$BTC 24 Hour High $58,198
$BTC 24 Hour Low $56,005
$ETH 24 Hour High $1813
$ETH 24 Hour Low $1761
Happy Monday from HKbitEX!
After all the excitement from the previous weeks, although we are seeing some crazy swings in the ALTs market, it’s been a relatively quiet week here for both $BTC and $ETH. The two coins are mainly trading within a predetermined range, good for those who are running grid bots- this should make for some beautiful profits there. I personally spent more time in reading up on new projects, doing some DD and digesting some of the hype around adoption news – new ETF approved by Brazil SEC, Morgan Stanley’s opening access to 3 bitcoin funds, BNY joining the game and HK-listed Meitu’s bitcoin purchase.
As always, cryptocurrencies are volatile assets, trade at your own risk and #DYOR.
The $BTC and $ETH market
As mentioned, the $BTC market was relatively quiet last week, starting the week on Monday trading slightly about $60K and then pulling back amongst the week to trade between the $54K - $60K range. It seems for now the bears are dominating the momentum, however taking a look at the 4-hour chart for this month, $BTC is still trading above the short-term ascending trend line.
There were a few trials to break the major $60K resistance levels but all failed with a pull back with the last correction happening over the weekend with $BTC prices touching $56K. Currently, BTC is trading at $57,535 with $60,000 as its next major resistance level and $55,000 as its next key support level.
Taking a quick look at $ETH, trading patterns bear resemblance to the $BTC market. Starting with highs of around $1850 on Monday, trading mainly between $1750 and $1850 over the week. There is a lack of clear direction on whether we might expect a breakthrough or a further correction until it breaks the range and closes the daily candles above/below these levels. At the time of writing, $ETH is now trading at $1788 with $1850 as its next major resistance level and $1750 as its next key support level.
Morgan Stanley, the Wall Street Investment Bank announced in an internal memo that it is launching access to three Bitcoin funds which enable direct ownership of bitcoin. According to the memo, the three funds include 2 from Galaxy Digital named Galaxy Bitcoin Fund LP and Galaxy Institutional Bitcoin Fund LP while the third one is a joint effort from asset manager FS Investments and crypto conglomerate NYDIG, named FS NYDIG Select Fund. However, there also exists some restrictions for accessing this kind of product according to an internal source, which might include a minimum reserve of at least $5 million at the bank and probably a limitation of 2.5% of total net worth only.
According to an announcement titled “DISCLOSEABLE TRANSACTIONS” from Meitu (1357.hk), the Chinese software company has completed another round of $50 million BTC and ETH purchase through its wholly-owned subsidiary (Miracle Vision Technology Pte. Ltd), the new purchase includes “(i)16,000 units of Ether at an aggregate consideration of approximately US$28.4 million under the Ether Acquisition; and (ii) 386.08581655 units of Bitcoin at an aggregate consideration of approximately US$21.6 million under the Bitcoin Acquisition,” together with its previous round, Meitu is now holding 765.20724325 BTC and 31,000 ETH on its balance sheet.
According to Reuters, Bank of New York Mellon Corp (BNY Mellon), the world’s largest custodian bank has invested in Fireblocks, the crypto security and custody service provider in order to deepen its focus on digital assets. It was also mentioned that BNY Mellon’s investment was part of Fireblock’s latest $133 million funding round alongside with other participation from hedge fund Coatue Management, investment firm Ribbit Capital, growth equity firm Stripes and SVB Capital.
After a couple of Bitcoin ETF’s were approved by the Canada regulators, we now have Brazil being the second country to approve a bitcoin ETF. The new Bitcoin ETF issued by blockchain investment firm QR Capital has been approved by the Brazil Securities and Exchange Commission (CVM) and will be traded on the Sao Paulo-based B3 exchange under the ticker QBTC11. The listing is expected to take place by June,2021.
DeFi wise, $TVL drops to around $43.9B at the time of writing. For some well-known ones, Yearn Finance ($YFI) records a 0.6% growth, Aave ($AAVE) at -2.87%, Compound ($COMP) at -8.35%, Uniswap ($UNI) at +5.54%, Polkadat ($DOT) at +1.3% and Chainlink ($LINK) at +0.41%, while for well-performing ones, we have Harmony ($ONE) a near 200% growth.