$BTC 24 Hour High $21,600.64
$BTC 24 Hour Low $20,778.18
$ETH 24 Hour High $1,407.22
$ETH 24 Hour Low $1,329.76
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market continued recovering as $BTC was pushing towards $22K while $ETH skyrocketed to a monthly high at around $1,400
- Ethereum 2.0 merge is now scheduled for September 2022
- Brazil’s largest private bank Itaú Unibanco plans to launch an asset tokenization platform and custody services
The $BTC and $ETH market
The cryptocurrency market continued recovering as $BTC was pushing towards $22K while $ETH skyrocketed to a monthly high at around $1,400. One of the heaviest news to $BTC price this week came from an inflation report on Wednesday by the U.S. Bureau of Labor Statistics, which revealed that the Consumer Price Index (CPI) rose 9.1% - the largest 12-month increase in over 40 years. Last month, the Federal Reserve raised interest rates by 0.75% in response to inflation from May. Therefore, the public worried the new CPI numbers could prompt the Federal Reserve to raise even higher rates to curb inflation. More crypto selloffs followed the news and $BTC dropped more than 4% and dipped below $19K to a weekly low. Another bad news this week was another cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy procedure and revealed a $1.19 deficit on its balance sheet. A few days later, $BTC began its recovery shortly and reclaimed the $20K level. It kept climbing to the $22K level during the weekends. Its market cap has surged above $400 billion and its dominance over the alts has declined to 42%. At the time of writing, $BTC is trading at $22,279.24 with $24K as its next major resistance level and $20K as its next key support level.
$ETH wise, the second-largest cryptocurrency was up over 10% and reached an intraday high of $1,400 after another successful shadow fork took place, bringing the network a step closer to Ethereum 2.0. Also, the Ethereum 2.0 merge is now scheduled for September 2022, according to a recent developer teleconference. The merge will transition the entire Ethereum network onto a proof-of-stake version. This has been perceived very well by the market. At the time of writing, $ETH is trading at $1,459.64 with $1,500 as its next major resistance level and $1,200 as its next key support level.
Itaú Unibanco, Brazil’s largest private bank, announced last Thursday (14/7) that it would launch an asset tokenization platform that transforms traditional finance products into tokens and offers crypto custody services for its customers.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $41.1B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 10.58% growth, Aave ($AAVE) is +24.65%, Compound ($COMP) is +6.33%, Uniswap ($UNI) is +20.77%, Polkadot ($DOT) is +9.88%, Chainlink ($LINK) is +7.57%, Cardano ($ADA) is +4.15%, Polygon ($MATIC) is +61.32%, Solana ($SOL) is +18.98% and Avalanche ($AVAX) is +28.05%.