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Cryptocurrency market value blows past $3 trillion

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Cryptocurrency market value blows past $3 trillion
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Cryptocurrency market value blows past $3 trillion

United States-based cryptocurrency exchange CrossTower is expanding operations to India despite the ongoing legal uncertainty over local crypto regulation.

The cryptocurrency market is now worth more than $3 trillion.

The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of decentralized finance and non-fungible tokens is growing, and memecoins like Dogecoin and Shiba Inu continue to attract attention.

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“Bitcoin appears to be pushing out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout on a close above resistance this Friday,” said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note.

Cryptocurrency market value blows past $3 trillion

As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week.

Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768.

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Crypto companies such as miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each rallied more than 10% Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6%, a day before reporting third-quarter results.

Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile – the memecoins bounce back and forth wildly at times – and scams and hacks occur with some frequency.

Bitcoin’s current rally has been fueled by the U.S. trading debut of a Bitcoin-linked ETF as well as Elon Musk’s weekend Twitter poll, said Ben Caselin, head of research and strategy at crypto exchange AAX. “With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise.”

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CBN rejects account opening for BVN violators

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CBN rejects account opening for BVN violators
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CBN rejects account opening for BVN violators

The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule.
The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular.

According to the apex bank, the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes.

it therefore described the policy as part of its overall strategy for promoting a safe and efficient banking and payment system.

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In the circular, the Director, Payments System Management Department, Musa Jimoh, explained that the watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.

He explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any participant (banks).

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INTERPOL Elects Baba Umar As Vice President For Africa

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INTERPOL Elects Baba Umar As Vice President For Africa
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INTERPOL Elects Baba Umar As Vice President For Africa

INTERPOL has elected Nigeria’s Assistant Inspector General of Police, AIG GARBA Baba Umar as the Vice President (Africa) and Executive Committee Member of the International Criminal Police Organization (ICPO) – INTERPOL.

Umar was the Head of INTERPOL National Central Bureau (NCB), Nigeria.

A statement by the Force Public Relations Officer, CP Frank Mba on Thursday said Umar was elected in the early hours of that day “in the 89th INTERPOL General Assembly currently holding at the Halic Congress Hall, Istanbul, Turkey”.

The statement said, “The year 2021 General Assembly, which have in attendance 470 Police Chiefs, Ministers and Senior Law Enforcement Officials from the 195 INTERPOL member countries, seeks to identify areas where the organization can reinforce the global security architecture and enhance collaboration against national and transnational crimes.

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INTERPOL Elects Baba Umar As Vice President For Africa

“AIG Garba, one of Nigeria’s finest criminal investigators and professional strategic police manager, with over thirty (30) years policing experience both at national and international levels, polled the highest number of votes in the elections. With this appointment, which will span through a period of 3yrs, AIG Garba is expected to bring his wealth of experience to bear in coordinating INTERPOL operations targeted at ensuring a safer world for people and communities across the African continent.
“This is in addition to drawing international policing support and cooperation towards advancing public safety and security, protecting the cyberspace and generally addressing challenges faced by law enforcement officers and policing managers in the continent.

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“The Nigeria’s delegation to the 89th INTERPOL General Assembly was led by the Honourable Minister of Police Affairs, Muhammad Maigari Dingyadi, ably supported by the Inspector General of Police, IGP Usman Alkali Baba, psc (+), NPM, fdc. The other members of the delegation are: the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa and the Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo (represented by the Naval Provost Marshal).”

INTERPOL Elects Baba Umar As Vice President For Africa

INTERPOL Elects Baba Umar As Vice President For Africa

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FCMB Sees Flat Loan Growth, Eyes UK Licence

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FCMB Sees Flat Loan Growth, Eyes UK Licence
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FCMB Sees Flat Loan Growth, Eyes UK Licence

A mid-tier lender, First City Monument Bank, expects loan growth to be flat this year — down from last year’s 5.4 per cent rise — as oil companies pay down debt, according to its Group Chief Executive Officer, Ladi Balogun.

Balogun said the bank would focus on retail banking with a higher margin this year to make up for a drop in government bond yields as the lender might not be able to write large loans quickly enough to counter-balance repayments by oil firms.

He said the economy was improving after the country experienced its worst recession in a quarter of a century in 2016, which should boost consumers, Reuters reported.

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“We expect to see large repayments in the oil and gas sector this year. We agree that the (economy) will be improving but largely because of chunky pay-down; we don’t think we would be able to replace quickly,” he told an analyst call, adding, “We are pushing more in the area of retail banking.”

Balogun said the group was seeking to convert its wholesale banking unit in Britain, FCMB UK, into a retail bank, as part of its push to grow its balance sheet and tap into non-institutional customers in Britain.

He stated that the impact of the British strategy would not be immediate but would enable the lender to achieve incremental growth.

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