$BTC 24 Hour High $39,571
$BTC 24 Hour Low $33,934
$ETH 24 Hour High $2392
$ETH 24 Hour Low $2113
Happy Monday from HKbitEX! Finally, traders can look forward to a relaxing week. Last Wednesday’s the “B Word” event (joined by Elon Musk, Jack Dorsey, Cathie Wood and moderated by Steve Lee) has no doubt added confidence to the market and acted as a turning point towards the positive momentum (I still recall even the most bullish traders were targeting $BTC to hit$24K last week). Meanwhile, we have also had the largest raise in Crypto Exchange History – FTX’s $900M Series B Round. This, plus Amazon’s new opening for its blockchain-specific role sounds like a real crypto carnival. Things appear to be moving on the right track, but do bear in mind the volatilities of the market. Trade with the trend, set your stop-loss and enjoy the play.
The $BTC and $ETH market
$BTC had a bad opening last week, losing 8% and breaking the major $30k support level. However things changed from there following the “B-word“ event last week. The bulls took the lead and started the push play, while $BTC consecutively broke the 100-MA, and 200-MA on a 4-hour chart, as well as the 50-day MA during the weekend. If you are still not feeling confident with the moving averages, the recent breakthrough on the downward 6-months’ daily RSI pattern should indicate a promising bullish signal. Ultimately $BTC not only recovered its 8% loss, but with another 10% gain over the week, its dominance level hit 47.65 again 1st time since July. At the time of writing, $BTC has skyrocketed to the $38k level, it is now trading at $38,517 with $41,000 as its next major resistance level, and $35,000 as its next key support level.
$ETH wise, the second largest cryptocurrency recorded a 16.3% gain over the week. Similarly to $BTC, it started the week with a 10% correction, plunging to a low of $1700, but soon rebounding following the “B-word“ event. $ETH regained the $2000 level in a short 24 hours and managed to reach as high as $2200 during the weekend. Looking at the 4-hour chart, it is clear that $ETH is now trading inside a steep ascending price channel and the bull formation sounds promising in the coming few days. It’s worth mentioning, however, that $ETH was trading weaker than $BTC during the weekend as the ETH/BTC index hit the highest 0.064 on Saturday and then traded south towards 0.060, but it is slowly catching up. At the time of writing, $ETH is trading at $2,333 with $2,600 as its next major resistance level and $2,000 as its next key support level.
According to a market update by Coindesk last Wednesday (21/7), fund manager Global X Digital Assets has filed a proposal with the Securities and Exchange Commission (SEC) to list the Global X Bitcoin Trust on the Cboe BZX Exchange. “The ETF will reflect the performance of the price of the world’s large cryptocurrency less the expense of the Trust's operations," according to the filing.
According to a report by Business Insider last Thursday (22/7), JPMorgan Chase & Co will allow all their clients, both high net worth individuals (HNWIs) and retail clients to invest in cryptocurrency funds. Products include 4 Grayscale funds and 1 Osprey fund. The report also said that JPMorgan Chase & Co only allowed their advisers to execute the crypto trades on behalf of clients’ request.
A report by CB insights last Thursday (22/7), Cryptocurrency firms had raised $4 billion in venture capital in the second quarter 2021. This is a 29% increase from the year before. The latest funding is $900 million raised earlier this week by crypto derivatives exchange FTX.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $64.28B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 5.25% growth, Aave ($AAVE) is +8.51%, Compound ($COMP) is +0.42%, Uniswap ($UNI) is +8.19 %, Polkadot ($DOT) is +7.66 %, Chainlink ($LINK) is +7.43%, Cardano ($ADA) is +2.15% and Polygon ($MATIC) is +12.8%.