$BTC 24 Hour High $50,419.36
$BTC 24 Hour Low $48,199.94
$ETH 24 Hour High $3,354.10
$ETH 24 Hour Low $3,142.01
Happy Monday from HKbitEX! Highlights from the week:
- $BTC up by 6%, now standing above $50K line for the first time since May; ETH facing resistance at around $2950
- United Wholesale Mortgage (UWM) will become the first mortgage lender to accept payment in bitcoin from Q3 2021
- Bloomberg and Galaxy digital launch benchmark for Decentralized finance (Defi)
- S bank Wells Fargo has filed with the SEC to launch a passive bitcoin fund
- Blackrock ,the world’s top asset manager, invests nearly $400 million of shares in Bitcoin mining companies
The $BTC and $ETH market
It was an impressive week for BTC, with it gaining another 6% and now standing above the $50k line for the first time since May. We did see a short-term pull back during the beginning of the week, with $BTC bottoming around the $44k level, but this is considered a healthy correction in order to build the fundamentals for its next bullish run. The market then proved the statement: the bulls stepped in from the middle of the week, with $BTC successfully overcoming the $48k level (which is considered to be a short-term resistance level, according to the past attempts) and kept on climbing until touching $50,000. Looking forward, our king token has to overcome the next significant resistance level, (around $56k-$58k) to further secure its bullish run, with there being a much higher UTXO realized price distribution according to the on-chain metrics within the zone. At the time of writing, $BTC is trading at $50,131 with $56,000 as its next major resistance level and $48,000 as its next key support level.
$ETH wise, the second largest cryptocurrency has performed rather softly over the week, trading mainly between $3000 and $3300. There has been a loss of momentum as the market’s spotlight has been mainly on $BTC. Throughout the week, $ETH remained soft, finding its support around the $2950 level last Wednesday and then rebounding from there to above $3300. From the ETH/BTC perspective, the index has dropped to the 0.66 level over the week, which aligns with our statement that $ETH is now performing weaker than $BTC. At the time of writing, $ETH is trading at $3324, with $3500 as its next major resistance level and $3000 as its next key support level.
According to the Detroit Free Press last Monday (16/8), United Wholesale Mortgage, the second-largest mortgage lender in the U.S., will accept bitcoin as payment from Q3 2021, meaning that U.S. resident buyers will be able to pay their home loans in Bitcoin.
In an announcement by Bloomberg last Thursday (19/8), Bloomberg stated that it will expand its crypto offerings with Galaxy Digital to launch the Bloomberg Galaxy Defi Index (ticker: DEFI). “Decentralized finance is growing as the next major investment theme within crypto. As liquidity and institutional custody solutions continue to grow, DeFi has become an increasingly compelling option for institutional investors”, said Alan Campbell, Head of Product Management for Bloomberg’s Multi-Asset Index business.
According to a filling with U.S. Securities and Exchange Commission last Thursday (19/8), U.S. multinational bank Wells Fargo has partnered with FS Investments and New York Digital Investment Group to launch a passive bitcoin fund for its institutional clients.
According to Forbes last Thursday (19/8), BlackRock, the world’s top asset manager, had invested $383 million in bitcoin mining company at the end of the second quarter. BlackRock owns a 6.71% stake in Marathon Digital Holdings (Nasdaq: MARA) and 6.61% of Riot blockchain (Nasdaq: RIOT).
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $85.24B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 2.53% growth, Aave ($AAVE) is -2.02%, Compound ($COMP) is -2.12%, Uniswap ($UNI) is -3.80 %, Polkadot ($DOT) is +22.29%, Chainlink ($LINK) is +9.39%, Cardano ($ADA) is +20.74% and Polygon ($MATIC) is +10.72%.