$BTC 24 Hour High $40,648.04
$BTC 24 Hour Low $38,338.38
$ETH 24 Hour High $3,026.42
$ETH 24 Hour Low $2,804.51
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency market continued its sharp correction, in correspondence with the global markets
- $BTC struggled at $40K level while $ETH also struggled at $3K level
- A Switzerland-based ETP issuer 21Shares has partnered with ETF Securities to launch Australia’s first spot bitcoin & Ethereum ETF
- Germany’s Commerzbank (CBK) has applied for a crypto custody license, making it the first major bank in Germany to move towards crypto adoption
- A Brazilian crypto asset manager Hashdex received approval from the SIX Swiss Exchange to list cryptocurrency exchanged traded products in Switzerland
The $BTC and $ETH market
This week the cryptocurrency market continued its sharp correction, in correspondence with the global markets. $BTC was spiked to almost $43K the week before. However, it was violently rejected at its peak and reversed its trajectory almost immediately. In the matter of hours, the asset dumped to around $39K. $BTC tried recovering but was stopped in its tracks at $40K. This is also where it sits now, and its $750 billion. At the time of writing, $BTC is trading at $40,520.83 with $42K as its next major resistance level and $37K as its next key support level.
$ETH wise, the second largest cryptocurrency also lost about 10% from the highest point last week, bringing it back on the key support at $2,980. Looking ahead, ETH may continue to range, particularly over the weekend when the volume is typically low. 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.
21Shares, a Switzerland-based ETP issuer announced last Tuesday (19/4) that it will partner with ETF Securities to launch Australia’s first spot bitcoin & Ethereum ETF. The ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21 Shares Ethereum ETF (EETH) will go live on the Cboe trading platform. “We're so incredibly excited to be able to offer the first direct exposure to bitcoin and ethereum ETF in Australia,” said 21Shares CEO and co-founder Hany Rashwan.
Commerzbank (ETR: CBK), a Germany’s second-largest listed bank and is partly owned by the government, announced last Thursday (21/4) that it has applied for a crypto custody licence in Germany. “To this end, we entered into a cooperation with Deutsche Börse and Fin-Tech 330x in spring 2021. In addition, we are pursuing our own digital asset strategy and are also planning our own offerings for our customers in the coming years. We have applied for a license from the Bafin for the safekeeping of crypto assets. The future offer is initially aimed at institutional customers,” said Bernd Reh, senior spokesman, Commerzbank.
Hashdex, the Brazilian crypto asset manager announced yesterday (25/4) that it received approval from the SIX Swiss Exchange to list cryptocurrency exchange-traded products in Switzerland. “Building on the success of our range of solutions on the other side of the Atlantic, which meet best-in-class standards, our goal is to make them available in Switzerland first and soon across European investors. Switzerland offers a legal framework conducive to crypto assets and is a crucial step in our global development”, said Bruno Sousa, Head of Global Expansion, the SIX Swiss Exchange.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $76.58B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 3.44% decline, Aave ($AAVE) is -3.41%, Compound ($COMP) is -10.90%, Uniswap ($UNI) is -10.16%, Polkadot ($DOT) is -3.39%, Chainlink ($LINK) is -7.92%, Cardano ($ADA) is -6.93%, Polygon ($MATIC) is -3.76%, Solana ($SOL) is -3.80% and Avalanche ($AVAX) is -6.95%.