1. Market Wrap: Bitcoin Stalls After Short-Squeeze Rally
Technical data suggests lower support around $34,000 could stabilize the current pullback.
Bitcoin took a breather on Tuesday after a near-20% price rally over the past few days. The cryptocurrency declined from $40,000 resistance as Amazon denied rumors it will accept bitcoin payments. Bitcoin was trading around $37,000 at press time and is down about 4% over the past 24 hours.
Technical data suggests lower support around $34,000 could stabilize the current pullback.
“Going forward, we expect bitcoin to keep pushing higher and test the upper end of the $30,000-$42,000 trading range,” wrote Pankaj Balani, CEO of Delta Exchange. “We expect to see similar moves in altcoins, too, led by ether.”
Latest prices
Cryptocurrencies:
Bitcoin (BTC) $37,896.6, -3.95%
Ether (ETH) $2,244.3, -4.27%
Traditional markets:
S&P 500: 4401.5, -0.47%
Gold: 1799.2, +0.1%
10-year Treasury yield closed at 1.238%, compared with 1.293% on Monday
“Only a conclusive break above $50,000 in BTC would attract fresh flows and signal a change in the broader direction for the market,” Balani wrote.
2. Senate Banking Committee Bashes Bitcoin’s ‘Phony’ Populism
The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.
The U.S. Senate Banking Committee put crypto on trial Tuesday as Sen. Elizabeth Warren (D-Mass.) said the industry needs tighter regulation and as the committee’s chairman sought to answer his own hearing’s titular question — “Cryptocurrencies: What are they good for?” — with a resounding “nothing.”
Warren said bitcoin decentralization is a fantastical narrative because the network’s true power brokers — miners and corporations — have the leverage to achieve false moral supremacy over big banks.
“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy faceless group of super coders and miners, which doesn’t sound better to me,” Warren said.
Painting the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else, Sen. Sherrod Brown (D-Ohio), the banking committee’s chairman, warned in his opening remarks that crypto could endanger U.S. consumers and financial stability.
3. Burger King Brazil Will Accept Dogecoin for ‘Dogpper’ Dog Food
Each tasty treat costs 3 DOGE, or roughly 60 cents.
Burger King Brazil now accepts dogecoin (DOGE, +0.82%) as a payment method to purchase the fast-food chain’s Dogpper, a dog snack.
The service has been available since Monday, according to the company’s official website, though users should check the availability of delivery in their region, the company said.
Each Dogpper — a dog treat that plays on the name of Burger King’s best-known menu item, the Whopper — costs 3 DOGE ($0.60 at today’s prices). The company recommends purchasing a maximum of five units per order for “availability reasons.”
Users must transfer DOGE to a Burger King Brazil wallet, although they can also purchase the dog food with fiat.
4. Dash Launches Retail-Focused DashDirect App to Boost Adoption
The app allows users to pay for everyday purchases at national chain retailers with their DASH holdings.
Dash, a blockchain-based payments network, has launched a noncustodial and user-controlled retail app to boost adoption of the cryptocurrency by merchants.
Called DashDirect, the app allows users to pay for their everyday purchases at national chain retailers with their DASH (+1.67%) holdings, according to the press release shared with us.
Users of DashDirect can qualify for discounts of up to 12% on purchases, the company said. Participating retailers and online merchants include American Eagle, AutoZone, Best Buy, Chili’s, Chipotle, CVS, DoorDash, GameStop, Home Depot, Subway and Ulta.
5. A16z Leads $20M Bet That Celo’s Valora Becomes a ‘Global Gateway to Crypto’
The digital wallet has been spun out of parent company cLabs with some fresh funding.
Valora, a mobile-first digital wallet native to the Celo network, raised $20 million in a Series A led by Andreessen Horowitz (a16z), a major Celo backer.
In a statement released Tuesday, Valora also announced it will operate as a separate, standalone company from cLabs, one of the organizations behind the mobile-first, open-source Celo ecosystem.
Jackie Bona, formerly head of consumer growth at cLabs, will take over as Valora’s CEO; Celo co-founder Marek Olszewski will serve as president; Silas Boyd-Wickizer will be Valora’s chief technology officer.
Also participating in the round were Polychain Capital, SV Angel, Nima Capital, NFX and others, Valora said.
Valora, a mobile peer-to-peer payments and remittance app built on the Celo platform, has 53,000 monthly active users in over 100 countries, according to data provided by the company.
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
July 28, 2021
