Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Hits Two-Month High After Late Day Surge

Bitcoin hits its highest level since mid May and has risen more than 15% over the past week.

Some analysts are optimistic and expect buyers to remain active above the 50-day moving average, which is above $34,000 now.

Latest prices

Cryptocurrencies:

Bitcoin (BTC) $41239.73 +3.66%

Ether (ETH) $2439.5, +4.58%

Traditional markets:

S&P 500: 4395, -0.54%

Gold: $1813.5, -0.8%

10-year Treasury yield closed 1.236%, compared with 1.274% on Thursday.

“We have been talking about the market having lower liquidity during the summer for a few weeks now and we think this helps explain the sharp price action we saw that triggered the short squeeze of nearly $1 billion in futures liquidations,” David Grider, a strategist at FundStrat, wrote in a Thursday newsletter.

Grider stated that bitcoin’s spike could reflect a flight to safety from Chinese investors looking to “get out at any cost,” given the recent sell-off in Asian equities. “Bitcoin could have been trading as a proxy tool for investors looking for a hedge,” Grider wrote.

2. MicroStrategy CEO Likens Borrowing to Buy Bitcoin to Investing Early in Facebook

Michael Saylor defended his company’s debt-fueled, bitcoin buying spree over the last year by saying it continued to be a great investment.

“If you borrow billions of dollars at 1% interest and invest it in the next Big Tech digital network that you thought was going to be the dominant Amazon or Google or Facebook of money, why wouldn’t you?” MicroStrategy’s Michael Saylor said, according to CNBC. “I mean, if I could borrow $1 billion and buy Facebook a decade ago for 1% interest, I think I would’ve done quite well.”

Saylor noted that his company has $2.2 billion of debt and pays about 1.5% interest on that debt. Since last August, his company has financed its purchases of massive amounts of bitcoin using company cash flows, equity issuance, convertible debt, senior secured debt and a $1 billion shelf registration.

“Our point of view is being a leveraged, bitcoin-long company is a good thing for our shareholders,” he said.

3. NYDFS Plans to Collect Diversity Data From Banking and Crypto Institutions

All authorized virtual currency service providers will be required to submit diversity data of their boards and management to the NYDFS.

According to an industry letter published by NYDFS Superintendent Linda Lacewell on Thursday, under the initiative the department plans to collect and publish data from New York’s regulated banking institutions, non-depository financial institutions and virtual currency service providers that reflects the diversity of their corporate boards and management.

The issue of diversity in the crypto industry made headlines last year against the backdrop of nationwide Black Lives Matter protests, when the CEO of the U.S.-based cryptocurrency exchange Coinbase, Brian Armstrong, announced the exchange was taking a stance against employee-driven social activism. Within a month, 5% of its employees accepted a severance package. Later in the year, the New York Times published a lengthy report revealing racist and discriminatory treatment of African American employees in the company followed by another report that claimed the company paid women and minorities well under the tech industry average.

4. Yele Bademosi Steps Down as CEO of Bundle Africa

Bademosi will be succeeded by Binance Africa director Emmanuel Babalola

Bademosi announced his decision to step away from his current role, effective today, in a blog post on Friday. He wrote that he intends to focus on driving digital currency adoption across Africa. He will be succeeded by Binance Africa director Emmanuel Babalola, at least on an interim basis.

“My focus for the next 12 to 18 months is really building infrastructure that can allow the inflow of capital to support innovation beyond the buying and selling of crypto,” Bademosi told us.

Bundle Africa launched last year with backing from global cryptocurrency exchange Binance, which contributed $450,000 in seed funding for the creation of the payments app. According to Bademosi, the app has about 350,000 users now. Bademosi, who grew up in Nigeria, was a former director of Binance Labs before creating Bundle.

5. Did Laozi Dream of Blockchain?

The ancient Daoist philosopher has lessons for the crypto age, in the latest essay for Crypto Questioned.

Laozi’s book, known in English as “The Classic of the Way and Virtue,” argued for a socio-political order that most closely resembles anarchism in the Western tradition: The best government is one that barely exists, a “shadowy presence.”

But Laozi wrote at a time when humanity’s organizational technology was fairly primitive. In the 6th or 4th century B.C., there were no tools to organize a society of free individuals without some type of government, ie. one group of people telling the rest what to do.

“Governing a large country is like frying a small fish,” Laozi mused, perhaps as a concession. “You spoil it with too much poking.”

Today, we have blockchain, which might enable Laozi’s ideal system of governance to come to life.

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.

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ZBG Team

July 31, 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