Monthly Client Profit Summary (Oct 2023)
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Commentary From the Trading Desk
Firstly… WELL DONE BOKKE – you have made us proud !!!!
Another great month for Crypto in general. BTC and ETH are at their medium-term highs with the technicals looking great. ALTCOINS had a super month as well with coins like Solana leading the charge.
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The ZAR also came to the party – it reached its weakest point early in Oct at around 19.53 and as of right now looks to challenge the 18.00 level. This has helped the Premium do what we all want it to do. The Gross Premium was trending around 1.3% to 3%. Our traders held off at anything below 1.5% gross.
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This paid off for our clients and allowed us to get some better pricing through the door. At 3% we are going guns-a-blazing especially given it's coming into last few days of trading for 2023. With ZAR here we feel that we will see opportunities above 3% and we will take every one of those we can.
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There are 35 trading days left in the year so time to get cracking.
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NEW REFERAL PROGRAM - Earn a % of our profits
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We have amended our referral program. For more info follow the link below.
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Recent Media Exposure
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Recent interview with Gareth Cliff chatting about digital asset arbitrage and the industry.
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Credit Facility for AIT applications
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Consider our R2,5m credit facility to get your offshore tax clearance. Then trade with your own capital. For more info follow the link below.
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Major news stories driving ZAR and Crypto this month
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• SBF found guilty (I don’t think anyone is surprised) – he and his defense team made a total dogs breakfast of the trial (apologies to those of you out there who have dogs who don’t make a mess when eating). Sentencing is in March of 2024. On the bright side, there has been quite an appreciation in the assets held by FTX so those who lost on the fraud may well get out with all their losses paid back. Watch this space.
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• Inflation is under control in global markets and most G10 countries signaling the end of the rate increase cycle. This has had a positive impact on the ZAR.
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• While we missed this when it happened, the “Crocodile of Wall Street” has been found guilty of the hack that resulted in a loss of 120k BTC from Bitfinex. They are real characters (read “total lunatics”), definitely worth watching a few YouTube videos – even just for dinner party conversation.
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Our traders feel the ZAR will challenge the 18.00 level and possibly even to 17 before year-end. This will create quite a few opportunities to get the arb done at great levels. Long may it last.
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Good luck out there – stay cautious, stay opportunistic.
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Join our Telegram / WhatsApp Group
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Please join our Telegram and/or WhatsApp group. The purpose of these social media groups is exclusively for broadcasting news about the Premium and the markets.
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Thanks for your continued support.
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