Crypto

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December, 2022
December 2022
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Bybit: BTC On-Chain Activities Fall Back; Stablecoin Landscape Shifts as Conversion Begins
29/09/2022 18:22 0.1K

Bybit: BTC On-Chain Activities Fall Back; Stablecoin Landscape Shifts as Conversion Begins

Chart of the Day 

U.S. equities rallied on Wednesday after BOE’s intervention, with S&P 500 snapping the six-day rout that followed the FOMC’s rate decision. The 10-year Treasury yield dropped after topping 4% on the back of the Fed’s reaffirmed hawkish stance earlier this week. As the traditional financial markets pipe down after a volatile week, the crypto market manages to regain some lost ground on Wednesday. BTC rebounds above the $19k handle and the 100-hour moving average after posting a 4% increase in the last 24 hours. A short-term channel with support near the $19.3k zone is taking shape on BTC’s hourly chart. The price resilience of the largest cryptocurrency by market cap shows some promise of an imminent rally, barring any macroeconomic headwinds.

BTC’s on-chain activities have returned to uninspiring levels after last week’s slight rebound. Mining difficulty fell by 2.14% and hash rate dipped by 2%, indicating that decreasing mining economics is gradually phasing out less cost-efficient rigs. Meanwhile, miner balance has seen large outflows since the price rejection from the local peak of $24.5k. Although miner profitability remains under immense pressure, profit-taking behaviours to cover USD-denominated losses have tapered significantly since the massive sell-off in August.

ETH is well-bid above the $1,300 handle after gaining 3.6% in its market value in the same period, showing similar resilience in its price actions. Mid-to-large-cap altcoins have mostly flipped green, with UNI and BNB leading the pack on less than 5% increase in a similar time frame.

Talk of the Town 

Bybit: BTC On-Chain Activities Fall Back; Stablecoin Landscape Shifts as Conversion Begins 1

Following the announcement earlier September, several exchanges have proceeded with the conversion of a handful of stablecoins, including Circle’s USDC, Paxos’ Pax Dollar, and TrueUSD, to their own exchange stablecoin. Prior to the conversion, USDC has ended 2021 on a strong note. It has also managed to hold onto the 2021 momentum in the first half of 2022, with its market share increasing from 27% in January to 35% in June. Recognising USDC’s immense potential, Bybit joined hands with Circle in August to support the growth of USDC by promoting products such as spot trading, perpetual contracts, and options. We will also enable instant, auto-conversion between the dollar and USDC and other Circle-issued stablecoins.

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