$BTC 24 Hour High $36,400
$BTC 24 Hour Low $34,241
$ETH 24 Hour High $2472
$ETH 24 Hour Low $2279
Happy Monday from HKbitEX!
Market fluctuations have continued this week as the whole community is on high alert for any headlines from regulators or governmental bodies that might shake the market. Despite these speed bumps we have good news on the horizon, new ETF filings, new ETP listings and the potential of payment adoption from Apple.
Though the market is still lacking a clear signal from a technical perspective, volatility is likely to remain for a couple more weeks so as always, trade at your own risk, stay away from leverage and #DYOR.
The $BTC and $ETH market
$BTC has been relatively volatile all the way through last week, the price has been relatively similar to last Monday. Although there has been some large swings whilst $BTC attempted to break the $49K resistance, it ended with vigorous rejections in which one ended with $BTC plunging to as low as $35K. Over the weekend, the bulls gathered momentum and tested the short-term $37k resistance level, however given current weak market sentiments, the bears stepped in and bottomed $BTC to $33k. At the time of writing, $BTC is now trading at $34,725 with $37,000 as its next major resistance level and $32,000 as its next key support level.
$ETH wise, following the $BTC trading pattern, market tested $2900 last Wednesday. The rejection from the $2900 resistance level then caused $ETH to head lower to the $2200 support level and mainly traded between $2200 and $2400. While we have a look on a longer term pattern, $ETH is now trading inside a symmetrical triangle pattern, where we expect any breakthroughs there will indicate a clearer signal on the future price movement. At the time of writing, $ETH is now trading at $2361 with $2500 as its next major resistance level and $2200 as its next key support level.
According to a new S-1 filed with the Securities and Exchange Commission last Thursday (27/5), WisdomTree, a New York-based exchange-traded fund (ETF) and exchange-traded product (ETP) sponsor and asset manager, has been the second one filing an ETH ETF with the US SEC, following VanEck’s submission. As per the filing, “as the Shares are listed on the Exchange (CBOE BZX Exchange), investors can indirectly invest in a portfolio comprised of $ETH through a traditional brokerage account. The Trust provides investors with the opportunity to access the market for $ETH through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring directly, acquiring it from an exchange, or mining it.”
According to a job post published on the Apple website last Tuesday (25/5), the technology giant is looking for a Business Development Manager to lead their Alternative Payments Partnerships. It states on the job description that they are seeking for someone who has more than five years’ experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc., implying that there would be a high very high opportunity that Apple may support cryptocurrency payment in the future days.
According to CoinDesk, “21Shares, formerly known as Amun, said last Friday (28/5) the three ETPs to be listed on the Euronext Paris stock exchange on June 1, will give investors exposure to $BTC and $ETH. The third product is a “short bitcoin” ETP. So far, 21Shares has listed crypto ETPs in Switzerland, Germany and Austria. Due to investor demand, the investment firm is now expanding its range to France.”
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $58.53B at the time of writing. For some well-known ones, over the week, Yearn Finance ($YFI) records a 47.88% growth, Aave ($AAVE) at +33.88%, Compound ($COMP) at +40.34%, Uniswap ($UNI) at +70.76%, Polkadat ($DOT) at 33.07%, Chainlink ($LINK) at 63.95%, Cardano ($ADA) at +41.92% and Polygon ($MATIC) at +133.81%.