$BTC 24 Hour High $41,146.89
$BTC 24 Hour Low $38,696.19
$ETH 24 Hour High $3,080.79
$ETH 24 Hour Low $2,893.91
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency market was quite volatile as $BTC collapsed to $40K while $ETH dropped below $3K
- Fidelity Investments, the world's fourth-largest asset management company plans to offer two exchange-traded funds (ETFs) to gain exposure to the broader crypto, blockchain and digital payment ecosystems
- A Portugal-based financial institution Bison Bank received first crypto license in Portugal
- 9 major chain retail companies and online merchants accept bitcoin payment
The $BTC and $ETH market
This week the cryptocurrency market was quite volatile as $BTC collapsed to $40K. The cryptocurrency market lost $160 billion over the last seven days and dropped below the important level of $2 trillion. This was largely because $BTC slid below $40K and lost 7.4% throughout the week. Investors have been wrestling with rising inflation, geopolitical crises, and concern over tighter monetary policy by the Federal Reserve. Minutes from the Fed’s March meeting last week showed its plan to shrink its balance sheet by $95 billion each month to combat inflation. The latest inflation report shows that consumer prices rose 8.5% in the year through March, the fastest inflation rate since 1981. Also, it appears that the market more focused on another exciting event – Elon Musk’s proposition to buy Twitter and take it private. BTC is currently heading towards the $36K support level. However, if the price breaks below it, followed by strong momentum and volume, the $30K demand zone would be a critical area that could act as a reversal point. Following the recent price fluctuations, bitcoin has stalled and remains just above the coveted $40K mark. Its market capitalization sits at $770 billion. At the time of writing, $BTC is trading at $40,681.20 with $45K as its next major resistance level and $37K as its next key support level.
$ETH wise, the second largest cryptocurrency also dropped below $3K and declined almost 5%. The relative strength index (RSI) below 40 indicate that bears are in control. If the price sustains below $3K, the $ETH could slide to $2,817 and then to the uptrend line. From the ETH/BTC perspective, the ETH/BTC pair held support around 0.074 over the past week, suggesting that traders are beginning to rotate $BTC into $ETH. At the time of writing, $ETH is trading at $3,042.06 with $3,200 as its next major resistance level and $2,800 as its next key support level.
Fidelity Investment, the leading asset management company announced last Tuesday (12/4) that it plans to offer two exchange-traded funds (ETFs) to gain exposure to the broader crypto, blockchain and digital payment ecosystems. “We continue to see demand, particularly from young investors, for access to the rapidly growing industries in the digital ecosystem, and these two thematic ETFs offer investors exposure in a familiar investment vehicle”, said Greg Friedman, Fidelity’s head of ETF management and strategy.
Bison Bank, a Portugal-based financial institution announced last Friday (15/4) has received a license from the Portuguese Central Bank to offer crypto custodian and trading services in Portugal.
According to CBS Sunday Morning News (17/4) that nine major chain retail companies and online merchants accept bitcoin for payment in 2022, including Starbucks (NASDAQ: SBUX), Microsoft (NASDAQ: MSFT), Whole Foods (Amazon, Inc) (NASDAQ: AMZN), AT&T (NYSE: T), Overstock (NASDAQ: OSTK), The Home Depot (NYSE: HD), PayPal (NASDAQ: PYPL), Twitch, Etsy (NASDAQ: ETSY)
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $76.75B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 0.43% decline, Aave ($AAVE) is +0.39%, Compound ($COMP) is +15.34%, Uniswap ($UNI) is -0.37%, Polkadot ($DOT) is +2.37%, Chainlink ($LINK) is -1.07%, Cardano ($ADA) is -1.91%, Polygon ($MATIC) is +2.73%, Solana ($SOL) is -0.37% and Avalanche ($AVAX) is +1.09%.