$BTC 24 Hour High $19,558.27
$BTC 24 Hour Low $18,966.95
$ETH 24 Hour High $1,083.42
$ETH 24 Hour Low $1,044.01
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market was again very volatile as $BTC plummeted below the coveted $20K level
- $ETH is also down 8.5% and close to breaking beneath $1K
- Jacobi Asset Management would launch the first listed Bitcoin ETF in Europe
- A global investment manager VanEck filed an application with the SEC for a spot Bitcoin ETF
The $BTC and $ETH market
The cryptocurrency market was again very volatile as $BTC plummeted below the coveted $20K level. $BTC was sitting around $21K until Tuesday, 28th June but it failed to sustain. It was on that day when things started to turn to the downside and by Friday, 1st July, $BTC had crashed below $19K and it once again found below the critical level of $20K. Ultimately, $BTC closed the quarter below $20K and charted its worst quarterly performance in more than a decade. As such, its market cap has dumped under $300 billion and its dominance over the alts is at 42.5%. The reason behind this could be major lenders in the cryptocurrency market experience turmoil. Crypto hedge fund Three Arrows Capital (3AC) was seeking protection from creditors in the US under Chapter 15 of the US Bankruptcy Code, which allows foreign debtors to shield US assets. As reported before, a British Virgin Islands court ordered the liquidation of 3AC earlier this week. Multiple reports suggested that FTX is nearing a deal to buy off BlockFi for $25 million. BlockFi was previously valued at $5bn after a $500mn funding round last summer. At the time of writing, $BTC is trading at $19,108.27 with $20K as its next major resistance level and $18K as its next key support level.
$ETH wise, the second-largest cryptocurrency is also down 8.5% and close to breaking beneath $1K over the past seven days. In June, $ETH found support just above $850 and managed to push the way to the key resistance at $1,250. Unfortunately, it could not push higher and since then, the price fell back to $1K. $ETH also outperformed $BTC over the past seven days, with horizontal resistance at 0.06 BTC. As of now, $ETH stands at $1K level. At the time of writing, $ETH is trading at $1,048.99 with $1,250 as its next major resistance level and $1K as its next key support level.
Jacobi Asset Management announced last Thursday (30/6) that it would launch a Bitcoin Exchange-Traded Fund (ETF) on the Euronext Amsterdam Exchange in July.
“The Jacobi Bitcoin ETF will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure. Our goal at Jacobi is to make digital asset investments simpler and more familiar for institutional and professional investors. We are delighted to be working with all our premier partners including Fidelity Digital Assets and Flow Traders who have supported us from inception and are an integral part of this European first as we list on Euronext Amsterdam. We are excited to be acting as lead market maker for Europe’s first Bitcoin ETF, which is another milestone in the development of the institutional digital assets space”, said Jamie Khurshid, CEO of Jacobi Asset Management.
According to the filing with U.S. Securities and Exchange Commission last Friday (1/7), VanEck, a global investment manager, has applied to launch a spot Bitcoin Exchange-traded fund (ETF) in the United States.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $40.14B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 14.53% decline, Aave ($AAVE) is -15.86%, Compound ($COMP) is -9.51%, Uniswap ($UNI) is -18.21%, Polkadot ($DOT) is -17.54%, Chainlink ($LINK) is -12.27%, Cardano ($ADA) is -11.20%, Polygon ($MATIC) is -22.04%, Solana ($SOL) is -19.69% and Avalanche ($AVAX) is -20.62%.