$BTC 24 Hour High $44,313.25
$BTC 24 Hour Low $40,848.46
$ETH 24 Hour High $3,163.67
$ETH 24 Hour Low $2,744.58
Happy Monday from HKbitEX! Highlights from the week:
- $BTC and $ETH fell sharply as a result of fears over Evergrande’s debt crunch, the Federal Reserve, and general regulatory uncertainty
- Twitter has launched crypto tipping services
- Robinhood will launch a crypto wallet for its retail brokerage clients
- Siam Commercial Bank will create a fund focusing on blockchain, digital asset and fintech
The $BTC and $ETH market
We have had a week of fluctuations with $BTC falling sharply to $42,500 last Monday morning. The market has been in a panic stemming from the effects of a Chinese property giant Evergrande’s debt crunch. Investors are also concerned about whether the Federal Reserve will remove monetary stimulus from the economy. $BTC’s price continued to drop, reaching a low of around $39,600 on Wednesday. The bulls then quickly bought into the drop, pushing the market above $44K in roughly 24 hours. Next to hit was the announcement by the People’s Bank of China that all virtual currency-related activities including trading, order matching, token issuance, and derivatives for virtual currencies are considered illegal in China. $BTC fell by nearly $2,000 to $42,800, erasing Thursday’s 3% gain. Fortunately, we see BTC now stabilising above the $40K support level and retesting $45K level. The market believes regulatory uncertainty will present a major downside risk to BTC in the short term. At the time of writing, $BTC is trading at $43,800 with $45,200 as its next major resistance level and $42,800 as its next key support level.
$ETH wise, the second largest cryptocurrency also dropped to a low of $2,650 last Monday morning. $ETH rebounded on Wednesday to above $3,000. However, it lost another 9% after China announced a ban on all crypto-related activities. The market believed that ETH is unlikely to stand back toward $4,000 in a short period and would mostly be trading between $2,770 and $3,100. From the ETH/BTC perspective, ETH is now underperforming against BTC, with the ETH/BTC pair dropping to as low as 0.066 over the week. At the time of writing, $ETH is now trading at $3,104 with $3,400 as its next major resistance level and $3,000 as its next key support level.
Twitter (NYSE: TWTR) announced last Tuesday (21/9) that it had launched crypto tipping services, allowing users to link with third party app to receive funds. “Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible — help us get there”, said Esther Crawford, Twitter staff product manager.
Robinhood (Nasdaq: HOOD) announced last Wednesday (22/9) that it will start to offer crypto wallets for their retail brokerage clients. The wallet can be used to trade and transfer bitcoin and other cryptocurrencies in order to pay for goods and services.
In announcement last Thursday (23/9), Siam Commercial Bank (SCB), Thailand’s second largest bank, stated that it has created a $600m fund mainly focusing on blockchain, digital assets and fintech.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $84.23B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 1.93% decline, Aave ($AAVE) is -7.04%, Compound ($COMP) is -5.60%, Uniswap ($UNI) is +11.43 %, Polkadot ($DOT) is -5.10%, Chainlink ($LINK) is -3.28%, Cardano ($ADA) is 3.96%, Polygon ($MATIC) is -7.60% and Solana ($SOL) is -3.29%.