Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Buyers Could Take Profits as Volume Declines

Some analysts are optimistic about the long-term recovery in crypto prices, although the pace of the upside will likely slow over the short term.

Cryptocurrencies were mostly lower on Tuesday as declining volume suggests a pullback is near. Bitcoin was trading around $45,418 at press time and is down about 1.6% over the past 24 hours.

Some analysts are optimistic about the long-term recovery in crypto prices, although the pace of the upside will likely slow over the short term.

“While many of the technical and on-chain indicators confirm this rebound’s strength, it may still be early to say we are out of the woods,” Nathan Cox, chief investment officer at digital asset management firm TwoPrime, wrote Tuesday in an email to investors.

Latest prices

Cryptocurrencies:

Bitcoin (BTC) $45,418, -1.59%

Ether (ETH) $3,103.5, -1.98%

Traditional markets:

S&P 500: 4448, -0.7%

Gold: $1,785.01, -0.08%

10-year Treasury yield closed at 1.263%, down from 1.268% on Monday.

Traders are also monitoring the ongoing regulatory crackdown in several nations, which could damp bullish sentiment.

2. White Hats Just Defused a Potential $350M Heist on SushiSwap

“Chad af,” one Twitter user commented on the rescue action.

A group of people in the crypto community, led by crypto investment firm Paradigm’s research partner Sam Sun, may have just prevented SushiSwap’s token fundraising platform Miso from losing more than $350 million worth of ether (ETH, -2.49%), after discovering and fixing a bug on the platform in under just five hours.

Because of the collective efforts, SushiSwap says no funds have been lost.

According to a post published by SushiSwap on Monday, Sam Sun, and his colleagues Georgios Konstantopoulos and Daniel Robinson — all from San Francisco-based crypto investment firm Paradigm — reached out to the team at Sushi to alert them to “a vulnerability” on the “Dutch auction” contract on the Miso platform.

In a Dutch auction, investors place bids reflecting the maximum amount that they are willing to pay. Once the bids are collected, the highest bid is declared the winner. After the auction is finalized, unsuccessful bids are returned to their owners.

The vulnerability

The SushiSwap team and Paradigm’s Sun, in separate posts, both identified that, essentially, the vulnerability was centered around the ability to batch multiple calls to commitEth and reuse a single msg.value across every commitment, allowing an attacker to bid in the auction for free.

3. NFT Trading Surges 8X as Penguins, Apes Drive New Boom

Art dealers were agog at the NFT frenzy earlier this year. They should have a look now at the trading volumes on the OpenSea platform.

Trading in non-fungible tokens, or NFTs, is soaring to multiples of the levels seen earlier this year when the phenomenon burst into public consciousness with breathless headlines in mainstream media and gasps among art dealers.

The number of sales on OpenSea, the largest NFT marketplace, reached more than 60,000 per day over the past week, nearly eight times the peak in March, according to a report by crypto intelligence firm Coin Metrics. According to another data tracker, DappRadar, OpenSea’s trading volume over the past 30 days was $1.22 billion, up 933% from the previous 30 days.

Such growth suggests that the hysteria epitomized by the artist Beeple’s $69 million sale of his work, “Everydays: The First 5000 Days,” at Christie’s may have merely represented a glimpse of the industry’s potential.

“If NFTs start gaining as much outside attention as they did earlier this year, there may be an even bigger boom yet to come,” wrote Coin Metrics.

The latest boom was partly driven by the sale of NFT collections such as CryptoPunk, Bored Ape Yacht Club and Pudgy Penguins.

Google search activity globally still ranks lower than in March:

A tricky question for cryptocurrency traders is how to play the trend. There’s a chicken-and-egg dilemma over how the NFT market affects the price of ether (ETH, -2.42%) (ETH), the native cryptocurrency of the Ethereum blockchain, where much of the NFT ecosystem resides.

4. Bitcoin Price Rebounds After Testing Lower Supports Near $44K As Ether Booms

Bitcoin continues to cool on multiple attempts at $50,000, though that may be less of a concern given demand from bigger players, some say.

Bitcoin is up over $500 on a 4-hour basis after testing lower supports near $44,000 during Asia’s late morning trading hours.

The rebound from 24-hour lows of $44,248 follows a period of profit-taking, seen Tuesday, on the back of short-term fatigue, as CoinDesk reported. Bitcoin is currently changing hands for around $45,000 and is down 2.9% from a 24-hour high of $47,157.

Bitcoin continues to cool upon multiple attempts at the $50,000 price tag, evoking moments of price action gone by, though that may be less of a concern now given demand from bigger players.

5. Philippines’ UnionBank Taps Digital Asset Custodian Hex Trust to Pilot Custody Service

The bank said it is looking to tap into a maturing digital asset space as institutional and customer interest grow.

The Union Bank of the Philippines (UnionBank), one of the country’s largest by total assets, is leaning on Asia’s crypto custodian Hex Trust to pilot a digital asset custody service.

Hex Trust will begin by providing an internal service for the bank’s employees as a pilot run. The bank said it is looking to tap into a maturing digital asset space as institutional and customer interest grow.

The next stage will involve rolling out a fully commercialized custody service for the bank’s customers. The move will allow the bank to safeguard customers’ digital assets on their behalf within a regulated environment, the bank 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.

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

August 18, 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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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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