Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Holds Above $30K but Price Chart Looks ‘Ugly’

Also, Circle might be an attractive “starter stock for the cautious” when it goes public, according to one analyst.

The largest cryptocurrency by market value may have been buoyed by a report that Bank of America has approved trading in bitcoin futures for some clients, according to Edward Moya, senior market analyst for Oanda.

“This is a big commitment for America’s second-largest bank and signals that interest in trading cryptocurrencies is here to stay,” Moya wrote in an email. “On Wall Street, if one bank sees opportunity in doing something risky, the rest will easily justify following suit.”

Latest prices

Cryptocurrencies:

Bitcoin (BTC): $31,964.2, +1.04%

Ether (ETH): $1,917.5, -0.29%

Traditional markets:

S&P 500: 4327.1, -0.75%

Gold: $1810.9, -1.01%

10-year Treasury yield closed at 1.299%, compared with 1.303% on Thursday

Analysts said bitcoin might be prepping for a price breakout — higher or lower — after trading in a range between roughly $30,000 and $40,000 for the past eight weeks.

2. Bank of America Approves Bitcoin Futures Trading for Some Clients

Clients are in the process of being set up, with some already live, according to one of two sources.

Like most institutions, the bank has been conservative in its approach to the crypto sector, but due to the large amount of margin required to trade the futures, it is now allowing some clients to access the crypto market, one of the sources said. Some clients are setting up to trade bitcoin futures, which are cash settled, and one or two may have already gone live, the other source said.

A number of investment banks are reportedly allowing clients to invest in crypto products. In March, Goldman Sachs confirmed plans to relaunch its cryptocurrency trading desk after a three-year hiatus, and in May, the investment bank started buying and selling bitcoin futures in block trades through Chicago Mercantile Exchange (CME) Group, using Cumberland DRW as its trading partner.

3. COVID-19 Stimulus Checks Fueled ‘Modest’ Jump in Bitcoin Price Last Year: Cleveland Fed

Policymakers should not be concerned, the researchers wrote: Only 0.02% of coronavirus-relief checks ended up in bitcoin.

Central bank researchers estimated the government’s $1,200 stimulus checks sent to Americans during the COVID-19 pandemic fueled a 3.8% jump in trading volume and a 0.7% rise in price. Overall, they estimated just 0.02% of the stimulus money ended up in bitcoin.

Framed against bitcoin’s wild volatility, these figures don’t add up to much. Further noting a 0.07% “permanent price increase,” the researchers said their findings are “modest compared to the 4.6% standard deviation” in bitcoin’s daily price swings. Nevertheless, the researchers said the jumps were “statistically significant.”

The findings add some hard data to lockdown-era whispers of a government-fueled surge in $1,200 bitcoin buys. Those purchases were happening, the researchers found, but almost exclusively among young, single investors with moderate incomes.

4. XRP Eyes ‘Death Cross,’ Has Support at $0.51

Previous “death crosses” have marked major or interim price bottoms.

The 50-day simple moving average (SMA) of XRP’s price is expected to cross below the 200-day SMA in the next day or two, confirming the so-called bearish death cross. While in theory the pattern implies a deeper sell-off, historical data suggests otherwise.

Previous occurrences observed in early February this year, March 2020, August 2019, April 2018, January 2017 and May 2016 marked major or interim price bottoms. One in May 2014 brought immediate selling pressure to the market.

Death cross’ dismal record as a reliable indicator is hardly surprising, as moving-average studies are based on backward-looking data. In other words, death crosses are the result of a prolonged sell-off and have limited predictive powers. More often than not, the market is oversold by the time the crossover happens.

5. Ethereum Co-Founder Anthony Di Iorio to Sell Decentral and Cut Major Ties to Cryptocurrency

Di Iorio said that concerns about personal security figured partly in his decision to work on philanthropic initiatives full-time.

“I’m a crypto guy and I don’t want to be known as a crypto person,” he said. “I want to be known as a problem solver.”

Concerns about his personal security figured “a good 20%” into his decision, he said.

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.

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ZBG Team

July 17, 2021

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