$BTC 24 Hour High $61,253
$BTC 24 Hour Low $59,289
$ETH 24 Hour High $2197
$ETH 24 Hour Low $2125
Happy Monday from HKbitEX!
A very happy 2 weeks for all digital asset investors – $BTC re-gained its $60k position, $ETH at a new ATH, and Alts are giving us a run for our money. News-wise, we are continuously seeing increased interest from traditional institutions, we’re especially happy to see more adoption in the payments and settlements space. Overall the market sounds very optimistic. At these critical levels, historically, the market has been known to suddenly reverse with -25% to -50% corrections. Remember #DYOR don’t #FOMO, always set your take-profit and set up stop-losses for every trade.
The $BTC and $ETH market
I would rather use stable to describe the $BTC market for the last 2 weeks as it traded mainly between $55k and $60k. To be exact, $BTC started at around $55k on Easter Monday, made a few runs at testing $60k but failed to hold at this level, which brought it back to levels of $55k last Wednesday. The bulls then took the lead and pushed $BTC right above $60k. $61k marks the next major resistance line for $BTC. Any further breakthrough there whilst maintaining a rising RSI will be marked as a positive signal. At the time of writing, $BTC is trading at $60,195 with $61,000 as its next major resistance level and $56,500 as its next key support level.
$ETH wise, bulls start their performance on Easter Monday, gained 25% and closed its fifth consecutive day in the green with an ATH of $2162. Broader adoption via the likes of the Visa network utilizing ethereum-backed USD Coin and growing popularity definitely play a role in this bullrun. The market then saw a healthy correction after the ATH, back to the $1930 support level as investors started taking profit. The momentum however, has been dominated by the bulls again, which pushed $ETH to the new ATH of $2197. At the time of writing, $ETH is now trading at $2157 with $2200 as its next major resistance level and $2040 as its next key support level.
Global payment giant Visa announced on 29/3 that it has started settling payments via $USDC stablecoin on the Etheurum blockchain. According to the announcement, Visa is running the pilot program with Crypto.com to allow its card business to fully adopt settlements in digital assets, rather than fiat currency, which means during settlement, Crypto.com will now be sending $USDC to Visa's Ethereum address at Anchorage (Visa’s settlement agent). While all has been running smoothly, Visa would expect to extend its $USDC settlement capacity to other partners “in the year ahead.”
MicroStrategy (MSTR:NASDAQ) announced last Monday (5/4) that the company has bought another $15 million worth of $BTC, at an average price of about $59,330, which increases its BTC holdings to a total of around 91,579, with an average price of about $24,311. The MSTR stock price closed at $711 last Friday, represents a decline of 44.1% from the February 9 trading high.
According to Coindesk, “State Street, the second-oldest bank in the U.S. with $3.1 trillion in assets under management, is providing the infrastructure for a new bank-grade trading platform for digital assets set to go live mid-year — and could eventually use the system for trading itself.” The partnership is between State Street's Currenex unit and London-based Pure Digital, where "Currenex is thrilled to leverage our experience and expertise in the FX and digital asset trading marketplace to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative," mentioned by David Newns, global head of execution services for GlobalLink at State Street Global Markets.
According to an announcement titled “DISCLOSEABLE TRANSACTIONS” from Meitu (1357.hk) last Thursday (8/4), the Chinese software company has completed another round of $10 million $BTC purchase through its wholly-owned subsidiary (Miracle Vision Technology Pte. Ltd), the new purchase includes “175.67798279 units of Bitcoin at an aggregate cash consideration of approximately US$10 million under the Further Bitcoin Acquisition,” together with its previous round, Meitu is now holding 940.88522604 BTC and 31,000 ETH on its balance sheet.
Alts & DeFi
Alts and DeFi wise, Defi TVL increase to around $52B at the time of writing. For some well-known ones, Yearn Finance ($YFI) records a 35.87% growth, Aave ($AAVE) at +8.65%, Compound ($COMP) at +24.44%, Uniswap ($UNI) at +11.41%, Polkadat ($DOT) at +28.39% and Chainlink ($LINK) at +24.72.