Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Fails Test of $40K While Ether Loses Steam Near $2.9K

Meanwhile, the cost of gas fees on the Ethereum network is near a three-month low.

Leveraged traders have not materialized in the market to take bitcoin over the $40,000 hump. Meanwhile, ether is continuing to steal trading volume from BTC during a steady price rise toward $2,900.

Bitcoin (BTC) trading around $38,532 as of 21:00 UTC (4 p.m. ET). Gaining 1.7% over the previous 24 hours.

Bitcoin’s 24-hour range: $37,311-$39,402

Ether (ETH) trading around $2,789 as of 21:00 UTC (4 p.m. ET). In the green 1.1% over the previous 24 hours.

Ether’s 24-hour range: $2,673-$2,882

Bitcoin, the world’s largest cryptocurrency by market capitalization, was up Thursday by 1.7% as of press time. It was below the 10-hour moving average but above the 50-hour, a flat signal for market technicians.

BTC’s price jumped from $37,311 at 05:15 UTC (10:15 p.m. ET Wednesday) to $39,402 by 13:30 UTC (6:30 a.m. ET) Thursday, a 5.6% gain based on CoinDesk 20 data. Bitcoin then settled somewhat, at $38,532 as of press time.

2. Top US Lawmaker Presses Big Companies on Ransomware Crypto Payments

Paying international criminals to unlock data “will put an even bigger target on the back of critical infrastructure,” says U.S. Rep. Carolyn Maloney.

U.S. Rep. Carolyn Maloney (D-N.Y.) wants Colonial Pipeline and CNA Financial to disclose the decision-making processes that led them to pay cryptocurrency to recover data from ransomware attackers.

In letters sent to the firms Thursday, Maloney asked for documents outlining how these victims decided to pay the perpetrators, any documents or communications received from the attackers, whether any government agencies provided input and whether the firms checked to ensure they didn’t violate sanctions.

“I am extremely concerned that the decision to pay international criminal actors sets a dangerous precedent that will put an even bigger target on the back of critical infrastructure going forward,” the chair of the House Oversight Committee said in a statement.

3. Bitcoin’s Bull Market ‘May Have Come to an End,’ Says MRB Partners

Some analysts expect limited upside in bitcoin despite the possibility of a brief bounce.

The rally in bitcoin (BTC) over the past year may be nearing an end, according to New York-based MRB Partners, a boutique investment research firm.

In a May 25 report titled, “Has The Crypto Fever Broken?”, the analysts cite growing concerns with cryptocurrencies’ environmental impact, possible regulatory risks, negative technical trends and a future reduction in monetary stimulus as among the many reasons bitcoin could have a tough time ahead.

“Easy money has helped fuel the crypto bubble, and a slow unwinding of this trend globally will ultimately become a headwind for the speculative digital asset,” wrote MRB.

Bitcoin has nearly doubled in price over the past year and is up about 30% year to date. The world’s largest cryptocurrency by market value suffered a volatile period in May, which appears to be stabilizing over the short term. However, some analysts expect limited upside in bitcoin despite the possibility of a brief bounce.

MRB mentioned concerns about environmental issue, leverage and renewed fears of a global regulatory crackdown in the U.S. and China as possible headwinds for cryptocurrencies.

To reduce the negative environmental impact, “crypto mining systems would need to allow miners to produce tokens for significantly less cost compared to their current price,” wrote MRB.

Increased mining efficiency could lead to lower energy consumption, which typically occurs during corrections in the price of bitcoin, according to MRB.

Moreover, overleveraging “has also become a mainstream issue for crypto markets and regulators are now being tasked with gauging the risks originating from increased non-financial intermediaries/exchanges.”

But not all may not be lost for crypto markets, according to the researchers.

“It remains entirely possible that these assets could develop into a mainstream investment vehicle,” wrote MRB. “We suspect this process will be a very long road ahead with more boom/bust phases along the way.”

4. DAOs Prepare for the Next Crypto Winter With Treasury Diversification

DeFi projects are selling off governance tokens to get ready for tougher days ahead.

Longtime crypto denizens can see the future: Winter is coming (it always is).

“I think there’s scars left over from the bear market. While I think there’s a mentality of ‘up only,’ that’s more among the smaller teams. The bigger ones have been through it,” said Accelerated Capital, a pseudonymous founder who uses the name of his fund as his handle.

A lot of new people have gotten into investing in cryptocurrency over the last few months. Some may be so new they won’t remember the last “crypto winter,” which started with the regulatory crackdown in 2018 and continued at least into very late 2019. When it first hit, many crypto startups were laying off staff by the dozens.

5. Japan’s BitFlyer Gives US Clients Access to Bitcoin and Japanese Yen Pair Trading

“The BTC/JPY spot market posted over $30 billion in trading volume, making it one of the world’s largest bitcoin to fiat markets,” says bitFlyer.

Tokyo-headquartered global cryptocurrency firm bitFlyer is giving its U.S. clients access to cross-border trading.

In a blog post Thursday, bitFlyer said from today its U.S.-based customers will be able to trade bitcoin (BTC, +1.29%) and Japanese yen (BTC/JPY) pairs.

BitFlyer said previously only customers residing in Japan had access to the BTC/JPY market due to regulatory restrictions.

The BTC/JPY spot market posted over $30 billion in trading volume, representing 40% of the Japanese market and making it one of the world’s largest bitcoin to fiat markets, according to a survey conducted by the company.

BitFlyer is the leading digital assets exchange in Japan, with over 2.5 million users worldwide. The firm is licensed in Japan, the U.S. and the European Union.

In April, bitFlyer announced Goldman Sachs alum Kuniyoshi Hayashi as its new president, replacing Kimihiro Mine.

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

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ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

June 4, 2021

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