$BTC 24 Hour High $28,240.92
$BTC 24 Hour Low $25,613.30
$ETH 24 Hour High $1,536.51
$ETH 24 Hour Low $1,323.16
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market saw extreme turbulence and massive volatility.
- After the US CPI numbers came out, $BTC dropped below $27K and $ETH dumped below $1,500
- The largest stock exchange in Nigeria, Nigerian exchanged Ltd plans to deploy the blockchain technology in the settlement of capital market transactions
The $BTC and $ETH market
The cryptocurrency market saw extreme turbulence and massive volatility. $BTC attempted to overcome the $32K level last week. But the bear stepped up and brought it down to $30K, where the asset stood for a few days. The landscape changed on Friday after the US CPI numbers came out, indicating a new 40-year record in terms of inflation – an 8.6% YOY increase. $BTC slipped by more than $1K in hours and dropped below $29K. Its market capitalization is down to $560 billion, but the dominance over the alts is up to 46.7%. As of now, it brought even more pain to the cryptocurrency market, with $BTC dumping to a monthly low of just over $25K. At the time of writing, $BTC is trading at $25,366.14 with $28K as its next major resistance level and $28K as its next key support level.
$ETH wise, the second-largest cryptocurrency was down almost 30% over the past seven days. ETH’s price relative to $BTC has returned to 0.057. At present, the next major level of support is expected around $1300. If the zone between $1300 – $1500 does not absorb the current selling pressure, $ETH will likely retest the $1K. At the time of writing, $ETH is trading at $1,336 with $1,700 as its next major resistance level and $1,100 as its next key support level.
Nigerian Exchange Ltd, the largest stock exchange in Nigeria, announced last Friday (10/6) that it plans to start a blockchain-enabled exchange platform next year to deepen trade and lure young investors to the market. “For a lot of young and upcoming Nigerians, that is the kind of technology they adopt, and we want to see how we can deploy it to grow our market”, said Temi Popoola, the Chief Executive of Nigeria Exchange Ltd.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $45.07B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 35.31% decline, Aave ($AAVE) is -45.79%, Compound ($COMP) is -43.65%, Uniswap ($UNI) is -33.97%, Polkadot ($DOT) is -33.88%, Chainlink ($LINK) is -31.24%, Cardano ($ADA) is -29.99%, Polygon ($MATIC) is –34.05%, Solana ($SOL) is -30.06% and Avalanche ($AVAX) is 43.64%.