Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin, Ether Steady Near Record Highs, as All Eyes on Coinbase Listing

Bitcoin (BTC) trading around $63,034.72 as of 20:00 UTC (4 p.m. ET). Climbing 4.84% over the previous 24 hours.

Bitcoin’s 24-hour range: $59,758.21-$63,707.34

BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Coinbase’s widely anticipated direct stock listing on Nasdaq continues to galvanize crypto-market interesty, as bitcoin’s price broke Tuesday to a new record high.

At press time, the №1 cryptocurrency by market capitalization was changing hands at $62,860.01, not far from the all-time high price of $63,707.34 reached earlier in the day.

Spot trading volume on eight crypto exchanges tracked by CoinDesk also rose on Tuesday, to near $4 billion at press time, the highest since April 7.

2. Coinbase’s Reference Share Price for Trading to Commence Is $250

That’s a valuation of $66.5 billion, assuming an estimated 266.2 million shares outstanding.

Goldman Sachs and Nasdaq have decided Coinbase stock should start trading at $250 per share.

That’s a valuation of $66.5 billion, assuming an estimated 266.2 million shares outstanding.

The reference price is discovered using public financial information along with market sentiment and is usually a conservative estimate. This figure came is 27% lower than what Coinbase last traded at in the private secondary market, $343.58 per share.

3. Coinbase ‘IPO’ Isn’t an IPO. Here’s Why That’s Important

Coinbase has chosen to come to market via a direct listing, a relatively new option for companies wishing to go public, and one that is curiously suited to a crypto company

The listing of Coinbase shares on Nasdaq this week is generating high expectations, as well as much debate as to whether the price will “pop” upon the market open.

Tech listings generally attract rapt attention, as even those not trying to invest find the initial trade movements compelling entertainment. With Coinbase’s listing, the attention will be especially acute, as the initial price movement will not just represent money being made or lost — it also could shape the digital asset industry narrative for some time to come.

One important feature of Coinbase’s listing is that it is not an initial public offering (IPO), although many media publications have mistakenly described it as such. Coinbase has chosen to come to market via a direct listing, a relatively new option for companies wishing to go public, and one that is curiously suited to a crypto company. But the differences between direct listings and IPOs are material and are causing some confusion in the market.

So, in the interests of clarifying what the direct listing choice means for Coinbase, here we look at the main differences and how they may affect the initial price movement as well as the company’s equity strategy going forward.

4. Why Binance Coin Hit All-Time High (and $86B Valuation) Ahead of Coinbase Listing

It’s not equity, it’s an exchange token. But it sure is mooning, apparently linked to the recent success of Binance Smart Chain.

Why wait for the Coinbase listing of its shares on the Nasdaq? There’s already a way — in cryptocurrency markets — to bet on the world’s biggest cryptocurrency exchange.

It’s a digital token linked to the success of Binance, which boasts a higher spot trading volume than Coinbase, according to the data site CoinGecko. The token, binance coin (BNB), has surged 14-fold in price this year, for a market value of $86 billion.

Some cryptocurrency investors see BNB as a way to get excess return over a simple purchase of bitcoin (BTC, +4.47%), whose doubling in price this year looks almost paltry by comparison, Joshua Frank, co-founder and CEO of crypto data firm The TIE.

“Funds can’t just buy bitcoin, because if the funds just buy bitcoin, it’s not worth it for their investors,” Frank said. Binance coin “is one of those larger coins that they can get exposure to, and they can put a large position in.”

Binance press officials said they didn’t know why BNB has rallied so dramatically this year. The token’s price “is not something that can be controlled,” according to a spokesperson.

5. Integrated Ventures Set to Buy $35M Worth of Bitcoin Mining Equipment

Yet another U.S. mining firm is ramping up its Bitcoin hashrate.

Pennsylvania tech company Integrated Ventures has entered a purchasing agreement to buy $35 million worth of bitcoin (BTC, +4.4%) mining equipment.

In a partnership with Wattum Management, a New York mining management firm, Integrated Ventures has purchased 4,800 Antminer model S19Js for $34 million from ASIC manufacturer Bitmain. Additionally, the company also purchased 150 WhatMiner PO-2s for $1 million dollars.

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

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Twitter:https://twitter.com/ZBG_Exchange

ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

April 14, 2021

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