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Bybit: Miner to Exchange Volume in Decline, Polkadot’s Stablecoin aUSD Depegs After Acala Misconfiguration
15/08/2022 19:23 0.1K

Bybit: Miner to Exchange Volume in Decline, Polkadot’s Stablecoin aUSD Depegs After Acala Misconfiguration

Chart of the Day 

The broader crypto market largely moved sideways over the weekend on light volume. BTC crossed over the $25k handle, reaching a local peak near $25,045, before retreating to previous support levels for consolidation. As of the time of writing, the largest cryptocurrency by market cap is trading in the upper region of $24k, after posting a 1.2% increase in the last 24 hours. A key bullish trend line with support near $24.4k is taking shape on BTC’s hourly chart. With hourly MACD gaining pace in the bullish zone, the bulls will likely push for more upside momentum once BTC manages to close above the $25k key resistance zone. Meanwhile, the transfer volume from miners to exchanges has decreased notably over the past weeks, suggesting that distribution has eased despite the continued pressure to shore up balance sheets in the mining industry. Bybit blog reports.

In a similar vein, ETH soared above the $2,000 psychological barrier on weekend trading, but has since gone south to consolidate losses near the $1,980 region. With The Merge around the corner, Lido’s staked ETH is still trading at a slight discount against ETH, but the gap seems to be gradually narrowing. Major altcoins saw mixed performances, with memecoin SHIB topping the gainers’ chart on an impressive 30% gain over the last 24 hours.

Back to (the) Futures

Bybit: Miner to Exchange Volume in Decline, Polkadot's Stablecoin aUSD Depegs After Acala Misconfiguration 1

Last week’s favorable macro readings provided some long-awaited relief to the markets as expectations of tapered inflation have restored some positive sentiments in risky assets. The number of BTC perpetual swap contracts with negative funding rates has decreased, reflecting growing confidence in an altcoin-driven market. Upside demand increases in the futures market as open interest soars and the basis spread widens. The Merge in September is perceived to be an excellent catalyst, as evidenced by ETH options OI reaching new highs, and investors becoming willing to pay up for the exposure.

Talk of the Town 

Another stablecoin lost its peg over the weekend. Polkadot and Kusama’s decentralized stablecoin aUSD depegged from the $1 mark, at one point dropping to as low as $0.58, after its underpinning protocol, Acala Network, succumbed to a breach. According to Acala’s tweet, the team has identified the issue as “a misconfiguration of the iBTC/aUSD liquidity pool”, one that resulted in the error mint of a substantial amount of aUSD. The team confirmed that the issue has been rectified, while the on-chain investigation is underway to uncover the affected addresses.

Bybit: Miner to Exchange Volume in Decline, Polkadot's Stablecoin aUSD Depegs After Acala Misconfiguration 2

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%
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