Here’s a lowdown of the biggest events in the crypto world last week:
September Red Crashed the Crypto Market (Again)
If the crypto market needed a reminder as to why it doesn’t love September, last week was a resounding one. After it looked like the market was picking back up, but September really said, “hold my beer” and did what it does best — wrecked portfolios like it was nothing 💔.
In just a couple of days, the crypto market shed about $160 billion in value. Bitcoin was practically holding on for dear life, dropping by over 5% in the past week to reach about $112,000 📉.
But it is technically in the green this month (a mighty 3% gain if you squint hard enough 👀). That should count for something, right 🤔? Traders are practically holding their breath at this point — any longer and those red lines might turn into flatlines. Please fight back, Bitcoin 🙏🏾.
Altcoins Also Did Copy & Paste
As Bitcoin struggled, you can almost be sure that altcoins were in their copycat mode. Ethereum slipped below the $4K mark ⚡, but fought back to reach $4,100. Meanwhile, its usual altcoin friends were dragged down with it. In the past week:
- Ripple’s XRP dipped by about 4%
- Solana (SOL) declined by over 11%
- Dogecoin (DOGE) fell by nearly 10%
What’s fueling the red? A mix of higher-than-expected U.S. inflation data, rising Treasury yields, and a stronger dollar 💵. When the US gains strength, it tends to scare money away from riskier assets like crypto. Add in the low September trading volumes, and you get the perfect storm.
The good thing about crypto is that there’s almost always an upside, and if history is anything to go by, October (aka “Uptober”) could bring some relief 🎉. But for now, “September’s curse” is alive and well, reminding everyone that maybe buying the dip could be a good move despite the wrecked portfolios 🥲.
European Banks Are Ready to Launch A Stablecoin
While some regulators are still busy debating how to “tame” stablecoins, Nine big European banks, including ING, UniCredit, CaixaBank, and Danske Bank, have teamed up to cook up their own euro-backed stablecoin 💶.
The first tokens are expected to drop in the second half of 2026, under the watch of the Dutch Central Bank and will be regulated under the Markets in Crypto-Assets Regulation (MiCA) framework.
This isn’t something new because US issuers already have dollar-backed stablecoins like Tether (USDT) and USD Coin (USDC), Ethena USDe, and PayPal USD. Now, Europe clearly wants its local currency (the Euro) on the blockchain also.
We have to sit back and see how this stablecoin battle unfolds, especially considering that existing Euro-denominated stablecoins like EURC, STASIS EURO (EURS), and EUR CoinVertible (EURCV) represent only a fraction of global stablecoin market compared to their American competitors.
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.
