$BTC 24 Hour High $31,060.02
$BTC 24 Hour Low $29,574.45
$ETH 24 Hour High $1,872.03
$ETH 24 Hour Low $1,777.13
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency markets had finally managed to recover some losses
- $BTC was struggling to maintain the $30K level and is currently trading slight above it
- $ETH was consolidated in a range between $1,700 and $2K over the past seven days
- A luxury hotel located in Dubai The Manor by JA partnered with Binance to enable payments in digital assets
- An American fast food chain Chipotle partnered with digital payment firm Flexa to offer digital assets payment services
The $BTC and $ETH market
The cryptocurrency markets had finally managed to recover some losses - $BTC was struggling to maintain the $30K level and is currently trading slightly above it. Earlier this week, $BTC spiked to a multi-week high of $32,400, which gave the public the sense that the worst situation might be over. However, the bearish market sentiment returned quickly, and $BTC fell by over $3K in hours to around $29K on Wednesday. As of now, the asset’s market capitalization has declined to $565 billion, even though it has reclaimed some ground and stands between $30K and 31K. Its dominance over the altcoins, though, has increased slightly to 46.3%. At the time of writing, $BTC is trading at $31,405.29 with $33K as its next major resistance level and $28K as its next key support level.
$ETH wise, the second-largest cryptocurrency was consolidated in a range between $1,700 and $2K over the past seven days. Thus, the price remained relatively flat compared to last week and registered a 2.3% loss. ETH’s price relative to $BTC has returned to 0.065. 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.
The Manor Hotel by JA, one of the luxury hotels located in Dubai, announced last Wednesday (1/6) that it would partner with Binance to allow customers to book room with cryptocurrencies. “Virtual assets go in line with The Manor’s vision for sustainability and digital transformation, considering its position among top eco-friendly boutique hotels in Dubai”, said Mohammed Hanif Al Qassim, The Manor Hotel’s Managing Partner. “Binance has been actively engaging established local businesses and institutions to further increase the adoption of crypto for our users and the crypto community as a whole. Our partnership with leading, innovative businesses, such as JA are in line with our vision to enhance crypto adoption across the region”, said Richard Teng, Regional Head of Binance in the Middle East and North Africa (MENA).
Chipotle (NYSE: CMG), an American fast-food chain, announced last Thursday (2/6) that it is now accepting payments in cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and more, exclusive through its digital payment partner Flexa. “Chipotle benefits from reaching customers where they are through the new payment methods they want to use, And, at the same time, Chipotle’s customers benefit from greater payment flexibility, faster checkout and a more seamless experience at the fast casual restaurants they already love”, said Trevor Filter, Co-Founder of Flexa.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $54.27B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 5.35% decline, Aave ($AAVE) is +7.78%, Compound ($COMP) is -0.43%, Uniswap ($UNI) is -1.48%, Polkadot ($DOT) is -4.52%, Chainlink ($LINK) is +9.57%, Cardano ($ADA) is +22.56%, Polygon ($MATIC) is 1.89%, Solana ($SOL) is -5.26% and Avalanche ($AVAX) is +0.07%.