$BTC 24 Hour High $49,130.69
$BTC 24 Hour Low $47,295.10
$ETH 24 Hour High $3,484.61
$ETH 24 Hour Low $3,327.94
Happy Monday from HKbitEX! Highlights from the week:
- $BTC and $ETH rebounded after the Federal Reserve stated it has no intention of banning cryptocurrencies
- Verifone partners with BitPay to offer in-store crypto payments
- Affirm will allow its clients to buy and sell crypto directly from their saving accounts
- Investment giant KKR &Co. made its first blockchain investment in ParaFi fund
- SBI Group, Sygnum bank and Azimut Group have established a VF fund for investing in crypto start-ups
The $BTC and $ETH market
Last week was a week of FUD and dumps, resulting in a sell off that saw $BTC momentarily touching $41K last Monday. The sell-down was intercepted by market bulls, who succeeded in pushing the market back above $44K. The promising sentiment from Federal Reserve Chairman Jerome Powell last Thursday, namely that the Central Bank has no intention of banning cryptocurrencies, had an immediate positive effect on the entire crypto market with $BTC being boosted to levels above $47K and continuing to challenge a new weekly high in excess of the $49K level in the days following the announcement. $BTC has reached an intraday high at $49,242, capping a 20% rally since trading at a low of $40,890 last Wednesday. At the time of writing, $BTC is trading at $47,711.2 with $50K as its next major resistance level and $45K as its next key support level.
$ETH wise, the second largest cryptocurrency dropped to a low of $2,650 but quickly returned to above $3,000; up about 9% over the past week. Even $ETH has found steady support at $2,800 but still needs a break above $3,200 to recover levels seen in the September high. From an ETH/BTC perspective, ETH continues to underperform against BTC as the ETH/BTC pair remains within the range of 0.066 to 0.071. At the time of writing, $ETH is trading at $3,349 with $3,500 as its next major resistance level and $3,000 as its next key support level.
According to Business Wire last Tuesday (28/9), fintech and payment solution provider Verifone will partner with the cryptocurrency payment services provider BitPay to support crypto payment on in-store and e-commerce cloud services in the U.S. in Q4 2021. “The appetite for cryptocurrency payments has exploded this year among Verifone’s users. By partnering with BitPay, the company will be able to solve the challenges its merchants might face when dealing with cryptocurrencies without sacrificing convenience for users”, said Jeremy Belostock, Head of Advanced Payment Methods at Verifone.
Affirm (NASDAQ: AFRM) announced last Wednesday (29/9) that it will allow customers to buy and sell crypto directly from their savings accounts. “It’s time for Affirm to support cryptocurrencies in a way that feels organic to us. We will soon leverage our savings accounts to seamlessly enable crypto ownership”, said Max Levchin, Affirm CEO.
Bloomberg reported last Thursday (30/9) that KKR & Co., a leading global investment firm with $429 billion in assets under management, has made its first investment in cryptocurrency through ParaFi capital, a decentralised financial investment firm.
A press release by Switzerland’s Sygnum Bank last Thursday (30/9) stated it will partner with Japan’s SBI group and Italy’s Azimut Group to launch a $75M venture capital fund which primarily focus on distributed ledger technology companies and decentralised finance solution.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $88.37B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 0.03% growth, Aave ($AAVE) is +2.64%, Compound ($COMP) is -13.59%, Uniswap ($UNI) is +4.92 %, Polkadot ($DOT) is +5.03%, Chainlink ($LINK) is +6.87%, Cardano ($ADA) is -2.34%, Polygon ($MATIC) is +12.29% and Solana ($SOL) is +20.70%.