$BTC 24 Hour High $56,610
$BTC 24 Hour Low $55,071
$ETH 24 Hour High $1728
$ETH 24 Hour Low $1672
Happy Monday from HKbitEX!
Fidelity has entered the chat with its submission for the first SEC-approved ETF. Hopefully with the calibre of players that have dropped a submission we will see an expedited ETF soon. Watch this space. Market wise, the expiry of a record $6.4 billion bitcoin options contracts enhanced market volatility over the weekend, but overall market remained bullish. There is a lack of confirmation on the short-term market momentum but seems rather optimistic. Most importantly, trade at your own risk always #DYOR, no #FOMO.
The $BTC and $ETH market
$BTC market was quite volatile last week, after starting with the highest $57k level on Monday, it ended the week at almost the same level, dropping by only 1.5%. The week started with a 5% correction, followed by Tesla’s announcement that it would now be accepting bitcoin for car purchases which pumped the market back to the original price. Despite the excitement over the news the market could not sustain the momentum as market fears over the expiry of the $6.4 billion bitcoin options contracts corrected the price all the way down to roughly $50,000 where it found solid support.. At the time of writing, $BTC is now trading at $55,358 with $57,000 as its next major resistance level and $53,500 as its next key support level.
$ETH wise, we see the market largely following the trend of $BTC, starting the week at the highest $1800 level and ending with a 5% decline. The market dropped all the way down to the lowest $1550 level where it found support and then rebounded to $1700. At the time of writing, $ETH is now trading at $1707 with $1750 as its next major resistance level and $1650 as its next key support level.
Fidelity, the traditional asset management giant has submitted a new filing with the US SEC regarding a new bitcoin ETF, named the Wise Origin Bitcoin ETF. According to the filing, the sponsor, fund administrator and the custodian of the ETF will be FD Funds Management LLC, Fidelity Service Company and Fidelity Digital Assets respectively. The ETF, if approved, will be tracking the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR adjusted for the Trust’s expenses and other liabilities. According to publicly available information, Fidelity’s newly submitted bitcoin ETF marks the sixth of this kind of product within US, the others are filed by WisdomTree Investments, VanEck Associates Corp., NYDIG Asset Management, First Advisors/SkyBridge and Valkyrie Digital Assets.
Elon Musk, founder and CEO of Tesla (TSLA), mentioned in his tweet last Wednesday that “You can now buy a Tesla with Bitcoin." The electric car company further announced that the company now accepts bitcoin only as a payment method while the other digital assets are not supported at the moment. It has also been emphasized by Elon that Bitcoin paid to Tesla would not be converted into fiat and would try to make this payment option available outside US later this year.
According to a report on Stuff last Friday (26/3), a New Zealand local news outlet, it mentioned that New Zealand Funds Management Ltd. (NZ Funds)’s KiwiSaver Growth Fund, which had investments worth just over $350 million at the end of December, had around 5 per cent of its money in bitcoin. James Grigor, their chief investment officer further added that “they have bought in $BTC in October at US$10,000 (NZ$14,360). It was US$62,000 at the weekend, and it’s back at US$55,000 today.”
According to Coindesk, “the fund falls under the auspices of the national KiwiSaver program founded by the New Zealand Labour party in 2007. The retirement savings scheme is similar to a 401(k) in the U.S. and Superannuation in Australia, which allows access to a user’s savings only after he or she reaches a certain age.”
Alts & DeFi
Alts and DeFi wise, Defi TVL drops to around $41B at the time of writing. For some well-known ones, Yearn Finance ($YFI) records a 5.6% decline, Aave ($AAVE) at -5.38%, Compound ($COMP) at -9.27%, Uniswap ($UNI) at -12.68%, Polkadat ($DOT) at -9.6% and Chainlink ($LINK) at -8.08%, while for some well-performing ones, we have Filecoin ($FIL) at +58%, just to name a few.