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Letter

FTX's Collapse: Crypto Weekly Newsletter #026

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FTX's collapse starts a new crypto domino effect. Is there a silver lining for Web3?

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Letter
One Button Capital
November 14, 2022
Nov 14

Welcome to One Click Crypto’s (1CC) newsletter.

Last week was one the worst in the history of Web3. Described as the Lehman Brothers moment in crypto, the FTX collapse initiated another domino-like effect in the industry.

In these difficult times, it is important to distinguish facts from speculations in order to prevent any unnecessary FUD. Still, the upcoming weeks will put DeFi to the test, so be prepared for increased volatility, shocking reveals, and further conspiring.

Market update

Bitcoin fell by -19.75% from 7 days ago and is currently trading at $16,507. Ethereum, on the other hand, lost -20.74%. The total cryptocurrency market cap is $849B, with BTC increasing its dominance to 37.3%.

Data from Nov 14, 2022, at 17:30 UTC via Messari.io.

Latest news:

FTX Files for Bankruptcy, CEO Sam Bankman-Fried Steps Down

FTX filed for bankruptcy in the United States after stunning the sector with a liquidity issue. According to a statement, FTX and about 130 related entities have initiated voluntary proceedings to let the FTX Group to review its status and optimize recoveries for stakeholders. Sam Bankman-Fried, the CEO, has resigned.

FTX Investigating a Possible $477M Hack.

Only 24 hours after filing for Chapter 11 bankruptcy in the United States, FTX’s wallets were emptied of more than $515M in Ethereum, Binance Smart Chain (BSC), and Avalanche tokens.

$477M is alleged to have been stolen, while the rest is thought to have been transferred into secure storage by FTX.

The Chief Security Officer of Kraken, Nick Percoco, then lit up Twitter with a quick tweet implying that they knew the identity of the guy who conducted this transaction, which, judging by their answer, Ryne Miller did not, implying that this was indeed part of the exploit.

Crypto Exchanges Promise to Publish Proof of Reserves

In the aftermath of FTX’s multibillion-dollar collapse, cryptocurrency companies are scrambling to reassure users and put as much space between themselves and the corporation as possible.

Binance, Crypto.com, OKX, and Derebit have all vowed to produce proof that they have enough reserves to cover their clients’ liabilities.

Coinbase has also taken steps to differentiate itself from FTX, apparently emailing consumers recently to emphasize how its “business is distinct and ultimately better safeguards” client accounts and assets.

Other news

Our research

Read the October Crypto report for the latest market insights, the macroeconomic state of DeFi, and our latest research in just one click.

More research

AI Crypto Trading Bot With 100% Accuracy
Key Patterns Of AI Trading Bots
Can AI Trading Bot Beat ETH By +0.23% Daily?
Top 5 Crypto Trading Bots For November 2022

One Click Crypto performance

Aggregated return of One Click Crypto vs. BTC and ETH

Last week, Bitcoin (BTC) dropped by -21.14%, while Ethereum (ETH) lost -22.89%. The aggregated return of One Click Crypto trading strategies returned -11.88%.

Aggregated return for 7 and 30 days, measured on Nov 13 at 23:59 UTC. Source: 1CC Stats

Top trading strategy

The best AI bot on One Click Crypto last week was Solar with -4.82% ROI. Second, with -4.94% was Horizon, followed by Astral v2 with -7.40% ROI.

Top-performing AI strategies between Nov 07 00:00 UTC and Nov 13 23:59 UTC. Source: 1CC Stats

Top-performing market pairs

Astral v2 managed to return +34.32% in BNB: USD despite the poor market condition. On MATIC: BUSD, Horizon returned +23.85%, while Astral gained +12.86%.

The best market pairs for 1CC AI bots between Nov 07 at 31 00:00 UTC and Nov 13 at 23:59 UTC.

Product updates

November 12, 2022
- Automatic
deactivation of FTX bots

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

Final word

In just five days, the second-largest crypto exchange went from $10B to $0, demonstrating that no one is too big to fail.

Moving forward, the mission is to rebuild crypto and prevent these mistakes from repeating in the future. Centralized exchanges took the first step by taking responsibility for providing proof or reserves and promised to be more transparent from now on.

Due to raised concerns around using API for crypto trading, we remind you to take the best security measures to prevent any associated risk.

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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