$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 last week was highly volatile for the cryptocurrency market since Russia launched a special military operation against Ukraine last Thursday
- $BTC collapsed from $39K all the way down to $34K; while $ETH broke below $2,500 and crashed over 15%
- BNY Mellon will integrate the full Chainalysis compliance asset digital custody and administration platform to help monitor and analyse cryptocurrency
- The Stock Exchange of Thailand will launch a digital asset exchange
The $BTC and $ETH market
The last week was highly volatile for the cryptocurrency market since Russia launched a special military operation against Ukraine last Thursday - $BTC collapsed from $39K all the way down to $34K. The entire crypto market had declined by $200 billion on the news, leaving it at $1.6 trillion in total. Since then, though, $BTC bounced back to $38K after the US and the European Union responded to Russia-Ukraine conflict. Biden announced to sanction four of Russia’s largest banks from the US and Western allies. In a matter of hours, $BTC is up by approximately 6.5% on the day, and its market cap has reclaimed $700 billion. The uncertainty and fear in the market on one side and the positive momentum in the price action on the other side are constructing a trading range between $34K and $40K. At the time of writing, $BTC is trading at $38,365.21 with $41K as its next major resistance level and $36K as its next key support level.
$ETH wise, the second largest cryptocurrency broke below $2,500 and crashed over 15% on the news of the Russian invasion. Later, it recovered back to $2,600. However, $ETH remains bearish, and this will only begin to change if ETH reclaims the $3,000 level, which appears unlikely at the time of this post. The support at $2,500 has held well on Thursday, but it may be retested soon. At the time of writing, $ETH is trading at $2,641.99 with $2,800 as its next major resistance level and $2,500 as its next key support level.
BNY Mellon (NYSE: BK) officially announced last Thursday (24/2) that it will integrate blockchain data platform Chainalysis to help monitor and analyse cryptocurrency products. This will help its clients to assess the cryptocurrency trends and “granular activity in support of its compliance and due diligence practices.” In short, BNY Mellon wishes to track the assets of the custody services that it provides its clients with. “Working with Chainalysis and other leading fintech providers is foundational to our role as a trusted innovator and the extension of our capabilities into products that serve the growing cryptocurrency market”, said Caroline Butler, Global Head of Custody, Tax and Network Management for BNY Mellon.
The Stock Exchange of Thailand announced last Thursday (24/2) that it will launch a digital asset exchange. The president of the Stock Exchange of Thailand (SET), Dr. Pakorn Peetathawatchai said: “For our digital asset exchange, we would concentrate on investment tokens and utility tokens — those are the things that have been in high demand in both local and international markets.” He added that investors “would like to invest in some of these digital assets” and “use either investment tokens or utility tokens as a means to raise funds.”
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decrease to $68.91B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 9.49% decline, Aave ($AAVE) is -5.71%, Compound ($COMP) is -6.92%, Uniswap ($UNI) is +1.19%, Polkadot ($DOT) is -2.34%, Chainlink ($LINK) is -9.02%, Cardano ($ADA) is -9.06%, Polygon ($MATIC) is -6.85%, Solana ($SOL) is -4.34% and Avalanche ($AVAX) is -6.82%.