$BTC 24 Hour High $34,608
$BTC 24 Hour Low $32,296
Happy 2021, Happy Monday, and for sure Happy $34K BTC from HKbitEX! For all BTC HODLERS out there, Congratulations!! What a great start to the year with BTC breaking through $30K and reaching $34K and ETH finally touching $1000 again, after early 2018. Over the weekend, the most frequently asked questions we have been hearing is - what is the driving force behind such a strong bullrun? Whilst it is difficult to pinpoint just one reason, we think that it’s a mix of institutional FOMO, and in part due to ETH over-underperforming.
As always crypto is a volatile asset, #DYOR and trade at your own risk.
The BTC and ETH market
BTC just celebrated its 12th birthday on January 3 and reached another milestone - $34K as the best gift to its supporters. A quick recap of this week – BTC went all the way up to $33K after overcoming the major $30K resistance, the bears then drove corrections down to $30K but was soon dominated by the bulls, with BTC shooting up to $34K, setting a new ATH at $34608. At the time of writing, BTC is currently trading at $33,000 with $34,000 as its next key resistance level and $32,700 as its next key support level.
Let’s talk about ETH, there was an obvious under-performance (+5%) in comparison to BTC (+12%). However, by Sunday 5am (UTC+8), ETH excelled in performance, with over 30% growth, touching $1000 in just 12 hours. With the new CME ETH Futures being launched on Feb 8, it would be a good guess that ETH might be the next target for institutions which could potentially drive ETH to another ATH, the 2018 level ($1432). At the time of writing, ETH is now trading at $978 with $1000 as its next major resistance level and $950 as its next key support level.
Anthony Scaramucci's Skybridge has invested $182 million into bitcoin, according to CoinDesk. “The firm, which has $9.3 billion AUM, is launching the SkyBridge Bitcoin Fund LP in January, according to Securities and Exchange Commission documents filed on Dec. 21. The bitcoin fund has already invested $25 million in bitcoin, it announced in the brochure. The new fund will be open as of Jan. 4 to outside investors putting up at least $50,000.” CoinDesk reported.
According to an announcement from Greenpro Capital (NASDAQ:GRNQ) last Monday (28/12), it mentioned that the company intended to raise debt in Q1 up to $100 million for BTC investment, and also plans to invest Greenpro's cash in BTC.
A green light has been granted to Japanese giant GMO Internet by The New York Department of Financial Services (NYDFS) to issue two stablecoins – USD backed ZUSD and the world’s first regulated yen backed GYEN.
Asset Manager VanEck, has successfully filed a new S-1 with the the U.S. Securities and Exchange Commission (SEC) for its bitcoin ETF after previously failing 2 times.
DeFI wise, following the booming, TVL increased to 17.34B at the time of writing. For the other pairs, Yearn Finance (YFI) has a 11% growth, Aave (AAVE) at +26%, Compound (COMP) at +16% and Chainlink (LINK) at +18%.
One thing that worth mentioning regarding the early hack issue from the decentralized finance (DeFi) insurance project Cover Protocol last week. It was soon realized that the attack was from Grap.Finance, a “white hat hacker” and emphasized that all funds had been returned.