$BTC 24 Hour High $42,693.05
$BTC 24 Hour Low $41,681.96
$ETH 24 Hour High $2,947.78
$ETH 24 Hour Low $2,840.26
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market looks quite positive as $BTC exploded by 18% and retested $43K level, while $ETH fell back on the $3K support level
- BlackRock plans to offer crypto trading services
- Intel announces bitcoin mining initiative
The $BTC and $ETH market
The cryptocurrency market looks quite positive as $BTC exploded by 18% and retested $43K level. $BTC was struggled at around $41K last week. It retested $43K on Monday and even trying to break the $45K level. However, when the Consumer Price Index (CPI) numbers for January announced on Wednesday, $BTC lose $2K and recovering it in less than an hour. Since then, $BTC has been sitting at around $42K which was also where the 50-day MA lies. Its market capitalisation has reclaimed $800 billion. At the time of writing, $BTC is trading at $41,940.83 with $45K as its next major resistance level and $38K as its next key support level.
$ETH wise, the second largest cryptocurrency also performed well as it was up 16% in the past seven days. However, $ETH failed to push above $3,200 and fell back on the $3K support level. Again, the big concern is if $ETH can hold above the key $3K. If it manages to do so, then bulls might be in a position for another soar at the $3,200 resistance in the coming week. If they fail, however, the cryptocurrency could fall to the next support level at $2,800. At the time of writing, $ETH is trading at $2,872.61 with $3K as its next major resistance level and $2,700 as its next key support level.
BlackRock (NYSE: BLK) announced last Thursday (10/2) that it is now planning to offer cryptocurrency trading services to its investors. The trading will occur on portfolio management system Aladdin, the asset manager’s “Asset, Liability, Debt and Derivative Investment Network.”
Intel (NASDAQ: INTC) announced last Friday (11/2) that it is now officially enter crypto mining initiative. Intel also announced three of its first customer, BLOCK, Argo Blockchain, and GRIID Infrastructure.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decrease to $83.46B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 8.47% decline, Aave ($AAVE) is -11.72%, Compound ($COMP) is -13.47%, Uniswap ($UNI) is -12.18%, Polkadot ($DOT) is -16.98%, Chainlink ($LINK) is -15.61%, Cardano ($ADA) is -11.99%, Polygon ($MATIC) is -8.73%, Solana ($SOL) is -19.36% and Avalanche ($AVAX) is -4.51%.