$BTC 24 Hour High $59,380
$BTC 24 Hour Low $56,482
$ETH 24 Hour High $4086
$ETH 24 Hour Low $3744
Happy Monday from HKbitEX!
I wish and I do believe all crypto moms had a very Happy Mother’s Day, not only from the love from their darling children, but also their portfolios. Over the weekend, $BTC hit an accumulation zone, $ETH has a full on surge whilst alt continued their boom. Markets saw the launch of a few new launching from S&P Dow Jones, new ETH-focused ETF filling and new publicly-traded company treasury joining. A lot of spotlight this week falls on the Memes Tokens like $Doge, $Shiba, $Akita, personally I am neutral on these coins, but as what I always mention, remember to #DYOR and only trade what you understand and can afford.
The $BTC and $ETH market
Compared to the whole market, $BTC is looking quite stable this week, it started with a sharp correction last Tuesday from $57,000 to $53,000, when bulls stepped in and pushed the price back to above the 50-day MA at the $57,000 level. It then mainly traded between $55,000 and $59,000, made a couple of trials in breaking the resistance and tested $60k but the wall was solid there. For the first time since July 2018, $BTC dominance has dropped to below 50% at 45%. The market is still optimistic towards $BTC as investors, especially miners and institutions are continuously withdrawing their holdings from exchanges according to the on-chain data provided by CryptoQuant. At the time of writing, $BTC is now trading at $59,380 with $60,000 as its next major resistance level and $58,000 as its next key support level.
$ETH wise, market continuously outperforming others last week. It started last Monday with $2950 and reached a new ATH as of $4076 at the time of writing (probably much higher when you are reading), an over 38% growth rate. The market cap of $ETH is now over $460 billion, with its current market dominance being very close to 20% (~19.2%). Meanwhile, while we have a look towards the $ETH/$BTC market, it is now trading at 0.068, another highest point since 2019. As of now, $ETH is trading at $4040 with $4150 as its next theoretical major resistance level and $3900 as its next key support level.
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a digital payments and financial technology company, announced last Monday (3/5) that it had purchased approximately 146 Ether ($ETH) at an average price US$2,780. According to Mogo, the company had been previously invested in Bitcoin ($BTC) already, acquiring approximately 18 $BTC to date in open market transactions at an average price of US$33,083. The above two investments align with management’s plans to increase the Company’s on balance sheet investment in the blockchain and fintech ecosystem, which would be up to 5% of its cash and investment portfolio value in cryptocurrencies.
According to The Reuters, the S&P Dow Jones Indices has launched new cryptocurrency indexes last Tuesday (4/5), named respectively S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index. The indexes will be using data from New York-based virtual currency company Lukka and it is mentioned by the division of financial data provider S&P Global that the list will expand to include additional coins later this year.
According to an internal memo obtained exclusively by CNBC, Goldman Sachs has informed its markets personnel on Thursday (6/5) that a newly created cryptocurrency desk had successfully traded two kinds of bitcoin-linked derivatives. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to Goldman partner Rajesh Venkataramani. The two tradable products are Bitcoin (BTC) NDFs and CME BTC future, which all settled by cash, meaning “physical bitcoin” trading are still not yet ready from the traditional banking perspective.
According to the First Quarter 2021 Financial Report of MercadoLibre, Inc. (Nasdaq: MELI), Latin America’s leading e-commerce technology company issued last Wednesday (5/5), the company announced that it has purchased $7.8 million in bitcoin during first quarter as part of their treasury strategy, while the exact date of purchase being uncertain, but would be before March 31, 2021.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $85.78B at the time of writing. For some well-known ones, over the last week, Yearn Finance ($YFI) records a 15.2% growth, Compound ($COMP) at -3%, Uniswap ($UNI) at -3.56%, Polkadat ($DOT) at +14.33% and Chainlink ($LINK) at +29.4%.