Crypto

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Bybit: Analysts Remain Pessimistic Despite Current Rebound; Magic Eden Raises $130M
22/06/2022 19:54

Bybit: Analysts Remain Pessimistic Despite Current Rebound; Magic Eden Raises $130M

On Tuesday, the broader crypto market rose slightly alongside the strong rebound of the U.S. stocks after last week’s rout. BTC gained ground for a third consecutive day, and managed to find support above the $21k handle. However, the largest cryptocurrency by market cap saw a slight drop in the early hours of Wednesday (Asian trading hours), and has been consolidating near the $20.3k mark after posting a marginal gain over the last 24 hours. BTC is now facing a major resistance near the $21k to $21.2k zone. Failure to move above this resistance zone would likely send BTC back down to retest support in the $20k region.

It seems that the market is showing signs of recovery amidst multiple liquidity crises and treasury blowups. However, some analysts are still pessimistic about the longevity of the current rebound. This brings attention to a rise in volatility as a result of the recent aggressive dip-buying activities and deteriorating macroeconomic conditions. Furthermore, the contagion risk that sent ripples across the broader market has yet to taper. For one, Grayscale’s Bitcoin Fund (GBTC) has been trading at a widening discount to its net asset value since the collapse of 3AC. The discount, at one point, reached 34%, the lowest value in history. Meanwhile, the bid/offer spread across centralized exchanges is reaching new highs, indicating that liquidity continues to exit the market.

In tandem with BTC, ETH experienced a worse correction on Wednesday. The second-largest cryptocurrency is now trading below the $1,100 handle after shedding 2.4% of its market value within the same period. Many altcoins with mid-to-large market caps have flipped red, with the exception of canine-inspired memecoins, which thrived on the latest rumor related to the Twitter deal, and Uniswap, which is up 7% following the acquisition of an NFT aggregator. Market Check

Talk of the Town

Bybit: Analysts Remain Pessimistic Despite Current Rebound; Magic Eden Raises $130M 1

Magic Eden, the leading NFT platform on Solana, is gearing up for a multi-chain expansion. The Solana-based NFT marketplace has raised $130 million in a funding round with a valuation of $1.6 billion. In addition to pushing the limits of its gaming vertical, Magic Eden is planning to channel the fund to add support for NFTs on other blockchains. With its current claim of more than 90% of the NFT secondary market on Solana, Magic Eden may be poised to challenge the dominance of OpenSea once it successfully integrates with other platforms.

Ucom - high speed internet connection starting at AMD 6,500
AMD Rates
10:50 17/08 Buy Sell
AMD / USD 402.00 407.50
AMD / EUR 408.00 415.00
AMD / RUR 6.55 6.80
dollars
dollars
CBA Rates
17/08/2022
USD / AMD
405.96
-0.13%
EUR / AMD
412.94
+1.53%
RUR / AMD
6.70
+0.08%
GBP / AMD
491.13
+2.97%
Cryptocurrencies
10:50 17/08
BTC/AMD
9,885,514
+1.41%
BTC/USD
24343.16
+1.43%
ETH/USD
1941.61
+3.43%
BCH/USD
144.02
+5.87%
XRP/USD
0.388511
+4.38%
LTC/USD
64.51
+6.56%
BNB/USD
322.61
+1.76%
DOGE/USD
0.087930
+10.27%
ETH/BTC
0.079747185
+1.95%
BCH/BTC
0.005915346
+4.35%
XRP/BTC
0.000015957
+2.90%
LTC/BTC
0.002649623
+5.04%
BNB/BTC
0.013250586
+0.31%
DOGE/BTC
0.000003612
+8.70%
CBA Metals
17/08/2022
dram / gram
Gold
23165.19
-30.27%
Silver
262.67
-2.76%
FOREX
07:04 18/08
EUR/USD
1.0178
+0.08%
GBP/USD
1.2049
-0.40%
USD/JPY
134.89
+0.54%
EUR/GBP
0.8446
+0.54%
Oil
07:04 18/08
$ / barrel
Brent
93.60
+0.83%
Light Sweet
88.01
+1.07%
COMEX
07:04 18/08
$ / tr. oz
Gold
1779.70
-0.58%
Silver
19.63
-2.09%
Platinum
917.90
-1.42%
LME / 3M
07:04 18/08
$ / tonne
Aluminium
2411.00
+0.79%
Copper
7924.50
-0.68%
Nickel
21885.00
-1.57%
Tin
24660.00
+0.24%
Lead
2117.50
-2.13%
Zinc
3513.50
-4.32%
Molybdenum
33444.09
-0.59%
Cobalt
49455.00
+5.32%
Indexes
07:04 18/08
point
Dow Jones
33980.32
-0.50%
S&P 500
4274.04
-0.72%
NASDAQ
12938.12
-1.25%
FTSE
7515.75
-0.27%
CAC 40
6528.32
-0.97%
DAX
13626.71
-2.04%
RTSI
1136.40
-0.49%
Nikkei
29222.77
+1.23%
Topix
2006.99
+1.26%
Hang Seng
19922.45
+0.46%
SSEC
3292.53
+0.45%
CBA Interest Rates
26/03/2020
Refinancing
Refinancing Rate
9.25
+0.00%
Lombard Repo
Lombard Repo Rate
10.75
+0.00%
Deposit
Deposit Rate
7.75
+0.00%
Macroeconomy
06/2022
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
1,193.6
+5.80%
Export 1
Export
1,881.5
+36.30%
Import 1
Import
3,271.0
+48.70%
CPI
Consumer price index
+8.10
Avg. Salary 2
Average salary
218,641
+11.30%
Services 3
Volume of services
1,133.3
+26.90%
Construction 3
Volume of construction
149.03
+12.70%
1 - mln AMD, 2 - AMD, 3 - bln AMD