Crypto Daily News from ZBG Exchange

1. Market Wrap: Attempts to Push Bitcoin Above $40K Stall

Some analysts are optimistic while others prefer to see stronger signs of upside momentum before calling a bottom.

Bitcoin stalled for most of Monday before making another run at $40,000 as of press time. The world’s largest cryptocurrency by market valueis holding support above $36,000 and remains up about 20% over the past seven days.

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2. Hunt for Yield: Wrapped BTC Now Holds More Than 1% of Bitcoin’s Circulating Supply

The trend shows how some savvy crypto traders have pivoted to salvage or maintain returns even as bitcoin’s price tumbled.

With bitcoin (BTC, -0.4%) prices retreating over the past month, crypto traders have increasingly tokenized the cryptocurrency into synthetic versions compatible with the Ethereum blockchain, where they can be deposited for extra yield.

3. Most Fund Managers Say Bitcoin Still in a Bubble: Bank of America Survey

The results are up six percentage points from last month’s data, indicating sentiment on Wall Street has turned more bearish.

Some 81% of fund managers believe bitcoin (BTC, -0.35%) is in a bubble, even after May’s 35% price crash, according to the latest Bank of America Global Fund Manager survey.

4. Former Coinbase Legal Exec Lempres Joins Silvergate Capital as Chairman

Lempres takes over from Dennis Frank, who had served as chairman since 1996.

Michael Lempres, the former chief legal executive at cryptocurrency exchange Coinbase (NASDAQ: COIN), has joined Silvergate Capital (NYSE: SI) as chairman.

5. Open Positions in Bitcoin Futures Rise to 1-Month High

Open interest rose to $13.1 billion after being in the $10.5 billion to $13 billion range.

Outstanding bitcoin (BTC, -0.36%) futures contracts have climbed to a one-month high, suggesting a rebound of speculative activity surrounding the cryptocurrency after a string of positive headlines that appear to have stabilized the market.

Founded in July 2018, ZBG is a Hong Kong-based cryptocurrency exchange, a global platform of ZB.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, World’s top 10 crypto currency exchange.

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ZBG Team

June 16, 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