$BTC 24 Hour High $61,683
$BTC 24 Hour Low $49,506
$ETH 24 Hour High $1937
$ETH 24 Hour Low $1671
Happy Monday from HKbitEX!
Another week, another ATH! $BTC finally hit the $60K mark over the weekend, the week was a $BTC only show with others failing to mark new ATHs (excluding the very active Defi market). Meanwhile the positive news keeps on rolling in, PayPal’s first crypto acquisition – the company confirmed last week that it had acquired Curv, the digital asset custody company. Coinshares’s public Listing, Galaxy’s newly approved bitcoin ETF as well as JPM’s newly suggested “basket” products linked with crypto-related companies, sounds convincing and probably another bullish run is coming.
The $BTC and $ETH market
$BTC is up over 25% this week, gaining a new ATH marking price at $61,683. The market started rebounding from its previous support level at $48,000, with a few consolidations around the level of $54,000 to $57,000. $BTC finally reached its breakthrough during the weekend. The bulls dominated the market and pushed the market straight through $60k successfully crossing the neckline of a bullish inverse head & shoulders pattern on the 4-hour chart. At the time of writing, $BTC is now trading at $59,241 with $62,300 as its next major resistance level and $58,000 as its next key support level.
On to $ETH, market was generally green but still underperformed if compared with $BTC, overall up 13% across the week. Following the booming $BTC market, $ETH rebounded from its previous support level of $1400 and traded mainly between $1700 and $1880 before the weekend breakthrough to the $1950 level. Though its performance is weak in comparison to $BTC but considering the upcoming Berlin upgrade and the scheduled Q3 London upgrade, the community is quite optimistic to see $ETH trade back up to $2000. At the time of writing, $ETH is now trading at $1811 with $2000 as its next major resistance level and $1730 as its next key support level.
According to NYDIG’s website announcement, the Bitcoin trading and custody service provider has completed a $200 million growth capital round led by strategic partners Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments, where its previous investor, Bessemer Venture Partners and FinTech Collective also participated. It was also mentioned that the investors will be more on a strategic alliance, covering investment management, insurance, banking, clean energy, and philanthropy, in order to expedite the market acceptance as well as better catering the accelerating institutional Bitcoin adoption.
According to the regulatory filings with the Securities and Exchange Commission by JPMorgan, the Wall Street investment bank has filed a new “basket” product – “Insight Notes Linked to the J.P. Morgan Basket of Companies with Exposure to Cryptocurrency“, as to offer its investor clients a way to gain exposure to the crypto market. According to the filling, the public-listed companies basket include MicroStrategy, Square, PayPal, Riot Blockchain, NVIDIA, AMD, semiconductor giant TSMC (in the form of American depository shares), Intercontinental Exchange, CME Group, Overstock and Silvergate.
MicroStrategy (MSTR:NASDAQ) announced last Friday that the company has bought another $15 million worth of $BTC, at an average price of about $57,146, which increases its $BTC holdings to a total of around 91,326, with an average price of about $24,214. The MSTR stock price closed at $784 last Friday, represents a decline of 40.4% from the February 9 trading high.
According to an announcement from Aker last Monday, the Norway-based oil and gas giant has established a new company named “Setee” with initial capital as of NOK 500 million (~ USD58 million), dedicated to investing in bitcoin and related projects. The company will focus on four aspects as per the announcement, including “1) investing in and owning bitcoin, 2) joining the Bitcoin and broader blockchain community and establishing partnerships with leading players, 3) launching Bitcoin verification operations, and 4) building and investing in innovation projects and companies in the Bitcoin and blockchain ecosystem.” It was also mentioned by their chairman “Kjell Inge Røkke” in a letter to their shareholder that "We aim to increase (the capitalization) significantly over time as we gain experience and identify exciting opportunities.”
DeFi wise, $TVL increased to around $45.1B at the time of writing, the old coins were a bit underperformed, e.g. Yearn Finance ($YFI) records a 3.8% decline, Aave ($AAVE) at -6%, Compound ($COMP) at -12.5%, Uniswap ($UNI) at -3.8%, Polkadat ($DOT) at +2.6% and Chainlink ($LINK) at -2.31%, where some relatively new ones, say, Harmony ($ONE) records a +141.6% growth, Polygon ($MATIC) at +97.3% and Reef ($REEF) at +54%.