Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Pops to $36.8K, Other Cryptos Higher Despite Worrying China Signals

Pessimistic news isn’t stopping the crypto spot markets from looking bullish Wednesday.

Bitcoin (BTC) was trading at $36,278 as of 21:00 UTC (4 p.m. ET), jumping 10.2% over the previous 24 hours.

Bitcoin’s 24-hour range: $32,557-$36,890

Ether (ETH) trading at $2,561 as of 21:00 UTC (4 p.m. ET). In the green 2.3% over the previous 24 hours.

Ether’s 24-hour range: $2,418-$2,613

Bitcoin, the world’s largest cryptocurrency by market capitalization, was in the green Wednesday by 10.2% as of press time. The price was above the 10-hour moving average and the 50-hour moving average, a bullish signal for market technicians.

The price of bitcoin jumped from $32,557 at 02:00 UTC (10 p.m. ET Tuesday) to $36,890 by 17:20 UTC (1:20 p.m. ET) Wednesday, with a 13.3% gain. Bitcoin then lost a bit of steam, dropping to $36,278 as of press time.

2. Elizabeth Warren, US Lawmakers Put Bitcoin on Trial in Senate CBDC Hearing

While a Senate Banking Committee hearing ostensibly focused on central bank digital currencies, bitcoin’s role in the ecosystem drew much of the attention.

But while CBDCs drew some of the attention during Wednesday’s Senate Banking Committee hearing, the issues around bitcoin (BTC, +12.39%) drew far more attention from the group of lawmakers, led most vocally by Sen. Elizabeth Warren (D-Mass.).

The Subcommittee on Economic Policy, chaired by Warren is likely going to hold further hearings on the cryptocurrency sector as well, the lawmaker told Bloomberg.

The hearing presented one of the sharpest criticisms of bitcoin from U.S. lawmakers to date, even as smaller countries like El Salvador move to accept the cryptocurrency as legal tender. Warren’s views are likely a preview of how the issue may be discussed in other upcoming hearings, with counterparts in the House of Representatives holding a similar discussion next week.

Pros and cons

“If you want to send money to somebody else, digital currency can be easier and faster,” Warren said as she opened the hearing. “But in order for those advantages to be realized, the digital version needs to be secure, stable and accepted everywhere.”

3. China’s Qinghai Province Has Ordered All Crypto Miners to Shut Down

It follows orders to other provinces, including Xinjiang and Inner Mongolia, to shut down miners.

Qinghai is the latest coal-based crypto mining hub that is set to completely eliminate the industry. The news came on the heels of another crackdown notice against some crypto miners in Xinjiang and follows Inner Mongolia, which had previously imposed restrictions on miners.

The document was issued by Qinghai Industry and Information Technology Department, which is part of the provincial government.

4. Looming ‘Death Cross’ Could Signal Bitcoin Bear Market

A death cross occurs when the 50-day moving average crosses below the 200-day moving average.

A death cross occurs when the 50-day moving average crosses below the 200-day moving average. If that happens, bitcoin could enter bear market territory similar to what happened in 2018.

Previous death crosses resulted in additional price declines of 70% in 2018 and 47% in 2019. The death cross in 2020 occurred shortly after the coronavirus pandemic-induced market crash in March, which proved to be a lagging signal at that time.

“Speculative reports suggest that bitcoin could soon drop to $20,000 referencing the looming bearish cross of the 50 and 200 daily moving averages,” Stephen Kelso, head of markets at brokerage firm ITI Capital.

Bitcoin appears oversold on the daily chart and is up about 13% over the past 24 hours, marking the biggest gain in two weeks. Wednesday’s price bounce occurred despite a slew of negative headlines from China including crackdowns on money laundering and mining shutdowns.

5. Invesco Plans Two Crypto-Focused ETFs

Atlanta-based Invesco is an investment management firm with $1.5 trillion in assets.

Roughly 85% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities, according to a filing with the SEC. The rest of the portfolio will be in other trusts and funds that hold crypto.

The Invesco Galaxy Crypto Economy ETF will track the investment results of the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Index while the Galaxy Blockchain ETF will track the results of the Alerian Galaxy Global Blockchain Index.

The Invesco ETFs are just the latest ETFs set up by financial world to gain exposure to the world of cryptocurrencies while the companies wait for the SEC to approve an actual bitcoin ETF. Until recently this was viewed as likely this year but has become less so based on recent rhetoric out of Washington, D.C.

Invesco’s funds may skirt the SEC’s bitcoin ETF blockade by only investing indirectly in cryptocurrencies.

Atlanta-based Invesco is an investment management firm with $1.5 trillion in assets.

Founded in July 2018, ZBG is a Hong Kong-based cryptocurrency exchange, a global platform of ZB.COM.

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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 Team

June 10, 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