$BTC 24 Hour High $65,590.45
$BTC 24 Hour Low $61,553.47
$ETH 24 Hour High $4,736.65
$ETH 24 Hour Low $4,525.70
Happy Monday from HKbitEX! Highlights from the week:
- $BTC and $ETH soared about 50% in October, but $BTC remained flat in the first week of November (only gaining 6% over the past week), whereas $ETH gained 11% and hit a new all-time high
- Pennsylvania-based Customers Bank begins offering cryptocurrency business to its clients
- The OLB Group, INC begins support for Mastercard Bitcoin payments
- Digital asset platform Bakkt Holding allowed its clients to trade Ether in addition to Bitcoin
The $BTC and $ETH market
October was an exciting month - $BTC was up about 50% as investors cheered the launch of a U.S. futures- based bitcoin exchange-traded fund. Starting from 1st November, $BTC dropped below $60K and then rebounded quickly to $64K. However, it failed to continue its upwards momentum, falling to $60K again following news from the US Federal Reserve that the Central bank is slowing its money printer by scaling back its $120B monthly bond purchase program starting from November. $BTC spent the week between $61K and $64K, but remains rather flat and is up slightly: +0.6% over the week. Although $BTC’s market capitalisation is still above $1.15 trillion, its dominance over the alts is now below 43%. It is also worth noting that New York’s new mayor – Eric Adams – has stated that he will accept his first three salaries in BTC, and has also promised to make New York “a center for Bitcoin”. This could be a trigger for $BTC’s another breakout. At the time of writing, $BTC is trading at $66,050, with $67K as its next major resistance level and $64K as its next key support level.
$ETH wise, the second largest cryptocurrency had a great start in November and hit its highest level at $4,670 last Wednesday morning after Chicago Mercantile Exchange (CME) announced to launch Micro ETH Futures. At the time of writing, $ETH hit a new ATH at $4,764.64, which means $ETH has climbed over 50% in October and gained 11% last week. Its total market capitalisation has surged above half a billion and now sits around $511 billion. The market generally believes that $5K will be the next main challenge for ETH to overcome. From the ETH/BTC perspective, the ETH/BTC pair held support around 0.072 over the past week, suggesting that traders are beginning to rotate $BTC into $ETH. At the time of writing, $ETH is trading at $4,725.37 with $5,075 as its next major resistance level and $4,354 as its next key support level.
Pennsylvania-based Customers Bank announced last Tuesday (2/11) that it will partner with blockchain payments provider Tassat to offer cryptocurrency business. “We’re proud to be attracting these best-in-class organizations. And are confident that we can provide the much-demanded fiat currency ‘on and off ramp’ for institutional clients in the crypto ecosystem”, said Sam Sidhu, Customers Bank CEO.
The OLB Group, INC (Nasdaq: OLB) announced last Thursday (2/11) that it supports Mastercard Bitcoin payments now which allow multiple cryptocurrencies including bitcoin, ether, USDC and DAI across all merchant platforms. “We have enabled crypto commerce throughout our OmniSoft and SecurePay portfolio which enables merchants to offer a broad choice of payment options that match customer’s expectations”, said Ronny Yakov, Chief executive officer for the OLB Group.
Digital asset platform Bakkt Holding (NYSE: BKKT) announced last Friday (5/11) that it will allow its clients to trade Ether in addition to bitcoin. “At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster. Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets”, said Gavin Michael, Bakkt CEO.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $105.69B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 7.29 % growth, Aave ($AAVE) is +4.07%, Compound ($COMP) is 6.27%, Uniswap ($UNI) is +3.58 %, Polkadot ($DOT) is +22.70%, Chainlink ($LINK) is +11.72%, Cardano ($ADA) is +4.3%, Polygon ($MATIC) is +0.19% and Solana ($SOL) is +20.09%.