$BTC 24 Hour High $38,266.34
$BTC 24 Hour Low $36,733.57
$ETH 24 Hour High $2,631.41
$ETH 24 Hour Low $2,502.83
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market’s volatility struck again with a few more price fluctuations
- $BTC attempted to overcome $38K; while $ETH finally found support level at $2,200
- American-based Five Star bank will partner with NYDIG, a bitcoin company to launch cryptocurrency trading services
- Fidelity Investment filed application with the SEC for a Metaverse ETF
The $BTC and $ETH market
The cryptocurrency market’s volatility struck again with a few more price fluctuations - $BTC attempted to recover a bit, reached above $36K last Monday morning. But the price was suddenly dipped below $33K and left hundreds of millions worth of liquidations in a single day, further cementing the already-established market sentiment of extreme fear. After that, $BTC started to reclaim some of its lost ground, jumping from $33K to above $38K. However, $BTC plunged on Wednesday since the Federal Reserve said it is likely to hike the interest rates in March. The price dropped to $35,500 hours after the Fed meeting. $BTC and then bounced to $37,500, but the bears halted and pushed the asset down to its current position at around $36,500. As such, its market capitalisation is still below $700 billion. At the time of writing, $BTC is trading at $36,967.58 with $38K as its next major resistance level and $32,500 as its next key support level.
$ETH wise, the second largest cryptocurrency finally found support at $2,200 and managed to stop the downtrend. $ETH reached $2,725 before Fed’s meeting on Wednesday. After that, $ETH mainly traded at $2,500. It is unlikely that the correction will end anytime soon and any relief rally will only be temporary as ETH seeks a bottom.
At the time of writing, $ETH is trading at $2,500.99 with $2,700 as its next major resistance level and $2K as its next key support level.
Five Star Bank, a U.S financial institution announced last Thursday (27/1), it will partner with New York Digital Investment Group (NYDIG) to launch bitcoin trading and virtual currency transaction services to its clients. “Thanks to NYDIG, we are creating a safe, efficient, and more user-friendly way for our customers to manage their digital transactions. Customer experience continues to be at the forefront of our focus at Five Star Bank, and we’re proud to bring forth a cryptocurrency investment solution that will broaden access to this emerging portfolio option for consumers within our geographic footprint and, frankly, across the country”, said Martin K. Birmingham, Five Star Bank Chief Operating Officer.
According to another filling with U.S. Securities and Exchange Commission last Friday (28/1), Fidelity Investment has applied to launch a Metaverse-based exchange - traded funds (ETFs). The ETFs will mainly track companies that develop, manufacture, distribute and sell products for the metaverse. The first stated the investment objective: “Fidelity Metaverse ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Metaverse Index.”
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $78.57B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 3.18% decline, Aave ($AAVE) is -3.82%, Compound ($COMP) is -6.19%, Uniswap ($UNI) is -3.02%, Polkadot ($DOT) is -2.93%, Chainlink ($LINK) is +6.46%, Cardano ($ADA) is -4.51%, Polygon ($MATIC) is 2.71%, Solana ($SOL) is -0.73% and Avalanche ($AVAX) is +5.21%.