$BTC 24 Hour High $51,918.90
$BTC 24 Hour Low $49,821.38
$ETH 24 Hour High $3,979.19
$ETH 24 Hour Low $3,864.74
Happy Monday from HKbitEX! Some highlights from the week:
- $BTC touched $51K line while $ETH went to nearly $4,000
- Standard Chartered joins an alliance of fintech and crypto companies aimed ataccelerating cryptocurrency adoption
- Asset manager Franklin Templeton is recruiting crypto professionals
- E-commerce platform Shop.com launches crypto payment services with BitPay
The $BTC and $ETH market
It was an impressive week for $BTC, with it touching the $51K line for the first time since the mid-May correction. $BTC currently stands above $50K and finds support at the $49K level. It is believed that bitcoin could reach the $53K level before seeing any pullback. The extent of the retracement was within market expectations but Bitcoin would need to avoid a fall back through the first major resistance level at $50,216, along with the second resistance level at $51,157. At the time of writing, $BTC is trading at $51,668.81, above its previous major resistance level of $50,000 with $49,000 as its next key support level.
$ETH-wise, the second largest cryptocurrency is currently hovering around $4,000. $ETH price was up nearly 25% last week to retest the $4,000 level. It is believed that $ETH is likely to push through to $4,071 and even retest the all-time high of $4,372. The support level of $ETH is between $3,700 and $3,800. From the ETH/BTC perspective, the index remained at the 0.076 level over the week, meaning $ETH has outperformed $BTC last week. At the time of writing, $ETH is now trading at $3,955 with $4,050 as its next major resistance level and $3,700 as its next key support level.
In an announcement by digital finance industry membership Global Digital Finance (GDF) Patron Board last Wednesday (1/9), Standard Chartered will be the first bank to join Global Digital Finance (GDF) Patron Board which includes other crypto companies such as Coinbase, Huobi and Six Digital Exchange. “Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system. Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture”, said Geoff Kot, Standard Chartered’s Global Head of Financial Markets Electronics Trading and Platforms.
Coinbase (NASDAQ: COIN) stated in an announcement last Friday (3/9) that it would allow U.K. customers to earn up to a 5% annual rate with Ethereum 2.0 staking.
According to Cointelegraph last Friday (3/9), Franklin Templeton, one of the world’s largest asset managers, is looking for crypto professionals to be responsible for the growth and management of new products.
The U.S. based e-commerce platform Shop.com announced last Friday (3/9) thatthey would partner with crypto payment service provider BitPay to offer cryptocurrencies payment services. “In countries like Taiwan, Thailand, Argentina, Brazil, and Indonesia, it’s very hard to make payments. Credit cards are not everywhere and, in those countries, BitPay and crypto is the cheapest, quickest payment option to accept Bitcoin and to receive crypto payment options as well” said Sonny Singh, Bitpay’s chief commercial officer.
Alts & DeFi
Alts and DeFi-wise, Defi TVL (Ethereum network) increases to $99.16B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 15.80% growth, Aave ($AAVE) is +17.64%, Compound ($COMP) is +23.65%, Uniswap ($UNI) is +15.50 %, Polkadot ($DOT) is +36.81%, Chainlink ($LINK) is +39.40%, Cardano ($ADA) is +3.07%, Polygon ($MATIC) is +22.9% and Solana ($SOL) is +46.89%.