$BTC 24 Hour High $49,743.47
$BTC 24 Hour Low $47,857.50
$ETH 24 Hour High $4,246.92
$ETH 24 Hour Low $4,040.22
Happy Monday from HKbitEX! Highlights from the week:
- $BTC & $ETH underwent a big crash this week- $BTC slid below $42K and $ETH dropped to under $3,500
- E-commerce giant Mercado Libre allows client to buy and sell cryptocurrencies in Brazil
- Wisdom Tree Investments partners with Ritholtz Wealth Management to launch crypto index
The $BTC and $ETH market
The cryptocurrency market went through a big crash this week, with $BTC repeatedly attempting (but failing) to break the critical $59K resistance level. The price of $BTC suddenly plummeted on Saturday, falling nearly $10K in an hour, finally resting at a two-month low of $42K. The crash can be put down to the fear and uncertainty caused by the Omicron variant of COVID-19 and Federal Reserve’s (Fed) growing discomfort with high inflation. Also, spot market big selling has driven the cryptocurrency lower and triggered a long squeeze in the derivatives market, which contributed to a deeper slide. $BTC has recovered slightly, currently trading at around $48K. $BTC market capitalisation was around $900B, which is equal to a $100 billion decline in just few days. At the time of writing, $BTC is trading at $48,674 with $50K as its next major resistance level and $45K as its next key support level.
$ETH wise, the second largest cryptocurrency also fell from $4,670 all the way down to $3,500 over the same period on Saturday. But $ETH has shown more resilience as compared to $BTC, recovering quickly and able to reclaim the $4K level. The ETH/BTC pair made a new high at 0.085, which is the highest level since May 2018. 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.
Latin America’s e-commerce giant Mercado Libre (NASDAQ: MELI) announced last Thursday (2/12) that it will allow clients to buy and sell cryptocurrencies including Bitcoin, Ether and Oax dollar (USDP) through their wallet in Brazil. “This will accelerate mainstream adoption of cryptocurrency and stablecoins across the continent. We are thrilled to partner with Mercado Pago to make it possible. The complete management of crypto can be carried out from a free account, thus facilitating access to new opportunities for financial growth, especially for those currently outside the financial system,” said Tulio Oliveira, vice president of Mercado Pago in Brazil.
Wisdom Tree Investments (NASDAQ: WETF) announced last Friday (3/12) that it will partner with Ritholtz Wealth Management to launch the RWM Wisdom Tree Crypto Index which goes beyond bitcoin and ether, with exposure to DeFi and metaverse tokens. According to the statement, “The Index holds 36% bitcoin, 20% ether and 4% each of 11 other cryptoassets that provide exposure to the broader crypto ecosystem”.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $100.57B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 20.8% decline, Aave ($AAVE) is -22.44%, Compound ($COMP) is -24.53%, Uniswap ($UNI) is -18.61 %, Polkadot ($DOT) is -14.21%, Chainlink ($LINK) is -23.22%, Cardano ($ADA) is -13.82%, Polygon ($MATIC) is +10.47%, Solana ($SOL) is -3.45% and Avalanche ($AVAX) is -26.17%.