Bybit daily review examines the bitcoin and Ethereum exchange rate over the past 24 hours: “Global stocks have increased their profits thanks to new optimism in US earnings reports…
Bybit daily review examines the bitcoin and Ethereum exchange rate over the past 24 hours: “Global stocks have increased their profits thanks to new optimism in US earnings reports. Asian stocks fell further after the worst day since the global financial crisis of 2008. Meanwhile, yields on the dollar and Treasury bonds fell amid investor speculation that the Federal Reserve’s aggressive tightening campaign may be coming to an end. A positive outlook on the markets was not enough to take the cryptocurrency market out of range last week.
At the time of the valuation, Bitcoin is still changing hands above the $19,000 level after posting minor losses over the past 24 hours. $19,000 handle has served as a reliable bottom support for the largest cryptocurrency since September. As demand from both retailers and institutions remains insufficient, the month-long battle to get out of this tight gap may continue for a long time. At the same time, there was a noticeable change in Mempool transactions due to lack of network activity. However, a more stable uptrend will be required to conclude that tidal changes are inevitable.
Similarly, Ethereum continues to trade above $1,300 after a slight increase since yesterday. The temporary deflation regime caused by the frenzy around some Ethereum gas enthusiasts may have generated more rumors about the second largest cryptocurrency by market capitalization. Medium and large altcoins have shown mixed dynamics, with CHZ leading the way with an increase of 6.8% over the same period of time.
MakerDAO’s proposal to hold a $1.6 billion treasury in Coinbase was approved by 75% of votes on Monday. This move allows MakerDAO to join Coinbase in its pilot corporate rewards program and earn 1.5% of the funds that Coinbase currently acts as a custodian. Coinbase will provide round-the-clock availability throughout the year for the DAO Binding Stability Module (PSM), which is responsible for managing the management commission on exchanges. The protocol exempts Maker from paying storage fees and states that the community will have to vote for Coinbase storage again at the end of the year when the trial period ends.”