Crypto

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Bybit: BTC Mining Profitability Continues to Decline; Lamborghini-Backed GT Team to Certify Car Parts With NFTs
06/07/2022 22:13

Bybit: BTC Mining Profitability Continues to Decline; Lamborghini-Backed GT Team to Certify Car Parts With NFTs

Chart of the Day 

The broader crypto market dipped yet again on Tuesday after its brief recovery lost steam. BTC has been fluctuating above its newly found range near the $20k key psychological support level. The recent rejection near the $20.5k level has sent BTC’s price down south, but the $19.5k zone still manages to hold and prevent further losses. As of the time of writing, the largest cryptocurrency by market cap is trading slightly below $20k after shedding 2% of its market value in the last 24 hours. The immediate upside resistance sits in the $20.2k to $20.5k range. A steady close above this range would likely open the door to further upside gains.

While volatility in the spot market eases slightly, the bears continue to exert pressure on miners. Since November 2021, the BTC mining industry has seen its daily revenue plummet from its peak of $62 million to $18 million. The mining industry, one that derives revenue from a commodity, tends to follow a cyclical pattern. Over-investment in new production capacity, especially after the extremely profitable year of 2021, has yielded disproportionately low profits amid weakening spot prices and macroeconomic uncertainty. The selling pressure on miners will ultimately lead to a withdrawal of production capacity, and in turn reboot the cycle, where the revenue of mining BTC will begin to rise again.

In the altcoin market, ETH is moving in tandem with BTC and is currently trading above the $1,100 handle. Most major altcoins have flipped red after the Tuesday recovery wave lost its momentum. Lido’s staked ETH, which was at the epicenter of controversies last month, has somewhat regained its peg with ETH, although the current gap still represents a discount of roughly 3%.

Talk of the Town 

Bybit: BTC Mining Profitability Continues to Decline; Lamborghini-Backed GT Team to Certify Car Parts With NFTs 1

The Vincenzo Sospiri Racing GT team, backed by Lamborghini, recently announced the adoption of NFTs to certify and authenticate factory car parts. In a statement released on Tuesday, the company mentioned that the NFT rollout, a pilot scheme in collaboration with Go2NFT, could also be extended to authenticate merchandise and other official products. The development of the NFT platform marks the beginning of a long-term commitment to bringing NFT functionalities into the Lamborghini ecosystem, with the ultimate goal of transforming cars into digital assets in the form of NFTs.

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%
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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