$BTC 24 Hour High $36,006
$BTC 24 Hour Low $34,158
$ETH 24 Hour High $2391
$ETH 24 Hour Low $2256
Happy Monday from HKbitEX! Once again we haven’t seen a significant breakout from the market this week as $BTC has largely traded between 33k and 36k. This week’s spotlight falls on the increasing regulatory scrutiny towards Binance and the drop in mining difficulty as a result from the Chinese crackdown on crypto mining. The market is still showing signs of uncertainty, and there is a lack of any clear signalling, and this does not even take into account the coming unlocking of GBTC shares in mid-July (the largest ever) which will likely bring extra uncertainty. I personally do not suggest aggressive trading, but if you insist, do set your stop-loss and stay away from leveraging.
The $BTC and $ETH market
$BTC has traded mainly between $33k and $36k over the week. The surge on Tuesday and over the weekend resulted in over $3k worth of growth in $BTC value, which in the meantime broke the 20-MA at $34,900. However, failure to close the daily candle above $36k has led to a short-term market correction to beneath $34,500. Looking at a longer timeframe, $BTC will need to overcome the $36k major resistance level and close a daily candle there to regain a bullish signal, and $42k to confirm the bullish trend. What is also worth monitoring is the upcoming largest unlocking of GBTC shares in mid-July, which is likely to bring extra volatility to the market. At the time of writing, $BTC is trading at $34,313 with $36,000 as its next major resistance level and $33,500 as its next key support level.
$ETH wise, the second largest cryptocurrency has recorded a 17% growth over the week. Since breaking $2000, $ETH has reached the highest $2287, though its failure to close has led to a short-term correction to beneath $2100. The bulls then stepped in and soon rebuilt the upward momentum to trade beyond $2300 – another high since June 18, 2021. If we compare $ETH with $BTC this week, the $ETH/$BTC was trading in a descending price channel, it rebounded from the June lowest as of 0.055 to the current 0.066 level, meaning $ETH is now performing better than $BTC. At the time of writing, $ETH is now trading at $2281 with $2500 as its next major resistance level and $2000 as its next key support level.
According to a press release from Deutsche Börse Group last Tuesday (29/6), the group has acquired a majority (two-thirds) stake in Crypto Finance AG, a financial group under consolidated FINMA supervision that offers trading, storage, and investment in digital assets to institutional and professional clients. Thomas Book, an Executive Board member for Trading & Clearing at Deutsche Börse, also stated that “Digital assets will transform the financial industry. There is increasing demand from established financial institutions who are looking to become active in this new asset class and want a trusted partner.”
According to a Forbes report last Wednesday (30/6), the partnership between enterprise payments giant NCR and digital-asset management firm NYDIG, community banks, including North Carolina-based First Citizens Bank, and credit unions, including Bay Federal Credit Union in California would make crypto purchases available to 650 banks and credit unions.
With the new Fund Allocation Law in Germany coming into effect last Thursday (1/7), institutional funds are now able to allocate 20% of their portfolio into crypto assets, which accounts for a potential $415 billion in value. (Germany has a total of 4,000 Spezialfonds or special funds with $1.8 trillion in combined assets under management.)
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) slightly increase to $56.03B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 17.83% growth, Aave ($AAVE) is +42.3%, Compound ($COMP) is +84%, Uniswap ($UNI) is +29.40%, Polkadot ($DOT) is +11.06%, Chainlink ($LINK) is +10.05%, Cardano ($ADA) is 13.39% and Polygon ($MATIC) is +9.52%.