Crypto

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Bybit: BTC Accumulation Softens; MakerDAO Founder Calls to Drop Dollar Peg
12/08/2022 18:45 0.1K

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 03/02 Buy Sell
AMD / USD 398.00 401.50
AMD / EUR 428.50 437.00
AMD / RUR 5.58 5.70
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 03/02
BTC/AMD
9,316,195
-0.85%
BTC/USD
23523.37
-0.92%
ETH/USD
1642.36
-1.38%
BCH/USD
137.85
+0.36%
XRP/USD
0.411004
-0.15%
LTC/USD
99.02
-1.37%
BNB/USD
323.20
-2.19%
DOGE/USD
0.091898
-1.62%
ETH/BTC
0.069819585
-0.44%
BCH/BTC
0.005860459
+1.31%
XRP/BTC
0.000017473
+0.80%
LTC/BTC
0.004209459
-0.44%
BNB/BTC
0.013739651
-1.26%
DOGE/BTC
0.000003907
-0.69%
CBA Metals
03/02/2023
dram / gram
Gold
24495.52
-26.93%
Silver
311.48
+12.32%
FOREX
10:10 03/02
EUR/USD
1.0889
-1.15%
GBP/USD
1.2211
-1.40%
USD/JPY
128.55
+0.03%
EUR/GBP
0.8917
+0.29%
Oil
10:10 03/02
$ / barrel
Brent
82.12
-1.61%
Light Sweet
75.80
-1.67%
COMEX
10:10 03/02
$ / tr. oz
Gold
1930.10
-1.91%
Silver
23.60
-2.76%
Platinum
1033.50
+1.66%
LME / 3M
10:10 03/02
$ / tonne
Aluminium
2617.00
-0.55%
Copper
9052.50
-0.38%
Nickel
29790.00
+1.69%
Tin
29377.00
+1.96%
Lead
2133.00
-0.26%
Zinc
3382.50
+0.99%
Molybdenum
80314.31
+3.06%
Cobalt
41685.00
+0.00%
Indexes
10:10 03/02
point
Dow Jones
34053.94
-0.11%
S&P 500
4179.76
+1.47%
NASDAQ
12200.82
+3.25%
FTSE
7820.16
+0.76%
CAC 40
7166.27
+1.26%
DAX
15509.19
+2.16%
RTSI
1004.08
+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