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October, 2022
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Bybit: DeFi Sees New Growth Cycle, Beanstalk Replanted After April Exploit
08/08/2022 16:55

Bybit: DeFi Sees New Growth Cycle, Beanstalk Replanted After April Exploit

Chart of the Day 

The broader market saw slight gains over the weekend. BTC briefly dipped below the $23k handle early Friday on the back of surprisingly strong employment data, but managed to hold its footing above this support level in weekend trading. As of the time of writing, the largest crypto by market cap is well bid above the $23k support after posting a 1.7% increase in the last 24 hours. BTC is facing a major resistance near the $23.5k to $23.7k region. It will likely kickstart a steady increase in the near term after a clean break above this resistance zone. Meanwhile, the downside pressure on BTC’s long-term holders has eased slightly as spot prices rise above the average cost basis. However, these holders continue to hold their coins at an unrealized loss between 11% to 61% on average. Bybit blog reports.

In a similar vein, ETH is trading above the $1,700 level with a 2.4% rise over the same period. On-chain metrics for the second-largest crypto by market cap point to an emerging pattern of growing demand should The Merge go well. Major altcoins are in the green, with FLOW leading upside price actions on a double-digit percentage increase. Despite recent implosions, the DeFi sector, particularly the synthetics category, may witness the beginning of a new growth cycle on the back of Synthetix’s recent protocol integration.

Back to (the) Future

Bybit: DeFi Sees New Growth Cycle, Beanstalk Replanted After April Exploit 1

Muted activities in the BTC derivatives market are likely stemming from market participants focusing on narratives around The Merge. However, BTC’s funding rates across major exchanges have seen wide fluctuations, possibly in anticipation of the Mt. Gox distribution in August, which piles onto the uncertainty in the market. ETH’s futures market is seeing an overall discount, with the 3-month basis rate in the negative territory and backwardation in the term structure. ETH’s options volume has yet to return to normal levels despite the open interest hitting a new all-time high amid the bustling around The Merge. The put/call ratio drops to new lows, suggesting heavy betting on a massive rally into September with downside well hedged.

Talk of the Town 

Bybit: DeFi Sees New Growth Cycle, Beanstalk Replanted After April Exploit 2

Beanstalk, the credit-based stablecoin, has rebooted on the one-year anniversary of its launch, four months after suffering a devastating $182 million exploit. In a statement on the protocol’s website, the team says that its “belief in the possibilities for a permissionless fiat stablecoin is unwavering”, although “it’s impossible to predict how it will perform.”

Crypto & blockchain articles are created with the support of ByBit – leading crypto platform.

Bybit

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AMD Rates
10:30 05/10 Buy Sell
AMD / USD 402.00 406.00
AMD / EUR 398.00 405.00
AMD / RUR 6.65 7.00
dollars
dollars
CBA Rates
05/10/2022
USD / AMD
405.70
-0.79%
EUR / AMD
402.62
+0.40%
RUR / AMD
6.80
-0.10%
GBP / AMD
461.32
-0.01%
Cryptocurrencies
10:30 05/10
BTC/AMD
8,207,529
+2.71%
BTC/USD
20191.22
+2.64%
ETH/USD
1353.79
+1.78%
BCH/USD
121.97
+4.84%
XRP/USD
0.490223
+7.67%
LTC/USD
55.01
+1.49%
BNB/USD
295.17
+2.67%
DOGE/USD
0.064994
+7.84%
ETH/BTC
0.067048569
-0.77%
BCH/BTC
0.006040879
+2.22%
XRP/BTC
0.000024279
+4.98%
LTC/BTC
0.002724241
-1.05%
BNB/BTC
0.014618871
+0.10%
DOGE/BTC
0.000003219
+5.13%
CBA Metals
05/10/2022
dram / gram
Gold
22367.74
+563.49%
Silver
272.94
+19.21%
FOREX
09:55 05/10
EUR/USD
0.9965
+1.36%
GBP/USD
1.1433
+1.12%
USD/JPY
144.13
-0.47%
EUR/GBP
0.8714
+0.24%
Oil
09:55 05/10
$ / barrel
Brent
91.57
+2.54%
Light Sweet
86.24
+2.80%
COMEX
09:55 05/10
$ / tr. oz
Gold
1728.20
+1.13%
Silver
20.87
-0.43%
Platinum
926.40
+2.13%
LME / 3M
09:55 05/10
$ / tonne
Aluminium
2348.00
+5.79%
Copper
7718.00
+2.80%
Nickel
22055.00
+3.75%
Tin
20207.00
+0.74%
Lead
1936.50
+4.03%
Zinc
3047.00
+2.92%
Molybdenum
40344.55
-0.38%
Cobalt
51955.00
+0.00%
Indexes
09:55 05/10
point
Dow Jones
30316.32
+2.80%
S&P 500
3790.93
+3.06%
NASDAQ
11176.41
+3.34%
FTSE
7086.46
+2.57%
CAC 40
6039.69
+4.24%
DAX
12670.48
+3.78%
RTSI
1100.14
+0.76%
Nikkei
27120.53
+0.48%
Topix
1912.92
+0.32%
Hang Seng
18087.97
+5.90%
SSEC
3024.39
+0.00%
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