$BTC 24 Hour High $66,127.03
$BTC 24 Hour Low $63,647.81
$ETH 24 Hour High $4,725.44
$ETH 24 Hour Low $4,516.94
Happy Monday from HKbitEX! Highlights from the week:
- $BTC surged, largely due to inflation fears; $BTC Taproot upgrade went live on Sunday – the biggest upgrade to the bitcoin network in 4 years
- $ETH consolidated below $5K and the momentum behind ETH remains very strong
- Mastercard partnered with 3 digital asset platforms in Asia to issue payment cards
- Crypto lender BlockFi and Neuberger Berman have filed with SEC to launch a bitcoin exchange-traded fund (ETF)
- AMC Theatre now accepts online cryptocurrencies payment
The $BTC and $ETH market
After all the excitement from the previous weeks, $BTC’s price resembled a rollercoaster, hitting an ATH of $69K and subsequently retracting . $BTC’s price surged followed the release of US inflation numbers for October. Since 2020, the CPI has risen by 6.2%, which is the fastest rise since 1990. The BTC surge is largely due to the public regard of BTC as an inflation hedge. However, immediately after touching $69K, BTC dropped $6K and remained at $65K for a while. The price then continued to fall, reaching a weekly low of $62K. Other significant news this week is that BTC Taproot Upgrade went live on Sunday (14 November 2021). This implementation is a milestone for BTC, aiming to increase privacy and make smart contracts more efficient. After the upgrade, BTC recovered some ground, again touching $65K. $BTC’s market capitalisation has reclaimed over $1.2 trillion and its dominance over the altcoins remains at 43%. At the time of writing, $BTC is trading at $65,764.14 with $67K as its next major resistance level and $63K as its next key support level.
$ETH wise, the second largest cryptocurrency remains strong and appeared to consolidate above the support $4,600. The market generally believes $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, At the time of writing, $ETH is trading at $4,705 with $5,075 as its next major resistance level and $4,354 as its next key support level.
Mastercard (NYSE: MA) announced last Tuesday (9/11) that it will partner with 3 digital asset platforms in Asia – Amber Group, Bitkub and Coinjar to issue payment cards, allowing cardholders instantly convert bitcoin and other digital currencies into fiat currencies. The merchants included online or offline outlets that accept Mastercard payments. “In collaboration with these partners that adhere to the same core principles that Mastercard does—that any digital currency must offer stability, regulatory compliance and consumer protection—Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay,” said Rama Sridhar, Mastercard’s executive vice president who oversees digital partnerships in Asia Pacific.
According to a filling with U.S. Securities and Exchange Commission last Tuesday (9/11), Crypto lender BlockFi has partnered with investment management firm Neuberger Berman for offering a bitcoin exchange-traded fund (ETF). This BlockFi NB Bitcoin ETF will mainly reflect the spot value of bitcoin held by the trust.
AMC Theatres (NYSE: AMC) CEO Adam Aron announced last Friday (12/11) that AMC theatres began accepting online paying in cryptocurrencies including bitcoin, Ethereum, bitcoin cash and Litecoin.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $113.11B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 4.83% decline, Aave ($AAVE) is -3.57%, Compound ($COMP) is -1.20%, Uniswap ($UNI) is -3.94 %, Polkadot ($DOT) is -11.76%, Chainlink ($LINK) is -2.61%, Cardano ($ADA) is +0.28%, Polygon ($MATIC) is -9.55%, Solana ($SOL) is -1.36 and Avalanche ($AVAX) is 3.57%.