Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Drops Briefly Below $33.5K While Ether Calls Dominate Options

Bitcoin is recovering from a steady price decline while ether options traders anticipate another high-water mark after it hit an all-time high of $1,439.

Bitcoin (BTC) trading around $35,023 as of 21:00 UTC (4 p.m. ET). Slipping 4.1% over the previous 24 hours.

Bitcoin’s 24-hour range: $33,430-$36,794 (CoinDesk 20)

BTC above the 10-hour but way below the 50-hour moving averages on the hourly chart, a sideways signal for market technicians.

2. The Relationship Between US Government Debt and Bitcoin, Explained

The kind of inflation outbreak that might prove bitcoin’s power as a hedge asset isn’t coming in the near term, according to some economists.

“Right now, low interest rates tell us there’s no evidence that we’re borrowing too much money,” Stanford economist Erik Brynjolfsson said. “Separately, but related, inflation is also very low. The [Federal Reserve] has set a target of about 2% for inflation, and it’s consistently been missing that target on the low side. We don’t see any evidence that inflation is taking off.”

In fact, future economic growth could be in danger if the U.S. doesn’t embrace new stimulus, former Treasury Secretary Lawrence Summers told CoinDesk. He said the potential for inflation isn’t as concerning as the potential for economic growth coming to a halt.

3. BlackRock Gives 2 Funds Go-Ahead to Invest in Bitcoin Futures

BlackRock, the world’s largest asset manager with $7.81 trillion under management, appears to have granted at least two of its funds the ability to invest in bitcoin futures.

Prospectus documents filed with the U.S. Securities and Exchange Commission Wednesday indicate that BlackRock Global Allocation Fund Inc. and BlackRock Funds V are at least eyeing bitcoin. They both include the world’s oldest cryptocurrency on their lists of derivative products cleared for use.

BlackRock did not state which commodity exchange it will choose to execute these crypto futures buys. However, the funds may only invest in cash-settled bitcoin futures. CME is the only exchange registered with the Commodity Futures Trading Commission (CFTC) that offers similar futures products at this time.

4. Tether Use on Tron Passes Ethereum as Low Fees Attract Small Transactions

The number of tether transactions on the Tron blockchain have passed Ethereum’s count for three consecutive weeks as fees on the number two blockchain remain high.

Total weekly tether (USDT, +0.06%) transactions on Ethereum have held steady at around 1.5 million for the past four weeks. But on Tron, transactions per week have grown from roughly 900,000 in mid December to nearly 2 million the second week in January, per Coin Metrics data.

This recent trend is “primarily because of fees,” said Coin Metrics analyst Nate Maddrey in a message to CoinDesk.

5. Ether’s Rise to Record Highs May Propel Cryptocurrency to $10.5K: Fundstrat Global

Even after setting a new record high of $1,439 on Monday, the rally for Ethereum’s ether cryptocurrency may have only just begun, according to Fundstrat Global Advisors strategist David Grider.

Basing his prediction partly on use cases for Ethereum’s blockchain technology, Grider wrote in a note Tuesday that ether (ETH, -4.1%) has scope for a rally to $10,500, according to Bloomberg. That’s an over seven-fold rise from the current price of $1,320.

“Ether is the best risk/reward investment play in crypto,” Grider said, adding that “blockchain computing may be the future of the cloud.”

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, World’s top 10 crypto currency exchange.

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ZBG Team

January 21, 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