May 2024 results

    Cryptocurrency events

    Bitcoin continues to consolidate near the historical maximum, trading at $69 thousand. At the same time, the market capitalization of stablecoins updated the historical high, which may indicate the readiness to inject investments into the market.

    The most significant event during the month was the approval of the spot Ethereum-ETF. Unexpectedly for the market, the SEC approved all applications to launch spot Ethereum ETFs.

    Analysts at JPMorgan said that the SEC’s approval of spot Ethereum ETFs was more of a political move ahead of the U.S. presidential election rather than based on economic factors.

    Before that, the U.S. Congress, including the Senate and House of Representatives, voted to repeal the SEC’s SAB 121 order, which prohibited highly regulated financial institutions from holding cryptocurrencies on their balance sheets. After that, other bills regarding cryptocurrencies were also amended and approved.

    The market’s positivity was boosted by the US Federal Reserve’s decision to leave the key interest rate unchanged in the range of 5.25-5.5%. Also, the U.S. inflation rate decreased from 3.5% to 3.4%.

    In total, BTC-ETFs accumulated 949,756 BTC in their portfolios, which corresponds to 4.5% of the total bitcoin issuance.

    The Chicago Mercantile Exchange (CME) is considering launching BTC on the spot. The event signifies further adoption of BTC in the U.S. financial institution sector.

    Tether, which issues the USDT stablecoin, announced a partnership agreement with the TON Foundation aimed at developing a comprehensive cryptocurrency transaction solution.

    A striking market event was the listing of Notcoin (NOT token issued on the TON blockchain on leading cryptocurrency exchanges such as Bybit, Binance, OKX).

    Veles Platform News

    Let’s move on to the Veles platform events. Let’s start by summarizing the overall results for the month of May.

    Veles has seen a consistent increase in the number of users and is taking all necessary measures to ensure comfortable trading on the platform. Trade volume is also increasing, reaching the $1,116 billion mark.

    The total profit of users for May totaled more than $3,7 million. This figure is a reflection of the growth in the number of users and their trading expertise.

    May 23 was marked by the peak of profitability for our users, who made $146 thousand operations and earned $519 thousand, including stop-losses.

    We launched Crypto Navigator – premium subscription for exclusive bot configurations by Veles.

    Made it possible to customize the bot for a Reverse signal, which allows you to trade in a breakout. Customization is available for indicators without the ability to edit.

    Added the Chande Momentum Oscillator (CMO) indicator, which tracks the overbought and oversold zones of the asset on the chart. 

    Also on the platform Veles has the opportunity to trade on the % of price change. The corresponding filter is available for users.

    Added Super-trend filter, which allows you to determine the market trend and look for signals to enter and exit trades based on the deviation of the price from its average value and volatility.

    With the help of the Donchian Channel indicator it is now possible to automatically determine trading levels and volatility of an asset.

    Added the ability to filter the trend using SAR and SuperTrend indicators.

    We have updated the showcase of ready-made bots and described recommendations for their use.

    Listed tokens: NOT, REZ, MAPO, CANTO, SPEC, XCH, NYAN.

    Holding a trading contest together with Bybit exchange, where we offer the 30 best traders by trading volume to share a pool of 57,000.

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    Thank you for being with us and we wish you maximum profit!
    Best regards, Veles team.

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