Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Underperforms Ether; Crypto Tax Ahead?

Bitcoin dipped below $40K as traders digest proposed crypto taxes.

Buyers remain active despite ongoing regulatory crackdowns in China. On Sunday, the People’s Bank of China (PBoC) said it will keep applying high regulatory pressure on crypto trading, mostly due to concerns about financial risk.

Traders are also digesting the 58-page “Digital Asset Market Structure and Investor Protection Act, proposed by Rep. Don Beyer’s (D-Va.), seeking to create an exhaustive regulatory regime for digital assets. The U.S. Senate is also advancing a $1 trillion infrastructure bill with a crypto tax provision, which could be a source of market anxiety.

For now, a breakdown on intraday charts “suggests that bitcoin may fall back to the mid-range at around $36,000, or lower, before the rally continues,” wrote Marcus Sotiriou, trader at the U.K.-based digital asset broker GlobalBlock, said.

Latest prices

Cryptocurrencies:

Bitcoin (BTC) $39,164.5, -5.06%

Ether (ETH) $2,604.8, -2.05%

Traditional markets:

S&P 500: 4387.15, -0.18%

Gold: $1812.9, +1.44%

10-year Treasury yield closed 1.173%, compared with 1.236% on Friday.

Meme stock rotation

Over the past month, popular “meme stocks” have sold off as bitcoin rallied. This inverse relationship was noted in The Daily Shot newsletter a few months ago, and indicates a pattern of buying and selling across high yielding traditional and crypto markets.

It is possible that traders will flock to meme stocks if bitcoin pulls back from overbought levels.

2. GOP Lawmaker: Janet Yellen’s Treasury Likely Behind Surprise Crypto Bill

Rep. Tom Emmer of Minnesota also criticizes the updated bipartisan infrastructure bill aiming to raise $28 billion via crypto taxes.

One Republican reckons someone in the Biden Administration must have put his colleague up to the task.

Rep. Tom Emmer (R-Minn.) speculated Monday that Rep. Don Beyer (D-VA) proposed the sweeping bill on digital assets at the request of the Treasury Department.

3. Former Monero Maintainer ‘Fluffypony’ Arrested and to Be Extradited for Non-Crypto Crimes

Riccardo Spagni, who was arrested in Tennessee, will be extradited to South Africa to face fraud charges.

Spagni, known online as “Fluffypony,” is accused of stealing approximately $100,000 from his former employer, Cape Cookies, by generating false invoices from fictional entities and routing payment to his personal bank accounts between 2009–2011.

Spagni was previously charged with fraud and related charges in a regional court in Cape Town, but pleaded not guilty and failed to appear in court. According to court documents, South African authorities could not find Spagni at his home address in South Africa, and after speaking with Spagni’s friends and family, found that Spagni had fled South Africa.

4. Ether Prints Record Winning Streak as London Hard Fork Looms

Ether has notched a 12-day winning streak, the longest ever.

The second-largest cryptocurrency by market cap was trading 1.6% higher on the day near $2,600 at press time, having rallied 43% over an unbroken string of 12 straight daily price gains, according to Coinbase data.

“Ether has notched a 12-day winning streak, the longest ever,” blockchain analytics firm IntoTheBlock tweeted early today, citing $2,598 and $2,753 as key resistance levels on the path toward $3,000.

Aside from bitcoin’s price recovery from $30,000, ether may have received a boost from Ethereum’s upcoming 11th backward-incompatible upgrade, or hard fork, slated to happen on Aug. 4.

5. Banished Chinese Bitcoin Miners Look to the West, and Far Beyond

China’s crackdown on crypto mining has sent local miners on a global hunt for places to host their machines. Despite reports of North America luring miners, so far there is no clear winner.

While North America is one major destination, Central Asia, Latin America and Europe may be even more serious contenders in the future. Some in the crypto industry will likely welcome this development because it indicates a more decentralized distribution of hash power around the world and potentially assuages fears of Chinese miners having an outsized influence on the Bitcoin network.

Around 25% of the hashrate that came offline because of China’s crackdown since March will eventually end up in North America, with another 25% going to central Asian countries such as Kazakhstan, Mongolia and parts of Russia, according to estimates by Nick Hansen, CEO of Seattle-based crypto mining firm Luxor.

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

August 3, 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