Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Trades Well Above $50K, While Ether Outperforms on NFTs, July’s Upgrade

Bitcoin’s price climbed for a fourth straight day, even as 10-year bond yields continued their march toward 1.6%.

Bitcoin (BTC) trading around $51,800.08 as of 21:00 UTC (4 p.m. ET). Climbing 3.48% over the previous 24 hours.

Bitcoin’s 24-hour range: $49,390.18-$51.982.31

BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin’s price in recent weeks has retreated from February’s all-time highs, declining alongside U.S. stocks as investors grew increasingly concerned rising U.S. government bond yields might prompt the Federal Reserve to tighten monetary policy, curtailing the easy-money era that has boosted risky assets from stocks to cryptocurrency.

But on Monday, bitcoin’s price climbed for a fourth straight day, even as 10-year bond yields continued their march toward 1.6%. U.S. stocks slipped.

“It is interesting to note that Treasury yields and the U.S. Dollar Index are both moving up but bitcoin, unlike previous times, is not moving inversely to them,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told us.

At the moment there’s little evidence of a surge in trading volume that might reflect a fresh jolt of market intensity. The daily volume reported by eight U.S.-focused exchanges CoinDesk tracks has remained flat, in keeping with the trend of almost two weeks.

2. PayPal Confirms It’s Buying Crypto Security Firm Curv

The payments giant said Curv will help it “accelerate and expand its initiatives to support cryptocurrencies and digital assets.”

PayPal said Monday it has agreed to acquire Israel-based Curv, a provider of cloud-based infrastructure for digital asset security.

The financial terms of the deal were not disclosed, but the payments giant said it plans to use its new purchase to “accelerate and expand its initiatives to support cryptocurrencies and digital assets.”

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” said Jose Fernandez da Ponte, PayPal’s vice president and general manager of blockchain, crypto and digital currencies.

3. Ripple, MoneyGram to ‘Wind Down’ Partnership

This ends an agreement the two companies had put on hold in February.

Ripple Labs said it and MoneyGram have decided to wind down their partnership agreement.

This ends an agreement the two companies had put on hold in February.

Under terms of the agreement that was put on hold and is now ending, Ripple had been paying MoneyGram to use the XRP token in international settlement since 2019 and first engaging in a pilot agreement with the service in 2018. Since then, MoneyGram had netted $61.5 million in “market development fees” from Ripple.

Shares of MoneyGram dropped in after-hours trading, down 7%.

The agreement was put on hold after U.S. Securities and Exchange Commission sued Ripple saying XRP is an unregistered security in violation of U.S. investments law. Ripple is fighting those assertions.

Ripple said the two sides are “committed” to revisiting their relationship in the future.

This story is developing and will be updated.

4. Bitcoin’s 2021 Returns Destroy Everything on Wall Street, Goldman Sachs Says

Goldman Sachs didn’t start ranking bitcoin versus global assets until late January, but its year-to-date return is double the next-closest competitor.

Goldman Sachs, the storied Wall Street firm, didn’t start including bitcoin in its weekly ranking of global asset-class returns until late January, when the largest cryptocurrency quietly appeared atop the chart.

But since then, bitcoin (BTC, +3.65%)’s lead over assets from stocks to bonds, oil, banks, gold and tech stocks and the euro has widened.

As of March 4, bitcoin’s year-to-date return, at about 70%, was roughly double that for the next-closest competitor, the energy sector, at about 35%, according to Goldman Sachs’s latest “US Weekly Kickstart” report.

The comparisons could become even more flattering to bitcoin now that a recent bout of selling in U.S. stocks has taken the Standard & Poor’s 500 Index’s year-to-date return to roughly zero — flat on the year.

The recovery in oil prices and real yields has boosted year-to-date returns for cyclical sectors such as energy and financials, which are nevertheless underperforming bitcoin.

Crude oil and energy have a higher risk-adjusted return (sharpe ratio) than bitcoin so far this year.

Gold is the worst performing asset class year-to-date, as rising yields have punished traditionally defensive sectors such as consumer staples and utilities.

Based on prior CoinDesk reporting, bitcoin is viewed by many investors both in crypto and traditional markets as a potential inflation hedge, especially in an era where central banks around the world are pumping trillions of dollars of freshly created money into financial markets to stimulate coronavirus-racked economies. Even so, gold has lost about 10% on the year, prompting some market observers to argue that bitcoin is stealing market share from the yellow metal.

According to a survey, some 40% of Goldman clients have exposure to cryptocurrencies.

That’s the case even though, as recently as May 2020, Goldman’s money-management division argued in a presentation that cryptocurrencies were “not a suitable investments for our clients,” merely a beneficiary of a “mania” worse than the infamous run on Dutch tulips in the 1600s.

5. Bitcoin’s Taproot Activation Gains Momentum From New ‘Speedy Trial’ Proposal

Taproot is the largest upgrade Bitcoin has seen in years, and many are proposing projects on top of it.

Bitcoin developers have been debating the best way to activate the Taproot upgrade for at least a year. Some are hopeful a new proposal called “Speedy Trial” might put an end to the debate, by bringing forth a solution that more developers can get behind.

Ideated by Blockstream developer Russell O’Connor and written up on the Bitcoin developer email list by technical Bitcoin writer David Harding,”Speedy Trial,” would take a quicker approach than some of the other proposals in determining if miners are ready for activation of Taproot. All of the largest mining pools have already indicatedthey plan to upgrade.

“The idea received significant discussion and seemed acceptable to several people who could not previously agree on a proposal (although this doesn’t necessarily make it their first choice),” Harding wrote on the email list.

Taproot is the largest upgrade Bitcoin has seen in years, and many are proposing projects on top of it. It will boost privacy and scalability, and will bring a variety of other technical benefits.

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

March 9, 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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