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Letter

Post-Merge Turmoil: Weekly Newsletter #018

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Ethereum is down by -22.32% after the Merge and the SEC is knocking on its door. Is there a silver lining?

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Letter
One Button Capital
September 19, 2022
Sep 19

Welcome,

Last week was pivotal in the cryptocurrency space. We got off to a good start with a successful Ethereum Merge, but the joy was short-lived as other events swooned the market.

Today, I will take you through the most impactful headlines of the last seven days, as well as One Button’s performance during that time. But first, here is the weekly market update.

Market update

The market reacted negatively to the U.S. CPI data update on Sep 13, and everything went down, despite the bullish crypto news. Bitcoin hit a 3-month low before regaining some value and is currently trading at $19,148.

At a looping -21.56% for the week is Ethereum, which is currently traded at just $1,342. The third largest loss is on Solana, with -14.41%. Dogecoin is again in the top 10 market cap list.

Data from Sep 19, 2022, at 16:30 UTC via Messari.io.

Latest news:

The Merge Is Completed. The SEC Radar Is Ringing But Founders Remain Optimists.

After a long wait, on September 15th, the “Merge” of the Ethereum network was successfully completed. This finalizes Ethereum’s transition from proof-of-work to proof-of-stake consensus, resulting in a 99.95% reduction in energy consumption.

This is the first step of Ethereum 2.0’s roadmap that includes the Surge, Verge, Purge, and Splurge phases coming next, according to Ether’s founder, Vitalik Buterin.

The market did not react as many crypto enthusiasts expected, and the false hopes were one of the reasons for the price crash in the last week. Additionally, now the U.S. SEC is hinting that the new model of Ether would put the asset under their jurisdiction as security.

Coinbase Against Politicians: New Tool To Measure Daily Sentiment

The second-largest cryptocurrency exchange, Coinbase has announced a new feature on its platform. Users will be able to see which US politicians are “crypto-friendly” with a new in-app tool, according to CEO Brian Armstrong’s tweet.

The tool displays how various members of Congress rate their crypto sentiment, which ranges from “very positive” to “very negative.” That will put all politicians under the crypto community spotlight, and words toward the industry will be taken more seriously.

The White House Release Its First-Ever Crypto Framework

The White House has just released its first-ever framework for crypto regulation in the United States, citing crypto’s potential for misuse while noting its growing role in global finance. The framework outlines how the financial services industry should evolve in order to facilitate borderless transactions and combat fraud in the digital asset space.

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 +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

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

One Button Capital’s AI was successful in hedging against the post-merge turmoil last week. Ethereum went down by -22.32%, while Bitcoin lost -9.64%. OBC traded at just -4.28%, further increasing its market dominance over the top 2 digital assets in the last 30 days.

Aggregated return for 7 and 30 days, measured on Sep 18 23:59 UTC. Source: OB Capital Stats

Top trading strategy

In a bearish week, it is not a surprise to see two of the best risk-management strategies leading this list. Horizon, with -4.08%, and Ascendant, with -5.09%, performed well in handling the crypto crash between Sep 12 and Sep 18, 2022.

Top-performing AI strategies between Sep 12 00:00 UTC and Sep 18 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

Last week, the Chiliz (CHZ) cryptocurrency saw a large trading volume, and the OBC investors that took advantage of it saw nice gains. Performer v2 was able to return +10.73% on average in the CHZ: USDT pairing. Two trading strategies returned over +4% against XRP: USDT.

Best market pairs and used strategy between Sep 12 00:00 UTC and Sep 18 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

Sadly, history has repeated itself, and September looks like it could be one of the worst months of the year in crypto. The silver lining comes in the successful Ethereum Merge, which opens the door for future blockchain developments, usage growth, and price rise.

Meanwhile, another topic we have been paying close attention to in the last several months is crypto regulations. Now that the White House has released its first official framework for digital assets, it is time to see a spike in mass adoption.

Perhaps the best news for this week is the internal performance at One Button. Our AI managed to once again prove its superiority to traditional investment strategies, relying on nothing else but price data.

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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