Crypto

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October, 2022
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Bybit: BTC Accumulation Softens; MakerDAO Founder Calls to Drop Dollar Peg
12/08/2022 18:45

Bybit: BTC Accumulation Softens; MakerDAO Founder Calls to Drop Dollar Peg

Chart of the Day 

A notable drop in U.S. PPI in July confirmed that inflation may, in fact, have peaked. Yet, the prospect of another 75 bps rate hike in September is not completely ruled out. Nonetheless, optimistic sentiment prevailed in the crypto market as major digital assets reached new local highs amid a broad-based Merge-inspired surge. BTC briefly flirted with the $25k handle, before experiencing a 1.5% downward correction in the last 24 hours. As of the time of writing, BTC is consolidating losses slightly below the $24k handle. The largest cryptocurrency by market cap must stay atop the $23.5k support before it can challenge major resistance in the $24.2k to $24.5k zone. On the flip side, BTC may move down to test support near the $23k handle. On-chain accumulation trend score indicates that accumulation behaviors among whales and retailers have significantly cooled after two months of aggressive balance increases.

On the other hand, ETH’s strong upside momentum, fuelled by the completion of the third and final testnet merge before the final act, has propelled the price to smash the $1,900 ceiling for the first time since late May. The second-largest cryptocurrency by market cap is attempting to establish a stronger foothold above the $1,900 handle, to lay the foundation for the charge towards the psychological barrier at $2,000. Altcoins are correcting their gains across the board, with the exception of ETC, which saw a 7% gain partly on the back of speculations related to a potential Ethereum PoW fork.

Talk of the Town 

Bybit: BTC Accumulation Softens; MakerDAO Founder Calls to Drop Dollar Peg 1

The U.S. Treasury Department’s jaw-dropping decision to ban Tornado Cash, a leading privacy solution in the crypto industry, has pushed many market participants to reconsider their exposure to centralized products within regulatory authorities’ reach. Among the growing list is DeFi protocol MakerDAO, whose founder, Rune Christensen, disclosed via Discord that the organization will consider discussions about de-pegging DAI, its native, decentralized stablecoin, from Circle’s USDC. The move comes as a reaction against Circle’s decision to blacklist 38 wallets in connection with Tornado Cash. The process, deemed inevitable by MakerDAO’s founder, would require “huge amounts of preparation” as DAI is currently heavily collateralized by USDC.

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 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%
FTSE
6893.81
+0.18%
CAC 40
5762.34
+1.51%
DAX
12114.36
+1.16%
RTSI
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