Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House

Bitcoin pulled back as traders digest regulatory developments in the U.S.

Analysts remain optimistic about bitcoin despite regulatory uncertainty in the U.S. regarding crypto tax rules.

“The crypto sector itself is new, and leaning on a nascent technology industry for taxes could impair its growth,” Lucia della Ventura, a researcher at Trinity College Dublin and legal compliance manager at financial software company Ledgermatic told.

“It is necessary to wait for the final vote, taking into account that several amendments have been tabled as they can potentially change the impact of the bill for companies,” Ventura wrote.

Latest prices

Cryptocurrencies:

Bitcoin (BTC) $45593, -1.37%

Ether (ETH) $3135.1, -0.33%

Traditional markets:

S&P 500: 4436.8, +0.1%

Gold: $1728.6, -0.05%

10-year Treasury yield closed at 1.347%, compared with 1.319% on Monday

“Cryptocurrency traders are not so much focused on the expected passing of President Biden’s infrastructure bill, which, as it stands, will include new tax-reporting rules that are very negative for the space,” Edward Moya, an analyst at online brokerage Oanda told.

2. PNC Bank Is Planning a Crypto Offering With Coinbase

A source said PNC, the fifth-largest bank in the U.S., plans to offer crypto investment services to clients.

“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments,” Tuesday’s shareholder letter read. When be asked, Coinbase declined to elaborate.

A source had previously told CoinDesk that the PNC Bank is expected to unveil a crypto jawn in the coming quarters.

The service would give the Pennsylvania-based national bank more seamless access to cryptocurrency investments for its clients, the source said. It’s just one facet of PNC’s broader digital assets and blockchain strategy.

PNC is the latest mainstream megabank to dip its toe into digital assets, and perhaps the largest to do so with Coinbase, the industry’s biggest name. PNC is already plotting a more crypto-centric future and months ago began hunting for a hire to lead its innovation push.

3. BitMEX Announces $100M CFTC, FinCEN Settlement

BitMEX will pay a $100 million penalty to resolve the charges, the firm announced in a blog post.

BitMEX will pay a $100 million penalty to resolve the charges, the firm announced in a blog post, with $50 million going to the CFTC and the remainder to FinCEN. The blog post did not address the criminal charges filed by the U.S. Department of Justice against former BitMEX CEO Arthur Hayes and other executives.

A consent order in the CFTC case, filed Tuesday, found that BitMEX offered U.S. persons leveraged and unlicensed crypto products — a violation of federal law — between 2014 and 2020. The firm’s oversight systems were “inadequate” and lacked effective know-your-customer (KYC) and anti-money laundering (AML) safeguards, the document said.

In doing so, BitMEX employees violated the Bank Secrecy Act, commodities regulations and CFTC rules, the court found.

4. Coinbase Rakes In $1.9B in Transaction Revenue in Q2, Beating Estimates

The largest cryptocurrency exchange in the U.S. warned, however, that its number of monthly transacting users and trading volume would be lower in the third quarter.

The U.S.’ largest cryptocurrency exchange grew to 8.8 million monthly transacting users (MTUs) and 68 million total users in the quarter, versus analyst estimates for 6.7 million monthly users and 62.8 million total users. The exchange’s take rate — or retail trading revenue divided by retail trading volumes — was 1.24%, up from 1.21% last quarter.

The company did note that MTUs in July had declined significantly to 6.3 million and trading volume was only $57 billion in the month. While August’s numbers were slightly higher than this, Coinbase warned that MTUs and trading volume would be lower in Q3 compared to Q2.

The exchange also slightly lowered its yearly forecast range for active users, a key metric, from a range of 5.5 million to 9 million by the end of the year, to a range of 5.5 million to 8 million.

Coinbase reported that more than 9,000 financial institutions are now using the exchange to create their own crypto products. The exchange publicly named PNC Bank as a partner for the first time, and it also named Elon Musk, SpaceX, Tesla, Third Point LLC and WisdomTree Investments as partners.

5. Crypto Panhandlers Beg Poly Network Attacker for Share of $613M Haul

First came the attack. Then came the moochers.

“Anything would help ❤,” a user under the handle “Poormate” wrote Tuesday on a comments section of the blockchain data site Etherscan.

“I already live in a sh**ty country so life is hard,” another user wrote. “Will you help a brother out?”

“Be a modern robin hood and airdrop it to everyone here!!” came another request.

As the popularity of DeFi has mushroomed over the past year, with collateral locked into the blockchain-based lending protocols growing 17-fold to some $80 billion, this corner of the cryptocurrency sub-industry has become a target of attacks.

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.

ZBG Official English (Telegram): https://t.me/ZBG_Exchange

ZBG Official Chinese(Telegram): https://t.me/ZBG_ChineseOfficial

ZBG Official Bangladesh (Telegram): https://t.me/zbgbangladesh

Twitter:https://twitter.com/ZBG_Exchange

ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

August 11, 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