$BTC 24 Hour High $23,898.62
$BTC 24 Hour Low $22,771.52
$ETH 24 Hour High $1,786.12
$ETH 24 Hour Low $1,665.09
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The recovery in crypto markets continues as $BTC soared above $24K and now sits around $22K
- $ETH spiked to a 2-month high
- The company’s Mercado Pago digital wallet began allowing crypto buys and sells in Brazil
The $BTC and $ETH market
The recovery in crypto markets continues as $BTC soared above $24K. After ending July in the green, the first positive month since February, $BTC started to retrace slightly and dropped from $24K to under $22,500 in a matter of days. The aforementioned low came on August 4, but the asset bounced off rather quickly and returned to $23K. It calmed there and spent the next few days around that level without any significant moves in either direction. After the relatively dull weekend, $BTC finally went on the offensive and jumped to a daily high of $24,250. At the time of writing, $BTC is trading at $22,884.67 with $24K as its next major resistance level and $20K as its next key support level.
$ETH wise, the second-largest cryptocurrency spiked to a 2-month high. After a significant rally, Ethereum seems to have found a local top above $1,700, which has so far acted as strong resistance. The price did not manage to move beyond this level and fell by 3.4% in the past seven days. The key support is found at $1,400. Despite the ongoing pullback, Ethereum still managed a very strong performance since the bottom in June. Even if the price falls to the key support, the expectation is that buyers will return to the market and attempt a breakout beyond $1,700. The key support at $1,400 can act as a reversal point to trigger the next leg up for the cryptocurrency. At the time of writing, $ETH is trading at $1,676.28 with $1,700 as its next major resistance level and $1,400 as its next key support level.
Mercado Libre, Latin America’s largest e-commerce company by market value, announced last Wednesday (10/8) plans to expand its crypto trading feature across the region after a successful start in Brazil.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) increases to $43.49B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 3.58% growth, Aave ($AAVE) is +10.23%, Compound ($COMP) is +7.23%, Uniswap ($UNI) is +6.32 %, Polkadot ($DOT) is +3.23%, Chainlink ($LINK) is +9.32%, Cardano ($ADA) is +9.10%, Polygon ($MATIC) is +7.32%, Solana ($SOL) is +9.23% and Avalanche ($AVAX) is +6.22%.