Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Stuck Below $60K; Cardano’s Sixfold 1Q Gains Led CoinDesk 20
$60K is a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.
Bitcoin (BTC) trading around $58,916.75 as of 20:00 UTC (4 p.m. ET). Slipping 0.02% over the previous 24 hours.
Bitcoin’s 24-hour range: $57,973.35-$59,458.98
BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.
Bitcoin retreated after failing for a second day to break through price resistance at $60,000, a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.
A major missing ingredient from the market recently? Spot trading volume.
Thursday’s volume has trended lower since bitcoin broke a record high on March 13, according to data from eight leading crypto exchanges.
2. IRS Seeks Names of Circle Customers Transacting Over $20K in Crypto
A Massachusetts court is supporting a request from the IRS to obtain the records of Circle customers, the Department of Justice said Thursday.
The Internal Revenue Service (IRS) can move forward with its efforts to unmask high-value customers at Circle Internet Financial, a federal judge ruled Thursday.
The judge authorized a request from the IRS to issue a “John Doe Summons” on all Circle and Poloniex customers who transacted $20,000 or more in crypto between 2016 and 2020. Such summons are a tactic the IRS uses to demand information on people it can not identify by name. (Circle spun out Poloniex in 2019 after buying the exchange for $400 million in 2018.)
The IRS told the court it needs the documents to ensure crypto users are paying their taxes. It believes many have not, and will now issue summons on the records to prove it. The IRS said this does not necessarily mean Circle has broken the law.
3. Filecoin Surges 42%, Replaces Litecoin as 9th Largest Digital Asset
Institutional demand propels filecoin ahead of litecoin.
Decentralized storage network Filecoin’s FIL token has entered the list of top 10 coins thanks to increased institutional demand.
FIL is trading near $217 at press time with a market capitalization of $13.72 billion, having printed a record high of $220 early Thursday, as per data source Coingecko.
The cryptocurrency has surged by 42% in the past 24 hours and 150% in seven days, replacing litecoin (LTC, +3.87%) (LTC) as the ninth-largest digital asset by market capitalization.
Inflows into the Grayscale Investments’ Filecoin Trust picked up the pace on Thursday, lifting the cryptocurrency higher.
The trust has raked in 45,500 FIL tokens since the launch on March 17, of which 29,550 were added today, data provided by bybt.com shows.
The world’s largest digital asset manager has become the preferred avenue for institutional investors to gain exposure to cryptocurrencies, starting with its early bitcoin (BTC, -0.25%) trust.
On March 17 Grayscale also launched trusts dedicated to basic attention token (BAT, -2.93%), chainlink (LINK, +1.63%), decentraland (MANA, -3.45%) and livepeer, expanding its existing product suite.
Bitwise, the cryptocurrency asset manager, tweeted Thursday that Filecoin entered its Bitwise 10 Large Cap Crypto Index as of the March 31 monthly index reconstitution.
4. Coinbase’s COIN Stock to Go Live on Nasdaq April 14
The COIN ticker is coming to public markets soon, Coinbase announced Thursday.
Coinbase will begin the public trading of its stock on April 14, it said Thursday.
The crypto exchange will also hold a first-quarter earnings call on April 6, providing a financial outlook for 2021, Coinbase said in a press release.
There’s been much anticipation about the Nasdaq listing. Prices for the shares are predicted to fall between $300 and $350, valuing the trading platform at about $100 billion. The listing would put Coinbase atop an emerging class of publicly traded firms dealing in bitcoin (BTC, -0.05%). Further, a $100 billion debut would make Coinbase more valuable than traditional tech stocks such as Uber.
5. Bitcoin Mining Difficulty Hits All-Time High as Delayed ASIC Shipments Come Online
The adjustment, spurred forth by fleets of newly booted ASICs, could be a harbinger of even larger difficulty increases in the coming year.
Bitcoin’s mining difficulty hit an all-time high today after a roughly 6% increase, a move that follows a record month in earnings for Bitcoin miners as new-generation ASICs come online.
“Difficulty” refers to the relative measure of the amount of resources required to mine bitcoin (BTC, +0.24%). This measurement climbs or falls depending on the amount of power consumed (or “hashrate” produced) by the network at a given time. Bitcoin is programmed to adjust its difficulty level every 2,016 blocks, or roughly every 2 weeks to ensure that new blocks are mined at a stable rate.
This difficulty is measured on a relative scoring scale where Bitcoin launched with a mining difficulty of “1,” the lowest it’s ever been. (Difficulty kind of works like Google Search scores in that the scoring system is internal and has no reference point or unit for measurement outside of the networks themselves).
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, World’s top 10 crypto currency exchange.
Link to future value!
April 2, 2021