$BTC 24 Hour High $50,724.87
$BTC 24 Hour Low $48,706.25
$ETH 24 Hour High $4,173.61
$ETH 24 Hour Low $3,989.28
Happy Monday from HKbitEX! Highlights from the week:
- $BTC & $ETH continue to struggle- $BTC repeatedly attempting but failing to breach $50K, while $ETH failed to remain above $4K
- Cryptocurrency lender Nexo partners with Fidelity to bring crypto access to institutional investors
- Colombia’s largest bank Bancolombia partners with Gemini to launch crypto services in Colombia
The $BTC and $ETH market
The cryptocurrency market continues to struggle - $BTC repeatedly attempted (but failed) to breach $50K level. After the US Bureau of Labour Statistics revealed that the US had reached its highest inflation rates (6.8%) in about 40 years on Friday, $BTC spiked above $50K, but was unable to maintain its upward trend. $BTC found itself trading below $47K for the third time in a week. As of now, $BTC trading at around $48K and its market capitalisation was around $950B. At the time of writing, $BTC is trading at $48,781.28 with $50K as its next major resistance level and $45K as its next key support level.
$ETH wise, the second largest cryptocurrency struggled to remain above $4K. It dropped to $3,500 and bounced around, at one point exceeding $4,400. However, the negative sentiment in the markets returned and pushed $ETH drop to around $4K. For ETH/BTC pair, the situation is looking better and continues to reach new highs – this time at 0.088. The market is of the general view that $ETH could be a potential leader in the market with its growing market dominance. ETH dominance is currently at 22.14% which is at a 3-year high while BTC dominance fell below 40% to hit a new 3-year low. At the time of writing, $ETH is trading at $4,023.57 with $4,350 as its next major resistance level and $3,850 as its next key support level.
Cryptocurrency lender Nexo announced last Thursday (7/12) that it will partner with Fidelity Digital Assets to provide institutional investors access to digital assets through its custodial and lending services. “Working with Fidelity Digital Assets is the latest milestone in our quest to offer a complete institutional platform and to onboard traditional finance companies into the digital asset ecosystem”, said Kalin Metodiev, CFA, Co-Founder and Managing Partner at Nexo. Christopher Tyrer, Head of Fidelity Digital Assets, Europe added that “We’ve seen tremendous growth of interest in digital assets from institutions within the European market and we’re committed to implementing sophisticated solutions to match those available with traditional asset classes. We’re thrilled that our best-in-class operational controls and security expertise will be extended to the assets of Nexo’s customers, while the ability for Fidelity Digital Asset’s clients to access Nexo’s lending solutions will help us deliver a richer experience to meet our clients’ evolving needs.”
Colombia’s largest bank, Bancolombia (NYSE: CIB) announced last Tuesday (7/12) that it will partner with cryptocurrency exchange Gemini to offer cryptocurrency trading services to its customers. “Our whole goal with this partnership is to make sure that we’re offering users seamless and secure access to crypto,” said Cynthia Del Pozo García Gemini principal for strategy & corporate development.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $100.15B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 11.39% decline, Aave ($AAVE) is -5.36%, Compound ($COMP) is -8.88%, Uniswap ($UNI) is -5.40 %, Polkadot ($DOT) is +4.08%, Chainlink ($LINK) is +3.05%, Cardano ($ADA) is -3.62%, Polygon ($MATIC) is +5.51%, Solana ($SOL) is -14.65% and Avalanche ($AVAX) is +2.85%.