$BTC 24 Hour High $60,003.43
$BTC 24 Hour Low $56,868
$ETH 24 Hour High $4,422.49
$ETH 24 Hour Low $4,130.29
Happy Monday from HKbitEX! Highlights from the week:
- $BTC & $ETH are heading for their worst weekly performance- $BTC slid below $57K and $ETH dropped under $4K
- Invesco India partnered with blockchain companies Coinbase and MicroStrategy to launch Invesco CoinShares Global Blockchain ETF Fund of Fund
- Voyager will launch a USDC-linked debit card
#HappyTrading #SetYourStopLoss
The $BTC and $ETH market
$BTC was heading for its worst weekly performance last week as the price suddenly dropped by $7K in a day and slid below $60K. After an unsuccessful attempt at rebounding, the price continued to fall. This time, $BTC plummeting to a monthly low of $56K. As of now, $BTC has recovered some ground, standing above $57K. Its market capitalisation is now below $1.1 trillion, which is equal to a $100 billion decline in just few days, and its dominance over the altcoins is below 43%. The current drawdown may be a result of the big selloff from traders who are concerned about the new regulation and taxation as a result of U.S. President Joe Biden’s signing of the $1 trillion U.S. infrastructure bill – a bill that includes new tax-reporting requirements for cryptocurrencies. Meanwhile, the Chinese government continued its regulatory crackdown. Meng Wei, National Development and Reform Commission Spokeswoman, said at a press conference that Chinese government will levy punitive power prices for companies that are involved in cryptocurrency mining. At the time of writing, $BTC is trading at $57,303 with $60K as its next major resistance level and $57K as its next key support level.
$ETH wise, the second largest cryptocurrency also dropped below $4K and reached the level of $3,960. However, $ETH recovered sharply and reached the key resistance $4,350. From the ETH/BTC perspective, the ETH/BTC pair held support around 0.073 over the past week, At the time of writing, $ETH is trading at $4,201 with $4,350 as its next major resistance level and $3,850 as its next key support level.
Mainstream adoption
According to literature shared by Invesco Asset Management India last Monday (15/11), Invesco India will partner with blockchain companies Coinbase and MicroStrategy to launch the Invesco CoinShares Global Blockchain ETF Fund of Fund and open for Indian investors before 3 Dec 2021. “This [Invesco CoinShares Global Blockchain ETF Fund of Fund] is nothing more than a feeder fund allowed to invest into an equity Irish domiciled blockchain UCITS ETF, and there is no direct investment in crypto or bitcoin,” said Laurent Kssis, director of CEC Capital.
Voyager (TSE: VOYG) announced last Tuesday (16/11), it will launch a USDC-linked debit card, which allowing its cardholders earn annual rewards of up to 9% on USDC holdings and spend crypto on daily purchases. “Linking the card with USDC is a more consumer-driven, transactional approach versus bitcoin or ether. Attaching a debit card to bitcoin or ether seems to be a little bit off of what consumers want”, said Steve Ehrlich, Chief Executive Officer of Voyager Digital.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $104.22B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 0.69% decline, Aave ($AAVE) is -15.80%, Compound ($COMP) is -15.32%, Uniswap ($UNI) is -13.54 %, Polkadot ($DOT) is -14.21%, Chainlink ($LINK) is -20.91%, Cardano ($ADA) is -12.27%, Polygon ($MATIC) is -10.54%, Solana ($SOL) is -9.10% and Avalanche ($AVAX) is +36.19%.