$BTC 24 Hour High $32,596.31
$BTC 24 Hour Low $30,320.80
$ETH 24 Hour High $2,450.76
$ETH 24 Hour Low $2,266.29
Happy Wednesday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency market continued being covered in red
- $BTC plunged below $30K and $ETH fall towards $2,500
- Two Argentinian Banks – Banco Galicia and Brubank partnered with crypto wallet Lirium to provide crypto trading services
- The leading private bank in Liechtenstein -LGT Bank will partner with SEBA Bank to offer direct investments in digital assets for its investors
- Luxury fashion brand Gucci will start to accept crypto payments at some of selected stores in the U.S.
The $BTC and $ETH market
This week the cryptocurrency market continued being covered in red, with $BTC plunged below $30K for the first time since July 2021. $BTC‘s price has been in freefall over the past week- losing over 16% in the span of four days. The overall uncertainty caused by rising inflation has taken its toll on both retail and institutional investors, as market lose value continuously throughout the past week. Although the numbers for April are not yet disclosed, last month, the United States Bureau of Labour Statistics (BLS) reported that the Consumer Price index reading hit 8.5%, breaking 40-year high. $BTC went down to $30K and its market capitalization is now down to $635 billion. With $BTC continued to lose value, the Fear and Greed index has dropped into an extreme fear territory once again. At the time of writing, $BTC is trading at $30,244.5 with $34K as its next major resistance level and $28K as its next key support level.
$ETH wise, the second largest cryptocurrency was also rejected by $2,700 support. The market sentiment remains bearish and $ETH fall towards $2,500. At the time of writing, $ETH is trading at $2,324.25 with $2,500 as its next major resistance level and $2,100 as its next key support level.
Two banks in Argentina – the nation’s largest private bank in terms of market value, Banco Galicia and a fully digital bank Brubank announced last Tuesday (3/5) that they have partnered with crypto wallet Lirium to provide crypto trading services to their clients.
LGT Bank, the leading private bank in Liechtenstein, announced last Wednesday (4/5) that it would partner with Swiss digital asset company SEBA Bank to offer direct investments in digital assets for its investors. “We are very pleased that we can now offer our clients convenient access to these markets while upholding the highest security standards. We worked intensively on this offering. Cryptocurrencies are still in a stage of dynamic development. LGT therefore first created the corresponding, necessary processes, and framework for this type of investment”, said Roland Matt, CEO of LGT Bank.
According to a report by Vogue last Thursday (5/5), selected Gucci stores will start to accept crypto payment in North America. “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them”, said Marco Bizzarri, Gucci’s president and CEO.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $67.87B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 22.71% decline, Aave ($AAVE) is -31.53%, Compound ($COMP) is -21.87%, Uniswap ($UNI) is -19.29%, Polkadot ($DOT) is -29.05%, Chainlink ($LINK) is -27.69%, Cardano ($ADA) is -24.33%, Polygon ($MATIC) is -25.59%, Solana ($SOL) is -27.27% and Avalanche ($AVAX) is -37.31%.