$BTC 24 Hour High $33,285
$BTC 24 Hour Low $31,107
Happy Monday from HKbitEX!
Compared to the consecutive ATH’s in the previous weeks for $BTC, this week has certainly been a quiet one for the asset. On the other hand, what a week for DeFi and $ETH -growing leaps and bounds hitting them ATHs. Whilst institutional adoption for Bitcoin has been slow in general, the early adopters who have already started taking profit from the market are seeing alternative opportunities to diversify their crypto portfolios by investing in $ETH and DeFi.
Let’s take a look at what went on in the market last week. As always crypto is a volatile asset, #DYOR and trade at your own risk. #happytrading.
The BTC and ETH market
Bitcoin lost more than 10% of its value during last week, dropping from the $37K level, touching $29K and then back up to trading between $30K and $34K. The $30K now acts as a major support level, and a critical point for the bears. At the time of writing, $BTC trades at $32,926. From a technical view, $BTC has to overcome its critical resistance of $34K in order to resume its bull run, or else we could see another correction down to beneath $30K.
A massive round of applause for $ETH this week with its new ATH at $1467. It’s been a volatile week for the $ETH market as it took a steep dive trending down to below $1100 from $1400. It soon regained its bullish momentum, trading back up at the $1300 level, up 22% during the weekend towards its new ATH of $1467. At the time of writing, $ETH is trading at $1424 with $1500 as its next major resistance level and $1250 as its next key support level.
Michael Saylor, CEO of MicroStrategy mentioned last Friday that the global technology giant has purchased another $10million worth of BTC with an average price of $31,808, making their total BTC holdings at a whooping 70,784, which is worth around $2.3 billion at the time of writing.
According to two prospectus documents filed with the US SEC from BlackRock, the world’s largest asset manager with $7.81 trillion under management, it is reported that BlackRock’s two funds, BlackRock Global Allocation Fund Inc. and BlackRock Funds V are looking for Bitcoins.
Richard Stroupe, CEO of Sequoia Holdings mentioned last week that the company has launched a programme which offers its employees the options to receive part of their salary in BTC, BCH and ETH through a 3rd party payroll processing firms which handles all the taxes issue.
DeFi wise, market outperforms $BTC over the week with TVL increased to $26.56B at the time of writing. For the other pairs, Yearn Finance (YFI) records a 13% drop, Aave (AAVE) at +54% with an ATH at $285, Compound (COMP) at +18% and Chainlink (LINK) at +14%, with an ATH at $25.65, just to name a few.