Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Expected to Pause Before Next Rally

Analysts expect bitcoin to pause at around $40K before its next leg up.

Bitcoin buyers are in profit-taking mode as the cryptocurrency tests the $40,000 resistance level. Sentiment has significantly improved over the past week, although some analysts think it’s time for a pause before another leg higher.

“BTC easily broke through $35K, but I think it will probably have a harder time going through $40K this time,” Justin Chuh, a senior trader at Wave Financial, told.

“Miners & sellers are coming in to cash out once more and buyers unable to push it higher after absorbing that hit,” Chuh wrote.

Cryptocurrencies:

Bitcoin (BTC) $40328, +6.56%

Ether (ETH) $2308.8, +3.27%

Traditional markets:

S&P 500: 4403.9, +0.056%

Gold: $1808.1, +0.5%

10-year Treasury yield closed at 1.233%, compared with 1.238%

Sentiment can easily shift from bullish to bearish as bitcoin remains in a consolidation phase with strong overhead resistance.

2. Grayscale Bitcoin Trust Discount Narrows as ‘Unlocks’ Pass

The GBTC shares traded at a discount of 6.6% to net asset value (NAV) on Tuesday, the smallest margin since June 22.

Grayscale Bitcoin Trust (GBTC) shares have narrowed their discount relative to the underlying cryptocurrency held in the fund — possibly a sign that buyers are using the vehicle to bet on the recent recovery rally in digital-asset markets.

The GBTC shares traded at a discount of 6.6% to net asset value (NAV) on Tuesday, the smallest margin since June 22, based on data provided by the crypto derivatives research firm Skew. The discount had widened to 15% in mid-June.

“The discount seems to have narrowed due to a surge in buying interest in GBTC following weekend’s bitcoin price rally,” Rahul Rai, co-head of Market Neutral at BlockTower Capital, said.

3. New Infrastructure Bill Looks to Raise $30B Through Crypto Taxes

The draft language could mean a number of individuals interacting with crypto may have to start reporting their transactions.

A bipartisan infrastructure bill in Congress proposes to raise $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties.

According to a draft copy of the bill shared with us, any broker that transfers any digital assets would need to file a return under a modified information reporting regime. The draft defined digital assets as “any digital representation of value … recorded on a cryptographically secured distributed ledger” or related technology. It also includes decentralized exchanges and peer-to-peer marketplaces in its definition of brokers.

A separate summary of the bill further clarified that cryptocurrencies are treated as a subsection of the broader digital asset umbrella.

4. Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B

Net proceeds from the sale will go toward working capital, capital expenditures, hiring efforts, customer support services, among others.

Stock and crypto-trading app Robinhood has secured a $32 billion valuation via its initial public offering (IPO) and is set to debut on the Nasdaq exchange on Thursday.

According to a press release on Wednesday, Robinhood has priced its offering at $38 per Class A common stock share.

The pricing is at the lower end of the $38-$42 per share price range the company had targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.

Net proceeds from the sale will go toward working capital, capital expenditures, funding tax obligations, hiring efforts, customer support services, among others.

Shares will be listed on the Nasdaq Global Select Market while Goldman Sachs and JPMorgan are acting as joint lead book-running managers, according to the release.

Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.

Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop saga and limitations to users trading crypto.

The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumn to improve its overall product design.

Still, the company’s CEO Vlad Tenev is staring down allegations from the Financial Industry Regulatory Authority over his failure to register Robinhood Financial relating to compliance issues.

5. PayPal Q2 Transaction Revenue Rose 17%; Earnings Top Estimates

The payments giant added 11.4 million new accounts in the period, down from 23.3 million in the year-earlier quarter.

PayPal’s (PYPL) Q2 transaction revenue rose 17% to $5.80 billion from $4.95 billion in the year-earlier period.

Quarter over quarter, transaction revenue rose by 3%, from $5.6 billion.

Part of PayPal’s transaction revenue comes from the company’s crypto buy, sell and hold product, but the company excludes crypto payments from total payment volume.

Founded in July 2018, ZBG is a Hong Kong-based cryptocurrency exchange, a global platform of ZB.COM.

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.

Currently, ZBG supports 11 languages, with an average daily activity of more than 160,000, providing over 3 million users around the world with trustworthy cryptocurrency trading, contract trading and other crypto asset investment services.

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.

ZBG Official English (Telegram): https://t.me/ZBG_Exchange

ZBG Official Chinese(Telegram): https://t.me/ZBG_ChineseOfficial

ZBG Official Bangladesh (Telegram): https://t.me/zbgbangladesh

Twitter:https://twitter.com/ZBG_Exchange

ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

July 29, 2021

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Launched in 2018, ZBG is a Hong Kong-based crypto exchange, a subsidiary of ZB.COM. ZBG is focused on providing a trading platform for new and innovative tokens

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ZBG

ZBG

Launched in 2018, ZBG is a Hong Kong-based crypto exchange, a subsidiary of ZB.COM. ZBG is focused on providing a trading platform for new and innovative tokens

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