Crypto

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December, 2022
December 2022
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Bybit: BTC Market Cap Dominance Reaches New Lows; Final Countdown to The Merge Begins
07/09/2022 15:14 0.1K

Bybit: BTC Market Cap Dominance Reaches New Lows; Final Countdown to The Merge Begins

Chart of the Day 

The broader market tanked on Tuesday as anxieties over macroeconomic uncertainty gained the upper hand, pushing the price of major cryptocurrencies below key support levels. As of the time of writing, BTC is approaching new cycle lows after shedding 5.3% of its market value in the last 24 hours. On the upside, the largest cryptocurrency by market cap is facing resistance near the $19k to $19.5k zone. Failure to rise above this resistance zone may lead to further downside correction to test support near the $18.5k level. Bybit blog reports.

In the derivatives market, the magnitude of liquidations remains limited as investors have already braced for potential sharp declines due to dampened sentiments in the market. In the options market, the skyrocketing implied volatility and the plummeting skew both point to an even grimmer market outlook. Meanwhile, BTC’s market cap dominance has dropped to levels last seen in 2018. Although it is still too soon to draw a conclusion, the current bear run resembles the previous two cycles in both duration and depth of drawdowns.

ETH plummeted alongside BTC after rallying in the early hours of Tuesday. The second-largest cryptocurrency by market cap is now changing hands just above the $1,500 handle, after experiencing an 8% setback in the same period. The imminent shift toward an energy-efficient Proof of Stake (PoS) consensus amid the global energy crisis did not seem to bring sufficient momentum to lift the broader crypto market. Most major altcoins are submerged in a sea of red, with ETC leading the plunge on a double-digit percentage loss in a similar time frame.

Talk of the Town 

Bybit: BTC Market Cap Dominance Reaches New Lows; Final Countdown to The Merge Begins 1

The much-anticipated Merge is officially underway after the activation of the Bellatrix upgrade on the Beacon Chain, marking the beginning of the final stage of Ethereum’s transition to a proof-of-stake consensus. The Bellatrix upgrade prepares the Consensus layer for The Merge with the Execution layer. The Terminal Total Difficulty (TTD) value triggering The Merge has been set, and is expected to be reached between Sept. 13 to 16. Despite some initial technical hiccups, Ethereum developers celebrated the successful execution of the Bellatrix upgrade, and declared full steam ahead for the ultimate Merge.

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 08/12 Buy Sell
AMD / USD 393.00 397.00
AMD / EUR 408.00 418.00
AMD / RUR 6.20 6.40
dollars
dollars
CBA Rates
08/12/2022
USD / AMD
395.15
-0.57%
EUR / AMD
415.38
-0.05%
RUR / AMD
6.32
+0.03%
GBP / AMD
481.02
-0.69%
Cryptocurrencies
10:30 08/12
BTC/AMD
6,653,379
-1.06%
BTC/USD
16813.35
-1.09%
ETH/USD
1228.68
-2.36%
BCH/USD
108.83
-2.72%
XRP/USD
0.387917
+0.04%
LTC/USD
75.00
-6.06%
BNB/USD
283.51
-1.74%
DOGE/USD
0.096006
-4.31%
ETH/BTC
0.07308374
-1.27%
BCH/BTC
0.00647346
-1.63%
XRP/BTC
0.000023074
+1.15%
LTC/BTC
0.004461003
-5.01%
BNB/BTC
0.016863497
-0.64%
DOGE/BTC
0.000005711
-3.24%
CBA Metals
08/12/2022
dram / gram
Gold
22641.72
+74.21%
Silver
284.39
-2.38%
FOREX
08:47 08/12
EUR/USD
1.0496
+0.32%
GBP/USD
1.2189
+0.46%
USD/JPY
137.03
-0.10%
EUR/GBP
0.8608
-0.15%
Oil
08:47 08/12
$ / barrel
Brent
77.90
-2.04%
Light Sweet
72.80
-2.02%
COMEX
08:47 08/12
$ / tr. oz
Gold
1795.90
+0.61%
Silver
22.82
+1.65%
Platinum
1014.10
+1.45%
LME / 3M
08:47 08/12
$ / tonne
Aluminium
2485.50
-0.92%
Copper
8456.50
+0.42%
Nickel
31441.00
+7.41%
Tin
24306.00
-2.05%
Lead
2212.00
-0.38%
Zinc
3183.00
+0.86%
Molybdenum
45679.73
+0.00%
Cobalt
51955.00
+0.00%
Indexes
08:47 08/12
point
Dow Jones
33597.92
+0.00%
S&P 500
3933.92
-0.19%
NASDAQ
10958.55
-0.51%
FTSE
7489.19
-0.43%
CAC 40
6660.59
-0.41%
DAX
14261.19
-0.57%
RTSI
1098.93
+0.17%
Nikkei
27574.43
-0.40%
Topix
1941.50
-0.35%
Hang Seng
19450.23
+3.38%
SSEC
3197.35
-0.07%
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
10/2022
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
2,128.5
+9.9%
Export 1
Export
4,129.4
+71.2%
Import 1
Import
6,755.8
+63.5%
CPI
Consumer price index
+8.70
Avg. Salary 2
Average salary
226,621
+14.0%
Services 3
Volume of services
2,074.3
+27.90%
Construction 3
Volume of construction
360,764
+14.4%
1 - mln AMD, 2 - AMD, 3 - bln AMD