$BTC 24 Hour High $19,389.60
$BTC 24 Hour Low $19,118.19
$ETH 24 Hour High $1,324.93
$ETH 24 Hour Low $1,279.79
Happy Monday from HKbitEX! Highlights from the week:
- America’s oldest bank, BNY Mellon, will hold crypto now
- Crypto exchange Huobi to be acquired by About Capital
- Google selects Coinbase to take cloud payments with crypto
- McDonald’s accepts Bitcoin in Swiss city of Lugano
The $BTC and $ETH market
Bitcoin price hits 3-week low as U.S. inflation data sparks a rout to $18,200 for BTC. On 13 Oct, BTC dipped to the $18K level, one of the lowest levels since the market crash in June. The most likely culprit is the consumer price index (CPI) report that showed consumer prices rising by 0.4% in September. On top of that, nonfarm payrolls added 263,000 in September, and the unemployment rate dropped to 3.5%.
Once the report was released, BTC shed nearly 5% and Ethereum, the second largest cryptocurrency dropped by 6%. However, BTC shoot back up to 20,000 after dumping to just over $18,000 and ETH was pushed back above $1,300. At the time of writing, the global crypto market cap stood at $941.9 billion, with a volume of $87.9 billion in the past 24 hours. What a rollercoaster of a trading day!
Altcoins see green…
The alternative coins experienced similar volatility yesterday, but most are well in the green on 14 Oct.
Meme-based Dogecoin rose 2.4% on Friday (14 Oct) and its market cap stood at $8 billion. Shibu Inu surged 5.6% with a market cap of $5.8 billion.
Mainstream adoption & What’s in the news…
America's oldest bank is dipping its toes into the finance world's newest trend. BNY Mellon launched a digital custody platform to safeguard select institutional clients’ Ether and Bitcoin (BTC) holdings on Oct. 11, making America’s oldest bank the first large bank in the country to offer the custody of digital assets and traditional investments on the same platform.
Crypto exchange Huobi Global, one of the biggest token trading outposts in the Asia markets, said late Friday that it has agreed to be purchased by Hong Kong-based investment company About Capital Management's M&A fund.
Google announced a new deal with Coinbase that will allow a select set of customers to pay for its cloud services using digital currencies such as Bitcoin. It will take effect early next year. According to CNBC on Oct. 11, the tech giant also plans to explore using Coinbase Prime, a custodial service for storing and trading cryptocurrencies.
In partnership with Go Crypto, Plan ₿ Foundation is enabling bitcoin payments for the city of Lugano, Switzerland, including McDonald’s. Plan ₿ Foundation has on boarded multiple businesses in Lugano, Switzerland to accept bitcoin payments.