Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K
Bitcoin broke above $52,000 Wednesday, with a market capitalization nearing $1 trillion.
Bitcoin (BTC) trading around $52,231.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.16% over the previous 24 hours.
Bitcoin’s 24-hour range: $48,430.80-$52,536.47
BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin is in “uncharted territory,” said Hunain Naseer, senior editor at OKEx Insights, after its price surged to a new all-time high above $52,000, only a day after it passed the key psychological threshold of $50,000.
Price volatility remains high when compared with major macro assets including the Standard & Poor’s 500 Index of stocks, gold and bonds.
2. Coinbase, Readying for Public Listing, Gets $77B Valuation From Nasdaq Private Market
Cryptocurrency exchange Coinbase, which is preparing to trade publicly in the next few months, is being valued at $77 billion, based on trading of the company’s privately held shares on a secondary market.
Those shares in the largest crypto exchange in the U.S. are changing hands on the Nasdaq Private Market at $303 a piece, according to two people with knowledge of the auction. That implies a total company value of about $77 billion — greater than Intercontinental Exchange Inc., the owner of the New York Stock Exchange.
“The third weekly transaction closed on Friday and the clearing price was $303 a share,” said a source. “The first week it was 200 bucks a share, the second week it was $301 a share, and the third week it was $303 a share. So you can kind of see price discovery happening.”
3. Mining Machine Manufacturer Ebang to Start Mining Bitcoins for Itself
Nasdaq-listed mining machine manufacturer Ebang (EBON) announced its plans to start mining bitcoins using its own machines.
Per a press release, the company’s board approved plans to operate a bitcoin (BTC, +2.77%) mining business involving a combination of deploying its own machines, machines bought from other manufacturers, and leased computing power from other mining farms.
Ebang expects mining to “increase our revenue in cryptocurrency business and optimize our product offering structure,” CEO Dong Hu said in the statement.
The company also plans to build data centers for its mining farms.
The proprietary mining venture is the latest expansion for Ebang. In late December 2020, the company announced its plans to launch a cryptocurrency exchange by April 2021.
Shares of the Hangzhou, China-based company are trading at $10.38, up 44% this year. But other public mining manufacturers such as Canaan (CAN) have significantly outperformed Ebang with a 205% gain year to date.
4. Ethereum’s Favorite Lossless Lottery Will Airdrop Its POOL Token Today
The leader of lossless lotteries on Ethereum, PoolTogether, is airdropping a new token to all its users who have joined it for the ride so far: POOL.
“I’m really excited about the potential for a consumer financial primitive rather than a financial financial primitive,” PoolTogether founder Leighton Cusack told CoinDesk in a phone call. “This is a much more approachable product to people and therefore I think the idea of user ownership becomes much more approachable too.”
Launched in 2019, PoolTogether is a lottery where there is no risk. Users put in assets that are sent to other decentralized finance (DeFi) apps in order to earn yield. Depositors get tickets that correspond to their deposits. One ticket from a given pool earns all the yield on everyone’s deposits. That said, the deposits can be withdrawn at any time.
5. Goldman Sachs, JPMorgan, UBS Are Trading an ETP Tied to Polkadot’s Crypto
Traditional finance is going further down the crypto rabbit hole than you might think.
Goldman Sachs, ICAP, JPMorgan, and UBS have bought the first exchange-traded product (ETP) that offers exposure to Polkadot’s DOT cryptocurrency for clients, according to Bloomberg terminal data reviewed.
These banks and brokerages purchased small amounts of shares in Switzerland-based 21Shares’ ETP, the data shows. The shares debuted Feb. 4 on the SIX Swiss Exchange at a price of $22–23 and have since climbed to $30.
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February 18, 2021