Here’s a lowdown of the biggest events in the crypto world last week:
The Total Crypto Market Cap Hit $4 Trillion 🚀
Crypto pulled off another big one last week—the total market cap climbed past $4 trillion for the third time in just a few months. We saw it happen in July, again in August, and now September’s turn came with a fresh wave of institutional cash pushing Bitcoin and altcoins back into form. Has the market finally broken away from the September curse 🍂?
Spot Bitcoin and Ethereum exchange-traded funds (ETFs) were the real MVPs, attracting billions. In just one week, Bitcoin ETFs saw $1.7 billion in inflows, while Ether ETFs bounced back with over $230 million inflows. Big players are clearly doubling down 💼.
As expected, the broader crypto market bounced back from the lows two weeks ago:
- Bitcoin (BTC) went back to $106,000 ₿
- Ethereum (ETH) crossed $4,600 again 📈
- Ripple’s XRP surged back to over $3 🌊
- And Solana (SOL) moved inches close to $250 ☀️
Sure, prices swing (and some have already cooled off), but crossing $4 trillion isn’t something you just brush aside. It’s a loud reminder that crypto is no longer just a gamble. We now have a full-blown global market on our hands 🌍.
Nigerian Government Sees Stablecoins As Part of “Digital Transformation” ✨
If you trade or use stablecoins like Tether (USDT), USD Coin (USDC), and Dai (DAI) in Nigeria, the Nigerian government has noticed your moves and has acknowledged that digital transformation is here.
The Finance Minister, Wale Edun, stated this at the recent conference of the Chartered Institute of Bankers of Nigeria. But here’s the catch: President Tinubu, through the minister, ordered financial and capital market regulators to have more eyes on stablecoin transactions 🕵🏽♂️.
This could be a bigger economic move that could usher in broader regulatory oversight for stablecoins and the bigger crypto market 🏛️.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
