$BTC 24 Hour High $46,364.88
$BTC 24 Hour Low $44,458.87
$ETH 24 Hour High $3,462.47
$ETH 24 Hour Low $3,255.78
Happy Monday from HKbitEX! Highlights from the week:
- After a flash crash last Tuesday, BTC dropped by roughly 17% to below $43,000 and continues to struggle below $45,000 while ETH dropped by roughly 23% to nearly $3,300 and remains unable to stand above $3,500.
- BTC markets partnered with Volt Bank, becoming first cooperation between a bank and a cryptocurrency exchange in Australia.
- BlackRock has started to use Axoni Blockchain solution for its equity swaps (a solution already adopted by Citi and Goldman Sachs).
- Mastercard purchased blockchain analytics company CipherTrace to enhance its crypto capabilities.
- Swiss stock exchange SIX has obtained regulatory approval to launch digital assets services
The $BTC and $ETH market
With an unexpected flash crash last Tuesday, $BTC is down by roughly 17% and crashed from above $52,000 to below $43,000 in a matter of hours. This slump is believed to be related to the high level of leveraging. Following the drop, BTC immediately rebounded to $46,000, trying to challenge $47,000, but failing to continue higher. For the rest of the week, $BTC has continued to struggle below $45,000. At the time of writing, $BTC is trading at $44,475.5 with $46,000 as its next major resistance level and $47,200 as its next key support level.
$ETH wise, the second largest cryptocurrency also suffered a sharp drop of 23% last Tuesday – falling from above $3,900 to nearly $3,000, and then recovering slightly to $3,300. Market sentiment is that ETH is unlikely to climb back toward $4,000 in the short-term. The support level of ETH remains between $2,800 and $3,350. From an ETH/BTC perspective, the index now below 0.07 level over the week, meaning $ETH has outperformed $BTC last week. At the time of writing, $ETH is trading at $3,195.01 with $3,600 as its next major resistance level and $3,790 as its next key support level.
A press release from Australia-based crypto exchange BTC Markets (BTCM) last Monday (6/9), revealed that the exchange will partner with neo-bank Volt Bank to provide integrated banking services. Their partnership will be the first cooperation between a bank and a cryptocurrency exchange in Australia. “We’ve been particularly interested to see digital currencies grow in popularity, credibility, and security over the past few years. We believe BTC Markets and Volt are primed to deliver safe and secure banking access to support Australians seeking to trade in digital assets”, said Andrew Clouston, Volt Chief Customer & Partnerships Officer.
In a statement last Tuesday (7/9), a blockchain technology company Axoni, announced that BlackRock has adopted its distributed ledger system to settle equity derivatives. 15 other 15 firms, including Citi and Goldman Sachs, also use Axoni’s blockchain solution for equity swaps. “The Axoni platform will help us build scalability while mitigating risks in the investment life cycle beginning with equity swaps. We see great potential in a distributed ledger network for uncleared derivatives as we continue to prove out this new area of innovation”, said Mark Cox, COO of Global Investment Operations at BlackRock.
Mastercard (NYSE: MA) announced last Thursday (9/9) that they will acquire blockchain analytics company CipherTrace to enhance their crypto capabilities. “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient. With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe”, said Ajay Bhalla, president of cyber and intelligence at Mastercard.
According to an announcement by SIX Digital Exchange last Friday (10/9), SIX has received regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) to offer blockchain-based securities. The firm will start with offering stocks and bonds in the form of digital tokens. Thomas Zeeb, SIX’s global head of exchanges, has hinted the company could also offer tokenized versions of exchange-traded funds as well as other assets like art and real estate.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $86.59B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 23.96% decline, Aave ($AAVE) is -23.96%, Compound ($COMP) is -24.02%, Uniswap ($UNI) is -24.89 %, Polkadot ($DOT) is +3.10%, Chainlink ($LINK) is -19.26%, Cardano ($ADA) is -16.26%, Polygon ($MATIC) is -25.80% and Solana ($SOL) is 10.13%.