Crypto Daily News from ZBG Exchange

5 min readSep 14, 2021

1. Market Wrap: Bitcoin Whipsaws on Fake News, Investors Flow Into Solana Funds

Bitcoin traded in a choppy range on a fake press release about a Walmart partnership with Litecoin.

Bitcoin traded with great volatility around $44,000 on Monday as some traders were duped by a fake news release stating that Walmart is partnering with Litecoin (LTC). The cryptocurrency is roughly flat over the past 24 hours after Walmart stated that it “had no knowledge of the press release issued by GlobeNewswire, and it is incorrect.”

Also on Monday, business software company MicroStrategy announced that it bought an additional 5,050 BTC. The company now holds 114,042 BTC, which were acquired for a total of $3.16 billion and at an average price of $27,713 per bitcoin.

On the regulatory front, stablecoins are under increasing pressure as U.S. officials discuss launching a formal review into whether tether and other stablecoins threaten financial stability, according to Bloomberg. President Biden’s working group plans to issue stablecoin recommendations by December.

On Sunday, Cardano, an open-source public blockchain, issued a network upgrade dubbed Alonzo. The update is a key part of the Goguen era, which focuses primarily on building smart contract capabilities. Cardano’s ADA token is down about 10% over the past 24 hours.

Latest Prices

Bitcoin (BTC), $44,905, -2.7%

Ether (ETH), $3,272, -4.7%

S&P 500: +0.2%

Gold: $1,793 +0.4%

10-year Treasury yield closed at 1.326%

Bitcoin long-term accumulation

Long-term bitcoin holders appear to be unshaken by the sell-off last week. Blockchain data shows a large accumulation of BTC occurred just between the $29,000 and $50,000 price levels. Buyers can either book a profit at current prices or defend support around the bottom of the two-month price range.

Crypto research firm Glassnode defines long-term holders as high-conviction buyers with BTC aged around 155 days.

“We can also see that LTH (long-term holders) owned supply has reached 79.5% of all BTC coins this week, which is equivalent to the level reached in October, prior to the bull market kicking off,” Glassnode wrote in a blog post.

The firm also noted that peaks in LTH supply typically coincide with the late stage of a bear market. It is possible that investors accumulated positions after the May sell-off, although buying momentum has weakened over the past month.

2. Price of Litecoin Spikes on Fake Walmart Press Release

The fake news release caused the price of litecoin to spike almost 30% on Monday morning before returning to previous levels.

The price of litecoin surged Monday morning after a fake press announcement was released saying retail giant Walmart intended to offer its customers the option to make payments in crypto via a new partnership with the Litecoin Foundation. Walmart confirmed, however, that the press release was fake, saying that “Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect.”

The news initially caused the price of litecoin to soar almost 30% from $175.45 to $225.75, and the price of bitcoin to rise 1.8% to $45,540. Litecoin’s price has since fallen back to $178, while the price of bitcoin has dropped to $44,498.

The press release claimed that all of Walmart’s e-commerce stores would have a “Pay with Litecoin Option,” starting Oct. 1.

The Litecoin Foundation initially re-tweeted the fake release, but then deleted the tweet.

3. US Lawmakers Float New Crypto Tax Provisions in Reconciliation Bill

The provisions would close loopholes in different types of sales rules.

House Democrats are hoping to close two possible loopholes within tax regulations for cryptocurrencies, according to a proposal published Monday.

According to a document published by the House Ways and Means Committee headed by Rep. Richard Neal (D-Mass.), lawmakers believe they can fund fiscal priorities through a suite of “corporate and international tax reforms.”

The pair of provisions intend to prevent individuals from reporting a tax loss by selling cryptocurrencies at a loss but immediately (meaning within 30 days) buying the same cryptocurrencies.

The other provision intends to ensure taxpayers properly report capital gains, even if they purchase an offsetting position on their investments.

4. Blockchain Companies Among Winners of FDA Food Traceability Challenge

Mojix, Wholechain and Tag One all focus on helping companies create more efficient, lower cost food supply chains.

Three blockchain companies were among the winners of the U.S. Food and Drug Administration’s (FDA) first annual Food Traceability Challenge, the agency announced on Monday.

Blockchain companies Mojix, Wholechain and Tag One were among 12 companies recognized for creating low-cost traceability solutions for food supply chains. The FDA received 90 entries from around the world, selecting winners for their impact, range of uses and “variety of approaches, platforms and technical designs,” the agency said in a press release on its website.

Mojix uses decentralized item ledgers and logistics to streamline and digitize supply chain automation.

Wholechain employs blockchain-based traceability to help coordinate fragmented supply chains for companies such as Topco Associates and Food City.

TagOne minimizes regulatory and legal risk by helping companies more closely monitor their supply chains from “seed-to-sale” through blockchain-based solutions.

The challenge is part of the New Era of Smarter Food Safety blueprint, a federal program that is meant to encourage creative financial solutions that can boost efficiency and lower costs in food supply chains.

While the challenge awards no cash prize, winners are given the opportunity to present their ideas at a YouTube forum that will take place on Sept. 28 at 18:00 (UTC).

5. Bitcoin Miner BTCS to Start Nasdaq Trading

The company’s CEO, Charles Allen, called the announcement “a significant milestone” for BTCS.

BTCS will start trading on the Nasdaq, the blockchain technology and infrastructure company announced Monday.

The company said that it would trade under the BTCS symbol.

In a press release, BTCS CEO Charles Allen called the announcement a “significant milestone and evolution of BTCS.”

He added: “We have refined our strategy to create significant growth in shareholder value. Now with a Nasdaq listing imminent, we are positioned to accelerate the execution of our strategy as we focus on expanding and growing our operations in the burgeoning blockchain space.”

The company noted that it had made “timely purchases of Bitcoin, Ethereum, and other cryptocurrencies” through the first half of 2021, and “substantially grown its digital assets over the last year.

As of Sept. 10, BTCS’s digital asset holdings held a fair market value of about $33 million, the company said.

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September 14, 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