$BTC 24 Hour High $39,899.35
$BTC 24 Hour Low $38,112.81
$ETH 24 Hour High $2,726.84
$ETH 24 Hour Low $2,585.95
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market continued to lose value gradually as $BTC dropped to the low of $38K; while $ETH dropped to around $2,600, falling almost 5% in the past seven days
- DBS bank plans to launch digital asset trading services for retail investors
- Fidelity International launched its Bitcoin exchanged-traded product (ETP) in Europe
- Kookmin Bank has become the first bank in South Korea to offer crypto investment product
The $BTC and $ETH market
The cryptocurrency market continued to lose value gradually as $BTC dropped by a few thousand dollars to the low of $38K. $BTC recovered to 42K and try to break $45 level on Tuesday and Wednesday but tumbled below $40K and went all the way down to $38K due to the rising tensions on the Ukraine-Russia border and continued inflationary fears. $BTC now remains in its short-term downtrend. The stronger support was seen at $30K, which was roughly the bottom of 2021’s selloff. Momentum signals remain negative, indicating consistent selling pressure over the past months. Further, BTC was unable to break above its 40-week moving average at $45,724, which presents a bearish bias. Its market capitalisation has declined to just over $750 billion. At the time of writing, $BTC is trading at $39,194.3 with $41K as its next major resistance level and $38K as its next key support level.
$ETH wise, the second largest cryptocurrency also dropped to around $2,600, falling almost 5% in the past seven days. $ETH is in a clear downtrend and appears ready to retest $2,800 level. The first support level lies at $2,500, the next at $2,200. A breakdown below, and $ETH will record a new low since July 2021. At the time of writing, $ETH is trading at $2,715.85 with $2,800 as its next major resistance level and $2,500 as its next key support level.
DBS (SGX: D05) announced last Monday (14/2) that it will expand its digital assets trading services to retail investors. DBS has offered digital asset trading to institutional investors but only through the phone. The bank also plans to provide the services online and self-service.
Fidelity International announced last Tuesday (15/2) that it has listed its first bitcoin exchange-traded product (ETP) on the Deutsche Börse in Frankfurt and SIX Swiss Exchange in Zurich. This ETP tracks the price of Bitcoin.
Kookmin Bank announced today (21/2) that it is preparing to become the first bank in South Korea to offer crypto investment products to retail investors. They plan to launch a crypto investment index fund and a fund that utilises an Outsourced Chief Investment Officer (OCIO), also referred to as outsourced investment management, in order to provide guarantees on principal investments. The OCIO fund may also be used in retirement pensions.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decrease to $72.22B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 4.64% decline, Aave ($AAVE) is -7.25%, Compound ($COMP) is -3.06%, Uniswap ($UNI) is -5.93%, Polkadot ($DOT) is -3.44%, Chainlink ($LINK) is -2.99%, Cardano ($ADA) is -5.31%, Polygon ($MATIC) is -0.95%, Solana ($SOL) is +1.99% and Avalanche ($AVAX) is +5.01%.