$BTC 24 Hour High $56,401.30
$BTC 24 Hour Low $54,474.95
$ETH 24 Hour High $3,603.24
$ETH 24 Hour Low $3,385.76
Happy Monday from HKbitEX! Highlights from the week:
- $BTC and $ETH continue to recover and reach their highest price since mid-May
- S.Bank partners with NYDIG to launch crypto custody services
- Crypto exchange Bitpanda offer its digital trading services to Italian banks and fintech companies
- AMC theatres accept crypto as payment for its gift card
- MoneyGram partners with Stellar blockchain network to allow their customers to make payments with the USDC stablecoin.
The $BTC and $ETH market
Bitcoin did an incredible job this week with its price recovering rapidly and reclaiming $50K. On Wednesday, $BTC even exceeded $55K and reached an intraday high of $56K, becoming $BTC’s highest price tag since mid-May. The market generally believes the recent surge is due to several factors: first off, a whale accumulated $1.6 billion worth of bitcoin via market orders within five minutes; secondly, institutional investors appear to be returning to bitcoin, apparently viewing it as a better inflation hedge than gold; third, the US SEC has approved an ETF tracking stocks with significant exposure to bitcoin. This week $BTC ‘s market capitalization stands at $1.05 trillion and its dominance over the altcoins has increased from 40% to 45%. At the time of writing, $BTC is trading at $56,744.18 with $58K as its next major resistance level and $54K as its next key support level.
$ETH wise, the second largest cryptocurrency recorded around 20% growth and traded mainly around the $3,630 level. However, the $ETH market appears relatively quiet, with investors’ prior focus still aimed towards $BTC. From an ETH/BTC perspective, ETH continues to underperform against $BTC and has failed to break above the September support at around 0.068. The ETH/BTC pair remains within the range of 0.066 to 0.071. At the time of writing, $ETH is trading at $3,611.59 with $3,790 as its next major resistance level and $3,485 as its next key support level.
U.S. Bank (NYSE: USB), the fifth-biggest retail bank in the US, announced last Tuesday (5/10) that it had launched cryptocurrency custody services with major bitcoin investment firm NYDIG. The bank will start supporting institutional crypto funds invested in bitcoin, bitcoin cash and Litecoin. “Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency, and, in response, we made it a priority to accelerate our ability to offer custody services”, said Gunjan Kedia, Vice chair of U.S. Bank Wealth Management and Investment Services.
According to the agreement announced by Austria-based cryptocurrency exchange Bitpanda last Tuesday (5/10), Bitpanda will partner with open finance provider Fabrick to offer digital asset trading services to Italian banks and fintech companies. “The goal is to simplify and accelerate innovation in that space. The interesting part of the platform model is that when we have a digital euro, we will add similar APIs to manage it. That’s a way to accelerate the adoption of digital assets, and we are seeing very terrific demand for customers, particularly from the young generation in this space”, said Paolo Zaccardi, CEO of Fabrick.
In an announcement made by AMC Theatres CEO Adam Aron last Tuesday (5/10), AMC Theatres will now allow their customers buy digital gift card with cryptocurrencies like Bitcoin and plan to accept crypto payments for movie tickets by 2022.
MoneyGram (NASDAQ: MGI) announced last Wednesday (6/10) that it will partner with Stellar blockchain network to allow customers to make payments with the USDC stablecoin. “At MoneyGram, one of our top strategic priorities is to pioneer cross-border payment innovation and blockchain-enabled settlement. As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments”, said Alex Holmes, MoneyGram Chairman and CEO.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $88.11B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 8.42% growth, Aave ($AAVE) is -3.15%, Compound ($COMP) is -2.08%, Uniswap ($UNI) is -3.49 %, Polkadot ($DOT) is +13.17%, Chainlink ($LINK) is -1.96%, Cardano ($ADA) is +0.77%, Polygon ($MATIC) is -0.57% and Solana ($SOL) is -11.36%.