Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Holds Above $30K as Sentiment Improves
Bitcoin is holding up following a strong bounce from $30,000 support.
Cryptocurrencies were mostly higher on Thursday as bullish sentiment returns. Bitcoin was trading around $32,300 at press time and is up about 1% over the past week. The price recovery off $30,000 support stalled following positive comments from Tesla’s CEO Elon Musk on Wednesday. Technicals suggest upside is limited around $34,000 resistance.
Lukas Conrad, chief product officer at Bitpanda, an Austrian financial services platform, described the trading environment across cryptocurrencies as a “roller coaster ride,”.
“The price of Bitcoin has been producing lower highs and lower lows recently while remaining in a downtrend,” Conrad wrote. “Even though pressure from sellers might be diminishing, buyers won’t turn things around until resistance is broken.”
Bitcoin (BTC) $32370, +2.37%
Ether (ETH) $2028.2, +4.57%
S&P 500: 4367.3, +0.2%
Gold: $1806.1, +0.11%
10-year Treasury yield closed at 1.259%, compared with 1.291% on Wednesday
Bitcoin was already well bid ahead of The B Word conference on Wednesday. And now analysts are questioning whether Musk’s comments are enough to keep bitcoin bulls active.
2. BlockFi Is Pursuing Plans to Go Public — Even as Regulators Close In
The crypto lender is days away from closing a $500 million Series E, sources say. A timetable for a public listing is circulating among investors.
BlockFi aims to go public in 12 to 18 months, according to documents circulated to investors Wednesday amid growing regulatory scrutiny of the cryptocurrency lender.
The New Jersey-based company declined to comment on the current state of its plans.
BlockFi is set to close its Series E on July 27, the documents show. The round, as previously reported by The Block, amounts to $500 million, people familiar with the matter told us. The investor documents reviewed by us say BlockFi is expected to command a $4.75 billion post-money valuation.
3. Blockchain Protocol Thorchain Suffers Another Hack Totaling $8M
Thorchain told us a hacker deployed a custom contract that was able to trick the Bifront into receiving a deposit of fake assets.
Thorchain has been hit by another exploit, this time costing around $8 million, Thorchain confirmed to us on Thursday.
Thorchain also told CoinDesk a hacker deployed a custom contract that was able to trick the Bifrost into receiving a deposit of fake assets.
The network then processed a refund to them of real assets.
Thorchain told us it was fairer to describe the incident as a “grey hat” exploit rather than a white hat one.
Last week, the protocol was drained of around 4,000 ether (ETH, +2.47%) in a separate incident.
4. Reddit Rolls With Arbitrum to Scale Its Ethereum-Based Community Points System
The large Arbitrum ecosystem was a factor in the decision as well as ease of use for developers, Reddit said.
Arbitrum has been upvoted by Reddit.
The rollup technology was selected by the social media site to make Reddit’s Ethereum-based Community Points system ready for prime time. Rollups, a solution for the world computer’s limited capacity, temporarily bundle transactions on a sidechain so that more users can participate in the primary network.
Reddit said Thursday that Arbitrum beat out 21 other entrants to become the winner of its “Scaling Bake-Off.” Other projects being considered included Solana, StarkWare and Polygon, to name a few.
5. Elon Is ‘In It for the Profit Motive’: An Interview With Google’s Neel Mehta
Crypto will become part of the establishment, says bestselling author Neel Mehta. But bubbles, revolutions and a billionaire’s tweetstorms come first.
This week bitcoin (BTC, +1.23%) fell below the $30,000 mark again. In the crypto industry, this is a pretty big deal, but for a lot of folks out there, the reaction is more like “okay, so what?”
It’s been over a decade since bitcoin was first introduced, and yet there’s still a lack of understanding of the crypto industry in the United States, and that’s in the country with the biggest bitcoin trading volume in the world. A recent study shows that 24% of American adults still don’t know how cryptocurrency works and 20% don’t know how to buy it.
Society is still very much divided when it comes to the world of crypto and blockchain, not just in terms of knowledge but also, and especially, when it comes to seeing a future for it.
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July 23, 2021