$BTC 24 Hour High $48,234.04
$BTC 24 Hour Low $44,659.16
$ETH 24 Hour High $3,446.01
$ETH 24 Hour Low $3,107.28
Happy Monday from HKbitEX! Highlights from the week:
- BTC continues to struggle between $44,000 and $48,000, while ETH remains unable to stand above $3,600.
- Interactive Brokers launches crypto trading services
- Standard Chartered and Northern Trust have started to test Pure Digital platform for their respective digital currency custody services (a custody service already adopted by State Street and BNY Mellon).
- Coinbase has applied to list crypto futures products
- Asset manager Franklin Templeton has registered with the SEC to launch its first blockchain fund
#HappyTrading #SetYourStopLoss
The $BTC and $ETH market
As compared to the rest of the market, $BTC has looked quite stable this week, mainly standing between $44,000 and $48,000, although it did retest the $49,000 level on Saturday before dropping back to around $47,000 on Sunday. Despite the pullback, $BTC steered clear of the first major support level at $44,000. At the time of writing, $BTC is trading at $45,081 with $46,000 as its next major resistance level and $47,200 as its next key support level.
$ETH wise, the second largest cryptocurrency is up by only 1.2% this week and mainly traded between $3,200 and $3,600. $ETH is in a similar situation as $BTC, as it failed to break the 20-day MA level ($3,600). The market generally predicts that ETH is unlikely to climb back toward $4,000 in the short-term. The first solid support level of ETH is at $3,400. From an ETH/BTC perspective, the index is now below the 0.07 level over the week, meaning $ETH has outperformed $BTC in the last week. At the time of writing, $ETH is trading at $3,167.8 with $3,300 as its next major resistance level and $3,000 as its next key support level.
Mainstream adoption
Interactive Brokers announced last Monday (13/9) that it had partnered with a blockchain company Paxos Trust Company and now allows US users to trade different crypto assets including bitcoin, ether, litecoin and bitcoin cash. “Paxos provides the regulated blockchain infrastructure to ensure enterprises can enable crypto safely and with reduced risk. Our collaboration with Interactive Brokers allows experienced investors to have fast, reliable access to the digital economy for the first time”, said Charles Cascarilla, CEO and co-founder of Paxos.
In announcement last Tuesday (14/9), Pure Digital stated that it had started to do live test trading and clearing digital currency with Standard Chartered and Northern Trust. As mentioned earlier this year, Pure Digital also provides digital currency custody services to State Street and BNY Mellon.
A search of the National Futures Association (NFA) last Thursday (14/9) revealed that Coinbase (NASDAQ: COIN) has filed to become a member of the NFA and asked for approval for listing crypto futures products.
A filling with U.S Securities and Exchange Commission (SEC) last Thursday (16/9) by Franklin Templeton, revealed that the giant asset manager will launch a Franklin Templeton Blockchain Fund I, L.P, mainly focused on buying blockchain and crypto companies.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $86.16B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 2.21% decline, Aave ($AAVE) is +1.66%, Compound ($COMP) is -2.15%, Uniswap ($UNI) is +1.60 %, Polkadot ($DOT) is -8.83%, Chainlink ($LINK) is -3.88%, Cardano ($ADA) is -9.58%, Polygon ($MATIC) is -5.69% and Solana ($SOL) is -8.19%.