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Letter

Critical Week For Crypto: Weekly Newsletter #017

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The Ethereum Merge is almost here, MicroStrategy files to sell $500M in stocks to buy Bitcoin, and LUNA Classic surges by +166%.

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Letter
One Button Capital
September 12, 2022
Sep 12

Welcome,

Over the last few years, September has been one of the worst months for crypto, with Bitcoin not having a “green” September since 2016. This pattern is common in the investment world, and indices like the S&P500 are usually down at this time of the year as well.

In fact, the markets were moving in a downwards direction until several days ago, but things seem to have reversed. Here are the two reasons why:

1) The Ethereum Merge is almost done, and the transition from proof-of-work to proof-of-stake blockchain will happen later this week.

2) The US Dollar index fell by 1% and the FED hinted at a softer monetary policy, giving a slight boost in riskier assets’ prices

Looking further into the month, we have two more critical dates to pay attention to. The CPI data update on Sep 13 and the Fed’s announcement of interest rate hikes on Sep 21 is coming next on the economic calendar.

Market update

Bitcoin surges past $22,000 after having its first +10% day for the first time in months. Ethereum lags slightly behind the rally, but it is up by +5.11% as well.

Overall, the global market cap of crypto increased to $1.09T and some of the top 10 digital assets, like Solana, gained nice profits at +14.87%.

Data from Sep 12, 2022, at 16:30 UTC via Messari.io.

Latest news:

MicroStrategy Files to Sell Up to $500M of Stock to Fund Bitcoin Purchases

MicroStrategy, led by Michael Saylor, has filed to sell up to $500M in stock in order to fund additional Bitcoin purchases. The news demonstrates that Saylor is not abandoning his plan to transform MicroStrategy into a crypto powerhouse.

Since 2020, he has used funds raised through stock and bond offerings to purchase approximately 130,000 bitcoins, totaling more than $2B.

GameStop Doubles Down On Crypto Amid a New Partnership With FTX US

GameStop is teaming up with crypto exchange FTX US to introduce more customers to cryptocurrency and collaborate on online marketing initiatives. The new partnership will bring GameStop customers into the FTX ecosystem, including its digital asset marketplaces, while also making GameStop F TX’s preferred retail partner in the United States.

US Seizes Cryptocurrency Worth $30M From North Korean Hackers

Chainalysis, a blockchain data analytics firm, has revealed that US authorities seized cryptocurrency worth $30M from North Korean hackers. The seizures amount to about 10% of the total funds stolen from Axie Infinity.

To quickly freeze funds, law enforcement units used advanced tracing techniques to follow stolen funds to cash out points in collaboration with industry players.

Other news

Our research

Our August 2022 Report is out! Read the PDF here for an in-depth overview of crypto and OB Capital in August.

Making +189.07% ROI in 20 months. The brilliance of AI and how OB Capital performed against 14 other funds.

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

This week, Ethereum is leading the way with a +10.55% ROI in the last 7 days, followed by Bitcoin at +8.18%. One Button Capital maintains its edge in the 30 days with a -6.82% performance compared to BTC’s -10.70% and ETH’s -10.96%.

Aggregated return for 7 and 30 days, measured on Sep 11 23:59 UTC. Source: OB Capital Stats

Top trading strategy

The most profitable strategy at OBC over the last week was Explorer with +5.49% on average. Second and third place go to Astral v2 with +5.29% and Endeavour with +3.58%.

Top-performing AI strategies between Sep 05 00:00 UTC and Sep 11 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

Last week was amazing for some cryptocurrencies, with Ethereum Classic having a nice +166% pump for example before going down. The most profitable market pair for our AI strategies was LUNC: BUSD, at +55.16% for Performer v2 and +42.06% for Performer v1.

Best market pairs and used strategy between Sep 05 00:00 UTC and Sep 11 23:59 UTC. Source: OBC Stats

Product updates

September 10, 2022
- Improved email and in-app notifications templates related to bot errors

September 07, 2022
- Improved data security for sensitive data

September 03, 2022
- Resolved bug with missing disclaimer on the portfolio allocation for “lite” view

Final word

The whole cryptocurrency industry is eyeing how the next several days will go. With an energy-efficient Ethereum 2.0 and a clearer regulatory framework on the line, the stage for the new Crypto Spring will be set.

Still, it is always worth considering the bearish signals for an overall economic collapse and being prepared for the worst possible scenario. Having a bear market checklist and versatility of investment tools is necessary for the volatility times we are in.

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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