Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Bounces to $54K as Ether Fees Drop Below Average in Past Week

Bitcoin’s recovery may spark momentum that should persist this week, said one trader.

Bitcoin (BTC) trading around $54,076 as of 21:00 UTC (4 p.m. ET). Gaining 9.2% over the previous 24 hours.

Bitcoin’s 24-hour range: $47,272-$54,340

BTC above the 10-hour but and 50-hour moving average on the hourly chart, a bullish signal for market technicians.

Bitcoin jumped Monday, reaching as high as $54,340. It was a powerful reversal after prices fell as low as $47,272 around 23:00 GMT (6 PM ET) Sunday.

The largest cryptocurrency was changing hands around $54,076 as of press time.

2. JPMorgan to Let Clients Invest in Bitcoin Fund for First Time

The JPMorgan bitcoin fund could roll out as soon as this summer, sources tell CoinDesk. NYDIG will be the fund’s custody provider.

The JPMorgan bitcoin fund could roll out as soon as this summer, two sources familiar with the matter told CoinDesk. Institutional bitcoin shop NYDIG will serve as JPMorgan’s custody provider, a third source said.

JPMorgan’s bitcoin fund will be actively managed, multiple sources told CoinDesk. That’s a notable break from the passive fare offered by crypto industry stalwarts like Pantera Capital and Galaxy Digital, which let well-heeled clients buy and hold bitcoin through funds without ever touching it themselves. Galaxy and NYDIG are now offering bitcoin funds to Morgan Stanley clients.

The JPMorgan fund will be for private wealth clients, a source familiar with the situation told CoinDesk.

3. Tesla Sold Bitcoin in Q1 for Proceeds of $272M

Elon Musk’s electric vehicle company purchased $1.5 billion in BTC in February.

The sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn said on an earnings call Monday.

In the slide deck accompanying the company’s first-quarter earnings results Monday, Tesla mentioned the sale of some bitcoin:

Elon Musk’s electric vehicle company purchased $1.5 billion worth of bitcoin in February.

Kirkhorn said on the call that Tesla invested in bitcoin to earn yield on its excess cash in a low-interest-rate environment.

4. A Year After Coronavirus Meltdown, Few Investors See Risk of Deflation: Deutsche Bank

Inflation remains a key focus, according to a survey of global investors, although risk of a “Fed taper” appears low.

At that point, the risk of deflation loomed large in the minds of many investors because of the steep drop-off in consumer demand. Prices for bitcoin, (BTC), seen by some cryptocurrency traders as a potential hedge against inflation, stagnated below $10,000, even though central banks around the world were printing trillions of dollars of fresh money.

A year later, the mentality has changed radically: With vaccines rolling out and economists now projecting a buoyant recovery, four in five investors see inflation as far more likely than deflation, according to a new survey by German lender Deutsche Bank.

It’s the second month in a row investors have logged such an overwhelming position, and so the idea appears to be sticking. Perhaps not coincidentally, bitcoin prices are now over $50,000.

“A vast majority (81%) agree that inflation is more likely after the pandemic while only 10% thought we would see deflation,” according to Deutsche Bank. The survey was conducted earlier this month and covered about 700 global investors.

Some 43% of investors responded that higher-than-expected inflation and rising bond yields pose the biggest risks to market stability, according to Deutsche Bank.

Most respondents see U.S. inflation averaging above the U.S. Federal Reserve’s long-term target of 2%, but remaining under 3%.

About 61% respondents saw no risk of major market convulsions this year due to any plans by Federal Reserve officials to taper their asset purchases of $120 billion per month.

In 2013, a Federal Reserve-induced “taper tantrum” sent traditional markets into a tizzy.

Some 21% said a taper tantrum would happen this year, while 18% said they didn’t know.

5. Blockchain Data May Have Foreshadowed Monday’s Bitcoin Price Rally

The SOPR indicator, which measures aggregate net profit/loss could signal a BTC market bottom, according to Glassnode data.

The “spent output profit ratio” (SOPR), a blockchain data metric that measures the net profit/loss position of outstanding bitcoin (BTC), had approached levels that typically precede price rallies, according to Glassnode, a cryptocurrency analytics firm.

The SOPR dipped below a reading of 1 last week, precisely the level that typically leads to a reversal of a market drawdown, according to Glassnode.

SOPR is used to predict trend reversals by measuring the realized value of the price of BTC sold versus the original purchase price in dollars.

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

April 27, 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