$BTC 24 Hour High $19,381
$BTC 24 Hour Low $18,734
Happy Monday from HKbitEX! What a week for crypto, with traditional institutions like DBS, Standard Chartered, SBI, finally announcing their dive into the industry. Over the weekend we saw a strong upside momentum after a 7% correction with the market balancing out to around the same levels as last week, though the market has seen some signs of slowing down, traders are still positive and predicting $20K levels by 2021.
The BTC and ETH market
Last week saw a volatile trend for the BTC market with a 7% correction from the $19,300 level down to $17,500 and testing of the critical 2-month support. The bull then returned during the weekend and pushed the BTC market back to the $19K level, it’s hard to predict whether the bull will stay, or the bears will again dominate the market. What’s worth mentioning is the return of the Mt.Gox hacked BTC on 15/12, which marks a potential bearish alert for the week, so fellow readers, please manage your risk.
ETH took a similar pattern to BTC recording a 7% loss during Fridays correction. It then quickly recoverd to levels of $580 on Saturday and currently stands above this.. From a technical perspective, ETH market behaves bullish on the daily chat channels but sounds bearish if we look at the hourly trend while the main resistance stands at $600 and $640.
Big news for the industry last week as DBS, Singapore’s largest bank officially announced the set-up of its DBS Digital Exchange, where Singapore Stock Exchange (SGX) will also take a 10% stake. According to the announcement, the Exchange will be a regulated venue for the issuance and trading of security tokens, as well as supporting crypto asset trading (BTC, ETH, BCH and XRP).
Zodia Custody, a partnership between SC Ventures, the innovation arm of Standard Chartered and Northern Trust, will be launched in London to provide crypto custody solution for institutional investors. Upon approval from UK FCA and other regulatory conditions, the custody is expected to start its operations next year.
SBI Digital Asset Holdings, subsidiary of SBI Holdings, announced last Tuesday that they will enter a partnership with Switzerland’s SIX Digital Exchange to offer digital asset services in 2022.
Insurance giant MassMutual bought $100 million worth of bitcoin for its general investment account through the New York-based fund management company NYDIG.
MicroStrategy announced last Friday that it has completed its $650 million debt offering, the purpose of which is to fund another round of bitcoin buys. The MicroStrategy group is now holding above 40,000 BTC, following their last round of $50million BTC purchase.
JPMorgan recently predicted the trend of a major shift between gold and crypto markets as digital currencies are now drawing much attention and growing into a new asset class. “The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced,” mentioned by JPMorgan strategists.
Not too much to mention regarding the DeFi market. Market wise, TVL remains at the same level of around $14.6B, compared to last week. Yearn Finance (YFI) down by around 7%, Aave (AAVE) at -5%, Compound at +8% and Chainlink (LINK) at -4%, just to name a few.