$BTC 24 Hour High $42,663.95
$BTC 24 Hour Low $41,338.16
$ETH 24 Hour High $3,206.79
$ETH 24 Hour Low $3,086.01
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The whole market still looks unfavourable as $BTC dropped another 11% and $ETH at an 17.5% loss last week
- An Italian bank Banca Generali will launch bitcoin trading services in early 2022
- Airbnb CEO Dabbles said that Airbnb could soon accept payment in cryptocurrencies
- PayPal is exploring the launch of its own stablecoin, possibly pegged to the U.S. dollar
The $BTC and $ETH market
The cryptocurrency market still looks unfavourable as $BTC dropped another 11% to around $41K. The sharp spike in omicron cases, US Federal Reserve’s announcement about raising interest rate due to a surge in the inflation rate, along with the political upheaval in Kazakhstan are probably few reasons behind the recent selling pressure in the crypto markets. As of now, $BTC recovered some ground and stand approximately $42K and its market capitalisation is still below $800 billion. At the time of writing, $BTC is trading at $41,365.55 with $45K as its next major resistance level and $38K as its next key support level.
$ETH wise, the second largest cryptocurrency traded was down 17.5% to as low as $3K in the past week. Last Wednesday, the market encountered a sustained sell-off. ETH broke the $3,600 and $3,300 key support levels. After the bloody week, ETH finally found some support on the $3K level. In case of a $3K breakdown, the next major support to look at is September’s low, around $2,750. At the time of writing, $ETH is trading at $3,068.64 with $3,600 as its next major resistance level and $2,750 as its next key support level.
An Italian bank Banca Generali (BIT: BGN) announced last Monday (3/1) that it will launch Bitcoin trading services through a Bitcoin wallet Conio. “We know that the future structure of the financial markets will certainly be influenced by the blockchain technology that continues to make its way. We are working with Conio at various tables to study possible adaptations of the blockchain to our processes and systems“, said Riccardo Renna, Chief Operation Officer at Banca.
Airbnb (NASDAQ: ANBN) CEO Dabbles announced last Wednesday (5/1) that Airbnb customers may soon be able to book accommodations using cryptocurrencies. Meanwhile, last year saw a number of companies integrate crypto payment options. As reported in August 2021, popular German fashion company Philipp Plein International AG said it will allow customers to buy products with 15 different cryptocurrencies, including bitcoin and ether. Similarly, American fintech company Verifone partnered with bitcoin payment service provider BitPay in September to make crypto payment options available to its clients in the United States.
Paypal (NASDAQ: PYPL) announced last Friday (7/1) that it is exploring the launch of its stablecoin, possibly pegged to the U.S. dollar. "We are exploring a stablecoin. If and when we seek to move forward, we will of course, work closely with relevant regulators", said Jose Fernandez da Ponte, Senior VP of Crypto and Digital Currencies.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $91.68B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 17.49% decline, Aave ($AAVE) is -22.05%, Compound ($COMP) is -17.22%, Uniswap ($UNI) is -14.11%, Polkadot ($DOT) is -19.85%, Chainlink ($LINK) is +17.60%, Cardano ($ADA) is -12.84%, Polygon ($MATIC) is -11.27%, Solana ($SOL) is -19.32% and Avalanche ($AVAX) is -18.76%.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $100.85B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 17.03% decline, Aave ($AAVE) is +23.61%, Compound ($COMP) is -8.39%, Uniswap ($UNI) is -2.42%, Polkadot ($DOT) is -7.07%, Chainlink ($LINK) is -4.65%, Cardano ($ADA) is -12.28%, Polygon ($MATIC) is -11.88%, Solana ($SOL) is +-11.86% and Avalanche ($AVAX) is -2.99%.