$BTC 24 Hour High $39,600.19
$BTC 24 Hour Low $37,709.98
$ETH 24 Hour High $2,658.19
$ETH 24 Hour Low $2,514.25
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- It has been a choppy week for cryptocurrencies as tensions between Russia and Ukraine escalated
- $BTC had soared from $38K to $44K, but slid below $39K during weekend; while $ETH failed to maintain $3K level again
- E-commerce giant eBay (EBAY) is planning to add crypto payments
- Asset manager Charles Schwab have filed with SEC to launch “Schwab Crypto Economy ETF”
- Popular burger chain Shake Shack (SHAK) will offer the cryptocurrency as a reward to customers
The $BTC and $ETH market
It has been a choppy week for cryptocurrencies as tensions between Russia and Ukraine escalated. All eyes were on the conflict while global markets and cryptocurrencies were as volatile as ever. On Monday, US announced a further sanctions that a number of Russian banks will be removed from SWIFT, essentially cutting their operational connections to the western world. $BTC soared immediately and jumped from around $38K to $44K on Tuesday. During the next few days, the price consolidated around this level, but it failed to maintain and slid below $41K on Friday. After that, $BTC kept losing value and fell below $39K. $BTC market capitalisation has now remained below $750 billion. Elsewhere, the conflict between Russia and Ukraine also brought up the topic of crypto regulations. The Chairman of the US Federal Reserve, Jerome Powell, reiterated the need for firm legislation amid the geopolitical tension. At the time of writing, $BTC is trading at $37,987.04 with $41K as its next major resistance level and $35K as its next key support level.
$ETH wise, the second largest cryptocurrency has reached $3K on Tuesday. However, it failed to move higher and re-enter a short pull back towards $2,800 and even $2,500. The sentiment is slightly bearish after BTC got sharply rejected below $40K. At the time of writing, $ETH is trading at $2,524.28 with $2,800 as its next major resistance level and $2,500 as its next key support level.
eBay (NASDAQ: EBAY) announced last Monday (28/2) that it is planning to add crypto payments. “We're just completing our transition to manage payments where we're now managing $85 billion of volume on our platform directly. This gives us the ability to open up new forms of payment. We opened up Google Pay and Apple Pay. We have a partnership with Afterpay in Australia, which is a platform that appeals to Gen Z, and that is a buy now pay later platform on the marketplace. And so, we continue to evaluate other forms of payments that we should take on the platform. We don't currently accept cryptocurrency on the platform”, said eBay CEO Jamie Iannone.
According to a filling with U.S. Securities and Exchange Commission last Thursday (3/3), asset manager Charles Schwab (NYSE: SCHW) will launch a crypto economy exchange-traded fund (ETF). “The fund’s goal is to track as closely as possible … the total return of an index that is designed to deliver global exposure to companies that may benefit from the development or utilization of cryptocurrencies (including bitcoin) and other digital assets, and the business activities connected to blockchain and other distributed ledger technology”, stated in the filling.
Shake Shack (NYSE: SHAK) announced last Friday (4/3) that it will offer the cryptocurrency as a reward to customers who use Block (NYSE: SQ) Cash App when making purchases at the fast-food chain.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $74.58B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 8.82% decline, Aave ($AAVE) is -14.83%, Compound ($COMP) is -9.50%, Uniswap ($UNI) is -16.12%, Polkadot ($DOT) is -3.8%, Chainlink ($LINK) is -6.04%, Cardano ($ADA) is -7.73%, Polygon ($MATIC) is -3.7%, Solana ($SOL) is -8.87% and Avalanche ($AVAX) is -4.32%.