$BTC 24 Hour High $42,873.86
$BTC 24 Hour Low $41,244.91
$ETH 24 Hour High $3,098.48
$ETH 24 Hour Low $2,965.43
Happy CNY from HKbitEX! Hope you had a great holiday! Highlights from the week:
- After more than two weeks of trading below $40K, $BTC finally reclaim the coveted $40K level; $ETH has broken above $3K and appears poised to move even higher, ending the short-term downtrend
- Grayscale launched first equity ETF tracking new join index with Bloomberg
- Social media platform Stocktwits will add crypto trading services on its platform
The $BTC and $ETH market
Kung Hei Fat Choy! Happy CNY from HKbitEX! After more than two weeks of trading below $40K, $BTC finally reclaim the coveted $40K level and the cryptocurrency market added over $170 billion to $800 billion. $BTC’s price dipped by 1% to about $37,500 followed the release of US unemployment figures. However, the job recovery last month greatly surpassed economists’ expectation as figures revealed that the US added almost half a million new jobs in January alone, despite the spread of the Omicron variant that tends to lead businesses short-staffed. $BTC then surged above $40,300 within hours. Afterwards, $BTC even reclaimed $41K and neared $42K. At the time of writing, $BTC is trading at $42,582.98 with $45K as its next major resistance level and $38K as its next key support level.
$ETH wise, the second largest cryptocurrency has broken above $3K and appears poised to move even higher, ending the short-term downtrend. This comes less than two weeks since bottoming at $2160. ETH is now facing two key challenges. The first is to confirm the $3,000 breakout and turn it into support. The second is to move past the $3,400 level which would ensure a major mid-term trend reversal. At the time of writing, $ETH is trading at $3,069.94 with $3,200 as its next major resistance level and $2,800 as its next key support level.
Crypto Asset Manager Grayscale announced last Wednesday (2/2) the launch of its first exchange-traded fund (ETF) called Grayscale Future of Finance ETF (symbol: GFOF). The ETF is tracking the investment performance of the Bloomberg Grayscale Future of Finance Index that include the performance of 22 financial services companies in the digital economy. The list of companies includes Silvergate Capital (SI), PayPal (PYPL), Coinbase Global (COIN), Block (SQ), Robinhood Markets (HOOD), Argo Blockchain PLC (ARB) and more. “While Grayscale has established itself as a global leader in digital currency investing, the future of finance demands a much broader mandate. This product [GFOF] draws upon our historical strengths, while kicking off the next stage of our evolution as an asset manager that helps investors build portfolios that can stand the test of time”, said Grayscale Investments CEO Michael Sonnenshein.
StockTwits, a social media platform announced last Friday (4/2) that it will partner with FTX to launch crypto trading services on its platform. “Stocktwits has built an active community since 2008 through our data tools and social features. The community and data have served as a strong on-ramp into the platform, but the addition of execution on the platform is a key product expansion that will help us to better serve our users”, said Rishi Khanna, CEO of Stocktwits.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $85.95B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 5.66% growth, Aave ($AAVE) is +22.23%, Compound ($COMP) is +26.17%, Uniswap ($UNI) is +12.13%, Polkadot ($DOT) is +25.28%, Chainlink ($LINK) is +9.41%, Cardano ($ADA) is +15.86%, Polygon ($MATIC) is +14.22%, Solana ($SOL) is +29.47% and Avalanche ($AVAX) is +24.27%.