Crypto

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December, 2022
December 2022
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Bybit: BTC Cost Basis Crossover Reveals Accumulation Opportunity; Disney Seeks Lawyers for Upcoming Web3 Plans
26/09/2022 18:09 0.1K

Bybit: BTC Cost Basis Crossover Reveals Accumulation Opportunity; Disney Seeks Lawyers for Upcoming Web3 Plans

Chart of the Day 

Bybit: BTC Cost Basis Crossover Reveals Accumulation Opportunity; Disney Seeks Lawyers for Upcoming Web3 Plans 1

The 75 bps rate hike last week, although not utterly unexpected, signals that the U.S. Federal Reserve will hold rates higher to curb inflation. Many central banks joined the chorus of global rate hikes to combat inflation. These hikes trickle into yield curves and exacerbate the risk-averse sentiment plaguing the global markets. The broader crypto market did not hold up well in the face of surging volatility and souring sentiments. Most major cryptocurrencies spent much of the weekend in the red, with BTC hovering around the $19k threshold and ETH sticking near $1,300. As of the time of writing, the largest cryptocurrency by market cap is changing hands above the $19k mark after posting marginal gains over the last 24 hours. The immediate major resistance for BTC sits near the $19.5k region. A clear move above this zone will likely usher in new upside momentum to charge towards the $20k psychological threshold. A confluence of on-chain metrics presents a crossover of cost bases of long-term and short-term BTC holders. In previous cycles, the crossover has been the prelude to a strong bullish comeback. Meanwhile, BTC’s reserve risk indicates good accumulation opportunities on the mid-to-long horizon. Bybit blog reports.

In a similar vein, ETH is currently trading slightly under the $1,300 handle after shedding 2.3% of its market value in the same period. Most major altcoins remain in the red except ATOM, which resumes its market-defying momentum with a 3.7% increase over a similar time frame.

Back to (the) Futures 

Bybit: BTC Cost Basis Crossover Reveals Accumulation Opportunity; Disney Seeks Lawyers for Upcoming Web3 Plans 2

In the derivatives market, the futures-to-spot volume ratio for BTC is well below 1, continuing a downward trend since the 50 bps rate hike in June. This indicates less confidence and speculative behavior under the current market conditions. BTC Funding rates across major centralized exchanges show signs of a slight recovery, but remain largely in the neutral region. On the other hand, ETH’s funding rates rose significantly over the past week, as short-term sentiment improved with The Merge dissolving into a non-event. In the options market, notwithstanding a turbulent week, BTC volatility remains rather steady, suggesting that the market is grinding lower as opposed to plunging headlong into a sea of red. However, short-term volatility is still susceptible to a number of external factors including political uncertainty and geopolitical tension, not to mention that the market is entering the last week of September, where about $3.8 billion of notional will expire and moderate price actions will have a notable effect on market volatility.

Talk of the Town 

Bybit: BTC Cost Basis Crossover Reveals Accumulation Opportunity; Disney Seeks Lawyers for Upcoming Web3 Plans 3

Entertainment conglomerate Walt Disney is looking to hire a transaction lawyer to explore opportunities in emerging technologies, according to a job posting on Linkedin. The job posting details that the role would entail working closely with “business teams” to facilitate “new global emerging technology projects” across burgeoning segments such as the metaverse and decentralized finance. The post also outlines the expectation of the hire to work at an “accelerated and aggressive timeline”, hinting towards Disney’s rapid expansion in web3 with “next-generation storytelling”.

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

Bybit

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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