Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Drops to $29.9K While DeFi Hits Record $29B Locked

Spot prices in bitcoin are sliding as investors get distracted by other market opportunities. Those include in the decentralized finance (DeFi) ecosystem, which hit a record level of value locked on Tuesday.

Bitcoin (BTC) trading around $31,600 as of 21:00 UTC (4 p.m. ET). Slipping 1.2% over the previous 24 hours.

Bitcoin’s 24-hour range: $29,298-$32,939

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

2. Wall Street, Big Tech Clamp Down on GameStop-Style Pumps; Biden Admin ‘Monitoring’ Situation

Wall Street wants to stop stocks from trading like cryptocurrencies.

An active Reddit-based trading community is causing more equities to behave like characteristically volatile cryptocurrencies amid an ongoing campaign of monstrous short squeezes. In response to abnormal market behavior, brokers and other financial service providers are threatening to cut off trading access to “limit risk.”

Self-described as “like 4chan found a Bloomberg Terminal,” the Wall Street Bets (WSB) trading community on Reddit wreaked chaos in traditional markets after pumping GameStop (GME) nearly 900% in five days to around $380 Wednesday morning. And the mayhem is spreading.

3. DeFi’s UNI Token Jumps 92% in One Week, Passes $15

Decentralized finance (DeFi) exchange Uniswap’s native token uni (UNI) broke $15 per token on Coinbase Wednesday morning. It’s up more than 92% in one week and up 1,300% since the token debuted in September 2020, according to CoinGecko at press time.

Valued at $4.2 billion, Uniswap’s UNI has the highest market cap of any DeFi token on the market, according to research firm Messari.

The governance token has been caught up in bitcoin’s 2020–21 bull run along with other DeFi tokens. At $25.1 billion, DeFi Pulse’s Total Value Locked (TVL) metric — similar to assets under management (AUM) — is up nearly $10 billion from Jan. 1. TokenSets’ DeFi Pulse Index, which measures a suite of DeFi token prices, is also up 136% on the year.

4. Blockstream Buys $25M Worth of Bitcoin Mining Machines From MicroBT

Bitcoin technology company Blockstream said it bought $25 million worth of mining machines from MicroBT to expand its mining operations.

The machines are to be deployed through Blockstream’s facilities in Canada and the US. When the company expects to receive its ASICs was not specified.

In 2019, Blockstream launched Blockstream Pool and announced that it had been previously mining for a select few high-profile clients like Fidelity.

Blockstream has over 300 megawatts in mining capacity available, said CEO Adam Back in a statement. “We’ll continue to grow aggressively throughout the year,” he said.

5. Fed Chair Powell: ‘We’d Welcome Higher Inflation’

U.S. Federal Reserve officials voted Wednesday to keep monetary conditions at historically loose levels while waiting for the economy to heal.

Chairman Jerome Powell said he doesn’t want to put a timeline on tapering the U.S. central bank’s $120 billion-a-month in asset purchases.

“In terms of tapering it’s just premature,” Powell said. “We said we’d want to see substantial, further progress towards our goals before we modify our asset purchase guidance. It’s just too early to be talking about dates. We need to see actual progress.”

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

January 28, 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