$BTC 24 Hour High $39,209.35
$BTC 24 Hour Low $37,680.73
$ETH 24 Hour High $2,594.03
$ETH 24 Hour Low $2,503.89
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week was very volatile as $BTC’s price went on a massive rollercoaster ride
- $BTC had soared from $39K to $42K, but plummeted back to $37K after US releasing CPI, while $ETH struggled at $2,500 level
- Financial service State Street partner with crypto infrastructure provider Copper to launch digital asset custody for institutional clients
- Global investment manager VanEck launches a Digital Assets Mining ETF under the ticker signal “DAM.”
- Multinational investment bank Goldman Sachs is planning to offer crypto derivatives trading services for institutional holders
The $BTC and $ETH market
This week was very volatile as $BTC’s price went on a massive rollercoaster ride. $BTC declined to $37K on Monday. On Wednesday, $BTC’s price jumped from around $39K to above $42K in a massive surge that was mainly caused by the release of President Joe Biden’s executive order on digital assets. However, on the following day, $BTC plummeted back to $37K, erasing all gains. The reason for the volatility is the monthly release of the Consumer Price Index numbers in the US. For February, the number came at $7.9%, representing a 0.5% increase from January and up 6.4% over the last year. These are the highest numbers in decades. The market was expected to continue with volatility as Russian President Vladimir Putin said there was progress in the talks with Ukraine. This was once again short-lived as the markets retraced. At the time of writing, $BTC is trading at $38,703.35 with $40K as its next major resistance level and $37K as its next key support level.
$ETH wise, the second largest cryptocurrency rebound at $2,751 on Wednesday. However, the price turned down again and struggled between $2,500 and $2,600 level. Considering the current market condition, it seems volatility will continue as long as the fear caused by the geopolitical conflicts alongside the uncertainty around the Federal Reserve’s decisions is the dominant sentiment. At the time of writing, $ETH is trading at $2,590.79 with $2,800 as its next major resistance level and $2,500 as its next key support level.
State Street (NYSE: STT) announced last Wednesday (9/3) that it will partner with crypto infrastructure provider CopperFinance to launch digital asset custody for institutional clients. “State Street Digital’s mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional, as well as digital assets needs. Today’s exciting announcement will only enhance our ambition to deliver to our clients an amazing digital experience. We look forward to collaborating with the team at Copper as State Street Digital continues to grow. As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap”, said Swen Werner, head of digital custody for State Street Digital.
According to the official announcement of global investment manager VanEck last Wednesday (9/3), it has launched Digital Assets Mining ETF under the ticker signal “DAM.” The latest exchange-traded fund is tailored to provide investors exposure to firms involved in the digital assets mining ecosystem.
Goldman Sachs (NYSE: GS) announced last Thursday (10/3) that it is now considering offering crypto derivatives trading for institutional investors. Goldman Sachs also plans to offer its larger clients access to Ether through a fund issued by Galaxy Digital.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $73.25B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 2.53% growth, Aave ($AAVE) is +3.76%, Compound ($COMP) is +0.58%, Uniswap ($UNI) is +2.17%, Polkadot ($DOT) is +5.93%, Chainlink ($LINK) is +2.24%, Cardano ($ADA) is -0.69%, Polygon ($MATIC) is -3.08%, Solana ($SOL) is -2.64% and Avalanche ($AVAX) is -3.80%.