$BTC 24 Hour High $47,998.10
$BTC 24 Hour Low $45,384.27
$ETH 24 Hour High $3,320.28
$ETH 24 Hour Low $3,119.79
Happy Monday from HKbitEX! Some highlights from the week:
- $BTC is up by 7%, $ETH up by 10%, continuously trading above 200MA
- Infrastructure bill amendments were unexpectedly rejected, with uncertainty remaining on the definition of “broker”
- Fundamentals looking strong, all indexes are bullish
- Two new ETF filings from Valkyrie Investments and Kryption
- PNC Bank is the latest bank to offer cryptocurrency investments for their clients.
The $BTC and $ETH market
$BTC gained another 7% over the week, marking an overall 50% gain for the most recent month. After trading above its 200day MA last Monday, BTC continues its surge and successfully closed a daily candle above that reference point. It then underwent a minor correction, finding support around the $44k level. The bulls then stepped in and push the price back above $47k. There was a bit of a pull-back over the weekend, but this was viewed by the market as a technical and healthy one given the recent slightly overheated market condition. The successful defence of the weekly-close candle above the 200-day MA line also added confidence to the continuous bullish run alongside the other technical indicators, including a golden cross Hash Ribbon pattern, multi-year low exchange reserves, and the continuous accumulating miners’ reserves, all suggesting strong fundamentals and potential upside in the coming months. At the time of writing, $BTC is trading at $45,810 with $50,000 as its next major resistance level and $45,000 as its next key support level (200-day MA).
$ETH wise, the second largest cryptocurrency recorded another 10% gain over the week, with an overall gain of 75% for the month. Similarly to $BTC, $ETH, continues its bullish run after trading above its 200-day MA line. It is now trading in an ascending price channel with the $3350 level acting as its short-term resistance level. From the ETH/BTC perspective, the index remains at the 0.07 level over the week, meaning both $BTC and $ETH are trading within a similar pattern, neither one outperforming the other. At the time of writing, $ETH is trading at $3151.72 with $3500 as its next major resistance level and $3000 as its next key support level.
In its Shareholder Letter Second Quarter 2021 last Tuesday (10/8), Coinbase announced its partnering with PNC bank to offer cryptocurrency investments for PNC clients.
Venmo, owned by Paypal Holdings Inc, announced last Tuesday (10/8) that their credit card users are allowed to buy cryptocurrencies by using cash back from their card. App users can buy, hold, and trade cryptocurrencies without any transaction fees. PayPal CEO Dan Schulman stated that the “company was experiencing high adoption and trade of crypto on Venmo this quarter”.
According to a filling with U.S. Securities and Exchange Commission last Wednesday (11/8), Neuberger Berman will launch a Commodity Strategy fund which will actively explore the leading cryptocurrencies Bitcoin and Ethereum. Neuberger Berman’s blog stated that “We’d rather view [Bitcoin] as an option that pays off when expectations for an uncertain, inflationary future increase, and make the finite, non-human controlled supply dynamics of cryptocurrencies valuable”.
According to another 2 fillings with U.S. Securities and Exchange Commission (SEC) last Thursday (12/8), crypto trading firm Valkyrie Investments proposes to launch a Bitcoin futures exchange traded fund (ETF), and asset manager Kryptoin plans to launch an Ethereum exchange-traded fund (ETF) reflective of the actual Ethereum market.
DBS announced last Thursday (12/8) that DBS Vickers (DFSV) has received in-principal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services. “We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principal approval under the PS Act, we are well-placed to meet this growing demand”, said Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $82.12B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 23.11% growth, Aave ($AAVE) is +17.55%, Compound ($COMP) is +5.66%, Uniswap ($UNI) is +12.93 %, Polkadot ($DOT) is +23.59%, Chainlink ($LINK) is +19.4%, Cardano ($ADA) is +46.52% and Polygon ($MATIC) is +34.55%.