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Chart of the Day

No Dove from the Fed. The short-lived rally on Wednesday lost steam after the U.S. Federal Reserve surprised markets by reversing its stance toward scaling back bond purchases and speeding up the expected pace of policy tightening. The sudden hawkish turn stung risk assets but has failed to provide concrete direction for the crypto markets after a dramatic five-week price freefall.

Needless to say, the market is still looking for a new level amid the slump in on-chain activities. The average price…


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

Chart of the Day

The equivocacy of a sign allows for open interpretation… or does it? Either way, HODLer net position change flipping green for the first time since October last year, a.k.a the dawn before a crazy rally, is unequivocally an important sign.

It indicates that long-term holders have entered the accumulation phase now that the market has recovered from extreme fear and uncertainty, possibly a bullish sign, especially when you zoom out and compare it against the 2013 cycle. However, a similar pattern is…


KEY TAKEAWAYS

  • Elon Musk confirms that Tesla has sold 10% of its holdings in Q1
  • Technoking’s tweets pushed BTC’s price through the roof of resistance
  • Rise of green mining and mining rigs in the West will pose significant positivity for the cryptocurrency market in the long run

While refuting claims about market manipulation, Elon Musk’s tweets shedding hope on the acceptance of Bitcoin have pushed BTC’s price through the roof of resistance. If irony can take the form of a tweet, it must be one from Musk. …


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Chart of the Day

$40k! Phew. After establishing a strong foothold above $38.5k and the 100-hourly moving average, the price of Bitcoin could be on track to extend its gains to the upper $41k region in the near term. In the macro world, the recent rally stands in stark contrast to the decelerating central bank asset purchases.

Historically — though the timeframe is too short to discern any definitive pattern — the peak of each Bitcoin cycle coincides with year-on-year growth in major central bank balance…


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Chart of the Day

Bolt! With recent extreme bearish sentiment, the number of transactions on the Bitcoin network has plunged to levels last seen in August 2018. Correspondingly, the average transaction fee has nosedived from its recent peak near $60 to around $5.60.

However, Lightning Network, arguably the best Bitcoin scaling solutions to date, has seen substantial growth. Network capacity has just exceeded 1,500 BTC, and that’s not all — network nodes and channels, alongside capacity, have reached their respective all-time highs. …


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

Chart of the Day

Whales Surfacing. The price of Bitcoin settled well above the $35k level, yet failed to extend its gains beyond $38,500 — not for a lack of trying. Bullish signals are likely to remain active as whales and long-term holders have been buying the dip and stacking for the past week. Bitcoin and many altcoins started to show a strong upside trend after the release of May inflation data that has apparently exceeded expectations by far. The price paid by U.S …


No other coin that begins with the letter “X” is quite as prominent as the XRP token, created and launched by Ripple Labs Inc. Love it or hate it, XRP has certainly managed to keep its seat as one of the Big Ten cryptocurrencies in the market by market capitalization year after year.

Does XRP truly have the X factor? Here’s the low-down on this cryptocurrency:

(1) What is XRP?

Frequently used for cross-border remittances, this virtual currency acts as an intermediary for senders all over the world to transfer their own currency to respective receivers in another currency. …


KEY TAKEAWAYS:

  • Macro pressures kick in bearish sentiments over the cryptocurrency market
  • Institutional investors inject $46.8 million in ETH projects for the next bull run
  • High OTM put-call skew reflects short-term bearish sentiments

After a historic plunge of 30% in May, the price of Bitcoin saw a weak recovery of 4% in the subsequent week — shrinking the total crypto market capitalization to $1.2 trillion. Despite wild swings in the crypto market, the price of Ether soared by 10% last week and could still be poised for a strong recovery; probably a question of “when” rather than a matter of “whether”.

The…


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Chart of the Day

Despite last night’s pump that propelled the price of Bitcoin back to $36k, perpetual swap funding rates across major exchanges have dived deeper into the negative territory, indicating that bears are doubling down on short positions.

Negative sentiment prevails after another pang of dismal news, including Bitcoin-related keyword censorship on major Chinese media platforms, mining bans in three Chinese provinces, and heavy regulation pressure stateside.

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Talk of the Town


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

Chart of the Day

Wrapped Up. A significant percentage of Bitcoin’s circulating supply has been tokenized and locked up in smart contracts on the Ethereum network. According to The Block, the amount of tokenized Bitcoin has increased by 100,000 in absolute number since the beginning of this year, with the total amount reaching 240,000.

The growth is no doubt spurred by robust development in the DeFi space. With the broader market trapped in a sluggish state, the demand for Ethereum-based protocols has fallen, along with prices…

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