$BTC 24 Hour High $36,433.31
$BTC 24 Hour Low $34,784.97
$ETH 24 Hour High $2,542.14
$ETH 24 Hour Low $2,381.52
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The crypto market crashed over the weekend as $BTC and $ETH were down by double digits
- Mercado Libre made a strategic investment in Paxos and Mercado Bitcoin
- Nexo partnered with Bakkt Holding as its cryptocurrency custodian partner
The $BTC and $ETH market
The crypto market crashed over the weekend as the total capitalization lost around $250 billion and most of the coins are down by double digits. $BTC attempted to conquer the resistance above $44K on Thursday. On Friday, though, the bears had complete control over the market as $BTC crashed from above $43K to $38K, reaching a six-month low. It appears that global investors have entered the year with a reduced appetite for risk, and so the correlations between speculative assets such as cryptocurrencies and equities have increased, which results in widespread losses. Bitcoin is down roughly 40% from its all-time high of almost $69,000. At the time of writing, $BTC is trading at $35,169.83 with $38K as its next major resistance level and $32,500 as its next key support level.
$ETH wise, the second largest cryptocurrency lost the coveted $3K mark and down about 13% on Friday. $ETH is currently bearish because of the $3K support breakdown. At the time of writing, $ETH is trading at $2,404.78 with $2,500 as its next major resistance level and $2K as its next key support level.
Mercado Libre (Nasdaq: MELI), Latin America’s largest e-commerce company, announced last Friday (21/1) that it will invest in Brazil’s largest crypto exchange Mercado Bitcoin and blockchain infrastructure company Paxos. “As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, aiming to be a core participant in this disruption. Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and creates a level, open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company”, said Andre Chaves, Senior Vice President at Mercado Libre.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $92.37B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 29.21% decline, Aave ($AAVE) is -38.31%, Compound ($COMP) is -35.87%, Uniswap ($UNI) is -37.76%, Polkadot ($DOT) is -36.03%, Chainlink ($LINK) is -38.12%, Cardano ($ADA) is -33.01%, Polygon ($MATIC) is -39.82%, Solana ($SOL) is -39.03% and Avalanche ($AVAX) is -32.93%.