$BTC 24 Hour High $17,245.64
$BTC 24 Hour Low $16,899.39
$ETH 24 Hour High $1,283.56
$ETH 24 Hour Low $1,241.66
Happy Monday from HKbtiEX! Highlights from the week:
- FTX Japan Has Until March 2023 to Cease All Operations
- Starbucks Introduces Coffee-Themed NFTs on Polygon to Beta Testers
- Binance Labs Leads Funding Round For Web3 Security Startup
The $BTC and $ETH market
The primary cryptocurrency went back and forth last week before dropping below $17K. However, the bulls reclaimed the important level. BTC’s price is now above it for an increase of 1% throughout the last week.
After dropping to the lower trendline of the descending wedge pattern, the price of BTC started a mini-rally followed by relatively low momentum and trading volume. The price faces 2 substantial resistance levels: the 50-day moving average at $17.9K and the 100-day moving average at $18.7K. A successful breakout above the abovementioned barriers should push the price toward the upper boundary of the wedge, roughly around $20.5K.
The rest of the market is just like Bitcoin. Most of the major cryptocurrencies are trading roughly at similar prices compared to last week, with certain exceptions. For example, DOGE is down 5%, and XRP is down 3%. On the other hand, Uniswap’s UNI and Avalanche’s AVAX are up by 6.4% and 4.9% respectively.
As for the second largest cryptocurrency, ETH’s price is currently facing resistance, with focus to surpass the crucial resistance. Ethereum’s price has been forming a descending flag price pattern over the last few months. After recently touching the lower trendline, it has initiated a small rally with extremely low momentum.
Cypto options hit new highs
The number of ETH options contracts traded rose 10% in Nov, reaching a record high of 8.9mn. Trading volume in BTC options rose 17% to 778,000 contracts. In nominal terms, the total options turnover rose 5% to $25.5bn, with the exchange accounting for over 90% of the global trading volume.
Mainstream adoption & What’s in the news…
The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023. According to recent coverage, the Kanto Local Finance Bureau will grant FTX Japan three more months before halting all its activities. The final date has moved from December 9, 2022, to March 9, 2023, because the company still struggles to return assets to customers.
The American multinational chain of coffeehouses – Starbucks – launched its blockchain-based loyalty program, called Starbucks Odyssey, to its first group of US beta testers. Starbucks’ NFTs offer US beta testers a chance to learn interesting facts about coffee and get involved in various activities.
Aligning with ambitious investment plans in the ongoing bear market, Binance Labs – the venture capital arm of the world’s largest crypto exchange – announced leading a private round II for GoPlus Security. The value of the investment has not been disclosed. The fresh capital infusion will be deployed to develop security data further, build a security service marketplace, and conduct new hiring for the Web3 security infrastructure provider.