$BTC 24 Hour High $30,425.86
$BTC 24 Hour Low $29,275.18
$ETH 24 Hour High $2,048.34
$ETH 24 Hour Low $1,966.04
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- This week the cryptocurrency markets have calmed down after the demise of UST and LUNA
- $BTC is still unable to overcome the coveted $30K level while $ETH is fighting to remain above $2K
- Digital asset manager Grayscale will launch a crypto exchange-traded fund (ETF) in Europe
- The largest Brazilian brokerage XP Inc. will partner with NASDAQ and BitGo to launch a crypto trading platform by the end of June
- Switzerland-based investment product issuer 21Shares will launch two private funds tracking top and mid-tiers cryptocurrencies available on US exchanges
The $BTC and $ETH market
The cryptocurrency markets have calmed down in the week following the demise of UST and LUNA. In the past seven days, the total capitalization is up to $1.35 trillion, gaining roughly around $70 billion. $BTC, however, is still unable to overcome the coveted $30K level. In the past several days, it made numerous attempts but was halted in its tracks after. $BTC spiked to $31K last Monday and Tuesday but was stopped and fell back down to the $30K level. On Thursday, $BTC dropped below $29K where the bulls stepped up and did not drop further. Again, it jumped above $30K, where it’s currently situated. As such, its market capitalization sits still at $560 billion, and its dominance over the alts is at 44.5%. At the time of writing, $BTC is trading at $30,337.9 with $32K as its next major resistance level and $28K as its next key support level.
$ETH wise, the second-largest cryptocurrency is fighting to remain above $2K. $ETH found good support at $1,900. The market believes $ETH is now in a position to attempt further recovery and closed the past seven days with a 4% price increase. At the time of writing, $ETH is trading at $2,071.61 with $2,150 as its next major resistance level and $1,900 as its next key support level.
Grayscale, the world’s largest digital asset manager, disclosed last Monday (16/5) that it would launch a cryptocurrency exchange-traded fund (ETF) tracking the “Bloomberg Grayscale Future of Finance Index” listing on the London Stock Exchange, Germany’s Deutsche Börse Xetra, and Italy’s Borsa Italiana.
XP Inc (NASDAQ: XP), the largest Brazilian brokerage by market value, announced last week (16/5) that it would launch a crypto trading platform by the end of June. The platform will partner with Nasdaq and BitGo and its capability will allow XP’s 3.5 million users to make trades while staying on the platform. “The creation of XTAGE represents a major milestone in advancing on the digital assets market and in our ability to offer investors increased access to the emerging ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust capital market infrastructure”, said Lucas Rabechini, XP’s director of financial products. “Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands, as well as current and future regulatory structures, will allow XP to scale its platform reliably and introduce new asset classes as they grow and evolve,” said Roland Chai, head of market technology infrastructure at Nasdaq.
21Shares, a Switzerland-based investment product issuer, announced last Wednesday (18/5) that it will launch two private funds tailored for the US accredited investors to gain exposure to crypto-assets. Two products will respectively track the top and mid-tiers cryptocurrencies available on US exchanges. “Historically, the cumulative return rate of the top dozen cryptocurrencies has vastly outperformed traditional indexes like the S&P 500, Dow Jones Industrial Average, or Nasdaq Composite. Our two new index funds enable accredited investors to participate in cryptocurrencies without assuming the responsibility of managing custodial arrangements, tracking private keys and passwords, or being susceptible to hacking or security breaches”, said Hany Rashwan, CEO of 21Shares.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $57B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 4.62% decline, Aave ($AAVE) is +20.97%, Compound ($COMP) is +8.25%, Uniswap ($UNI) is +15.84%, Polkadot ($DOT) is -6.53%, Chainlink ($LINK) is +1.63%, Cardano ($ADA) is -2.41%, Polygon ($MATIC) is -0.69%, Solana ($SOL) is -1.04% and Avalanche ($AVAX) is -6.09%.