$BTC 24 Hour High $30,338.47
$BTC 24 Hour Low $28,926.92
$ETH 24 Hour High $1,880.68
$ETH 24 Hour Low $1,773.36
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency markets had another bad week- $BTC declined by 4% while $ETH lost around 12% over the past seven days
- Cathie Wood’s ARK Investment Management filed anotherr a spot Bitcoin ETF with SEC
The $BTC and $ETH market
The cryptocurrency markets had another bad week- $BTC declined by 4% over the past seven days while the whole market took a heavier beating. Altcoins came crashing down a lot more than $BTC, which resulted in a soaring Bitcoin Dominance. Bitcoin dominance over altcoins has increased to 45%, the highest the metric has gone up to since October 2021. Besides, $BTC’s price currently sits at around $29K after dipping to $28K earlier, withits market capitalization declined to $560 billion. At the time of writing, $BTC is trading at $30,660.02 with $32K as its next major resistance level and $28K as its next key support level.
$ETH wise, the second-largest cryptocurrency lost around 12% over the past seven days. $ETH’s price relative to $BTC has dropped to its lowest point since last year at around 0.0629 BTC. $ETH also lost the $1,800 level as support. As a result of the recent sharp drop, $ETH trend currently appears quite bearish. At the time of writing, $ETH is trading at $1,907.74 with $2,000 as its next major resistance level and $1,700 as its next key support level.
According to a filing with U.S. Securities and Exchange Commission last Thursday (26/5), Cathie Wood’s ARK Investment Management would launch another spot Bitcoin exchange-traded fund (ARK 21 Shares Bitcoin ETF). “In seeking to achieve its investment objective, the Trust will hold bitcoin and will value the Shares daily based on the Index. The Trust will process all creations and redemptions in-kind in transactions with authorized participants. The Trust is not actively managed”, stated in the application.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $54.98B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 13.58% decline, Aave ($AAVE) is +2.41%, Compound ($COMP) is -17.15%, Uniswap ($UNI) is -6.64%, Polkadot ($DOT) is +1.07%, Chainlink ($LINK) is -2.29%, Cardano ($ADA) is -2.41%, Polygon ($MATIC) is -0.69%, Solana ($SOL) is -1.04% and Avalanche ($AVAX) is -6.09%.