Crypto

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December, 2022
December 2022
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Bybit: BTC STH Losses Approaches Full Saturation; Fed Leader Pushes Stablecoin Legislation
08/09/2022 16:17 0.1K

Bybit: BTC STH Losses Approaches Full Saturation; Fed Leader Pushes Stablecoin Legislation

Chart of the Day 

The broader crypto market saw what resembles a spark of hope late Wednesday with major cryptocurrencies finding support above key levels. The rally follows one in the U.S. equity market as investors begin to price in expectations of further rate hikes. According to CME’s Fed Watch, the speculation of the probability of a 75 bps rate hike in September is now above 80%. As of the time of writing, BTC is consolidating gains above the $19k handle after posting a 3% increase in the last 24 hours. However, upside momentum for the largest cryptocurrency by market cap remains limited as investors shy away from risk assets amid continued liquidity pressure from quantitative tightening and global macroeconomic uncertainty. Bybit blog reports.

On-chain metrics indicate that transactions in the current price ranges are predominantly initiated by short-term holders. Short-term supply in loss is approaching a full saturation as 96% of the short-term holdings are now underwater. Full loss saturation events have occurred three times in the current downtrend, and have all coincided with local bottom formation. In the derivative market, perpetual contract funding rates return to the neutral territory. Meanwhile, in the options market, BTC gained a bit of positive gamma around the strike price of $18k, suggesting more room to fall back should sentiments continue to sour.

ETH reversed its losses earlier this week and outperformed BTC again over the same period. The second-largest cryptocurrency by market cap is back above the $1,600 level after jumping by 8% in the last 24 hours. Speculative actions prevail in the options market, with over $6.1 billion in outstanding open interest for call options, and $1.5 billion for put — resulting in a put/call ratio of 0.25. Most major altcoins have flipped green, with ATOM and ETC leading the pack on double-digit percentage gains.

Talk of the Town 

Bybit: BTC STH Losses Approaches Full Saturation; Fed Leader Pushes Stablecoin Legislation 1

During a speech at The Brookings Institute, Michael Barr, the US Federal Reserve’s vice chair for supervision, has nudged Congress to “work expeditiously to pass legislation” on stablecoins and bring them “inside the prudential regulatory perimeter”. Barr’s focus on the oversight of financial stability as part of his role may have influenced his stance. However, backed by other regulators, he is not alone in his views that stablecoin may pose financial stability risks. Stablecoins have been in the spotlight for crypto-focused legislation in the Congress in the past year, but the promise of getting a workable bill before the August recess has rung hollow, while key figures pushing prospective legislations are about to leave the Senate by the end of this year.

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