🇳🇬 Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges

🔽 The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for forex. The Central Bank of Nigeria (CBN) said it has revoked the licenses of nearly 2,700 bureaux de change (currency exchanges).

♾ On July 20, the Nigerian currency reportedly hit a new low of NGN860 per dollar on the parallel market.

🏦 According to a Reuters report, the currency’s plunge followed the Central Bank of Nigeria (CBN)’s decision to float the naira, which was made shortly after Bola Ahmed Tinubu’s inauguration as the Nigerian president.

😬 However, the shortage of dollars in the formal market coupled with the rising demand for forex has increased pressure on the naira.

❌ Meanwhile, in an attempt to halt the currency’s slide, the CBN reportedly announced on July 20 that it had revoked the licenses of 2,698 bureaux de change.

🪙 Rare 2010 Bitcoin Block Reward Stirs After 13 Years of Dormancy

➡️ On July 24, 2023, a block reward from 2010 was transferred for the first time in 13 years, marking this month’s first expenditure of dormant bitcoin from that year. So far this year, a total of nine such block rewards from the 2010 era have been spent, resulting in the transfer of 450 bitcoins.

⚫️ According to btcparser, a rare 2010 block reward was spent on Monday, transferring 50 bitcoins to an unidentified address.

⚫️The funds were transferred to a specific bitcoin address and moved on from there. Blockchair’s privacy tool indicated that the transfer scored a 5 out of 100 on privacy, citing three issues, and it labeled the privacy level as “low.”

⚫️The 2010 block reward transfer on Monday marked the ninth such expenditure this year, with the most recent previous transactions from this era occurring on June 26.

⚫️Thus far in 2023, a total of nine 2010 block reward transfers have occurred, but only eight of these were from virgin, dormant bitcoin rewards.

🇺🇸 US House Financial Services Committee Passes Stablecoin Legislation ‘After a Few Fireworks’

⚡️ The U.S. House Financial Services Committee has passed Chairman Patrick McHenry’s Clarity for Payment Stablecoins Act with bipartisan support. McHenry said committee members, unlike the White House, understood the urgency and importance of providing clarity for payment stablecoins. Sheila Warren, the CEO of the Crypto Council for Innovation, described the bill’s passage as the “first steps toward a legislative foundation for stablecoins in the U.S.”

🌟 After holding negotiations for fifteen months, the U.S. House Financial Services Committee passed the Clarity for Payment Stablecoins Act on July 27 with bipartisan support.

🌟 Confirmation of the bill’s passage came after an eventful day which at one point saw McHenry blast the White House for frustrating the committee’s hopes of reaching a bipartisan agreement.

🔩 The Republican also commended the New York Department of Financial Services superintendent Adrienne Harris for what he described as “her invaluable contributions.”

👉 Following the bill’s passage, Sheila Warren, the CEO of the Crypto Council for Innovation, described this as the “first steps toward a legislative foundation for stablecoins in the U.S.”

⚫️ The CEO, like fellow crypto proponents who have been calling on the U.S. to take the lead in establishing clear rules for the industry, also highlighted how a regulatory regime can foster innovation and as well as “provide critical protections for consumers.”

⚡️ Biggest Movers: SHIB Stays Close to Recent 2-Month High on Monday

🐶 Shiba inu remained close to a two-month high to start the week, as sentiment in the meme coin remained mostly bullish on Monday. This comes despite the global cryptocurrency market cap mostly consolidating in today’s session. Bitcoin cash was another notable exception, as the price rose by over 4%.

📈 Shiba inu (SHIB) was close to a two-month high on Monday, as momentum in the meme coin remained bullish.

💲 Following a low of $0.000008171 on Sunday, SHIB/USD jumped to an intraday high of $0.000008688 earlier today. This has pushed SHIB close to its highest point since May 29, when price peaked at $0.000008888.

⚫️ Monday’s move came as the relative strength index (RSI) bounced from a recent support point at the 60.00 mark.

🪙 Another notable gainer on Monday was bitcoin cash (BCH), which rose by as much as 4% to start the week.

📈 BCH/USD peaked at $258.30 earlier in today’s session, following on from Sunday’s low at $243.34. The move saw the cryptocurrency continue to trade near yesterday’s two-week high at the $266.29 point.

⚫️ Earlier gains have since slipped however, as price strength collided with a resistance level at 56.00. Currently the RSI is at a reading of 53.23, and appears to be heading for a floor around the 50.00 zone.

➡️ A destination of $240.00 may be the target for bears should this decline continue.

👑 GHO and FDUSD Stablecoins See Massive Supply Growth in Recent Debut

🔔 In a recent turn of events, the cryptocurrency world has been introduced to two stablecoins anchored to the U.S. dollar — Aave’s gho (GHO) and First Digital’s stablecoin FDUSD. These dollar-tied tokens have rapidly gained momentum, witnessing substantial growth in market capitalization soon after their debut.

🔼 In mid-July, the decentralized finance (defi) lending protocol Aave approved a governance proposal and unveiled the platform’s gho (GHO) stablecoin. On July 17, 2023, there were 2,510,269 GHO tokens in circulation, and now there are more than 11.25 million TO. This implies that GHO’s supply expanded by over 348% within the last 16 days.

💲 The 24-hour trading volume of GHO has hovered around $1.52 million, and Balancer’s Vault accommodates 59.2255% of the entire GHO supply. The present supply and market capitalization of GHO position it as the 31st largest stablecoin in August 2023.

🔼 While a 348% supply surge is impressive, FDUSD has exhibited an even more remarkable ascent since its introduction. On July 26, 2023, etherscan stats revealed that FDUSD’s supply was approximately 1,114,126 just a week ago.

👉 An estimated 96.0563% of FDUSD’s supply is held in a wallet named “Binance 14,” while 1.4325% resides in another wallet called “Binance 15.”

🔥 Indian Analyst: World War III Already Started, BRICS Could Merge With SCO

➡️The president of a New Delhi-based think tank believes that World War III has already begun. He also anticipates the BRICS economic bloc (Brazil, Russia, India, China, and South Africa) merging with the Shanghai Cooperation Organization (SCO). “A single merged organization will be much more clearer, stronger and grow into very meaningful pole,” he described.

🎙 “Both BRICS and SCO are initially founded by China and Russia. Many big picture goals of both organizations are same. It is necessary for both organizations to have very different roadmap in future. Otherwise, I have said many times that it is now time to consider merging of the SCO and BRICS into a single organization,” the Indian analyst told Russian news outlet Tass on Friday.

➡️ Discussing the BRICS economic bloc’s current position globally, Sachdev emphasized: “BRICS will have to create its own space and find a way to be as effective or more effective than other international organizations.”

The think tank president also believes that World War III has already begun, stating:

🎙 In my view, we are already in the middle of World War III or the First World War of the 21st century.

🏴‍☠️ Bitstamp Delists AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for US Customers

⛔️ Trading will soon be halted for several popular cryptocurrencies on the Bitstamp exchange for users in the United States. Starting August 29, 2023, the exchange will suspend trading for AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for U.S. customers, canceling all existing orders for those assets. After this deadline, U.S.-based Bitstamp users will no longer be able to trade these crypto assets on the platform.

🇺🇸 Bitstamp says the decision comes as part of a continuous evaluation of its crypto offerings, taking into account the changing regulatory environment in the United States.

➡️ The exchange recommended users execute any desired buy or sell orders for the affected assets before the August 29 deadline to ensure a smooth transition during the trading halt.

➡️ Despite delisting those assets for U.S. customers, Bitstamp noted it will continue offering up to 30 available cryptocurrencies to trade on its platform.

🪙 Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Saturday, as Markets Consolidate Following Recent Decline

✅ Bitcoin was back in the green to start the weekend, after bulls rejected a breakout below $29,000 during Friday’s session. The cryptocurrency continues to hover around a key support level, without either bulls or bears taking control. Ethereum was also marginally higher.

🕯 Bitcoin (BTC) returned to the green on Saturday, as traders of the cryptocurrency rejected a breakout of a key price level.

⚫️ Following a low of $29,253.52 on Friday, BTC/USD rose to an intraday peak of $29,517.77 earlier in today’s session.

⚫️The move comes as the world’s largest cryptocurrency by market cap began to consolidate, following a recent move above $30,000.

⚫️Bitcoin surged earlier this week, as markets reacted to Moody’s downgrading the credit rating of several U.S. banks.

⚫️Today’s consolidation occurred just as the relative strength index (RSI) flatlined around a support point near 49.00. As of writing, the index is now tracking at a reading of 48.70, with earlier gains in BTC somewhat fading.

⏺ From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection

🔴In the wake of financial upheavals and regulatory hurdles, Prime Trust, a digital currency custodian, has formally sought Chapter 11 bankruptcy protection. This move closely follows the appointment of John Guedry as the company’s overseer, bolstered by a designated committee to steer the restructuring process.

🔴Despite the chaos, Prime Trust pledges to operate with transparency, prioritizing its stakeholders’ best interests.

🔴As the gravity of Prime Trust’s monetary woes intensified, the Nevada Financial Institutions Division stepped in, signaling its plan to dismantle Prime Trust and seize its holdings.

🔴Upcoming on Prime Trust’s agenda is the submission of multiple proposals to the Bankruptcy Court. These proposals are designed to refine the assessment of all viable approaches, potentially encompassing the sale of company assets and ongoing operations.

🔴These deliberations emerge from Prime Trust’s recent ordeals, notably its ties with crypto entities like Stably, which encountered disruptions due to their affiliations with the beleaguered custodian.

📱 Bitcoin, Ethereum Technical Analysis: BTC Plummets Below $26,000 on Reports Elon Musk’s Spacex Liquidated Bitcoin Holdings

⚫️ Bitcoin (BTC) bears pushed the cryptocurrency to a two-month low on Friday, following news that Spacex had liquidated all of its holdings BTC. After peaking at $28,525.11 during Thursday’s session, BTC/USD plunged to a bottom at $25,409.11 late last night.

⚫️ This was the weakest point that bitcoin had fallen to since June 16, when price was near a breakout below $25,000.

🪙 Bitcoin chart by TradingView

🟡 From the chart, it appears that the sell-off came as the 14-day relative strength index (RSI) fell deep into oversold territory. The index is now tracking at 20.10, which is the lowest level it has hit since January 2022, which ironically was when Tesla began to sell off its own holdings in bitcoin.

🟡 Price has somewhat rebounded from earlier lows, and is now trading at $26,341.67.

🔷 Ethereum chart by TradingView

⚫️ Like with BTC above, today’s sell-off has moved the RSI into a bear zone, with a current reading of 21.30. This could work in the favor of bulls looking to buy the dip, and to a degree already has, with ETH now trading at $1,678.05.

⚫️ In addition to bitcoin, ethereum (ETH) also moved significantly lower following the news, slipping below $1,600 in the process.

⚫️ ETH/USD dropped to an intraday low of $1,551.71 on Friday, down nearly $200.00 from Thursday’s peak. This is the weakest reading for ethereum since March 12, when price was trading below the $1,459 level.

📣 Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate, Following Last Week’s Losses

⚡️ Bitcoin rebounded from this weekend’s low on Monday, as markets attempted to consolidate following recent losses. The cryptocurrency rose back above the $26,000 level, after a brief stint below this point. Ethereum also settled, after declines over the weekend.

➡️ Bitcoin was marginally higher to start the week, as the cryptocurrency climbed back above the $26,000 level on Monday. Following a low of $25,919.02 on Sunday, BTC/USD rose to an intraday peak at $26,260.68 earlier in the day.

✅ Overall, bitcoin traders seem to have found a semi-stable floor around the $25,900 mark, and now look set to potentially recover some of last week’s gains.

🪙 Bitcoin chart by TradingView

Looking at the chart, the relative strength index (RSI) is now tracking at 20.57, which is still deep in the oversold region.

This could work out to benefit bulls however, as bearish momentum may be fully exhausted after last week’s run.

🔷 Ethereum chart by TradingView

Similar to bitcoin above, the 14-day RSI remains oversold, and is currently tracking around the 25.00 region. From the chart, the next visible point of resistance seems to be at the 31.00 level, which bulls will likely be targeting.

Should they break out of this point, ETH will likely move back above $1,700.

Ethereum (ETH) was marginally higher on Monday, as price continued to settle around a new support point. ETH/USD hit a high of $1,692.33 to start the week, as bulls attempted to take the world’s second largest cryptocurrency back above $1,700.

The jump in price came as ethereum settled on a support point around the $1,650 mark, with bulls using this as a point of reentry.

🔍 Bitcoin, Ethereum Technical Analysis: BTC Traders Jittery, as Federal Reserve Symposium in Jackson Hole Is Under Way

🟢Bitcoin marginally declined during Friday’s session, concurrent with the ongoing Federal Reserve symposium in Jackson Hole. The Chair of the Fed, Jerome Powell will be speaking at the annual meeting, and providing guidance on the upcoming policy decision. Ethereum also consolidated today.

🔽 Bitcoin briefly fell below the $26,000 level on Friday, as traders readied themselves for Jerome Powell’s speech. BTC/USD dropped to an intraday low of $25,914.93 earlier in the day, following a high of $26,406.15 on Thursday.

🕯 The decline saw bitcoin move one step closer to its recent support point of $25,600, a level it has tracked for most of the week.

🪙 Bitcoin chart by TradingView

⏺From the chart, the decline comes after the 14-day relative strength index (RSI) was unable to move beyond a ceiling of 30.00 during yesterday’s session.

⏺As of writing, price strength is tracking at 25.89, which remains highly oversold, and could be heading even lower, to a floor of 20.00.

🔷 Ethereum chart by TradingView

⏺Similar to BTC above, today’s drop comes after the RSI collided with a resistance point of 33.00 on Thursday.

⏺The index now sits at a reading of 30.66, with the next floor over 10.00 points away.

⌨️ Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Key Week of US Economic Announcements

🔽 Bitcoin hovered below $26,000 on Monday, as traders awaited a big week of economic announcements in the United States. The consumer confidence report will be released on Tuesday, with gross domestic product and nonfarm payrolls coming in the upcoming days. Ethereum was largely unchanged today.

➡️ Bitcoin started the week hovering around the $26,000 region, as markets prepared for a big week of economic data. Following a high of $26,406.15 on Sunday, BTC/USD dropped to an intraday low of $25,914.93 earlier in today’s session.

The world’s largest cryptocurrency has mostly consolidated around this level for the past ten days, since surging above $30,000 earlier in the month.

🪙 Bitcoin chart by TradingView

Since then a huge red wave has swept through the market, with BTC falling to a two-month low just over a week ago. Prices have continued to trend sideways as the 14-day relative strength index (RSI) has failed to break out of a resistance level of 30.00.

🔷 Ethereum chart by TradingView

Similar to bitcoin, the RSI has been unable to move past a ceiling of 33.00, which seems to be the main barrier to a bullish resurgence. In the event this level is breached in the coming days, ethereum will most likely move above $1,700.

🇿🇦 South African Crypto Premium Surge After Kraken Abruptly Starts Blocking Deposits by Local Residents

⬆️The premium on crypto assets listed on South African exchanges briefly surged to 3.5% after Kraken’s abruptly started blocking deposits from users based in the African country. Some South African crypto experts have linked Kraken’s decision to the Financial Action Task Force’s recent addition of the African country to its greylist.

📊 According to a report, the U.S.-based crypto exchange Kraken’s recent decision to stop accepting deposits from South African nationals briefly saw the premium on crypto assets like bitcoin surge to 3.5%. Before Kraken’s announcement, the premium or arbitrage, which is the gap between prices of crypto assets on global exchanges and South African exchanges, had reportedly ranged between 0.7% and 1.5%.

❌ As explained in a report published by Moneyweb, Kraken made the sudden decision to block South African deposits after its banking partner placed the African country on its anti-laundering blacklist.

➡️ Meanwhile, the report by Moneyweb suggested that Kraken’s abrupt decision had impacted many local crypto arbitrage market participants. However, according to the report, market participants such as crypto arbitrage and forex specialists like Future Forex have since found alternatives.

🔥 Bitwise Retracts Bitcoin and Ether Market Cap Weight Strategy ETF Registration

✔️ In a recent submission to the U.S. Securities and Exchange Commission (SEC), Bitwise has decided to retract its registration for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF). The reasoning behind this action remains unknown, but Bitwise’s chief legal officer, Katherine Dowling, briefly noted that the company has postponed plans to launch the fund.

👉 Subsequent to the postponement of seven spot bitcoin ETFs, Bitwise Asset Management has rescinded its Bitcoin and Ether Market Cap Weight Strategy ETF, as stated in an SEC filing on August 31, 2023.

⚠️ Owing to the market cap of bitcoin (BTC) and ethereum (ETH), the combined allocation of these crypto assets within the proposed ETF would have been constrained at 75%.

➡️ Bitwise was one of the seven ETF filings that experienced a delay this past week, which encompassed Wisdomtree, Valkyrie, Fidelity’s Wise Origin, Vaneck, Blackrock, and Invesco Galaxy. Regardless of this setback, Bloomberg’s senior ETF analyst Eric Balchunas mentioned that he and James Seyffart still assign a 75% probability for spot BTC ETF approval in 2023.

➡️ The Bitwise spot bitcoin ETF aspires to be listed on the NYSE Arca under the ticker symbol “BITW.” The ticker for the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF was going to be “BITC,” before the fund was withdrawn.

🗣 G20 Nations Actively Discussing Crypto Framework, Says Indian Finance Minister

➡️ The G20 countries are actively discussing a global framework for crypto assets under India’s presidency, Finance Minister Nirmala Sitharaman has revealed. “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” she emphasized.

💬 Regarding crypto discussions at the G20, the Indian finance minister emphasized: “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.”

💬 She also noted that crypto is both “a threat as well as an opportunity,” emphasizing: “As much as you build firewalls, there are more and more newer ways in which attacks are being made.”

🌍 India’s Prime Minister Narendra Modi said last month that crypto needs “a global framework and regulations.”

🪙 Bitcoin, Ethereum Technical Analysis: Price Movement in BTC

⚡️ Bitcoin consolidated for yet another week, as price entered Saturday around the same point at which it stood on Monday. Despite a brief rally on Thursday, which saw the price move above $28,000, the cryptocurrency has largely been unchanged.

🟢 Bitcoin started the weekend trading close to the $26,000 level, as bulls attempted to break into this price zone. Friday saw bitcoin peak at $26,414.01, however as the day progressed, price slipped, after bulls were unable to move past a key resistance point.

💲 BTC/USD was trading at a low of $25,730.12 earlier in today’s session, however it has marginally risen, and now sits at $25,862.51. The slight increase comes as the relative strength index (RSI) moved closer to a key resistance level of 45.00.

➡️ At the time of writing, the index is tracking at a reading of 39.66, after making a move towards a floor of 35.00 on Friday. The 10-day (red) and 25-day (blue) moving averages look set for a cross in the near future, which could trigger a rise in bullish sentiment.