$BTC 24 Hour High $57,793.31
$BTC 24 Hour Low $53,576.74
$ETH 24 Hour High $4,470.54
$ETH 24 Hour Low $3,989.97
Happy Monday from HKbitEX! Highlights from the week:
- $BTC & $ETH tumbled sharpy on Friday as the fear of new COVID variant - $BTC slid below $54K and $ETH dropped under $4K
- But $BTC and $ETH currently have rebounded - $BTC and $ETH now trading above $57K and $4,300 respectively
- Regal Cinemas partnered with digital payment company Flexa to adopt cryptocurrencies as payment
- Fund manager Fintonia launched two Bitcoin funds approved by Monetary Authority of Singapore (MAS)
The $BTC and $ETH market
It has been another volatile week - $BTC wicked from $57K to upwards of $59K and immediately dropped to below $56K. After that, $BTC started to consolidate and retraced to around $58K on Thursday. However, $BTC suddenly lost more than $5K of value and dumped below $54K in just an hour on Friday, marking the sharpest market downturn since September. This price dump might be prompted by fears of a newly discovered variant of the COVID virus in South Africa. $BTC now has recovered a bit and stands above $55K. Its market capitalisation is now below $1 trillion and its dominance over the altcoins is below 42%. At the time of writing, $BTC is trading at $57,362.27 with $60K as its next major resistance level and $57K as its next key support level.
$ETH wise, the second largest cryptocurrency had a nice rally in the beginning of this week. Just like $BTC, $ETH tumbled sharply on Friday by crashing more than 5% to the level of $3,960. But $ETH bounced quicky and the price currently consolidating between the support at $4K and the resistance at $4,350. On the ETH/BTC perspective, it shows that ETH has hit a 2-month high (around 0.076 BTC) and appears ready to break above the key resistance. This means $ETH may outperform $BTC sooner or later. At the time of writing, $ETH is trading at $4,345.12 with $4,600 as its next major resistance level and $3,850 as its next key support level.
The second-largest theatre circuit Regal Cinemas announced last Tuesday (23/11) that it will partner with digital payment company Flexa. It will accept cryptocurrencies including Bitcoin, Ethereum, Litecoin, Doge, USDC and more as payment for tickets, food and beverages. “This exciting partnership enables us to easily and seamlessly accept digital currencies across our theatre footprint in a simple and completely contactless way, providing our guests with the flexibility and safety they deserve as we embark on a new era”, said Ken Thewes, Chief marketing officer at Regal. Trevor Filter, Co-Founder of Flexa also said, “We're very pleased to partner with Regal as we work to enable universal digital currency payment options for movies and more and help bring the future of payments to cinema”.
Fintonia Group, a Singapore-based fund manager announced last Thursday (25/11) it has launched two Bitcoin-focused funds approved by the Monetary Authority of Singapore (MAS) especially for professional investors. “The physical fund aims to provide investors with quick, safe, and cost-efficient access to bitcoins while removing the challenge of buying from one of the thousands of exchanges and keeping the bitcoin secure. The fund acquires ‘physical’ bitcoin, meaning we will buy the actual bitcoin [rather than] a derivative instrument on bitcoin”, said Adrian Cheng, founder and chairman of Fintonia Group.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $107.04B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 2.96% decline, Aave ($AAVE) is -8.47%, Compound ($COMP) is -2.69%, Uniswap ($UNI) is -4.33 %, Polkadot ($DOT) is -9.73%, Chainlink ($LINK) is -8.99%, Cardano ($ADA) is -10.6%, Polygon ($MATIC) is +5.43%, Solana ($SOL) is -6.91% and Avalanche ($AVAX) is -14.68%.