Crypto

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Bybit: DeFi Sees New Growth Cycle, Beanstalk Replanted After April Exploit
08/08/2022 16:55 0.1K

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

Ucom - high speed internet connection starting at AMD 6,500
AMD Rates
10:30 04/02 Buy Sell
AMD / USD 398.00 401.50
AMD / EUR 428.50 436.00
AMD / RUR 5.55 5.68
dollars
dollars
CBA Rates
03/02/2023
USD / AMD
396.48
+0.44%
EUR / AMD
433.59
-1.38%
RUR / AMD
5.63
-0.02%
GBP / AMD
486.01
-1.71%
Cryptocurrencies
10:30 04/02
BTC/AMD
9,266,610
-0.53%
BTC/USD
23372.20
-0.64%
ETH/USD
1661.37
+1.16%
BCH/USD
137.43
-0.30%
XRP/USD
0.411010
+0.00%
LTC/USD
99.04
+0.02%
BNB/USD
329.29
+1.88%
DOGE/USD
0.094334
+2.65%
ETH/BTC
0.071083168
+1.81%
BCH/BTC
0.005879912
+0.33%
XRP/BTC
0.000017585
+0.64%
LTC/BTC
0.004237394
+0.66%
BNB/BTC
0.014088812
+2.54%
DOGE/BTC
0.000004036
+3.30%
CBA Metals
03/02/2023
dram / gram
Gold
24495.52
-26.93%
Silver
311.48
+12.32%
FOREX
10:54 04/02
EUR/USD
1.0793
-0.88%
GBP/USD
1.2051
-1.31%
USD/JPY
131.17
+2.04%
EUR/GBP
0.8952
+0.39%
Oil
10:54 04/02
$ / barrel
Brent
79.94
-2.65%
Light Sweet
73.23
-3.39%
COMEX
10:54 04/02
$ / tr. oz
Gold
1877.70
-2.71%
Silver
22.40
-5.08%
Platinum
980.00
-5.18%
LME / 3M
10:54 04/02
$ / tonne
Aluminium
2569.50
-1.82%
Copper
8980.50
-0.80%
Nickel
28612.00
-3.95%
Tin
28379.00
-3.40%
Lead
2099.50
-1.57%
Zinc
3241.50
-4.17%
Molybdenum
82496.88
+2.72%
Cobalt
38920.00
-6.63%
Indexes
10:54 04/02
point
Dow Jones
33926.01
-0.38%
S&P 500
4136.48
-1.04%
NASDAQ
12006.95
-1.59%
FTSE
7901.80
+1.04%
CAC 40
7233.94
+0.94%
DAX
15476.43
-0.21%
RTSI
1002.52
-0.16%
Nikkei
27509.46
+0.39%
Topix
1970.26
+0.26%
Hang Seng
21660.47
-1.36%
SSEC
3263.41
-0.68%
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
12/2022
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
2,681.7
+7.80%
Export 1
Export
5,360.1
+77.7%
Import 1
Import
8,768.7
+63.5%
CPI
Consumer price index
+8.60
Avg. Salary 2
Average salary
235,576
+15.50%
Services 3
Volume of services
2,575.8
+28.2%
Construction 3
Volume of construction
541.11
+12.50%
1 - mln AMD, 2 - AMD, 3 - bln AMD