Bitcoin has been trading in the same range since Wednesday, with price now at around $11,400. Current price action within the range has seen BTC drop briefly to 11,100, but quickly pick back up only to hit resistance at 11,500. Any further drops would see a test of key support at 10,900. Key levels for bulls over the weekend would be the 10 EMA/10 MA and 11,700 - 11,800, with an eventual retest of 12k as a potential bullish scenario.
Global market cap stands at $358B, while BTC's market cap is at $211B.
On Aug. 26, the SEC announced its amendment of the definition of an "accredited investor". The old definition stated that accredited investors must have either $1 million in net worth or a stable annual income of at least $200,000, while the new definition would now be based on professional certifications, designations, or other credentials issued by an accredited educational institution.
Many figures in the crypto expressed their divided opinions regarding the amendment of the SEC rule. Tyler Winklevoss expressed his positive feedback on twitter, saying that SEC is doing a good job and a "penniless GenZ'er" can be just a sophisticated investor as a Wall Street Boomer. Meanwhile, Celsius Network CEO Alex Mashinsky differs saying that 99% of the population has been excluded from getting access and whether regulators will require accreditation for retail users or continue as is.
Traders on Binance now have opportunity to participate in price movements of DeFi as Binance just listed DeFi index Perpetual Contracts ($DEFIUSDT) today. The contract will be denominated in dollar-pegged stablecoins and will offer traders leverage of up to 50x. The product opened at $1097.7 and is currently trading above $1030 as of 5:41 PM Aug. 28, 2020.
The SEC published Wednesday a Notice of Exempt Offering of Securities (Form D) filing for a new bitcoin fund. The issuer is Wise Origin Bitcoin Index Fund I, incorporated in Delaware this year. The minimum investment for this new bitcoin fund that will be accepted from any outside investor is $100,000. Fidelity Brokerage Services and Fidelity Distributors Company will receive sales compensation.
This Daily Dose was brought to you by SCI News Channel.