$BTC 24 Hour High $34,516
$BTC 24 Hour Low $34,055
$ETH 24 Hour High $2173
$ETH 24 Hour Low $1991
Happy Tuesday from HKbitEX! We have had a really funky week here, as BTC has for the first time since March broken its $30k support level. The market is very unstable with all the new FUDs around the ecosystem, the new mining restrictions from the Chinese government, the OSC’s accusations towards the Bybit Exchange, as well as the cessation of Binance’s operation in Ontario… And if nothing changes, its likely withdrawal from the UK market. Luckily there is some good news: the announcement of the largest crypto fund ever from a16z and the newly established digital asset unit by Citigroup. However, I personally expect stricter measures may still be released from the Chinese government in the near future, which might test BTC’s support levels again. With there being a lack of direction in the overall market, this is not really a good time to participate. If you do, do set your stop-loss and stay away from leveraging.
The $BTC and $ETH market
$BTC has mainly traded around the $35k level, the same level as last Monday (21/6). The Tuesday slump happened after the latest announcement from the Chinese government saying it will shut down all crypto mining operations within China, causing the market falling to a low of $29k. From there, market momentum reversed as the bulls stepped in and built solid support at the $28k level. The market then recovered by more than 20% and was again trading at the 33k level. BTC dominance has now returned to 47%, and we can see a clear formation of double bottom, with a short-term ascending price channel from a 4-hour chart, which may act as a bullish signal for the $BTC market. At the time of writing, $BTC is trading at $34,750 with $36,000 as its next major resistance level and $33,500 as its next key support level.
$ETH wise, the market is down by around 5% as compared to last Monday. Following the same pattern of the $BTC market, China’s announcement on Tuesday sent $ETH south, testing the $1700 level. The bulls then stepped in and soon reclaimed the 200—day MA of $2000. ETH was, however, unable to stay above there following the market momentum and once again fell beneath $1800. Luckily there was solid support around $1800, pushing $ETH back up and it has closed with 4 consecutive green candles from there. At the time of writing, $ETH is trading at $2132 with $2300 as its next major resistance level and $1900 as its next key support level.
Blockchain Capital, the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem in 2013, announced last Tuesday (22/6) the close of its Blockchain Capital V, LP. According to its press release, the fund was heavily oversubscribed at its $300 million hard cap with participation from strategic investors, pension funds, major university endowments and family offices from around the world. Select investors in Fund V will participate in Blockchain Capital's strategic partnership program – including PayPal and Visa.
According to a press release from ARK Investment Management last Wednesday (23/6), ARK announced that it had bought more than one million shares of the Grayscale Bitcoin Trust (GBTC) for the ARK Next Generation ETF (NYSEArca: ARKW) on June 22. It is also worth noting that Cathie Wood, founder of ARK, has long been a fan of the cryptocurrency, famously saying $BTC could eventually reach $500,000.
According to THE BLOCK, Andreessen Horowitz (also known as a16z), the prominent venture capital fund led by Ben Horowitz and Marc Andreessen, announced last Thursday (24/6) the close of its third crypto venture fund, a $2.2 billion fund that the firm said was the largest of its kind. The new "Crypto Fund III" would be co-led by Chris Dixon and Katie Haun and would invest in all stages, from early seed-stage projects to fully developed later-stage networks, covering decentralized finance (DeFi) to bitcoin applications to so-called Web 3, or a decentralized version of the internet.
Following the pass of the bitcoin law which would be implemented on September 7, El Salvador President Nayib Bukele announced last Friday (25/6) that the government had unveiled a new government crypto app named Chivo, which would be used to distribute the bitcoins to the citizens. According to reports, every citizen that downloads and registers for the app would automatically be eligible for the $30 bitcoin airdrop, which is estimated to take around $117 million.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $53.75B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) records a 17.05% decline, Aave ($AAVE) is -25.06%, Compound ($COMP) is -13.39%, Uniswap ($UNI) is -17.61%, Polkadat ($DOT) is -27.18%, Chainlink ($LINK) is -15.59%, Cardano ($ADA) is -7.97% and Polygon ($MATIC) is -22.22%.