Binance's $2Bn Recovery Fund, Kraken's Ex-CEO thoughts, DOGE +22% Jump, and more in this week's crypto newsletter.
Last week crypto prices recovered despite the uncertainty of how bad the FTX domino effect will be. BNB, DOGE, and Litecoin rallied up to 30%, indicating that investors accumulated their favorite coins that were on discount around Black Friday.
The crypto fear and greed index increased to 28 points out of 100, while One Click Crypto’s artificial intelligence invests 70.14% of its capital in cryptocurrencies. On a macroeconomic scale, investors are selling USD for Gold as they await clarity on the Fed’s rate-hike path.
At the time of writing, Bitcoin is trading at $16,215 or +2.47% from seven days ago. The global market cap of crypto increased by $19Bn to a total of $836Bn. The largest gainer in the top 10 list is Dogecoin, with +24.81%, while BNB is second with a +15.75% price increase.
Binance’s Recovery Fund Grows To $2Bn
The world’s largest cryptocurrency exchange, Binance, has pledged up to $2Bn to assist crypto firms struggling due to FTX’s bankruptcy.
In the next six months, the recovery fund intends to assist businesses and projects experiencing significant, short-term financial difficulties through no fault of their own. The fund has already received 150 requests for assistance from companies.
“Proof of Reserves Is Pointless Without Liabilities” — Kraken’s Jesse Powell
According to Powell, a comprehensive proof-of-reserve audit must include the total amount of client liabilities, user-verifiable cryptographic evidence that each account was included in the total, and signatures demonstrating the custodian’s control over the wallets.
While Kraken’s proof of reserve does permit verification of the company’s assets against its liabilities, Powell continues to call out competitors who still need to include accounts with negative balances.
Dogecoin Jumps +22% in a Week Amid Twitter Payments Speculation
The meme coin’s latest bull run may be related to the speculation that it could be involved in Elon Musk’s plans for Twitter. In addition, the rapid price increase may be due to speculation that the leading meme coin will be included in potential plans for Twitter to incorporate payments, which, according to a transcript from Vox, would also include crypto payments.
Unconfirmed as of this writing, some have speculated that a move by Twitter’s new owner to incorporate financial services could also involve Musk’s preferred cryptocurrency.
Read the October Crypto report for the latest market insights, the macroeconomic state of DeFi, and our latest research in just one click.
Aggregated return of One Click Crypto vs. BTC and ETH
Last week, Bitcoin (BTC) gained +4.10%, while Ethereum (ETH) rallied by +7.82%. The aggregated return of One Click Crypto trading strategies returned +0.68%.
In the last 30 days, 1CC dropped by -15.36%, while BTC and ETH plummeted by -21.05% and -26.28%, respectively, showing a slight edge in favor of the AI strategies.
Top trading strategy
Astral v2 remains one of the most solid AI choices during all market conditions. Last week the trading bot returned +6.34% on average for all market pairs it traded on. At +2.21% and +2.07%, respectively, Clipper and Horizon profited in the week between Nov 21 and Nov 27.
Top-performing market pairs
Last week, there was a dominance among One Click Crypto’s trading bots trading in BUSD market pairs. Endeavour gained +33.67% against CRV: BUSD and +31.73% in LTC: BUSD.
On the other hand, Explorer gained +28.85% while trading in DOGE: BUSD.
Nov 18, 2022
- Resolved issue with Bitvavo stop-loss placing mechanism
Nov 16, 2022
- Resolved issue with OBT withdrawals module
This year was pivotal for crypto and, in particular, decentralized finance.
It showed us that the traditional financial system has many flaws and is bound to break even when applied to blockchain-based currencies. Without a government to bail out failing projects, the only thing that can help crypto thrive is decentralization and the use of the technology in its purest form.
The initiative of increasing transparency and precise regulation will fix some problems of the current system, but it won’t change its core. A better solution is making DeFi more accessible and trustworthy for the masses without changing its fundamentals.
The next phase has already started, and it’s called CeDeFi, but more on that in our upcoming monthly report, where we will go in-depth.
Join the discussion on the One Click Crypto Discord.
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.
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