Market analysis: Bitcoin (BTC) is on the move again as price is now trading at around 10,600 and is hovering the resistance area of the range after a bit of consolidation for the past days. In the daily, price is on track to test potential resistance level around 11,000 (50 MA resistance). It is also worth noting that if this range fails to hold and breaks below 10,200 - 9,800 level, we could see price test potential supports below - around 8,800.
Global market cap is at $346B, while BTC's market cap is at $197B.
The Securities and Exchange Commission (SEC) of Nigeria has officially defined 'virtual crypto assets' as securities under its regulatory umbrella. "The burden of proving that the crypto assets proposed to be offered are not securities and therefore not under the jurisdiction of the SEC, is placed on the issuer or sponsor of the said assets," according to the Nigerian SEC's official statement. The announcement also states that Nigerian regulators will register and approve all digital assets, treating cryptocurrencies and utility tokens as commodities. Blockchains and crypto firms releasing Digital Assets Token Offerings (DATOs), Initial Coin Offerings (ICOs), and Security Token Offerings (STOs) operating in Nigeria will have three months to register with the SEC.
According to DeFi Pulse, the total amount of Bitcoin (BTC) 'locked into' or tokenized to access decentralized finance (DeFi) protocols has surpassed $1 billion. Roughly 98,300 BTC, worth $1.05 billion, has been tokenized using protocols other than Blockstream's Lightning Network - which is more than 12% of the DeFi sector's total combined capitalization of $8.57 billion.
Bitcoin tokenization protocols let users lock up their BTC and mint a corresponding ERC-20 token, allowing the value represented by a user's BTC holding to interact with smart contracts on the Ethereum network.
Chainalysis, a Blockchain forensics firm, has discovered that there's a significant presence of a darknet market in the Eastern Europe's crypto sector. According to its 2020 Geography of Cryptocurrency report, results show that the Eastern Europe region has more global darknet market activity more than any other region with anonymous free market Hydra as sixth largest crypto service. Hydra generated more than $1.2 billion in crypto revenue between June 2019 - July 2020. Eastern Europe's has 21% share of darknet market value sent to region and 23% share ransomware value sent to region.
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