$BTC 24 Hour High $39,621
$BTC 24 Hour Low $37,446
$ETH 24 Hour High $1653
$ETH 24 Hour Low $1501
Happy Monday from HKbitEX!
It's been another super week for $BTC and $ETH, congratulations on another $ETH ATH and $BTC for gaining upside momentum. Despite a great week, as always trade at your own risk and #DYOR. With the launch of $ETH futures on CME and Chinese New Year this week, there may be some unstable factors in the market so stay alert and remember to manage your exposure.
The $BTC and $ETH market
$BTC trading well over the last week after 2 weeks of consolidation. The bulls are back in control since last Tuesday with an over 20% growth touching $40,787, which serves as the next major resistance level before continuing towards $42,000. At the time of writing, $BTC was trading at $38,500 with $39,500 as its next major resistance level and $37,500 as its next key support level.
Taking a look at the $ETH perspective, given the new ATH price of $1756, $ETH gained an over 30% growth over the week. It’s now back in a consolidation period. CME $ETH futures launched today coupled with the historic “CNY-offload” pattern, it remains a question mark whether buyers or sellers will take the lead. At the time of writing, $ETH was trading at $1580 with $1700 as its next major resistance level and $1450 as its next key support level.
Mainstream adoption
According to a filing with the US SEC last Friday by Miller Opportunity Trust, a value fund overseen by Miller Value Funds, founded by noted investor and manager Bill Miller, it was mentioned that the Fund might seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin.
Visa annouced a new partnership with First Boulevard, a neobank focused on the black community, for a pilot crypto API programme, via connection to infrastructure provided by Anchorage, a federally chartered digital asset bank, to extend the value of Visa to their neobank and other FI clients by providing an easy bridge to crypto assets and blockchain networks.
Daniel Schulman, CEO of Paypal, mentioned last Wednesday during Paypal’s earning calls that Paypal would be significantly investing in their new crypto, blockchain, and digital currencies business unit in order to help shape a more inclusive digital economic future. He also mentioned that this dedicated business unit focusing on crypto and digital currencies could be expected in the coming months.
DeFi
DeFi wise, market outperforms $BTC early last week with $TVL growing to and ATH of high $35.2B and currently $33.3B at the time of writing. For the other pairs, Yearn Finance (YFI) records a 2% growth, Aave (AAVE) at +61%, Compound (COMP) at +28%, and Chainlink (LINK) at +8%, just to name a few.
#happytrading