$BTC 24 Hour High $18,510
$BTC 24 Hour Low $17,695
Happy Monday from HKbitEX!
A week with a lot of left profits and buying dips in the market. Thanksgiving Day marked a significant correction across all the major pairs, with BTC and ETH down by around 14.5% and 16.7% respectively. During the weekend, the assets regained strong momentum, with BTC jumping above $18K and ETH to $550.
The dip and rebound were surprising, is the $20K coming for real this time? #tothemoon
The BTC and ETH market
Bitcoin (BTC) underwent a significant correction on #happyturkeyday, from $19,400, straight down to $16,351. The correction could be due to the fact that whales were booking profits from the previous all-time high, causing liquidation of the leveraged future market positions, increasing the drop. There was however a change in momentum over the weekend. Buyers started buying the dip at around $17K, causing BTC to jump back and reach above $18K, although the asset has and not broken through this resistance level since.
At the time of writing, BTC was trading at $18,500. We expect the next major resistance to be the $18,800 mark, where we previously saw high trading volumes and price fluctuations for over 72 hours.
The same story applies to Ethereum (ETH), the thanksgiving momentum pulled ETH back to below $500, while people start buying the dip again during the weekend, pushing the price back to $587 at the moment of writing.
One thing worth noting is the official launch of Ethereum 2.0 (ETH2.0) on 1st December. The market is generally in agreement and expects that the ETH2.0 launch will have a substantial positive impact on the ETH pricing. According to Glassnode, we are seeing new all-time highs of non-zero ETH wallet addresses (over 50 million with a 3-month high of 1060 addresses holding more than 10,000 ETH)
The $4.97 billion Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission, to allow its Guggenheim Macro Opportunities Fund seeking investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), which indicates up to $497 million, through its subsidiary.
Another update on the digital frontier - Facebook’s Libra Coin seems to be gathering pace. After all the eyebrow raises and concerns from regulators, there exists a high possibility that Libra will be launched as a single coin backed 1:1 by the US dollar by January 2021, after seeking approval from the Swiss Financial Market Supervisory Authority (FINMA).
In the world of DeFi, Yearn founder Andre Cronje announces four high-profile mergers and collaborations during the week - Pickle Finance, Argent, Cream Finance and Cover, aiming at improving the core competencies of Yearn via both vertical and horizontal expansion.
The TVL in DeFi dropped to $12.95B following the mainstream correction on #turkeyday, then regaining the level of $14B at the moment of writing. For those who are in the DeFi game, Yearn Finance (YFI) up by ~38%, Aave (AAVE) up by ~53% and Chainlink (LINK) up by ~23% from the recent correction.