$BTC 24 Hour High $48,714.36
$BTC 24 Hour Low $46,750.09
$ETH 24 Hour High $3,346.58
$ETH 24 Hour Low $3,151.44
Happy Monday from HKbitEX! Some highlights from the week:
- $BTC was volatile after breaking $50K line last week; $ETH maintained levels between $3,000 and $3,400
- PayPal launches crypto trading service in the UK
- Citigroup plans to launch bitcoin futures services for some institutional clients
- Osprey funds has filed with the SEC to launch first private SOL fund
- Seek Capital, the UK family office of Simon Nixon, plans to invest more in cryptocurrencies
The $BTC and $ETH market
It was quite a volatile week for $BTC, with it bouncing back and forth within the $46k - $50k boundary. After a failure to close its daily candle above $50k last Monday, $BTC went through a sharp correction, dumping about $4,000 finding support at the $46k level. The extent of the retracement was within the market’s expectations, as traders have generally found the $46k-48k zone to be a key support level. The general view is that $BTC will spend some more time consolidating between $47k and $50k, accumulating momentum and preparing for its next breakout. Looking forward, if $BTC can start pushing higher and successfully closing a daily candle above the $50k level, the probability of its breaking out will increase; if not, we see $BTC testing the $46k bull protection line again. At the time of writing, $BTC is trading at $46,960 with $50,000 as its next major resistance level, and $46,000 as its next key support level.
$ETH-wise, the second largest cryptocurrency also had a sluggish week, largely moving between $3,000 and $3,400. Similarly to $BTC, $ETH underwent a sharp correction after its failure to break the $3,400. $ETH is now consolidating at the $3,200 level with the $3,350 level as its short-term resistance. From the ETH/BTC perspective, the index remained at the 0.066 over the week, meaning both $BTC and $ETH are trading within a similar pattern, neither one has outperformed the other. At the time of writing, $ETH is trading at $3,223.34 with $3,350 as its next major resistance level, and $3,000 as its next key support level.
In an announcement by PayPal (NASDAQ: PYPL) last Monday (23/8), PayPal stated that it will launch a new service which allows UK users to buy and sell cryptocurrencies. "Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. We are committed to continue working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce", said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal.
According to a report from CoinDesk last Wednesday (25/8), Citigroup Inc is now waiting for formal approval to trade CME Bitcoin Futures and will also trade Bitcoin exchange-traded notes (ETNs) in the future.
According to a filing with U.S. Securities and Exchange commission last Wednesday (25/8), Osprey funds, a crypto asset manager, has launched the Osprey Solana Trust for its institutional clients. The trust appears to be the first private SOL fund in the U.S..
Bloomberg reported last Thursday (26/8) that, Seek Capital, the family office operated by the UK billionaire Simon Nixon plans to increase the allocation to cryptocurrencies. “Crypto allocation is an important area for the future," said Adam Proctor, a managing director at Seek Capital.
Alts & DeFi
Alts and DeFi-wise, Defi TVL (Ethereum network) decreases to $82.09B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 8.64% decline, Aave ($AAVE) is -14.41%, Compound ($COMP) is -12.37%, Uniswap ($UNI) is -11.41 %, Polkadot ($DOT) is -10.75%, Chainlink ($LINK) is -13.70%, Cardano ($ADA) is -0.77% and Polygon ($MATIC) is -15.65%.