Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Rangebound Into the Weekend, Lags Crypto Stocks

Bitcoin was mostly flat on Friday as buyers and sellers appear to be in a stalemate. The world’s largest cryptocurrency is up about 6% over the past week and is expected to hold support above $30,000 into the weekend.

In traditional markets, the S&P 500 and Nasdaq reached all-time highs after a better-than-expected U.S. jobs report on Friday. For now, sentiment for risky assets appears to be alive as well as volatility declines in both traditional markets and bitcoin.

Latest prices


Bitcoin (BTC) $33228, -0.1%

Ether (ETH) $2091, -0.59%

Traditional markets:

S&P 500: 4352.4 +0.75%

Gold: $1786.97, 0.58%

10-year Treasury yield closed at 1.437%, compared with 1.463% on Thursday

Options volatility

Bitcoin’s implied volatility remains elevated despite rangebound trading since mid-May, according to options data provider Skew. This suggests traders are not complacent given the recent stabilization in price. There is still some uncertainty present in the options market at the beginning of July.

2. Investors Cashing Out of Grayscale Bitcoin Trust Might Bring Market Boost

The bitcoin market could get a boost this month from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust (GBTC), the world’s largest cryptocurrency fund.

Some digital-asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin — to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares.

“Lots of bearish chatter around GBTC unlocks whilst conveniently ignoring that in-kind subscriptions funded by debt will ultimately translate into spot buying,” crypto services provider Amber Group tweeted.

3. Fed’s Powell May Have Met With Coinbase CEO in May

U.S. Federal Reserve Chairman Jerome Powell was scheduled to meet with Coinbase CEO Brian Armstrong on May 11, according to an entry on the central bank’s calendar.

It was unknown what the subject of the planned half hour meeting was or that it even took place.

Former Speaker of the House Paul Ryan was also to have been in attendance.

Per the calendar, Powell was scheduled to meet in person the following day and virtually the day after that with Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission, about the Digital Dollar Project that Giancarlo heads.

Armstrong tweeted a lengthy thread on May 14 about his adventures in D.C.

“Goal was to establish relationships and help answer questions about crypto,” he tweeted at the time.

Although there’s no mention of meeting with Powell, Armstrong’s thread did include a photo with Ryan.

When reached by CoinDesk, a Coinbase spokesperson said the company had nothing to add beyond Armstrong’s tweets at the time.

4. USDC on Tron Blockchain Surpasses $100M 2 Days After Public Unveiling

The circulating supply of USD coin (USDC) on the Tron blockchain has surpassed 108 million in less than a month, according to blockchain data. This could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum.

The achievement came just a day after Circle, the crypto-native financial service firm behind the dollar-pegged stablecoin, said it added support for USDC on Tron. One of the stated goals of doing so is “enabling [USDC] growth in Asia and around the globe,” according to Circle’s website.

Blockchain data shows that the first transfer of USDC on Tron was on June 11.

A stablecoin, USDC is pegged 1-to-1 to the U.S. dollar, with each token redeemable for an equal number of greenbacks.

Crypto influencer Justin Sun’s Tron blockchain has already gained traction for the rapid growth of the largest stablecoin by asset cap, tether (USDT), on the network. As CoinDesk reported, there are more tether on Tron than on Ethereum, the blockchain of ether (ETH), as traders favor blockchains that provide faster and cheaper transactions.

While tether is the most traded crypto asset, there’s been a fast growing adoption of USDC on decentralized finance (DeFi), according to data from CoinGecko. Meanwhile, data from Glassnode indicates that nearly half of USDC supply is currently used in smart contracts.

The big difference from how USDC is used on Ethereum is that on Tron it’s mostly used for inter-exchange transfers, said Ryan Watkins, research analyst at Messari. He noted that nearly all of the USDC supply on Tron is concentrated in the top 10 addresses.

5. Money Reimagined: United States of Stablecoin

There’s not much nuance in the crypto community’s opinions about regulators. It’s all or nothing. If a policymaker “gets” the value proposition of bitcoin and cryptocurrencies, and if they embrace blockchain technology’s prospects for improving the financial system, the community will shower them with accolades. If not, they’re the enemy.

This week’s column is about the ramifications of a crypto-friendly speech by Randal Quarles, the Federal Reserve’s vice chair for Supervision. Among other things it has placed him squarely in the first category.

A couple of housekeeping notices:

First, with my co-host Sheila Warren on vacation, this and next week’s episodes of the “Money Reimagined” podcast will be lifted from the two CoinDesk TV shows we recorded during CoinDesk’s Consensus virtual conference in late May. Both are about the opportunities and challenges for crypto/blockchain technology to respond to the growing demand among investors and companies that businesses comply with environmental, sustainability and governance (ESG) standards. The format is faster than the regular audio podcast, with multiple short segments. Have a listen after reading the newsletter.

Second, I, too, will be out over the next two weeks. In my place, CoinDesk Executive Editor Marc Hochstein will write the weekly column while Features Editor Ben Schiller will shepherd the rest of the newsletter.

The stablecoin route to hyper-dollarization

Move over “Crypto Mom” Hester Peirce. The cryptocurrency community has fallen in love with a new U.S. regulator.

A speech this week by Randal Quarles, the Federal Reserve’s vice chair for Supervision, is being hailed by prominent crypto pundits as a manifesto for how the U.S. government could harness the power of cryptocurrency innovation to serve its international interests and establish an even wider “soft power” role for the dollar in the global economy.

What caught their attention: Quarles’ argument that stablecoins “could encourage [international] use of the dollar by making cross-border payments faster and cheaper, and it potentially could be deployed much faster and with fewer downsides” than a central bank digital currency (CBDC).

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.

Link to future value!

ZBG Team

July 3rd, 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

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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