Crypto

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October, 2022
October 2022
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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 01/10 Buy Sell
AMD / USD 403.00 407.00
AMD / EUR 395.00 401.50
AMD / RUR 6.75 7.20
dollars
dollars
CBA Rates
30/09/2022
USD / AMD
405.65
-0.28%
EUR / AMD
396.08
+1.84%
RUR / AMD
7.57
+0.45%
GBP / AMD
448.93
+9.35%
Cryptocurrencies
10:30 01/10
BTC/AMD
7,834,055
-0.84%
BTC/USD
19312.35
-0.77%
ETH/USD
1328.10
-0.30%
BCH/USD
119.15
+1.99%
XRP/USD
0.474458
-2.85%
LTC/USD
53.31
-0.95%
BNB/USD
282.55
-0.42%
DOGE/USD
0.061261
+0.99%
ETH/BTC
0.068764475
+0.45%
BCH/BTC
0.006169076
+2.76%
XRP/BTC
0.000024566
-2.11%
LTC/BTC
0.002760223
-0.19%
BNB/BTC
0.014629705
+0.34%
DOGE/BTC
0.000003172
+1.76%
CBA Metals
30/09/2022
dram / gram
Gold
21581.82
+19.69%
Silver
243.49
+5.24%
FOREX
09:55 01/10
EUR/USD
0.9799
+0.01%
GBP/USD
1.116
+0.65%
USD/JPY
144.75
+0.04%
EUR/GBP
0.8777
-0.67%
Oil
09:55 01/10
$ / barrel
Brent
85.14
-3.60%
Light Sweet
79.74
-1.45%
COMEX
09:55 01/10
$ / tr. oz
Gold
1668.30
-0.11%
Silver
19.02
+1.12%
Platinum
857.40
-0.53%
LME / 3M
09:55 01/10
$ / tonne
Aluminium
2162.00
-1.59%
Copper
7560.00
+0.24%
Nickel
21107.00
-5.55%
Tin
20634.00
+0.54%
Lead
1908.00
+1.71%
Zinc
2968.00
+1.31%
Molybdenum
40498.87
-0.60%
Cobalt
51955.00
+0.00%
Indexes
09:55 01/10
point
Dow Jones
28725.51
-1.71%
S&P 500
3585.62
-1.51%
NASDAQ
10575.62
-1.51%
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6893.81
+0.18%
CAC 40
5762.34
+1.51%
DAX
12114.36
+1.16%
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1055.72
-1.54%
Nikkei
25937.21
-1.83%
Topix
1835.94
-1.76%
Hang Seng
17222.83
+0.33%
SSEC
3024.39
-0.55%
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
07/2022
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
1,409.8
+7.0%
Export 1
Export
2,358.9
+43.9%
Import 1
Import
3,998.8
+50.1%
CPI
Consumer price index
+8.30
Avg. Salary 2
Average salary
221,683
+12.0%
Services 3
Volume of services
1,362.7
+27.50%
Construction 3
Volume of construction
190,55
+13.60%
1 - mln AMD, 2 - AMD, 3 - bln AMD