$BTC 24 Hour High $49,708
$BTC 24 Hour Low $43,881
$ETH 24 Hour High $1833
$ETH 24 Hour Low $1743
Happy Chinese New Year from HKbitEX! Gong Xi Fa Cai and we wishing everyone a prosperous new year.
Some bullish movements from the market during CNY for both $BTC and $ETH with new ATHs. Last week also welcomed Elon Musk and Tesla to the crypto family! Some exciting news as we also saw the first Bitcoin ETF getting approved, some giant traditional banking groups getting into the crypto business and huge interest towards CME $ETH futures. Positive positions all around for the beginning of this bull year, coupled with the booming DeFi market, we’re just getting started.
As always trade at your own risk and #DYOR. Happy trading my friends.
The $BTC and $ETH market
$BTC up by a solid 29.8% last week, with highs touching $49,487 – last week’s ATH. Following Tesla’s $1.5B purchase announcement last Monday BTC strongly broke the recent consolidation pattern and pushed towards 50K. Whilst it failed to penetrate the major resistance levels of $49,500, a small correction happened yesterday, with $BTC retesting the $46,000 level. The bulls reacted quickly buying the dip and BTC bounced back to the $48K level back just in a few hours. At the time of writing, $BTC is now trading at $49,700, with $50,000 as its next major resistance level and $49,000 as its next key support level.
From an $ETH perspective, given the new ATH price of $1871, $ETH grew by around 25% over the week. Following $BTC’s correction yesterday, $ETH drops from $1830 to $1660. Though it soon recovered the $1800 level, whilst it has not yet broken the resistance at the upper boundary of an ascending price channel. At the time of writing, $ETH is now trading at $1824, with $1900 as its next major resistance level and $1750 as its next key support level.
According to a filing with the US SEC disclosed last Monday by Tesla, it mentioned that the company has updated their investment policy to provide them with more flexibility to further diversify and maximize returns on their cash that it is not required to maintain adequate operating liquidity. Given the new investment policy, Tesla has invested an aggregate $1.50 billion into $BTC and may acquire and hold digital assets from time to time or long-term. #HODL. They also added that the company might begin accepting bitcoin as a form of payment for their products in the near future.
According to the Wall Street Journal last Thursday, it is reported that Bank of New York Mellon (BNY Mellon), America's oldest bank will start custody for bitcoin and other cryptocurrencies later 2021, i.e. to hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients. It is also mentioned by their chief executive, Roman Regelman that Digital assets would become part of the mainstream in the coming future.
According to a Bloomberg News Report last Saturday, it is mentioned that Counterpoint Global - a $150 billion Morgan Stanley Investing arm is now considering whether or not to add Bitcoin into its list of investable assets.
According to page 23 of the December 2020 report by the World Economic Forum, Germany’s largest bank Deutsche Bank would develop a fully integrated custody platform for institutional clients in stages, which aims to ultimately provide insured digital asset custody services, trading capabilities via partnership with prime brokers, issuers and vetted exchanges, together with other value-added services such as taxation, valuation services and fund administration, lending, staking and voting, etc.
BitPay announce last Friday that its prepaid Mastercard offering now supports Apple Pay, means that users can now add their virtual card to Apple Wallet via BitPay Wallet app, which they can then make payments with immediately. The company also mentioned that they already had plans to add support for Samsung and Google’s payment services soon in the future.
DeFi wise, TVL grows to highest $41.36B and currently $40.16B at the time of writing. For the other pairs, Yearn Finance (YFI) records a 40% growth, Aave (AAVE) at +12%, Compound (COMP) at +11%, and Chainlink (LINK) at +33%, just to name a few.