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Letter

Investors Sell Euros and Pounds For BTC: Weekly Newsletter #020

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…In record numbers on recent currency devaluations. Last week, the cryptocurrency market continued its sideways march and did not record any major price changes.

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Letter
One Button Capital
October 3, 2022
Oct 3

Welcome to One Button Capital’s newsletter.

Last week, the cryptocurrency market continued its sideways march and did not record any major price changes. On the other hand, the news surrounding the industry remained heated as we saw 3 key figures step down from their CEO roles and an alarming rate of investors selling their Euros and Pounds for Bitcoin (BTC).

Market update

At the time of writing, Bitcoin is trading at $19,345, or +0.68% from 7 days ago. Ethereum, on the other hand, lost -1.26%. Overall, the market is down by -4.80% with BNB being the only winner at +3.66% for the leading digital assets. The market cap remains under $1T.

Data from Oct 3, 2022, at 16:30 UTC via Messari.io.

Latest news:

Investors Are Selling Euros and Pounds For Bitcoin At a Rapid Rate

According to Messari data, investors are selling the Euro and British Pound for Bitcoin in record numbers. Thomas Dunleavy, a senior research analyst at the company, tweeted:

“If your currency was rapidly depreciating what would you buy to protect your purchasing power? The answer for Euro and Pound holders has overwhelmingly been #Bitcoin”

The data is noteworthy because we did not observe the same pattern in previous crises in 2020 or 2021. Other major cryptocurrencies, such as Ether, have not yet seen the same trend.

Done Deal: FTX Finally Acquired Voyager’s Crypto Assets For $1.42B

Voyager Digital Ltd announced that its operating company Voyager Digital LLC selected West Realm Shires Inc. (“FTX US”) as the highest and best bid for its assets. FTX US’s bid is valued at approximately $1.42B.

The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate’s creditors.

Hedge Fund Legend Predicts a Crypto Renaissance

Stanley Druckenmiller, an American investor, and hedge fund manager who was part of George Soros’ legendary $10B bet against the British pound in the 90s gave a positive prediction for the cryptocurrency market at the Delivering Alpha Investor Summit.

According to him, the U.S economy is headed for a “hard landing”, and the loss of trust in central banks around the world could lead to crypto having a renaissance as an alternative financial tool.

Other news

Our research

Read the August OBC Report here. Our September edition will be released later this week.

Making +180.65% 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
15 Crypto Funds 2021–2022 Performance
World’s Richest Gamblers (Investors)
AI Trading Bot Patterns & Behavior

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

One Button Capital’s AI had a neutral week at -0.55%. Ethereum went down by -0.24%, while Bitcoin gained +2.12%. In the last 30 days, OBC has remained a good hedge against the crypto downtrend with -0.13% against BTC’s -3.91% and ETH’s -18.02%.

Aggregated return for 7 and 30 days, measured on Oct 02 23:59 UTC. Source: OB Capital Stats

Top trading strategy

Performer v1 made a great comeback by taking first place in this week’s trading. At +3.80%, the AI was followed by Clipper and Astral v2, both with a +1.61% ROI.

Top-performing AI strategies between Sep 26 00:00 UTC and Oct 02 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

Last week, LUNA Classic (LUNC) gained big as Binance burned untold tokens. Three of our AI strategies were successful in catching the uptrend and returning between 30–70% ROI.

Best market pairs and used strategy between Sep 26 00:00 UTC and Oct 02 23:59 UTC. Source: OBC Stats

Product updates

September 22, 2022
- Resolved issue which wasn’t updating the allocated portfolio when switching between stablecoins

September 21 2022
- Crypto.com integration
- Indicator for Binance that shows when the “Spot & Margin” option on the API keys will be automatically disabled by Binance
- Improved trading mechanism aiming to boost execution time and accuracy

Final word

October is here, and we are looking forward to a better month than SeptemBear. History has shown that the cryptocurrency market performs the best in the Q4 portion of the year on average and analysts are giving bullish signals this time as well.

The ongoing economic crisis has also demonstrated the true potential of decentralized currencies and the recent dumping of Euros and Pounds in favor of Bitcoin is an example of that. With the loose US dollar, it won’t be a surprise if something similar happens with it as well.

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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