August proved to be challenging for traders in the cryptocurrency market, serving as a reminder of the importance of prudent risk management and a strategic approach to trading.
Despite initial optimism, Bitcoin underwent a significant decline to $25,200 (-12%), believed to be triggered by speculative rumors of BTC being sold by SpaceX. This decline led to the liquidation of traders’ positions amounting to $1 billion.
However, towards the end of the month, Bitcoin exhibited bullish sentiment following the release of US labor market reports and news of Grayscale’s victory in a case against the SEC.
Inflation in the US reached 3.2%, in line with expectations. This figure marked the highest in the past year compared to the previous level of 3%.
Former CEO of the scam exchange FTX, Sam Bankman-Fried, was placed under arrest pending a trial scheduled for October. Meanwhile, FTX introduced a plan for restructuring the exchange, but according to the plan, holders of the FTT token should not expect compensation for their losses.
Transitioning from general news to platform-related updates: Let’s begin with the figures. The total trading volume for the month amounted to $173M. Binance exchange led in terms of volume, with our users trading a total of $99M.
During the month, Veles bot users generated earnings, factoring in losses from stop-losses, totaling $326K.
The most profitable day turned out to be 30 August, when users earned $20615, considering stop-losses, through 11029 trades.
Users earned the most on OP, MATIC, BLZ, DYDX, 1000PEPE, SOL, XRP, AKRO, LPT, DOGE.
Subscribers of the SrgArt signal collections can now deploy bots for short positions on 13 trading pairs: ZIL, XLM, VET, SUSHI, STORJ, ONT, KAVA, ICX, FTM, ETC, CRV, BCH, ATOM.
The showcase of ready-made bots features an author’s configuration for the EGO indicator.
The Veles team added two trading indicators to the platform – ADX (Average Directional Index) and MFI (Money Flow Index). These indicators are accessible in bot creation filters.
A feature for position-based bot lock was implemented. This function helps avoid conflicts between different bots of the same asset on different timeframes.
The global competition for traders on the Bybit WSOT 2023 platform concluded, with the Veles team participating. We held an internal contest for our users, and the top performers received branded prizes.
We curated a collection of strategies where we will regularly post examples of ready-made bot solutions.
We introduced sub-second response times for order execution on Binance Futures. Swift order placement and withdrawal improved scalping trading.
We successfully completed an extensive analysis of historical data for scalping tools SrgArt and EGO. Millions of bars across 24 assets were studied during a month of backtesting.
Our YouTube presence is thriving. Our channel now features educational videos on multi-takes, breakeven stops, and platform overviews, including instructions for configuring personal bots.
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Thank you for being with us, and we wish you maximum profits. Regards, the Veles team.