Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin and Ether Rise on Bullish Sentiment

Bulls returned to defend short-term support in bitcoin and ether.

Bitcoin bounced back toward $39,000 on Wednesday as buyers responded to short-term oversold conditions. The cryptocurrency is up about 4% over the past 24 hours, compared with a 9% rise in ether during the same period.

“If BTC holds above $40K for a week, the probability of a breakout would increase,” Pankaj Balani, CEO of Delta Exchange, told us. “We believe, on a conclusive breakout of $40K level, BTC could challenge the $48K level. On the downside, traders will keenly monitor the $36K level.”

Latest prices

Cryptocurrencies:

Bitcoin (BTC) $39845.8, +4.44%

Ether (ETH) $2699.8, +8.6%

Traditional markets:

S&P 500: 4402.7, -0.46%

Gold: $1814.2, +0.21%

10-year Treasury yield closed at 1.16%, compared with 1.181% on Tuesday.

A bitcoin breakout could encourage ether buying, as well. If support holds, ether could rally further and test the $3,000 mark, according to Balani.

2. JPMorgan Launches In-House Bitcoin Fund for Wealthy Clients

The mega-bank has started pitching Private Bank clients on a passive bitcoin fund in partnership with NYDIG.

JPMorgan Chase began pitching its Private Bank clients on an in-house bitcoin (BTC, +3.79%) fund for the first time this week, completing its transformation from the never-bitcoin mega-bank to a genuine player in the digital assets space.

According to two sources familiar with the matter, the passively managed fund, offered in partnership with bitcoin powerhouse NYDIG, doesn’t yet have any investments from clients. That could soon change; advisers were primed only yesterday in a launch call with the bank. JPMorgan declined to comment.

The fund, which CoinDesk revealed in late April, will be presented to clients as the safest and cheapest bitcoin investment vehicle available on the private markets, the sources said.

3. Why Web 3.0 Tokens Might Be the Next Hot Trade in Cryptocurrencies

Digital assets like livepeer, helium and bittorent have soared in value this year despite the recent slump in cryptocurrencies.

With bitcoin (BTC, +3.58%) prices stuck in a months-long holding pattern, some cryptocurrency traders are speculating on what might be the next hot market bet: digital assets associated with visions of a decentralized Internet, referred to colloquially as Web 3.0 tokens.

Data tracked by Messari and published by Arca Chief Investment Officer Jeff Dorman shows the cryptocurrency sub-sector of “Web 3.0 tokens” gained 22% in the week ended Aug. 1, outshining bitcoin and every other sub-sector, including non-fungible tokens (NFTs). Bitcoin, the largest cryptocurrency by market value, rallied 10%.

On a year-to-date basis, tokens associated with decentralized Internet applications have seen an average 244% rise, trailing the NFT sub-sector’s 2,726% gain but beating bitcoin’s 37% appreciation.

Some of the most prominent Web 3.0 coins, such as livepeer (LPT), helium (HNT), and bittorrent (BTT, +17.95%) (BTT), are up at least 800% this year, despite a slump in cryptocurrency markets since April, according to Messari.

4. A16z, BlockTower, Alameda Back $12.5M Round for TrustToken

Blocktower Capital, Andreessen Horowitz (a16z) and Alameda Research led the round by purchasing TRU, TrueFi’s native token.

TrustToken, operator of decentralized finance (DeFi) lending protocol TrueFi and stablecoin TUSD, has raised $12.5 million in a new funding round.

Blocktower Capital, Andreessen Horowitz (a16z) and Alameda Research led the round by purchasing TRU, TrueFi’s native token, according to a company statement. TrustToken said it would use the proceeds to expand its team and TrueFi’s operations

“We’re looking to use this funding both to help us scale the protocol, size of that existing market, but also help us to branch into new markets,” TrustToken’s co-founder and CEO, Rafael Cosman, told us.

5. Crypto Tax Exemptions Floated for $1T US Senate Bill

The carve-out would allow for miners, developers and node operators to be exempt from broker tax reporting purposes.

Senators Ron Wyden (D-Ore.), Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Penn.) want to ensure miners, node operators, developers and other non-custodial crypto industry participants are exempt from a crypto tax reporting provision in the U.S.’ infrastructure bill.

The bill, which seeks to fund $1 trillion in infrastructure improvements at least in part through widened tax enforcement on crypto entities, sparked backlash from the crypto community due to the possibility that it might broaden the definition of a broker to include non-custodial entities that don’t have customers nor provide those types of services. Wyden and Lummis’ amendment, proposed Thursday, seeks to limit this definition specifically to trading platforms and similar types of entities.

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

August 5, 2021

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ZBG

ZBG

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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