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September, 2023
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Bybit: BTC & ETH Reclaim Key Support, Meta Adds NFT Cross-Platform Posting
30/08/2022 15:34

Bybit: BTC & ETH Reclaim Key Support, Meta Adds NFT Cross-Platform Posting

Chart of the Day 

The broader crypto market saw a slight rebound on Monday as BTC and ETH climbed back to above key support levels. The rebound offered some relief to investors who were bracing for a broad-based capitulation after BTC dipped to $19.5k over the weekend. As of the time of writing, BTC is trading above the $20k threshold after posting a 2.1% increase in the past 24 hours. On the upside, the largest cryptocurrency by market cap is facing immediate resistance near the $20.4k to $20.7k region, and the 100-hour simple moving average. Failure to clear this resistance zone will likely trigger a fresh decline to test previous support levels near the $19.5k to $19.8k zone. Bybit blog reports.

On-chain metrics show that long-term holders are locking in losses between 35% to 40% on average. Meanwhile, the magnitude of capital outflow over the last month reaches an alarming level, one that is only surpassed in scale by the massive capitulation event during the 2018 bear run. In the derivatives market, the futures OI leverage ratio for BTC soared to new highs, pointing to the existence of high leveraged positions in the market, while implying that further market squeezes are not a remote possibility. Price movements and macro signals in the next few days will likely determine whether the recent plunge is the precursor to a true bottom formation or a mere shakeout of excess leverage in the market.

ETH has staged a stronger comeback after a double-digit plummet over the weekend. The second-largest cryptocurrency by market cap is trading above the $1,500 mark after soaring by 9% in the same period. The Merge narrative seems to have a greater influence on short-term price actions. However, key data points in the derivatives market, such as perp funding rates, futures basis, and options IV, suggest that bearish sentiments prevail over a longer time frame. Most major altcoins have flipped green, with ATOM leading the pack on a double-digit percentage gain over the past day.

Talk of the Town 

Bybit: BTC & ETH Reclaim Key Support, Meta Adds NFT Cross-Platform Posting 1

Social media giant Meta announced on Monday that it will allow users to post their NFTs across Facebook and Instagram. The added functionality enables users to connect to a number of digital wallets including Rainbow, MetaMask, and Dapper Wallet to showcase their prized digital collectibles minted on Ethereum, Polygon, and Flow. Since the announcement of NFT integration in March this year, the rapid rollout of new functionalities demonstrated that the tech conglomerate has more ambitious plans for its NFT options. Apart from cross-platform display, Meta is also working on custom animations for NFT posts to deliver its promise of enabling Spark AR-compatible NFT displays through Instagram stories.

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

Bybit

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AMD Rates
10:30 23/09 Buy Sell
AMD / USD 386.50 390.00
AMD / EUR 408.00 417.00
AMD / RUR 4.01 4.05
dollars
dollars
CBA Rates
22/09/2023
USD / AMD
387.24
+0.89%
EUR / AMD
411.87
-1.60%
RUR / AMD
4.03
+0.03%
GBP / AMD
474.21
-3.36%
Cryptocurrencies
10:30 23/09
BTC/AMD
10,288,498
-0.16%
BTC/USD
26568.79
-0.39%
ETH/USD
1592.03
-0.17%
BCH/USD
208.19
-0.31%
XRP/USD
0.511957
+0.18%
LTC/USD
64.83
+0.12%
BNB/USD
210.75
-0.25%
DOGE/USD
0.061562
-0.20%
ETH/BTC
0.059925988
+0.23%
BCH/BTC
0.007836377
+0.09%
XRP/BTC
0.000019271
+0.58%
LTC/BTC
0.002440159
+0.51%
BNB/BTC
0.00793284
+0.15%
DOGE/BTC
0.000002317
+0.17%
CBA Metals
22/09/2023
dram / gram
Gold
23841.85
-192.39%
Silver
289.34
-0.45%
FOREX
11:23 23/09
EUR/USD
1.0652
-0.02%
GBP/USD
1.2238
-0.33%
USD/JPY
148.37
+0.11%
EUR/GBP
0.8701
+0.30%
Oil
11:23 23/09
$ / barrel
Brent
93.27
-0.63%
Light Sweet
90.33
-0.01%
COMEX
11:23 23/09
$ / tr. oz
Gold
1944.90
+0.09%
Silver
23.82
+0.21%
Platinum
933.20
+0.09%
LME / 3M
11:23 23/09
$ / tonne
Aluminium
2240.00
+1.27%
Copper
8255.00
+1.04%
Nickel
19350.00
+0.76%
Tin
25700.00
-0.58%
Lead
2197.00
+0.55%
Zinc
2557.00
+2.16%
Molybdenum
58750.00
+0.00%
Cobalt
33420.00
+0.00%
Indexes
11:23 23/09
point
Dow Jones
33963.84
-0.31%
S&P 500
4320.06
-0.23%
NASDAQ
13211.81
-0.09%
FTSE
7683.91
+0.07%
CAC 40
7184.82
-0.40%
DAX
15557.29
-0.09%
RTSI
999.99
+1.20%
Nikkei
32402.41
-1.88%
Topix
2376.27
-1.24%
Hang Seng
18057.45
+0.96%
SSEC
3132.43
+0.77%
CBA Interest Rates
26/03/2020
Refinancing
Refinancing Rate
9.75
+0.00%
Lombard Repo
Lombard Repo Rate
11.25
+0.00%
Deposit
Deposit Rate
8.25
+0.00%
Macroeconomy
07/2023
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
1,384.3
+0.5%
Export 1
Export
3,843.6
+62.1%
Import 1
Import
6,534.0
+63.0%
CPI
Consumer price index
+3.6
Avg. Salary 2
Average salary
262,591
+18.5%
Services 3
Volume of services
1,689.3
+14.9%
Construction 3
Volume of construction
222,479
+17.2%
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