$BTC 24 Hour High $39,074.97
$BTC 24 Hour Low $38,156.56
$ETH 24 Hour High $2,874.15
$ETH 24 Hour Low $2,785.52
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency market continued to gradually lose value
- $BTC dropped to two-month low of just over $37K while lost about 7% from the highest point last week
- Blockchain Association of Singapore (BAS) will partner with American bank BNY Mellon to gain more exposure to blockchain, digital assets, and decentralised finance
- BlackRock officially launches iShares Blockchain and Tech ETF
- Dubai real estate developer Damac Properties will accept payment for property in Bitcoin and Ether
- Korean Samsung Asset Management plans to list blockchain-focused ETF in Hong Kong
The $BTC and $ETH market
This week the cryptocurrency market continued to gradually lose value -$BTC dropped to two-month low of just over $37K. $BTC did reclaim above $40K again, but just like the previous attempts, failed to continue upwards. Not long afterwards, $BTC dropped below $40K, and we believed that it is currently unable to reclaim the $40K level due tothe weakening momentum. Besides, it also has some exciting news for the crypto industry. Fidelity announced that it would soon allow investors to add BTC to their retirement 401(K) plans, while BlackRock - the world’s largest asset manager launched a blockchain ETF. At the time of writing, $BTC is trading at $38,628.81 with $40K as its next major resistance level and $37K as its next key support level.
$ETH wise, the second largest cryptocurrency also lost about 7% from the highest point last week, bringing it back on the key support at $2,800. 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 $2,847.65 with $3,000 as its next major resistance level and $2,700 as its next key support level.
According to an announcement of Blockchain Association of Singapore (BAS) last Wednesday (27/4), it will partner with American bank BNY Mellon to gain more exposure to blockchain, digital assets, and decentralised finance (DeFi). “Blockchain still is a relatively nascent technology within this region, and we are confident that with this collaboration we will be able to drive acceptance and adoption of blockchain technology and DeFi across the region”, said Chia Hock Lai, Co-Chairman of BAS.
According to Khaleej Time last Wednesday (27/4), Dubai real estate developer Damac Properties will accept payment for property in Bitcoin and Ether. “This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry. It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognize the value this technology brings to our customers”, said Ali Sajwani, Damac’s General Manager of Operation.
BlackRock (NTSE: BLK) announced last Thursday (28/4) that it officially launches iShares Blockchain and Tech ETF (ticker: IBLC) tracking the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies. The top holdings of this ETF include Coinbase (NASDAQ: COIN), Marathon Digital Holdings (NASDAQ: MARA), Riot blockchain (NASDAQ: RIOT) etc. “BlackRock is studying digital currencies, stablecoins, and the underlying technologies to understand how they can help us serve our clients”, said CEO Larry Fink.
Samsung Asset Management, the Korean’s largest asset manager announced last Friday (29/4) that it plans to list a blockchain-focused ETF in Hong Kong before July 2022. The ETF will invest mainly in cryptocurrency-related companies, such as Silvergate Capital (NYSE: SI), Galaxy Digital holdings (TSE: GLXY), Coinbase (NASDAQ: COIN) and Bitcoin futures Contracts.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $75.67B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 8.10% decline, Aave ($AAVE) is -16.57%, Compound ($COMP) is -19.81%, Uniswap ($UNI) is -18.65%, Polkadot ($DOT) is -15.13%, Chainlink ($LINK) is -14.97%, Cardano ($ADA) is -11.81%, Polygon ($MATIC) is -16.77%, Solana ($SOL) is -12.42% and Avalanche ($AVAX) is -%.