$BTC 24 Hour High $19,411
$BTC 24 Hour Low $18,897
Happy Monday from HKbitEX! New all time highs of BTC this weekend as we saw the asset class reach $19,411, although this quickly rebounded slightly, the market remains bullish for the overall week. This week also saw continued support from institutions like MicroStrategy, GBTC and BlackRock. On the other hand, we are experiencing some regulatory uncertainty as we have rumblings from US Democrats regarding a new legislation on Stablecoins, and UK FCA’s crypto company registration deadline being set to January 10, 2021, matter of a fact is, Bitcoin HODLers are getting stronger. #buybtc
The BTC and ETH market
BTC up by 10% this week, trading between $18,035 and $19,845. Strong resistance before the $20,000 remains. Downside pressure pulling BTC back, testing the $18,500 support levels, which are defended by the massive buy flows and standing strong at the $19K zone for the rest of the week. At the time of writing, BTC is trading at $19,231, the market generally predicts the BTC market is gathering momentum to prepare for another $20K run.
The upcoming launch of ETH 2.0 on December 1, 2020 not generating as much movement as was expected to the ETH market, with this being more of a technical revolution. However, we still saw a 13.2% growth in this weekend’s market, with the highest levels pushing at $635. At the time of writing, ETH is trading at $594, while we expect $600 & $620 being the next resistance levels, or we could see downside corrections testing $560 levels.
Laurence Fink, CEO of BlackRock mentioned during a panel discussion a that bitcoin could possibly “evolve into a global market” asset.
Visa announced a new partnership with Circle, aimed at integrating Circle’s USDC into its credit card platforms.
S&P Dow Jones Indices mentioned that it will launch cryptocurrency indexes in 2021, in order to cater investors’ needs on reliable pricing data.
Michael Sayor, CEO of MicroStrategy wrote in his tweet last Friday, that "MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin," They are now holding approximately 40,824 bitcoins.
DeFi market remained relatively stable this week, TVL remains at the level of around $14.5B with Yearn Finance (YFI) gaining 10% growth, Aave (AAVE) at +16%, Compound at +20% and Chainlink (LINK) at -4% , just to name a few.
Also worth a mention what with it being the fifth merger of Yearn.Finance last week, this time with SushiSwap, the others being Pickle Finance, Cream Finance, Cover, and Akropolis. According to Andre Cronje, founder of Yearn.Finance, the merge with Sushi aims to bring in Sushi’s AMM ecosystem for expanding Yearn.Finance’s strategies and assist on the launching of Yearn’s upcoming project – Deriswap.
A new bill (STABLE Act) introduced on December 2, 2020 by Three US House Democrats - Michigan Democrat Rashida Tlaib, along with Congressmen Jesus García and Stephen Lynch, aims to ban all issuance of stablecoins or related products, if they have not been approved by relevant regulatory authorities. There appears to be a huge debate within congress, while the crypto community generally express disappointments towards the Act and considers this as a strong pushback