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March, 2023
March 2023
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Bybit: BTC Correlation with TradFi Dips, BlockFi Report Reveals $600M Uncollateralized Exposure
25/07/2022 18:07

Bybit: BTC Correlation with TradFi Dips, BlockFi Report Reveals $600M Uncollateralized Exposure

Chart of the Day 

The broader crypto market fluctuated violently over the weekend. Top digital assets plummeted on Saturday before staging a brief comeback on Sunday, only to dive again later. As of the time of writing, BTC is trading below the $22k handle and the 100-hour moving average, after posting a 3.6% loss in the last 24 hours. There is a break below a key bullish trend line with support near the $22.7k level on the hourly chart. The largest cryptocurrency by market cap may face further decline if the support level near $21.4k doesn’t hold. Bybit blog reports.

Meanwhile, BTC’s correlation with traditional financial markets has significantly decreased after reaching a local high last week. BTC’s Pearson 30-day correlation with S&P 500 dropped to 0.7, while the correlation with Nasdaq composite nosedived to below 0.5. However, this week is still important for major digital assets as the events to unfold will likely shed some light on the market’s next direction. In particular, the upcoming U.S. Federal Reserve’s interest rate decision will probably add an element of uncertainty that will dominate trades in the next few days. According to the latest estimate by CME’s Fed Watch, the probability of a 75 bps rate hike has exceeded 80%.

Similarly, ETH retraced to $1,520 after shedding 5.5% of its market value during the same period. However, Ethereum’s gas fee remains low despite decisive spot price actions on the bullish Merge news. Major altcoins have flipped red, with AVAX and ATOM leading the downside correction on 7% losses over a similar timeframe.

Back to (the) Futures 

Bybit: BTC Correlation with TradFi Dips, BlockFi Report Reveals $600M Uncollateralized Exposure 1

In the derivatives market, the aggregated open interest declined despite spot prices rebounding from a near-term bottom. BTC’s perpetual funding rates remain elevated, even with a recent slight dip from local highs. In the options market, the gamma exposure of BTC experienced some fluctuations over the weekend. BTC’s IV saw a spike on July 29, but the curve will likely ease if a 1% rate hike doesn’t materialize. ETH’s lead on the back of positive dev news was also felt in the options’ flows.

Talk of the Town

Bybit: BTC Correlation with TradFi Dips, BlockFi Report Reveals $600M Uncollateralized Exposure 2

BlockFi, a centralized crypto lender, has released its quarterly transparency report that reveals that the company has $1.8 billion in outstanding loans to clients. As the platform does not require all of its borrowers to post collateral, around $600 million of these loans are uncollateralized. The company has since established a set of guidelines to navigate liquidity risks and meet its obligation toward institutional and retail borrowers.

Ucom - high speed internet connection starting at AMD 6,500
AMD Rates
10:30 30/03 Buy Sell
AMD / USD 387.00 391.00
AMD / EUR 418.00 425.00
AMD / RUR 5.00 5.11
dollars
dollars
CBA Rates
30/03/2023
USD / AMD
388.30
+0.09%
EUR / AMD
422.39
+0.91%
RUR / AMD
5.03
-0.01%
GBP / AMD
479.08
-0.20%
Cryptocurrencies
10:30 30/03
BTC/AMD
11,114,685
+3.77%
BTC/USD
28630.60
+3.79%
ETH/USD
1795.74
+0.25%
BCH/USD
123.01
+0.86%
XRP/USD
0.535627
-1.08%
LTC/USD
90.13
-0.64%
BNB/USD
312.84
-0.22%
DOGE/USD
0.075250
+0.03%
ETH/BTC
0.062720829
-3.34%
BCH/BTC
0.00429649
-2.75%
XRP/BTC
0.000018708
-4.62%
LTC/BTC
0.003148117
-4.18%
BNB/BTC
0.010926661
-3.79%
DOGE/BTC
0.000002628
-3.56%
CBA Metals
30/03/2023
dram / gram
Gold
24531.32
+32.52%
Silver
290.32
+2.69%
FOREX
08:53 30/03
EUR/USD
1.0832
-0.03%
GBP/USD
1.2303
-0.15%
USD/JPY
132.68
+0.75%
EUR/GBP
0.8803
+0.14%
Oil
08:53 30/03
$ / barrel
Brent
77.96
-1.29%
Light Sweet
72.71
-1.36%
COMEX
08:53 30/03
$ / tr. oz
Gold
1976.80
+0.47%
Silver
23.50
+0.64%
Platinum
976.60
+0.91%
LME / 3M
08:53 30/03
$ / tonne
Aluminium
2380.00
-0.38%
Copper
9002.50
+0.27%
Nickel
23743.00
-1.37%
Tin
25814.00
+0.17%
Lead
2138.50
+0.16%
Zinc
2968.00
+1.07%
Molybdenum
57871.28
+0.00%
Cobalt
34930.00
+1.45%
Indexes
08:53 30/03
point
Dow Jones
32717.60
+1.00%
S&P 500
4027.81
+1.42%
NASDAQ
11926.24
+1.79%
FTSE
7564.27
+1.07%
CAC 40
7186.99
+1.39%
DAX
15328.78
+1.23%
RTSI
1004.56
+0.47%
Nikkei
27782.93
-0.36%
Topix
1983.32
-0.61%
Hang Seng
20309.13
+0.58%
SSEC
3261.25
+0.65%
CBA Interest Rates
26/03/2020
Refinancing
Refinancing Rate
10.75
+0.00%
Lombard Repo
Lombard Repo Rate
12.25
+0.00%
Deposit
Deposit Rate
9.25
+0.00%
Macroeconomy
01/2023
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
177.7
+1.40%
Export 1
Export
572.8
+130.0%
Import 1
Import
727.1
+72.5%
CPI
Consumer price index
+8.10
Avg. Salary 2
Average salary
249,278
+22.0%
Services 3
Volume of services
216.0
+25.9%
Construction 3
Volume of construction
16.0
+12.2%
1 - mln AMD, 2 - AMD, 3 - bln AMD