$BTC 24 Hour High $46,937.29
$BTC 24 Hour Low $44,437.29
$ETH 24 Hour High $3,312.06
$ETH 24 Hour Low $3,130.00
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency market went well as $BTC retraced to $45K while $ETH surged about 11% to above $3K
- Investment bank Cowen now allows cryptocurrency for institutional investors
- South Korean tech giant LG Electronics intends to add blockchain and cryptocurrency as new sectors in its business areas
- Bank Leumi will become the first Israeli bank to enable cryptocurrency trading
The $BTC and $ETH market
This week the cryptocurrency market went well as $BTC retraced to $45K. The market recovered the coveted $2 trillion total capitalization mark as the majority of the cryptocurrencies charted considerable gains. All in all, the total market cap is up by nearly $200 billion in the past seven days. Bitcoin surged by 8.4% over the same period and tested the important technical resistance at $45,000. As of now, $BTC trades around $46K and its dominance over the altcoin increased over 42%. Its market capitalization has neared $850 billion. At the time of writing, $BTC is trading at $46,906.87 with $47K as its next major resistance level and $43K as its next key support level.
$ETH wise, the second largest cryptocurrency surged about 11% to above $3K. It is important for ETH to retest the $3,000. Overall, $ETH saw a great performance in the past seven days with a 12% price increase. At the time of writing, $ETH is trading at $3,313.64 with $3,500 as its next major resistance level and $3K as its next key support level.
Cowen Inc (NASDAQ: COWN) announced last Thursday (23/3) that it allows institutional investors to trade crypto, putting the bank “at the front of Wall Street’s push into the expanding industry.” “Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities”, said Cowen CEO Jeffrey M. Solomon.
LG Electronics (KRW: 066570) announced last Friday (25/3) that it has officially updated its business development goals to include cryptocurrency and blockchain-based software.
Bank Leumi (TLV: LUMI) announced last Friday (10/3) that it will partner with blockchain firm Paxos to provide cryptocurrency trading for its customers. The new service will allow Pepper Invest customers to buy, hold and sell cryptocurrencies -- limited to Bitcoin and Ethereum, for now.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $92.86B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 16.05% growth, Aave ($AAVE) is +10.77%, Compound ($COMP) is +10.48%, Uniswap ($UNI) is +19.46%, Polkadot ($DOT) is +20.75%, Chainlink ($LINK) is +13.89%, Cardano ($ADA) is +31.68%, Polygon ($MATIC) is z=15.31%, Solana ($SOL) is +21.21% and Avalanche ($AVAX) is +2.45%.