$BTC 24 Hour High $48,089.66
$BTC 24 Hour Low $46,310.51
$ETH 24 Hour High $4,018.66
$ETH 24 Hour Low $3,894.40
Happy Monday from HKbitEX! Highlights from the week:
- $BTC & $ETH continue to tumble- $BTC is still struggling below $50K, while $ETH remains below $4K
- FTX will partner with payment firm Nuvei Corp to provide instant payment solution with cryptocurrencies
- Valkyrie Investments will launch ETF to track equities that invest in Bitcoin
- The OLB Group, INC begins support for Mastercard Bitcoin payments
The $BTC and $ETH market
The cryptocurrency market continued to stutter, and failed to perform any better than the prior week. $BTC struggled to remain above $48K: despite the US Federal Reserve leaving rates unchanged and increasing the country’s debt ceiling by $2.5 trillion, $BTC continued to drop and slipped to a ten-day low of below $46K. It then rebounded close to $48K. However, market sentiment appears to be leaning to a more neutral/bearish position over the short term. At the time of writing, $BTC is trading at $46,343.45 with $50K as its next major resistance level and $45K as its next key support level.
$ETH wise, the second largest cryptocurrency hit the low of $3,600, a quick reversal followed on strong volume, pushing $ETH back above $4K right after the Fed’s rates announcement. This unexpected reversal surprised the market, however $ETH was unable to sustain this momentum, once again losing the $4K level and ending the past seven days with a 7.5% decline. Moreover, ETH suffered a 10% pullback compared with $BTC, losing most of the recent gains on ETH/BTC pair. This is the cause of $BTC’s increased dominance in the overall crypto market share. At the time of writing, $ETH is trading at $3,811.63 with $4K as its next major resistance level and $3,700 as its next key support level.
FTX announced last Tuesday (14/12) that it will partner with payment firm Nuvei Corp to offer instant payments with cryptocurrencies. “We want our users to have a frictionless experience and be able to convert from fiat to crypto and back seamlessly. We are thrilled to partner with an innovative company like Nuvei to provide a reliable payment on- and off-ramp for our users,” said Sam Bankman-Fried, founder and CEO of FTX.
with a filling with the U.S. Securities and Exchange Commission last Wednesday (15/12) revealed crypto manager Valkyrie Investments plans to launch an exchange-traded fund (ETF) trading as VBB (Balance Sheet Opportunities ETF) on Nasdaq. The ETF will be long on MicroStrategy, Square, Tesla, and other equities that invest in bitcoin.
The OLB Group, INC (Nasdaq: OLB) announced last Thursday (16/11) that it supports Mastercard Bitcoin payments now which allow multiple cryptocurrencies including bitcoin, ether, USDC and DAI across all merchant platforms. “We have enabled crypto commerce throughout our OmniSoft and SecurePay portfolio which enables merchants to offer a broad choice of payment options that match customer’s expectations”, said Ronny Yakov, Chief executive officer for the OLB Group.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $96.18B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 56.72% growth, Aave ($AAVE) is +1.77%, Compound ($COMP) is -0.99%, Uniswap ($UNI) is -7.06 %, Polkadot ($DOT) is -14.56%, Chainlink ($LINK) is -3.74%, Cardano ($ADA) is -6.53%, Polygon ($MATIC) is +5.55%, Solana ($SOL) is +6.26% and Avalanche ($AVAX) is +19.26%.