$BTC 24 Hour High $43,376.38
$BTC 24 Hour Low $41,894.06
$ETH 24 Hour High $3,303.00
$ETH 24 Hour Low $3,161.57
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency market was filled with serious volatility as $BTC tumbled towards $43K while $ETH also dropped to $3,140
- The mobile payment service Cash App allows users to auto-invest a percentage of their paycheck into bitcoin
- Digital payments platform Strike integrates with E-commerce giant Shopify to facilitate Bitcoin payment
The $BTC and $ETH market
This week the cryptocurrency market was filled with serious volatility as $BTC tumbled towards $43K. Last week, $BTC was sitting at around $46K, and it was looking primed to test $47K. However, it failed, and bears pushed the price down to $43K on Wednesday. It bounced off from that line and spiked to $44K, but that turned out to be a fake breakout, and bitcoin went south once again. After that, $BTC started plummeting again and fell to $42K. Its market capitalization was down to $800 billion. At the time of writing, $BTC is trading at $42,275.86 with $45K as its next major resistance level and $40K as its next key support level.
$ETH wise, the second largest cryptocurrency also dropped to $3,140 on Wednesday. The bears were pushing the price down since nailing this week’s high at $3,547.
Looking ahead, ETH has strong support just above the $3,000 level, which should be well defended by buyers. Any further drop in price is likely to be stopped at this key support which can act as a pivot for ETH to move higher again. At the time of writing, $ETH is trading at $3,166.25 with $3,255 as its next major resistance level and $3K as its next key support level.
Cash App, the mobile payment service developed by Block (NYSE: SQ) announced last Thursday (7/4) that it allows customers to auto-invest a percentage of their paycheck into bitcoin. According to Miles Sutter, Crypto Product Lead at CashApp, “the service is completely free. This is the largest deployment of a feature like this at scale to date.”
Digital payments platform Strike announced last Friday (8/4) that it will integrates with E-Commerce giant Shopify (NYSE: SHOP) to facilitate Bitcoin payments. “We're proud to partner with Shopify to provide merchants with a cheaper and faster way to accept U.S. dollars using Bitcoin technology”, announced Jack Mallers, founder and CEO of Strike.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $79.39B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 17.79% decline, Aave ($AAVE) is -28.15%, Compound ($COMP) is -21.29%, Uniswap ($UNI) is -18.56%, Polkadot ($DOT) is -18.11%, Chainlink ($LINK) is -15.79%, Cardano ($ADA) is -16.83%, Polygon ($MATIC) is -15.27%, Solana ($SOL) is -19.21% and Avalanche ($AVAX) is -17.96%.