$BTC 24 Hour High $21,783.72
$BTC 24 Hour Low $20,965.11
$ETH 24 Hour High $1,272.13
$ETH 24 Hour Low $1,199.41
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market finally recovered some ground from its recent sharp collapse
- $BTC reclaimed above $21K while $ETH recovered by nearly 13% and retested the $1.2K level
- Deloitte has partnered with bitcoin investment firm NYDIG to help companies of all sizes implement digital asset capabilities in their businesses
- Citibank has partnered with Swiss digital asset custody provider METACO to develop and pilot digital asset custody capabilities
The $BTC and $ETH market
The cryptocurrency market finally recovered some ground from its recent sharp collapse- after a few weeks of substantial price decline, $BTC found itself trading above $21K at the beginning of this week. However, it was rejected there and slipped below $18K after Fed Chair’s latest affirmation about continuing to raise the interest rate. Fortunately, buyers stepped in and managed to intercept any further declines. Since then, $BTC has gradually reclaimed some value and is above $21K once again. Its market cap has remained above $400 billion and its dominance over the alts is under 42.5%. At the time of writing, $BTC is trading at $21,342.08 with $23,529 as its next major resistance level and 20K as its next key support level.
$ETH wise, the second-largest cryptocurrency recovered by nearly 13% after dropping under $1K. $ETH also outperformed $BTC over the past seven days, with horizontal resistance at 0.058 BTC. As of now, $ETH retests the $1.2K level. If the price turns down sharply from this level, it will suggest that the sentiment remains negative and pull the price down to $1,050 again. Alternatively, if bulls drive the price above the $1.2K level, the next resistance level is above $1.7K. At the time of writing, $ETH is trading at $1,228.45 with $1,350 as its next major resistance level and $1K as its next key support level.
Deloitte, an international professional services network announced last Tuesday (21/6) that it has partnered with bitcoin investment firm NYDIG to help companies of all sizes implement digital asset capabilities in their businesses. “We envision a world where traditional financial infrastructure works alongside digital asset infrastructure to deliver clients a best-in-class experience with the highest standards of regulatory compliance,” said Yan Zhao, President of NYDIG. “The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way. We believe this alliance with NYDIG will further drive business growth and is another hallmark of the extensive investment Deloitte is making in enabling digital asset innovation”, said Richard Rosenthal, Deloitte's digital assets banking regulatory practice lead and principal, Deloitte & Touche LLP.
Citibank, a US multinational investment bank, announced last Wednesday (22/6) that it has partnered with Swiss digital asset custody provider METACO to develop and pilot digital asset custody capabilities. They would bring together METACO’s tech and digital solutions with CITI’s custody network to develop a platform that enables clients to store and settle digital asset securely. “We are witnessing the increasing digitization of traditional investment assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients”, said Okan Pekin, Citi’s Global Head of Securities.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $39.52B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 40.89% growth, Aave ($AAVE) is +20.49%, Compound ($COMP) is +67.63%, Uniswap ($UNI) is +40.39%, Polkadot ($DOT) is +10.04%, Chainlink ($LINK) is +8.47%, Cardano ($ADA) is +7.88%, Polygon ($MATIC) is 55.09%, Solana ($SOL) is +26.24% and Avalanche ($AVAX) is 31.82%.