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COVID-19 Update in Nigeria

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List of cryptos likely to overtake XRP

Naira gains at NAFEX window as external reserves increase by $1 billion

Ethereum on rampage, breaks above its 2 year high
Cryptocurrency
SEC proposes rules regulating Blockchain and Crypto investments
Crypto enthusiast believes SEC new rules will act as a catalyst for mass adoption.

Published
4 months agoon

The Securities and Exchange Commission (SEC), has proposed a new set of rules that will regulate Crypto-token or Crypto-coin investments when the character of the investments qualifies as securities transactions.
What will be regulated
- The position of the Commission is that virtual crypto assets are securities unless proven otherwise. Thus, 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.
- Issuers or sponsors are expected to satisfy the burden of proving that the virtual assets do not constitute securities, by making an initial assessment filing. However, where the finding of the Commission is that the virtual assets are indeed securities (not structured to be exclusively offered through crowdfunding portals or other exempt methods), then the issuer or sponsor must register the digital assets.
- The registration process for virtual assets will involve a two-pronged approach – an initial assessment filing to satisfy the burden of proof, and a filing for registration proper, either made directly by the issuer or sponsor, where the burden of proof is not satisfied.
- Similarly, all Digital Assets Token Offering (DATOs), Initial Coin Offerings (ICOs), Security Token (ICOs), and other Blockchain-based offers of digital assets within Nigeria, or by Nigerian issuers, sponsors, or foreign issuers targeting Nigerian investors, shall be subject to the regulation of the Commission. Existing digital assets offerings prior to the implementation of the regulatory guidelines will have three (3) months to submit the initial assessment filing of documents for registration proper, as the case may be.
READ: CAC: Certificate of incorporation will now be delivered via email or courier
What it means: In an exclusive interview with Nairametrics, Chimezie Chuta, Founder, Blockchain Nigeria User Group, spoke with excitement on the long-overdue legal framework by the Nigerian Securities Exchange Commission regulating digital assets and blockchain investments.
“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general. This recent publication will act as a catalyst for mass adoption. It will also create the much needed institutional investor confidence for the Nigeria Capital Market.”
READ: Lead Wallet: An exclusive DeFi access and multi-cryptocurrency management application
Who will be regulated
- Any person (individual or corporate), whose activities involve any aspect of Blockchain-related and virtual digital asset services, must be registered by the Commission and will be subject to the regulatory guidelines. Such services include, but are not limited to reception, transmission, and execution of orders on behalf of other persons, dealers on own account, portfolio management, investment advice, custodian, or nominee services.
- Issuers or sponsors (start-ups or existing corporations) of virtual digital assets shall be guided by the Commission’s regulation. The Commission may require Foreign or non-residential issuers or sponsors, to establish a branch office within Nigeria. However, foreign issuers or sponsors will be recognized by the Commission, where a reciprocal agreement exists between Nigeria and the country of the foreign issuer or sponsor.
- A recognition status will also be accorded, where the country of the foreign issuer or sponsor is a member of the International Organization of Securities Commissions (IOSCO).
READ: Ethereum miners on steroids, earn $500,000 in just one hour
For these reasons, the Commission has adopted the following with respect to virtual Crypto Assets
- Crypto Asset means a digital representation of value that can be digitally traded and functions as a medium of exchange, unit of account, and/or a store of value, but does not have legal tender status in any jurisdiction.
- Crypto Asset is neither issued nor guaranteed by any jurisdiction, and fulfills the above functions only by agreement within the community of users of the Crypto Asset, and distinguished from Fiat Currency and E-money.
Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.


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Cryptocurrency
Ethereum on rampage, breaks above its 2 year high
The leading altcoin was trading at $1,377 thus within striking distance of $1,400.

Published
17 hours agoon
January 19, 2021
The world’s utility crypto is fired up on all cylinders on the basis it just ascended past its 2 years high.
At the time of drafting this report, Ethereum traded at $1,415 with a daily trading volume of $35.3 billion. Ethereum is up 13.95% for the day.
What you should know: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
- Ethereum 2.0 is an upgrade to the Ethereum network that helps in improving the network’s scalability.
Through the implementation of several, efficiency, enhancements, scalability, and speed the Ethereum network becomes better without compromising its decentralization and security.
What this means: Key reasons attributed to the remarkable rise of Ethereum include the rise of many #DeFi projects running on the #Ethereum network as seen in 2020, #Ethereum flipped Bitcoin in terms of network fees.
- Users spent almost $600M in fees on the Ethereum network last year – 83% more than on Bitcoin.
In 2020, #Ethereum flipped #Bitcoin in terms of network fees.
Users spent almost $600M in fees on the Ethereum network last year – 83% more than on Bitcoin.
Data: @glassnode pic.twitter.com/SMSHbkFHuC
— Rafael Schultze-Kraft (@n3ocortex) January 9, 2021
Cryptocurrency
2,450 investors own 1000 BTC, not willing to sell their Bitcoin
Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange

Published
20 hours agoon
January 19, 2021
The number of investors owning at least 1,000 BTC is growing at a record pace. Data retrieved from Glassnode show that the number of addresses holding at least 1000 BTC has skyrocketed lately.
- The growth from January to December last year: 6.7%
- The growth from December until today: 7.2%
READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain
Institutional buying?🏦
The number of addresses holding at least 1000 BTC has skyrocketed lately.
The growth from January to December last year: 6.7%
The growth from December until today: 7.2%Read more in our weekly report tomorrow: https://t.co/xlQH8LeQyH
Data: @glassnode pic.twitter.com/Gkn6dxH5Cd
— Arcane Research (@ArcaneResearch) January 18, 2021
On the chart pattern, the number of addresses owning such amount of cryptos was about 2,450.
READ: Unknown Ethereum Whale transfers a whopping 89,874 ETH
What this means
Large crypto entities could be envisaging a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
- Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
- At the time of drafting this report, Bitcoin traded at $36,534.77 with a daily trading volume of $53.2 Billion. Bitcoin is up 4.20% for the day.
READ: 77% of BTC investors are in a state of profit
In addition, another key point helping Bitcoin prices to remain supported between the $34,000-$37,000 price levels in recent days, is that a significant amount of long-term investors in Bitcoin are not nervous amid the prevailing volatility in play as revealed by Glassnode.
Bitcoin reserve risk is still very low. This means that there is high confidence in long-term HODLers relative to the current price. In red, the price is high and the confidence is low. Yes, a $37k Bitcoin is…cheap.
READ: Crypto entity moves $511 million worth of Bitcoin for a $41 fee
#Bitcoin reserve risk is still very low. This means that there is high confidence of long-term HODLers relative to the current price.
In the red, the price is high and the confidence is low. Yes, a $37k #Bitcoin is…cheap.
Source: @glassnode pic.twitter.com/uE2jW62aGx
— Jared Hornmatter (@jaredhornmatter) January 18, 2021
Bottom Line
Nairametrics is of the opinion that the increased buying pressures by such crypto investors are significantly responsible for Bitcoin staying supported above $35,000.
Cryptocurrency
List of cryptos likely to overtake XRP
Michaël van de Poppe as recently listed some Crypto assets that might likely overtake XRP as Polkadot did

Published
20 hours agoon
January 19, 2021
A highly revered crypto strategist, Michaël van de Poppe, has listed some crypto assets that might likely overtake XRP as Polkadot did.
What you should know
Recently, via his Twitter handle, Michaël revealed the cryptos expected to surpass XRP.
“Polkadot takes over spot 4 over XRP by market capitalization. Just a matter of time before Cardano, Chainlink, and Litecoin surpass XRP too.”
READ: LINK, most profitable crypto-asset in 6 months, gains 451%
#Polkadot takes over spot 4 over #XRP by market capitalization.
Just a matter of time before #Cardano, #Chainlink and #Litecoin surpass #XRP too.
— Michaël van de Poppe (@CryptoMichNL) January 16, 2021
READ: Cryptos having better technology than Bitcoin
Michaël van de Poppe gave key insights on Chainlink’s recent price action, and its will to ascent to a new all-time high.
- “Lower timeframe levels, level around $18 is interesting for an entry and then you can see we’ve got one [at $16] and one [at $14], which is confluent with the daily timeframe.”
- Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
- Since blockchains by principle can’t have access to data outside their paths or networks, a Defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
READ: XRP in deep crisis, drops 21%
The crypto expert further disclosed that it was only a matter of time before smart a contract platform like Cardano (ADA), decentralized oracle network Chainlink (LINK), and global payment network, Litecoin (LTC), outmatched XRP from the fifth spot of the largest coins by market value.
- Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name of the cryptocurrency.
- It uses the Cardano blockchain and also allows people to design smart contracts just like Ethereum.
- Litecoin is a P2P crypto that allows instant, near-zero cost fees to anyone around the globe. It is open-source in principle, as its global payment network is fully decentralized without any central authority.
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Prince Joshua Mamud
September 16, 2020 at 12:31 pm
Great information to go with, , thanks a lot.