Bitcoin remains in a range which could be a potential distribution stage before a continuation of the move down. In the daily, price is now below the 50 MA which is an indication that the control has shifted to the bears and small range has formed with resistance around 10,500 and support around 9,800. It is worth noting if price is able to get back above the 11,000 level (50 MA resistance). Otherwise, price is on track to test next potential support at around 8,800 - 8,400.
Global market cap is at $325B, while BTC's market cap is at $186B.
Recently, the crypto market took a plunge and this affected trade volumes on centralized and P2P exchanges. Trade volumes on centralized exchanges are still massive despite the market dump. Coinbase, one of the top exchanges, reported $1.7 billion in trade volume over the past seven days, while Bitstamp reported a weekly trade volume of $1.1 billion. However, the recent market dump took its toll on global P2P exchanges as the US, top region for P2P trade, saw a 42% decline from $23.4 million to nearly $13.6 million in P2P volume this week. Sub-Saharan African, the second largest region in P2P trade, also took a 32% dive from a volume of $12.9 million to $8.7 million.
Only Latin America was able to post an increase in P2P trade volume last week, an increase of 11% to $13.2 million.
A group of ransomware hackers breached Argentina's immigration agency, Direccion Nacional de Migraciones, on August 27, and initially demanded a $2 million payment to restore its servers. The government officials are refusing to negotiate with the group, which forced them to briefly close all immigration checkpoints on the 27th. The hackers posted a select batch of sensitive data from the agency as proof it was the one responsible for the attack. After a week, the hackers increased the ransom to around $4 million - a 355.8718 BTC payment.
The attack effectively halted all border crossings into and out of the country for four hours, during which all computer networks used by the immigration officials were taken offline by authorities.
The Texas State Securities Board (TSSB), a securities regulator in the US, have given an Emergency Cease and Desist Order against two alleged crypto scam schemes known as Forex Birds and PEK Universe. The published order names Kumar Babu Bondesi and Darwin Eric Balusek as the operators of the schemes. Balusek is also known to go by the nickname "Bitcoin Pope."
The respondents are accused of fraudulent securities offerings tied to foreign exchange and cryptocurrencies - Forex Birds allegedly promising investors earnings up to 11% with deposits up to $1 million, while PEK Universe promised daily profits of up to 2% per day for 30 days to investors. Both scams were not registered to deal in securities in Texas. The respondents are facing a $10,000 fine or two-to-ten years in prison, or both, and have to request a hearing with the TSST before Sept. 31. Both Forex Birds' and PEK Universe's websites are still up and running.
This Daily Dose was brought to you by SCI News Channel.