$BTC 24 Hour High $47,313.48
$BTC 24 Hour Low $45,839.92
$ETH 24 Hour High $3,573.96
$ETH 24 Hour Low $3,453,62
Happy Monday from HKbitEX! We’ve got exciting news: USDC, SAND and ENJ coins now can be traded on HkbitEX!
USD Coin (USDC)
- A digital currency that is fully backed by U.S. dollar assets held in regulated US financial institutions, as claimed by the Circle Consortium
- A tokenized U.S. dollar, with the value of one USDC coin pegged 1:1 to the value of one U.S. dollar
- USDC markets itself to be the world’s fastest-growing, fully regulated dollar digital stablecoin
The Sandbox (SAND)
- A blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game
- The platform focuses on facilitating a creative “play-to-earn” model, which allows users to be both creators and gamers simultaneously
- The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform
- SAND is one of the fastest-growing cryptocurrencies in the metaverse space. At a price of USD 8.44 on 25 Nov 2021, it was roughly a 110-times, i.e. 11,000%, higher than the price of USD 0.04 at the beginning of the year
Enjin Coin (ENJ)
- A social gaming platform through which users can create websites and clans, chat, and host virtual item stores
- Allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold and traded with real-world value
- The Enjin Network is now one of the largest gaming community platforms in the world with number of users grown to be more than 20 million
Highlights from the week:
- This week the cryptocurrency market is up by roughly $120 billion as $BTC spiked from $45K to an intraday high of $48,086.84
- $ETH also surged to an intraday high of $3,470.19 which is its highest level since January
- The leading financial derivatives exchange CME Group officially launched micro-options on Bitcoin and Ethereum futures
- Investment firm WisdomTree launched 3 new crypto ETPS tracking Solana, Cardano and Polkadot
The $BTC and $ETH market
This week the cryptocurrency market is up by roughly $120 billion as $BTC spiked from $45K to an intraday high of $48,086.84, as price rose to its three-month high. After that, $BTC retraced slightly but still remained in a range between $44K and $46K. As of now, BTC has retraced slightly and stands close to $47,000. Nevertheless, its market capitalization has neared the $900 billion mark. The Crypto Fear & Greed Index has now reached 60 – shows greed as $BTC breaking above the $45,000 resistance level.
At the time of writing, $BTC is trading at $46,117.89 with $47K as its next major resistance level and $43K as its next key support level.
$ETH wise, the second largest cryptocurrency also surged to an intraday high of $3,470.19 which is its highest level since January. If the bulls can break above $3,500 resistance, the next destination will likely be in the resistance zone at $3,900 – $4,000. Otherwise, if the bears push the price down, the zone of support at $3,000 – $3,200 is the first major support. At the time of writing, $ETH is trading at $3,498.26 with $3,500 as its next major resistance level and $3K as its next key support level.
The largest derivatives trading platforms CME Group officially announced last Tuesday (29/3) that it has launched micro-options on Bitcoin and Ethereum futures. “The launch of these micro-sized options builds on the significant growth and liquidity we have seen in our Micro Bitcoin and Micro Ether futures. These contracts will offer a wide range of market participants – from institutions to sophisticated, active, individual traders – greater flexibility and precision to manga their exposure to the top two cryptocurrencies by market capitalisation”, said Tim McCourt, Global Head of Equity and FX Products.
WisdomTree (NASDAQ: WETF) announced last Wednesday (30/3) that it launched three new crypto ETPs tracking the performance of Solana (SOL), Cardano (ADA) and Polkadot (DOT). “We want to provide investors with a range of crypto asset exposures, whether that be through diversified baskets or single trackers. A key component to our approach is launching strategies which will resonate with institutional investors. These need to be crypto assets which are liquid enough for institutional use, are supported by the ETP market participants and have clear use cases”, said Jason Guthrie, Head of Digital Assets, Europe, WisdomTree.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $82.51B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 4.03% growth, Aave ($AAVE) is +40.39%, Compound ($COMP) is +28.68%, Uniswap ($UNI) is +5.11%, Polkadot ($DOT) is -0.22%, Chainlink ($LINK) is +4.39%, Cardano ($ADA) is +3.40%, Polygon ($MATIC) is -1.58%, Solana ($SOL) is +25.66% and Avalanche ($AVAX) is +6.75%.