We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

Buckle down, as it looks like we are in for further price seesaws in the ETH market. According to Glassnode, ETH has experienced five major drawdown periods this year, marked by the highlights in red above. The current one has lasted longer than any drawdowns ETH has seen since February 2021.

A brief look at ETH’s daily returns shows that we are in the midst of dampened volatility. …


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

A Steep Surge. The estimated annual inflation rate for ETH is climbing upwards in the aftermath of the Ethereum London hard fork announcement. At the height of the bull market in March and April 2021, the numbers sank as low as under 1%. Now, with the EIP 1559 proposal set to go live in August, potential fluctuations to ETH’s supply have driven expected inflation rates to exceed 3.5%.

Theoretically, EIP 1559 results in approximately 75% of ETH’s supply being burned as it…


A new digital currency “arms race” ensues as El Salvador is poised to be the first country that adopts Bitcoin as legal tender. Unsurprisingly, numerous economists and officials disapprove of this move. Many believe that the plan could falter due to the lack of a progressive financial infrastructure for adopting Bitcoin.

Leap of Faith Into Action

President Nayib Bukele is confident of adopting Bitcoin, citing the success of the Bitcoin Beach Wallet experiment — representing a mere sliver of the country — but giving consideration to 70% of El Salvador’s citizens who are unbanked.

As the saying goes, you can never reach the sky in…


What if a demon were to creep in on you one night, in your loneliest loneliness, and say, “This life which you live must be lived by you once again and infinite times more … ”

— Friedrich Wilhelm Nietzsche, German philosopher

If Nietzsche were alive today, he’d be delighted to learn that the crypto community is putting his philosophy of amor fati to actual practice and embracing the cyclical bouts of euphoria/depression to the fullest.

And just as quickly as we’ve gone into a mini Q2 “winter,” market sentiment now appears to be leaning bullish. …


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

The Dust Settles. Bitcoin supply held by miners has finally flipped onto the greener side, with net position change in the positive.

It seems that the mining sector is beginning to adjust to the supply shock dealt by China’s miners having to cease or move their operations temporarily. BTC prices are slowly inching back upwards, having cleared the $34,000 level; accumulation by miners continues on.


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

In the Negatives. History repeats itself — BTC futures perpetual funding rates in the period after mid-May is starting to look a lot like the negative funding rates seen in March to April 2020.

We may remember these two dark months as the aftermath of the abrupt Black Thursday crash and while nowhere as severe, BTC is seeing a prolonged market drawdown in recent times. …


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

Whale Watching. We’re seeing some rare whale activity spotted in the BTC market, with whale SOPR dipping into the negative territory in the first week of July 2021, and no clear indication of upward movement anytime soon.

This shows that whales have been transacting BTC at a loss (i.e. current market price < original price) for an extended period of time, which in turn presents a potential buying opportunity.

Undercurrents reveal that there are currently fewer whales in the market in general…


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

Timing is everything. The road to $40,000 has not been smooth, with China’s recent mining crackdown and other regulatory difficulties coming into play. Here’s the silver lining — with BTC price hovering around the $33,000 range, the Mayer Multiple stands at -0.76, indicating a positive signal for traders.

Typically, the lower the Mayer Multiple results, the smaller the deviation of Bitcoin’s current price from its longer-term price trend. At -0.76, Bitcoin’s Mayer Multiple is lower than 87% of its price history.

Trade…


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

A New Low. Inflation rates for the world’s bellwether cryptocurrency in the months leading up to the May 2020 halving event and after that remained consistent in the 3.6% — 4.0% and 1.8% — 2.0% ranges respectively.

That is, until literal May-hem descended upon the crypto market — inflation rates almost touched the 1.0% mark before heading back upwards into range, but that did not last long. On June 27, 2021, rates fell to a historic low of 0.71%, …


June has been a net positive sentiment-wise for the crypto market. Pessimism brought about by extreme May FUD has been temporarily alleviated by an influx of positivity, ranging from regulatory to institutional adoption, while Bitcoin continues to be pinned around the 35k-40k region.

1. Celebrity “Influencers” holding sway over sentiment

Extreme FUD negative sentiment subsided as strong momentum propelled the price of Bitcoin above key resistance levels near $40k over the past days. The first wave of sentiment boosters came from the market-swaying thought-leader Elon Musk, who returned to Twitter announcing the possibility of Tesla accepting Bitcoin again when 50%…

Bybit

One of The World’s Fastest Growing Cryptocurrency Trading Platform

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store