Over $137M worth of crypto were liquidated in the last 24 hours as the crypto market experienced a fall. Bitcoin fell by -2.49%, dragging most altcoins down with it. Out of $137.22 million liquidated, $62.9 million came from BTC, while Ethereum had $31.53 million.

Nigeria's Securities and Exchange Commission (SEC) is considering allowing licensed digital exchanges to list tokens backed by assets like equity, debt, or property. Cryptocurrencies like Bitcoin or Ether will not be among those assets, according to SEC head of securities and investment Abdulkadir Abbas. The SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers, and tokenized coins issuers, but crypto exchanges will not be registered until the central bank provides clear regulations for the market.

Block, the financial services and technology company owned by former Twitter CEO Jack Dorsey, has completed the prototype design of its new five-nanometre (5nm) Bitcoin mining chip. The San Francisco-based company claims that the chip is key to decentralizing the supply of Bitcoin mining rigs, which is currently concentrated in the hands of a few companies.

Coinbase executive Conor Grogan claims to have found a "jailbreak" for the artificial intelligence tool ChatGPT, allowing it to calculate the probability of bizarre crypto price scenarios. Grogan shared a screenshot of the results on Twitter, revealing that ChatGPT assigned a 15% chance that Bitcoin would "fade to irrelevancy" with prices falling over 99.99% by 2035.

Investors are keeping an eye on the US government and Mt. Gox Bitcoin holdings, which total over $10 billion in crypto. The US government seized over $3 billion worth of Bitcoin affiliated with the dark net marketplace Silk Road and sold a large chunk, with plans to sell more. Mt. Gox was a popular Bitcoin exchange that was forced to shut down eight years ago after a crippling hack, losing 850,000 Bitcoins (today worth $24.9 billion) in the massive exploit.

Standard Chartered analyst Geoff Kendrick believes that Bitcoin could soar by about $20,000 to hit around $49,000 if the US defaults on its borrowing limits. Kendrick stated that Bitcoin has a reputation for performing well in periods of stress and is often seen as a safe haven due to its decentralized nature. However, he expects some volatility, with Bitcoin potentially dipping by about $5,000 before rebounding again.

Bitcoin infrastructure firm Lightning Labs has released an update to Litd, its node management tool, which adds automated fee management, custodial accounts, finer-grained LNC permissions, and the Pool Order Board to simplify Lightning Network usage.

Bitcoin remains stable above $29,000 with little volatility during the weekend, and altcoins are also calm due to low trading volume. BTC's dominance has risen by over 1% since last week and is above 47% now, with a market cap of $570 billion.

The daily number of transactions on the Bitcoin blockchain reached a new all-time high yesterday when tracked using a seven-day moving average. The on-chain metric reached a record high of over 408,000 transactions. The previous record was just over 406,000.