Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Stuck Around $63K as COIN Hype Loses Steam
Also, ether continued to move higher after the Berlin Fork.
Bitcoin (BTC) trading around $63,462.44 as of 20:00 UTC (4 p.m. ET). Climbing 2.14% over the previous 24 hours.
Bitcoin’s 24-hour range: $61,400.58-$63,464.66
BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
The excitement around Coinbase’s direct listing appeared to be short-lived and bitcoin’s price movement appears to be stuck within the same range as a day ago when the big U.S. cryptocurrency exchange’s shares started trading on Nasdaq.
Coinbase shares (NASDAQ: COIN) soared to as high as $429.54 in its first hours of trading on Wednesday but closed at $328, below the initial opening price at $381.
The deflating passion was reflected Thursday in bitcoin’s spot trading activity: The daily spot trading volume from eight crypto exchanges tracked by CoinDesk dropped substantially, to below $2 billion, from near $5.5 billion on Wednesday.
Ether (ETH) trading around $2,482.15 as of 20:00 UTC (4 p.m. ET). Climbing 6.28% over the previous 24 hours.
Ether’s 24-hour range: $2,316.67-$2,486.87
Ether trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Ether outperformed bitcoin Thursday on a percentage basis gain.
2. Why Crypto Whales Love This Prediction Market
There was no better time to launch a new crypto-based predictions market than in 2020. The uncertainty of the U.S. presidential election and the continually shifting narratives around the coronavirus pandemic called out for new ways for society to come to consensus.
That’s the founding story Shayne Coplan, the 22-year-old creator of Polymarket, has gotten into the habit of telling. His platform is just the latest in a long line of cryptocurrency-based predictions markets. But it’s also a rare example of a crypto-project finding early “product-market fit.”
“We’re growing and we’ve got traction,” he said. Less than a year after founding, and after at least one major code overhaul, Polymarket has grown to do more than $100 million in total volume to date. “That was organic. No s**tcoin, no subsidies, no bots. People just wanted to use this product.”
3. Ether Breaks $2,500 for the First Time in Wake of Berlin Fork
The hype around ether is also reflected in the derivatives market.
Ether (ETH, +3.56%) continued its rally on Thursday after the Berlin hard fork on the Ethereum blockchain went live earlier the day, surpassing $2,500 for the first time in history.
The №2 cryptocurrency by market capitalization was traded around $2,498.91 at press time, just slightly down after it briefly went as high as $2,503.92.
Ether’s price has been outperforming bitcoin (BTC, +0.4%)’s on Thursday, as the Ethereum blockchain’s much anticipated Berlin hard fork went live early the day.
The upgrade, which sets up the network for the much bigger London hard fork in July, incorporates four Ethereum Improvement Proposals (EIPs).
The hype around ether is also reflected in the derivatives market, as open interest in ether’s options market rose to a record high above $3 billion on Wednesday.
The late-day surge also could be due to news that the Rothschild Investment took at initial $4.75 million stake in the Grayscale Ethereum Trust.
4. Tether on Tron Blockchain Hits $24B, Surpassing Ethereum Amid Explosive Stablecoin Demand
The amount of tether on the Tron blockchain has exceeded that on Ethereum.
There’s now more of the dollar-linked stablecoin tether (USDT, +0.03%) on the Tron blockchain than on Ethereum, data from Coin Metrics shows, possibly a sign that crypto traders are favoring the network’s lower transaction fees.
As of April 14, the total market capitalization of tether (USDT) on Tron was $24 billion, versus $23.4 billion on Ethereum.
“As the popularity and adoption of cryptocurrency and blockchain continue to grow, we expect USDT to continue to explode in popularity” Justin Sun, founder of Tron and CEO of BitTorrent, said in a press release. “By crossing this historic milestone, I can proudly say that Tron is well positioned to become the global settlement layer and the blockchain protocol of the future.”
The growth of the tether on Tron came as transaction fees on Ethereum remain high, frustrating many crypto traders who frequently use the stablecoin during trading to exit quickly from short-term trades and lock in gains with an asset at a stabilized value.
As CoinDesk reported previously, the number of tether transactions on the Tron blockchain have also passed those on Ethereum.
According to data from CoinGecko, tether is the most traded cryptocurrency in the world, exceeding bitcoin (BTC, +0.47%), ether (ETH, +3.59%) and meme crypto dogecoin (DOGE, +80.04%).
USDT’s launch as a TRC-20 token was announced in 2019 in an effort to allow users to more easily conduct transactions within decentralized finance (DeFi).
5. Much Wow: Slim Jim Has a Dogecoin Strategy. News of It Sends DOGE to a New ATH
The parent company of social media’s favorite meat stick gave DOGE its first-ever earnings call shoutout.
Smoked meat stick vendor Slim Jim has an actual official dogecoin (DOGE, +85.02%) strategy. And it appears to be working, big time. News of this tie-up, which CoinDesk broke earlier Thursday, sent the price of DOGE to a new record.
The social media-savvy snack food saw its Twitter follower count increase 160% and tweet impressions soar to the moon (35 million impressions in 25 days) after it began engaging in Shiba Inu meme coin content last quarter, according to the CEO of parent company Conagra Brands.
“We’ve seen a marked uptick in audience interaction, including direct engagement and advocacy from the person [who] created dogecoin,” CEO Sean Connolly said on Conagra’s April 8 earnings call.
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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April 16, 2021