We bring you the results of the StayKing program, accompanied by an overview of the highlights of the cryptocurrency markets for July 2023. 

Market situation

At the beginning of July, sentiment in the crypto markets was influenced by the euphoria from the end of the previous month, when several large asset management companies, led by Blackrock, filed applications for bitcoin spot ETFs. 

Just a few weeks after the ETF applications, a "marketing" campaign to promote bitcoin as an asset can also be sensed in the financial world. One of the most powerful figures in contemporary finance, BlackRock CEO Larry Fink, for example, has let it be known that he believes bitcoin will mean "a revolution for finance". It's a pleasant change when just five years ago Fink considered bitcoin a tool used mainly for money laundering. 

About halfway through the month, a court ruling that the market has been waiting for since 2020 arrived. It is a dispute between the US Securities and Exchange Commission (SEC) and Ripple Labs, the developer of the cryptocurrency XRP. According to the court ruling, XRP cryptocurrency sold on exchanges is not a security. The judge concluded that XRP on secondary markets (exchanges) are not sales of unregistered securities. However, the judge's decision also stated that sales of XRP to institutional investors were sales of unregistered securities. 

The markets reacted positively to the news, with altcoins in particular recording gains. The leader of this peloton was of course XRP, which gained up to 60%. 

However, in the shadow of this positive news for the crypto market, there was also the little thing like the arrest and indictment of Alex Mashinsky, the former CEO of Celsius, who went bankrupt back in 2022. Mashinsky is accused of fraud. 

The largest decentralized money market Aave (AAVE) has launched a stablecoin GHO with a fixed peg to the US dollar. As a result, the price of the AAVE token has increased by 35% in the last month. 

At the end of the month, Twitter also managed to rename itself and the iconic blue bird was replaced by the new 𝕏 logo. Additionally, Elon Musk added the Dogecoin cryptocurrency symbol to his profile, sparking speculation that he plans to incorporate cryptocurrency payments into the new ecosystem. 

Spreading among crypto-addicts is also the Worldcoin (WLD) project, founded by OpenAI CEO Sam Altman. It offers an eye scanner for identity verification, World ID as "proof of a person's identity" and a new WLD cryptocoin as a reward for getting your retina scanned.  

Portfolio management

If you read our monthly reports carefully, you know that last month we accumulated spot positions in the dips around the $26,000 price level for bitcoin and did not close out the positions. We only moved the limits of the stop loss orders (protective orders that close the position if the price hits a certain limit) so that there would be no losses.

In the first half of July, bitcoin oscillated above the psychological USD 30,000 threshold and we did not close our spot positions within this market structure. In addition, bitcoin registered slight move to the downside in the second half of the month as the euphoria from ETF applications by asset management companies slowly fades from the market. 

However, we see this particular market decline as another opportunity to accumulate our spot positions, therefore we have been purchasing mainly BTC and ETH. We want to gradually move the stop loss into profit on these positions as well, so that we have a solid starting position in case the market starts to rise. 

In this case, we are ready to realize and close the first profits from spot positions at prices around 32,000 - 35,000 USD per BTC. Of course, these values are not set in stone and it is important to keep a close eye on market structure or macroeconomic sentiment.  

As we have not closed any of the spot positions, the profit this month is mainly generated by our semi-automated trading on futures. In absolute numbers we did quite well there, the result reached 40%, but this part of the portfolio uses only a fraction of capital allocated, so naturally the number is lower in comparison to the total.   
 
Earnio results from June also contributed to the July StayKing, this time with over 64,000 PBX tokens worth over $3,000, and the number with keep growing with the increase of allocated funds. The goal is to make this contribution a truly full-fledged component of StayKing.  

We currently have a bit over 27% of our portfolio in spot positions, and we are ready to accumulate further in case of dips. We only hold 32.7% of our total funds in the exchanges.  

As a result, we are distributing 1,532,100 PBX tokens with a total value of $98,054 in July 2023 to the clients. The average gain was 0.304%.