1. Market Wrap: Bitcoin Pushes Higher as Short Bets Unwind
Bitcoin shorts are unwinding positions into the month’s close. Traders watching for signs of capitulation.
Bitcoin traded higher on Tuesday, rising about 6% over the past 24 hours. Cryptocurrencies are in relief mode as selling pressure from May stabilizes in a tight range between $30,000 and $40,000. Traders are watching for signs of capitulation as bitcoin appears to be oversold and shorts unwind positions.
Crypto markets have been resilient despite regulatory crackdowns in China and the U.K. On Monday, Reuters reported that several companies have abandoned their efforts to register with the U.K.’s Financial Conduct Authority amid mounting regulatory scrutiny on the industry.
“Prices rising in the face of bad news may be a sign of the seller exhaustion we need to go higher,” David Grider, a strategist at FundStrat, wrote in a newsletter on Monday.
Latest prices
Cryptocurrencies:
Bitcoin (BTC) $36387.21, +5.74%
Ether (ETH) $2221.89, +5.27%
Traditional markets:
S&P 500: 4291.67, +0.025%
Gold: $1761.22, -0.97%
10-year Treasury yield closed at 1.475%, compared with 1.472% on Monday
2. USDC Stablecoin Could Soon Expand to 10 More Blockchains
The stablecoin with a market cap of $25 billion is currently on four networks.
USDC, the stablecoin now native to four blockchains, could soon be on eight to 10 more networks, CoinDesk has learned.
It’d be the broadest expansion of the $25 billion stablecoin to date, potentially surpassing the eight blockchains that support Tether’s USDT, the market leader with a $63 billion market cap.
“We anticipate that in the coming months USDC will become available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron,” according to a draft announcement from USDC administrator CENTRE obtained by CoinDesk.
3. Australia’s Financial Watchdog Says Bitcoin ETP Could Create ‘Risk’, Seeks Feedback
ASIC said it is attempting to evaluate whether cryptos are appropriate underlying assets for an exchange traded product.
Australia needs to tread carefully should it eventually launch a crypto exchange-traded product (ETP), the country’s financial regulator said Wednesday.
In a consultation paper from the Australian Securities and Investment Commission (ASIC), the regulator is reaching out to market participants for feedback on whether crypto underlying products can meet existing ETP expectations.
ASIC said it is attempting to evaluate whether cryptos are appropriate underlying assets, whether they could be reliably priced, and how they should be classified with respect to underlying asset rules, according to the paper.
4. CEO Brian Armstrong Flags Self-Custody, DeFi Access As Coinbase Priorities
He said the exchange will be adding assets more quickly and creating a crypto app store, among other steps.
Decentralized finance (DeFi) is “the future of where the industry is going,” according to Coinbase CEO Brian Armstrong. In a Tuesday blog post he delineated how his cryptocurrency exchange will serve the growing demand for DeFi products and services.
“We’re seeing crypto quickly mature … to the trading of thousands of new assets, and the adoption of new use cases” including DeFi, non-fungible tokens (NFT), smart contracts, decentralized autonomous organizations (DAOs) and more, Armstrong wrote.
Just as Coinbase has “helped people access bitcoin for the first time … we need to do the same for the decentralized cryptoeconomy,” he said.
5. Coinbase Debuts Savings Product With 4% APY on USDC Deposits
The crypto exchange is touting far higher yields than what traditional savings accounts can offer.
Coinbase is rolling out a crypto savings account that lets you earn 4% annual percentage yield (APY) by lending out your USDC (+0.03%).
The account isn’t FDIC- or SIPC-insured and functions much like other products at crypto lenders and other exchanges that regularly offer yields around 8%. The reason why Coinbase is offering a comparatively lower yield is because it doesn’t lend to “unidentified third parties,” said Thorsten Jaeckel, senior product manager at Coinbase.
Coinbase, which administers the USDC stablecoin in partnership with Circle through the CENTRE Consortium, appears to be aiming squarely for banks with its new product, touting rates “more than 50x the national average of a traditional savings account.”
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ZBG.com has quickly become one of the top 10 exchanges in the world with its innovative, efficient and global operations, and is known as a “New First-Tier” exchange.
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In the future, ZBG will continue to expand its global market and provide stable, safe and fast blockchain project listing, diversified crypto assets and blockchain derivatives investment services to more blockchain enthusiasts around the world.
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ZBG Official Chinese(Telegram): https://t.me/ZBG_ChineseOfficial
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Twitter：https://twitter.com/ZBG_Exchange
ZBG, World’s top 10 crypto currency exchange.
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ZBG Team
June 30, 2021
