ZB Academy：The pace of newcomers from the traditional financial sector has not slowed down
Since Bitcoin soared to a new all-time high last week, its price has been stagnant at around $19,000, but the development of the industry has not shown signs of slowing down. Institutions such as banks and commercial companies have always had new trends for cryptocurrencies. Of course, the pace of newcomers from the traditional financial sector entering the crypto sector has not slowed down, even if they are just commenting on the Bitcoin boom.
On Monday, the Wells Fargo Investment Institute of the US banking giant Wells Fargo released a seven-page report, one of which was about Bitcoin. According to the report, cryptocurrency investment is a bit like living in the early gold rush of the 1850s. As we enter 2021, we will talk more about the upside and downside of the digital asset field. And it is clear that as the calendar year goes on, cryptocurrencies will receive more attention, not less. But the fact is that Bitcoin itself is not developing very fast, at least according to the historical standards of the underlying blockchain network, and this may be a bullish indicator.
On Tuesday, Arcane Research, a Norwegian crypto market analysis company, released a report that read: “The overconfident market has been thwarted.” As of press time, Bitcoin prices have fallen for two consecutive days. As the bulls failed to push the price to break the psychological threshold of $20,000, investors’ confidence in the Bitcoin price plummeted, triggering a sell-off, which caused the price of Bitcoin to fall below $19,000. According to ZB.com’s official market data, Bitcoin is now quoted at $18,201, a 24-hour drop of 5.2%, and the highest price in a 24-hour period is $19,292.
It is not just Wells Fargo and Arcane Research that recently released reports, but also Citi analyst Tyler Radke. In this report released on Tuesday, she made it clear that MicroStrategy, the world’s largest independent business intelligence company, has recently been a bit too enthusiastic about cryptocurrencies. Radke pointed out that MicroStrategy’s CEO Michael Saylor’s “excessive focus” on Bitcoin is a potential risk for the company, especially MicroStrategy’s plan to issue $400 million in bonds to fund the purchase of more Bitcoin.
In addition to the content of these reports, there are also some commercial companies that have their own trends in the cryptocurrency field. Square (SQ), a well-known American mobile payment company, intends to support the use of renewable energy in Bitcoin mining through a new Bitcoin clean energy investment plan, and has invested 10 million US dollars for this. According to the company’s announcement on Tuesday, its goal is to become an operating zero-carbon contributor by 2030, and hopes to help promote the adoption and efficiency of renewable energy in the Bitcoin ecosystem. Square said it has formulated a plan to achieve zero carbon goals by reducing its own carbon footprint while expanding the scale of its proven carbon reduction portfolio. Square plans to launch the product in the first quarter of 2021. The company also collaborated with Watershed, which provides technical support for climate projects to reduce its carbon footprint.
At 7 o’clock on the 8th, U.S. time, it is reported that the leading international bank Standard Chartered Bank will conduct cryptocurrency transactions for institutional investors. According to the information disclosed, Standard Chartered Bank has established a department called the Crypto trading group, which is composed of some OTC traders. Companies reported to be involved in the project include LMAX and ErisX; Swiss hosting provider METACO invested by Standard Chartered Bank; and Cobalt, a trading technology provider based in the United Kingdom.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com.