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Letter

Who's Driving The Uptrend? Crypto Weekly Newsletter #035

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FOMO's back. Prices pump while Hackers dump. Inflation is down. Polygon's hard fork. Avalanche's Amazon partnership, FTX $5B recovery, and more.

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Letter
One Button Capital
January 16, 2023
Jan 16

Welcome,

FOMO rises again in the cryptocurrency market, as the Fear & Greed Index of Bitcoin jumps by 80% from 25 to 45 points on the Alternative.me tracker.

While the traditional markets saw a boost from the news that the US inflation fell to the lowest level in more than a year (6.5%), digital assets surged in volatility during the weekend.

Furthermore, BlackRock’s vice chairman forecasts that US inflation will drop sharply to 4% before stabilizing, while news from Europe shows that the inflation there is already dropping at a quicker rate (in December).

Market update

At the time of writing, the crypto market is sitting at $1.01T Mcap, according to Messari, with Solana being the largest gainer in the last 7 days among the top coins with +44.51% ROI.

While SOL is also the leader on YTD gain at +137.20%, Cardano (ADA) has also regained a significant amount of its price at +42.52% ROI. Bitcoin currently sits at $21.273.

Data from Jan 16, 2023, at 19:00 UTC via Messari.io.

Latest news:

Bitcoin’s Best Start Since Before Pandemic. Was It Driven By Whales?

Bitcoin’s January rally is the best since the 2020’s 31% rise before the pandemic. The surge helped the total crypto market cap surpass $1T, a level that was lost in November 2022 when the FTX exchange collapsed.

According to researcher Kaiko on Twitter, “whales” could be the main drivers of BTC’s rally.

Since Jan 8, Binance’s Bitcoin-US dollar trade sizes have increased to $1,100 from $700.

Binance and Huobi Team Up to Recover $2.5M From Harmony One Hackers

Binance and Huobi security teams collaborated to freeze and recover 121 Bitcoin from hackers behind the Harmony bridge exploit.

Binance CEO Changpeng Zhao announced in a tweet that the hackers attempted to launder their funds through the Huobi exchange. When Binance discovered this, they contacted Huobi and assisted them in freezing and recovering the hackers’ assets.

In the same week, a Wormhole hacker started dumping his SOL for USDC, later bridging it to the ERC-20 network and buying ETH with it.

Polygon To Undergo a Hard Fork On Jan 17. MATIC Holders Shouldn’t Do Anything.

Polygon Labs announced that they would conduct a network hard fork on Jan 17, 2023.

Polygon employs a proof-of-stake algorithm and has significantly lower gas costs than Ethereum’s mainnet. Polygon token MATIC will not require any action, but all Polygon node operators must upgrade their nodes by Jan 17 to prepare for the hard fork.

The software upgrade is set to address gas spikes and chain reorganization (reorgs).

Other news

Our research

Read our latest research articles in one click.

Analyzing 59 DeFi Yield Aggregators
One Click Crypto Report (December 2022)

One Click Crypto performance

Aggregated return of One Click Crypto vs. BTC and ETH

During the market’s recovery phase, the aggregate value of all One Click Crypto trading strategies returned +7.06% (7D) and +11.41% (30D).

The average returns for 7 and 30 days, measured on Jan 15 at 23:59 UTC. Source: 1CC Stats

Top trading strategy

A flying start of the year for the newest generation of One Click AI. Both Performer bots saw an average ROI of over 11% last week, while Explorer generated a +13.43% gain.

Top-performing AI strategies between Jan 09 00:00 UTC and Jan 15 23:59 UTC. Source: 1CC Stats

Top-performing market pairs

Performer v2 dominated the MANA and GALA market pairs with +72.03% and +62.67%, respectively. Performer v1, on the other hand, returned +60.48% against SOL: USDT.

The best market pairs for 1CC AI bots between Jan 09 00:00 UTC and Jan 15 23:59 UTC.

Product Updates

January 11, 2022

  • Updating step’s design for how the product works during the onboarding flow
  • Updating overlapping colors for cryptocurrencies

January 5, 2022

  • Added extra onboarding steps to showcase the product and portfolio

January 2, 2022

  • Added an alert mentioning how API keys are encrypted

Final word

The recent rally brought some life back to the market, and crypto Twitter loved it (1,2,3).

Will the uptrend continue further? Is this the start of a big 2023 bull market? These are questions in everyone’s head that are impossible to answer, but the temporary macro environment looks good as of most recent news.

The FED’s FOMC meeting on Feb 1 is the next critical date to look for.

Enjoy the relief and stay mindful not to FOMO everything. There will be plenty of opportunities on the uphill toward previous ATHs and beyond, so there is no rush.

Did you make any good trades over the weekend? Share them on Discord.

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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