Bybit: BTC Rebounds Following Hot Inflation Figures, Polygon Chosen for Disney Accelerator Program
Chart of the Day
U.S. consumer prices in June rose 9.1%, surpassing the expected figures of 8.8% and reaching a four-decade high. The scorching inflation figures will likely strengthen the Federal Reserve’s resolve to aggressively raise interest rates. Some investors even begin to factor in the possibility of a 100-bps hike at the end of the month, after the Bank of Canada beat its U.S. counterpart to the full-point punch. Bybit blog reports.
The broader crypto market fell immediately after the release of the CPI data, but has since stabilized after recovering some losses. As of the time of writing, BTC is trading precariously above the $20k psychological support level after posting a 2.8% gain in the last 24 hours. The largest cryptocurrency by market cap will see greater upside gains if it could stabilize above the 100-hour moving average and the immediate resistance zone in the $20.3k to $20.7k range. However, high volatility may ensue in the following days, as the market looks to establish a resilient bottom. On-chain metrics reveal that short-term investors still hold around 16.2% of supply in loss, suggesting more distribution activities to follow while bottom formation signals fall into place.
In a similar vein, ETH reclaimed the $1,100 handle after a 4.4% increase in the same period. The second-largest cryptocurrency by market cap is expected to see greater upside momentum should it clear the $1,150 resistance. Most major altcoins experienced gains of various magnitude in a similar time frame, with MATIC leading the pack on a double-digit percentage gain as its MVRV hit a nine-month high.
Talk of the Town
With many big names in the entertainment industry having already hopped onto the crypto bandwagon, it is finally the Walt Disney Company’s turn to hop on. On Wednesday, the mass media and entertainment conglomerate revealed this year’s participants of the Disney Accelerator Program, a collaboration designed to develop new technologies within augmented reality, NFTs, and artificial intelligence.
thereum scaling solution provider, Polygon, is among the six companies chosen, and the only blockchain-native platform in the line-up. According to a statement, Disney will provide the participants with investment capital, access to Disney’s creative campus, and mentor support and guidance to build the future of immersive experiences.
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