$BTC 24 Hour High $19,542.54
$BTC 24 Hour Low $19,349.26
$ETH 24 Hour High $1,337.77
$ETH 24 Hour Low $1,308.37
Happy Monday from HKbitEX, fellow! Highlights from the week:
- After 2 years of debate, Europe finalizes landmark crypto rules
- Hamilton Lane preps tokenized funds to draw individual investors
- Custodian Anchorage adds to Asia push with batch of institutional crypto partners
- Fidelity adds to crypto offerings with Ethereum index fund
- Near Protocol partners with Google Cloud to support Web3 developers
The $BTC and $ETH market
Last week, Bitcoin raised investors’ hopes. BTC rallied above $20k and the total market cap of crypto regained $1tn as risk appetite appears to improve. Its price pushed through a long-term descending trendline resistance. However, BTC failed in its attempt to lock in gains above the $20,500 level on Oct. 7. Meanwhile, ETH and most altcoin prices were also seeing losses. It seems like the crypto market is tracking the pullback taking place in equities markets.
Investor sentiment remains soft as investors continue to avoid risk and wait to see whether the Federal Reserve’s current monetary policy will alleviate persistently high inflation in the US.
Ether (ETH) has been trading near the 20-day EMA ($1,364) since Oct. 4. The bears are defending the level but a positive sign is that the bulls have not given up much ground. This suggests that buyers expect the recovery to extend further.
After Elon Musk said he will buy Twitter for the price originally agreed to, Dogecoin gained +4.5%. DeFi tokens also rallied with SushiSwap (+19.7%) and Uniswap (+7.8%) the top performers in the decentralised sector.
Bitcoin and Gold Correlation
Bitcoin has been mostly uncorrelated with gold over the past year. But this year bitcoin has been hailed as a “digital gold” and a hedge against inflation similar to gold. It seems that gold failed to act as a safe-haven asset.
Mainstream adoption & What’s in the news…
European Union officials have agreed on the final wording for its landmark crypto legislation which could pave the way for a Europe-wide regulatory approach. The full legal text of the Markets in Crypto Assets Regulation (MiCA) was approved at a meeting of EU ambassadors on Wednesday, according to a letter from committee chair Edita Hrdá.
Investment manager Hamilton Lane Inc. is planning to deploy blockchain technology to make its private markets offerings more accessible to individual investors. The firm will be among the first in the $1.2 trillion private-credit market to make its funds available through tokenization -- a method of purchasing securities in the form of digital tokens using blockchain, that operates similarly to shares.
U.S.-regulated cryptocurrency custody specialist Anchorage Digital is continuing its push into Asia, naming a brace of new institutional partners in the region. The firm is partnering with Bitkub, Dream Trade, FBG Capital, GMO-Z.com Trust Company, IOSG Ventures, and Antalpha, the companies said on Wednesday.
Fidelity's new Ethereum Index Fund will offer clients access to ether (ETH), the second-largest cryptocurrency by market capitalization. The fund has raised about $5 million since sales started on Sept. 26, according to a filing with the U.S. Securities and Exchange Commission. The minimum investment is $50,000.
Near Foundation has announced a new partnership between Google Cloud and Near Protocol, providing infrastructure for Near’s Web3 startup platform, Pagoda. According to an Oct. 4 announcement, this partnership will allow Google Cloud to provide “technical support” to Near grant recipients by providing infrastructure for Near’s Remote Procedure Call node provider to Pagoda.