$BTC 24 Hour High $16,268
$BTC 24 Hour Low $15,793
Happy Monday from HKbitEX!
Another big week of milestones as we reached the $16K mark for BTC surpassing all previous annual highs. It’s been a strong week for the digital asset market, we welcomed Billionaire hedge fund investor Stanley Druckenmiller and Paypal officially to the game, and crypto darling Grayscale set another record high.
The BTC and ETH market
BTC up by around 5%, with a 10% volatility in between $14,865 and $16,463 over the week. Some downside pressure occurring over the weekend but a line of $15800 here demonstrates there is some solid market support. At the time of writing, BTC is trading at $16,010. Do we think the bulls will continue this run or will there be a correction soon?
ETH also did well last week, finally breaking the $465 resistance level with a monthly high of around $478. There were some corrections over the weekend, with the current price trading at around $447. With the expiration of UNI rewards at Uniswap, it’s hard to predict where the ETH market will go with so many uncertainties on the horizon, but if the next major support levels of $440 don’t hold, we might expect a further drawback towards $420.
Stanley Druckenmiller, a hedge fund billionaire told CNBC that “Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it”
Michael Sonnenshein, Managing Director at Grayscale Investments, mentioned twitter that the team had the largest weekly capital raise of over $262 million, an increase of $47 million from their previous record high.
“As we had highlighted in our previous report of Oct. 23, the potential long-term upside for bitcoin is considerable if it competes more intensely with gold as an ‘alternative’ currency given that the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins,” according to a report by JPMorgan analysts, highlighted that a trend might be driven by institutional investors like family offices towards Bitcoin.
Following our highlight on Paypal last week, it’s now official that all eligible customers in the United States could buy, sell and hold Bitcoin, Ether, Bitcoin Cash and Litecoin through Paypal, with a $20,000 weekly limit.
DeFi continues its bull run, at the time of writing, YFI is back trading at $17,105 from $14,035, AAVE at $63 from $50, UNI at $3.7 from $2.7, COMP at $116 from $94 and LINK from $12 to $12.5.
The market has put significant focus on the ending of Uniswap farming on Nov, 17, which might propose a huge impact towards the pricing of UNI and ETH. There is currently over $1.1 bn worth of ETH in the Uniswap liquidity pool, following the end of the liquidity farming, highly probable they would withdraw from the pool, and next steps to be taken by investors remain an uncertainty.
Worth a mention in the world of regulation - at least $198 million penalties have been made by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) — towards crypto firms and founders up-to-date.