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Weekly Commentary December 8th

Summarising weekly developments: Macro, TradFi, Crypto and Regulation...

Published in: One Trading · 5 min read
Summarising weekly developments: 1T, Macro, TradFi, Crypto and much more...

Happy Friday One Traders!

We hope you’ve had a good and successful week. If you're not already, connect with us on our community channels Discord and Telegram for more regular updates. Check out our latest blog: Unveiling Common Misconceptions About Crypto-Assets.

If you’re an existing customer but haven’t tried Instant Trade yet, watch a summary video of our CEO, Josh, walking through what makes Instant Trade so compelling. You can also read a summary of all of the benefits here and see a comparison of the prices we offer vs other mainstream exchanges in our blog here.


We'll soon be upgrading our exchange called F.A.S.T, making the One Trading Exchange the lowest-latency digital asset exchange in the world, providing clients with the fastest price discovery and order execution amongst digital asset trading venues.

Let’s have a look at what’s been going on in the world over the last week.

General Macro News

Beat from the street…(Tech/Business/Finance/Economy)


  • Elon Musk made an announcement on the Cybertruck at the Tesla delivery event in Austin, Texas. The truck's specs are impressive… - 2.6 second 0-60 mph. 11,000 lbs Towing Capacity, stainless steel super alloys, bulletproof glass, 6 foot long, 4 foot wide bed, 17" Ground Clearance. The video of the Cybertruck racing a Porsche is worth a watch… (X).
  • Saudi Arabia’s wealth fund has taken a 10% stake in Heathrow Airport. Spanish firm Ferrovial has sold off holdings after 17 years, with the other 15% going to French group Ardian (The Guardian).
  • Spotify, will be laying off an additional 17% of its entire workforce in an effort to cut costs (The Verge).
  • In recent days, users of Google Drive – which allows people to store their files in the cloud – say that those files appear to have gone missing. Some report that months of files have disappeared, with no obvious way of getting them back (The Independent).
  • Tech Tesla whistleblower raises doubts over safety of self-driving cars, with concerns over the AI used to control the firm’s self-driving vehicles, claiming the technology is not safe enough to be let out on public roads. Mr Musk posted on Saturday, saying: “Tesla has by far the best real-world AI.” However, Musk himself has also spoken out a lot about the potential dangers of AI going rogue and the need for regulation (The Independent).
  • There has also been a lot of concern about the lithium mining industry (and Lithium being a core component for the EV batteries) with child labour and toxic leaks (The Guardian) and that the car batteries have caught fire when overcharged starting fires that are difficult to put out (Inside Ev’s).
  • Apple announces new features and also recommends to update software to ensure safety (The Independent).

TradFi pulse:


  • Chinese Stocks have fallen to their lowest prices in 5 years (FinWatch).
  • India’s Stock Market Valuation hit $4 Trillion for the first time in history (Bloomberg).
  • US job openings hit a 2.5 year low as the labor market cools (Reuters).
  • Small-cap trading on the London stock market was hit by outages earlier this week. Trading in small company shares on the London Stock Exchange (LSEG.L) was halted twice on Tuesday due to outages, the second time in less than two months that dealing in such shares has been disrupted. Trading was temporarily stopped twice on the FTSE small cap index (.FTSC), affecting hundreds of stocks (Reuters).
  • Ray Dalio says the U.S. is reaching an inflection point where the debt problem quickly gets even worse. Soaring U.S. government debt ($33.8T and counting - FiscalData.Treasury.gov) is reaching a point where it will begin creating larger problems, Bridgewater Associates founder Ray Dalio said. The government spent $659 billion on net interest costs in fiscal 2023 to finance the debt. Dalio said that is a recipe for trouble (CNBC).
  • “Pending home sales just hit their lowest level in history. In October, US pending home sales fell 1.5% putting sales down 6.6% over the last year. This also marks the 23rd straight decline in US pending home sales. To put this in perspective, pending home sales are more than 10% BELOW what they were in 2010. They are also ~3% below the pandemic low when the global economy was in a lockdown. All as mortgage demand is at its lowest levels since 1994. The housing market is coming to a complete halt.” (The Kobeissi Letter).

Crypto News

Digital asset inflows totalled $176 million last week, reaching a 10-week total of $1.76 billion, the highest since October 2021’s futures-based ETF launch in the US (Coinshares). 

Short Sellers lost a reported $80 billion in November (Bloomberg).

Venture funding within the blockchain sector has undergone a 96% month-over-month surge, marking a six-month high (X):

  • Brazil to impose a 15% tax on crypto earnings held on offshore exchanges (CoinDesk).
  • Grayscale Investments hires former Invesco ETF lead John Hoffman to take on the Managing Director role (TheBlock).
  • Paxos, a stablecoin issuer, has secured preliminary approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi to issue stablecoins and offer digital asset services (CMC).
  • According to Bloomberg analyst JSeyff, BitcoinETF approval could be expected on Monday the 8th January, Tuesday the 9th, or, Wednesday the 10th January (X).
  • The new Tesla Cybertruck has a lot of new code related to DOGE integration - Tesla has updated its website and may allow customers to use Dogecoin (DOGE) to pay for the new Tesla Cybertruck in the future (Crypto Trading Reports).
  • The World’s largest NFT platform OpenSea’s valuation has fallen 94% to $750 million down from its last valuation of $13 billion. Since then, OpenSea’s monthly revenue has fallen 99.5% from $390 million to just under $2 million (News NFT).
  • Itaú Unibanco, Brazil’s largest private bank, has entered the crypto space with a new trading service. The lender would first launch Bitcoin (BTC) and Ethereum (ETH) trading for clients of its investment platform (Cryptonews).
  • Football star Cristiano Ronaldo has been hit with a $1 billion class-action lawsuit for allegedly making "deceptive statements" while promoting Binance's "CR7" NFT collection, which features Ronaldo in seven poses (Business Insider).
  • Philippines joins global crypto crackdown on Binance (Finance Magnates).

Bitcoin Updates

The price of Bitcoin hit $43,000 this week for the first time since April 2022 and is now up 180% since November 2022. Over the last year Bitcoin has added a massive $470 billion of market cap. 

The entire crypto market has added $750 billion of market cap since November 2022 and Bitcoin is now up ~45% in 6 weeks since speculation of Bitcoin ETF approvals began. (The Kobeissi Letter).

BTC's 60-day correlation with ETH fell to a multi-year low of 75% in November showing that it is beginning to branch out on its own (Kaiko Data via X).

More than 37K Bitcoin have been withdrawn from exchanges since November 17 (Crypto Trading Reports).

  • Jack Dorsey aims to create an anti-censorship Bitcoin mining pool with a new startup (CoinDesk).
  • Bitcoin Miners' November Revenue Peaks at $1.16 Billion, Setting 2023 Record (Bitcoin.com).
  • U.S. Judge Warns SEC Over 'False and Misleading' Request in Crypto Case (CoinDesk).
  • "...Gold trading above $2.1K, for the first time in history, is far more significant than Bitcoin trading above $40K," says CEO and chief global strategist of Euro Pacific Capital Inc. Peter Schiff (Bitcoin News via X).
  • Max Keiser reports of rumors that Qatar’s Sovereign Wealth Fund has entered the Bitcoin market and could be interested in purchasing up to $500B worth of BTC (Bitcoin News via X).
  • CEO of JAN3, Samson Mow, shares insights on Bitcoin's surge in Latin America. With El Salvador leading the way, he sees potential in Colombia & Argentina, urging for banks to adapt or face an existential crisis (BTC Times).
  • The number of Bitcoin addresses holding more than 0.01 $BTC has reached a new all-time high of 12,54M (ChartsSignalsTrading).
  • El Salvador's Bitcoin investments are in the black. “With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 USD (as of this moment)” (Nayib Bukele via X).
  • Bloomberg predicts that a fresh crypto supercycle may push Bitcoin to $500,000 (CMC).

Prices… (at time of writing)

  • BTC: €40,479.39 ↑ (14.2% change from last week)
  • ETH:  €2,200.47 ↑ (14.5% change from last week)

Dominance:

  • BTC 51.6% ↑ (1.96%) from 49.64% last week  
  • ETH: 16.19% ↓ (-0.26%) from 16.45% last week  
  • Stables: 6.82% ↓ (-0.98%) from 7.8% last week

Market Cap:

  • Total: 1.67 ↑ (+12.84%) from 1.48T last week

Fear and Greed Index

(Alternative)

We have seen a continuation of the positive sentiment this week with an -2.7% move down from 74 last week.

Trading Highlights (at the time of writing - CoinGecko)

Top 3 Gainers (out of the top 100 by market cap only) - as always, this is not financial advice, and past performance is not a reliable indicator of future result:

(CoinGecko)

Meme of The Week

r/cryptocurrencymemes - And just like that...

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