$BTC 24 Hour High $62,807.98
$BTC 24 Hour Low $59,643.35
$ETH 24 Hour High $4,175.12
$ETH 24 Hour Low $3,967.12
Happy Monday from HKbitEX! Highlights from the week:
- $BTC has reached a new all-time high of around $67K but is struggling between $59K and $63K; $ETH has broken its critical support level of $4000, but struggles between $4,000 and $4,100
- Canada-based asset manager Purpose Investment plans to list three cryptocurrency exchange-traded funds (ETFs)
- Asset manager Pimco will extend their cryptocurrencies investment
- Walmart begins offering Bitcoin purchase in their stores
The $BTC and $ETH market
It has been another exciting week here - $BTC has reached a new all-time high of around $67K on Wednesday. The surge was a result of news of SEC-approval for the first-ever BTC futures exchange-traded fund (ETF) (Ticker: BITO). On its opening day on Tuesday, BITO locked in over $1 billion in trading volume and pushed $BTC to hit a record high. After this peak, $BTC took a turn for the worse, with its price falling from $66,700 to $63,600 in a matter of minutes. The situation worsened on Friday With $BTC dropping down to nearly $61K. A flash crash event also occurred on few exchanges, notably BinanceUS, with $BTC price crashing 87% to land at $8,200. Since Friday, $BTC has kept losing value, falling to under $60K. As of now, $BTC has recovered some ground to stand above $60K. $BTC market capitalisation is still beneath $1.15 trillion and its dominance over the alts stands at 45%. At the time of writing, $BTC is trading at $62,005.3, with $65K as its next major resistance level and $60K as its next key support level.
$ETH wise, the second largest cryptocurrency broke the $4,000 level and attempted to hit the all-time high ($4,380) but failed. In a similar fashion to Bitcoin, $ETH price also dropped down to below $4,000 on Friday. IT has since recovered, though is struggling at $4,000. From an ETH/BTC perspective, the ETH/BTC pair held support around 0.06 over the past week, suggesting that traders are beginning to rotate $BTC into $ETH. At the time of writing, $ETH is trading at $4,164.42 with $4,380 as its next major resistance level and $3,700 as its next key support level.
According to a filling with Ontario Securities Commission last Wednesday (20/10), Canada-based asset manager Purpose Investment plans to list three cryptocurrency exchange-traded funds (ETFs) offering exposure to decentralised finance.
Asset manager Pimco announced last Thursday (21/10) that it will extend its cryptocurrencies investment in some of their fixed-income firm’s hedge fund portfolio. “Pimco is thinking about scenarios where this could take us to ensure that we are competitively prepared to deal with what’s a rapidly changing environment that offers a pretty significant value proposition”, said Daniel Ivascyn, Chief Investment Officer.
Walmart (NYSE: WMT) announced last Friday (22/10) that it now provides clients the opportunity to purchase cryptocurrency through Coinstar machines situated inside their stores. “Coinstar, in partnership with Coinme, has launched a pilot that allows its customers to use cash to purchase bitcoin. There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot”, said Molly Blakeman, Walmart communications director.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $101.22B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 0.44% growth, Aave ($AAVE) is +3.92%, Compound ($COMP) is 3.67%, Uniswap ($UNI) is +2.91 %, Polkadot ($DOT) is +2.53%, Chainlink ($LINK) is +17.56%, Cardano ($ADA) is +0.45%, Polygon ($MATIC) is +5.44% and Solana ($SOL) is +31.31%.