawals while it conducted a token swap. The 8-hour delay was caused by the fact that the New York bank that handles the trades still needed to open for the day.

The results? FUD among investors and considerable CEX outflows.

Source: CoinGlass

Binance saw an outflow of 75,837 BTC last week for a total of -$6.28Bn in withdrawals.

Meanwhile, Mazars, a global accounting firm, has halted all work with its cryptocurrency clients, including Binance, KuCoin, and Crypto.com, citing concerns about how the public understands its proof-of-reserves reports.

Market update

At the time of writing, Bitcoin is trading at $16,615, while Ethereum is down by -8.31% from 7 days ago. Dogecoin and Cardano are the largest losers in the top 10 list, with -17.33% and -16.68%, respectively.

Data from Dec 19, 2022, at 18:15 UTC via Messari.io.

Latest news:

MetaMask Partners With PayPal For Ethereum Purchases

MetaMask, a leading self-custody cryptocurrency wallet, has partnered with payment provider PayPal to enable certain US citizens to buy Ether directly from the application. The partnership will provide customers access to the Web3 ecosystem while PayPal expands its presence in the cryptocurrency industry.

Banks And Investment Managers Expect a Crypto Bull Run In Upcoming Months

According to Reuters, Van Eck, Deutsche Bank, JP Morgan, Bank of America, and Goldman Sachs have all made bullish price forecasts for the coming year.

Marion Laboure, a research analyst at Deutsche Bank, said, “Although investors have suffered significant losses, we believe this second ‘crypto winter’ will be a net positive because the FTX collapse will edge the crypto ecosystem closer to the established financial sector.”

Tether Plans to Reduce FUD And Secured Loans to Zero in 2023

The team behind the stablecoin Tether has announced that it will reduce its secured loans in reserves to zero by 2023 in an effort to restore faith in the market after recent attacks on the company. Tether has emphasized transparency, accountability, and operational excellence and reiterated that its secured loans are overcollateralized and covered by liquid assets.

The company has faced criticism and disinformation but has consistently demonstrated its resilience and commitment to serving its global audience. The report said that tether aims to continue leading the way forward as a decentralized financial provider.

Other news

AI Bitcoin Sentiment Analysis:

According to Augmento, a predictive sentiment data aggregator for Bitcoin, the current confidence level is 0.267 out of 1. Augmento collects cryptocurrency-related conversations from Twitter, Reddit, and Bitcointalk, which AI then analyzes.

Our research

Read the November Crypto report in one click.

Crypto market summary, DEX Trends, Future of Web3, AI asset management, and 1CC’s 2023 roadmap.

One Click Crypto performance

Aggregated return of One Click Crypto vs. BTC and ETH

Last week, the value of Bitcoin (BTC) depreciated by -1.14%, while Ethereum lost -5.69%. The collective returns of One Click’s AI-powered trading bots were -3.78%.

The average returns for 7 and 30 days, measured on Dec 18 at 23:59 UTC. Source: 1CC Stats

Top trading strategy

One Click's top-performing crypto trading strategy was Clipper at -1.66% ROI, Solar at -1.87%, and Horizon at -2.23%.

Top-performing AI strategies between Dec 12 00:00 UTC and Dec 18 23:59 UTC. Source: 1CC Stats

Top-performing market pairs

In the last seven days, there was a tie between the two Performer strategies for market pairs with the highest returns. P2 gained +6.18% in OP: BUSD, while P1 netter +5.13% and +5.07%, respectively, in two BNB pairs.

The best market pairs for 1CC AI bots between Dec 12 00:00 UTC and Dec 18 23:59 UTC.

Final word

This year, the crypto industry has experienced a downturn, which has affected sectors differently. While venture capital investment in centralized crypto services like exchanges and lenders has declined significantly, we see an increase in investment in Web3 technology.

According to PitchBook’s latest report, Web3-based content platforms are expected to generate $39Bn in revenue by 2027, compared to the $3.4Bn expected by the end of 2022.

Furthermore, CoinDesk announced that 2023 could be the year for dApps, so the hype around DeFi is just getting started.

What do you think will happen? Share on Discord.

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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