Weekly News Digest for Sep 21–27. Market Update | by Bitcoin.com | Sep, 2024

Market Update

This week the cryptocurrency market experienced a surge fueled by macroeconomic factors, particularly the U.S. Federal Reserve’s rate cut. Bitcoin led the charge, peaking at $63.8K and showing resilience by bouncing back above key moving averages. This rally was supported by significant inflows into BTC and ETH spot ETFs, which added $250.30 million and $8.10 million, respectively. Ethereum also gained momentum, trading above $2,600, while AI-focused cryptocurrencies, such as Bittensor, outshone other sectors with impressive gains. NFT sales rose by 7.33%, with Solana leading growth.

Top Stories of the Week

Over 75M Ordinal Inscriptions and $4.5B in Sales — Bitcoin Finds Its NFT Footing
In the past year and nine months, there have been over 75 million Ordinal inscriptions minted on the Bitcoin blockchain, marking Bitcoin’s new role in the digital collectibles space and positioning it as the third-largest blockchain for NFT sales. Even with the wider NFT market seeing a slump, Bitcoin has made $4.49 billion in sales, although it trails behind leaders Ethereum and Solana. The continuing rise in Ordinal inscriptions and significant sales, including a record $2.4 million for a single item, underscores Bitcoin’s growing presence in the NFT ecosystem.

Crypto Prices Rise After Fed Interest Rate Cut, Market Sees New Optimism as Meme Coins like Memebet and ICOs Benefit
Cryptocurrency markets have turned bullish in response to the Federal Reserve’s recent interest rate cuts, with altcoins and meme tokens such as Ethereum, Solana, and Avalanche experiencing significant gains. The ICO project Memebet has been attracting attention by offering a gambling platform where meme coins like DOGE, PEPE, and SHIB can be used for betting, alongside a broader gambling experience available through Telegram, without KYC processes. Memebet’s ongoing ICO is nearing a $250,000 funding milestone, and the project is gaining traction with partnerships like the one with Argentina’s national soccer team, creating a buzz on social media platforms.

Boerse Stuttgart Digital, DZ Bank Expand Crypto Access to 700 German Banks
Boerse Stuttgart Digital and DZ Bank are teaming up to provide over 700 German cooperative banks with secure cryptocurrency trading and storage services, signaling a move towards broader crypto acceptance in Europe. The partnership aims to meet the increasing demand for digital assets, with an expectation that 25% of Europeans will invest in crypto by 2028. This groundbreaking collaboration positions Boerse Stuttgart Digital and DZ Bank as pioneers in offering cryptocurrency services to retail customers on a large scale.

Bitget Reports 1,600% Surge in African Users
Bitget, a Seychelles-based crypto exchange, reports a 1,600% surge in African users with Nigeria emerging as one of its top three markets, attributed to the popularity of copy trading and the growth of the TON ecosystem. The exchange has topped app charts in Nigeria, surpassing TikTok and WhatsApp, indicative of the exchange’s focus on accessibility and user education. Key opinion leaders and the adoption of mobile technologies have been pivotal in driving Bitget’s success in the region.

Lightning Network-Focused Startup Lightspark Sets Its Sights on Latam
Lightspark is expanding its services in Latin America, partnering with regional exchanges and fintech institutions to target the remittances and cross-border payments market using the Bitcoin Lightning Network. The company, which builds infrastructure enabling quicker and cheaper Bitcoin transactions, aims to reach 250 million users through partners like Bitso and Nubank. Lightspark views Latam as a critical market due to its openness to decentralized finance and plans to use the region as a testing ground before scaling globally.

Bank of Korea to Launch CBDC Payment Trial in Supermarkets
The Bank of Korea will launch a CBDC trial allowing 100,000 participants to use digital tokens for payments at supermarkets and convenience stores starting in December. This pilot project, in collaboration with six major banks, will involve the use of deposit tokens to simulate voucher-like transactions, with the aim to enhance or replace current banking processes. As part of a broader digital economy initiative and global projects like Project Agora, the trial signifies a significant step in the exploration of digital currencies for everyday use.

Satoshi-Era Wallets Transfer 250 Bitcoin From 2009 in First Action Since 2022
Between block height 862,079 and 862,087, five vintage bitcoin wallets from 2009 awoke from dormancy, transferring 250 BTC valued at $15.8 million — these wallets had not been active since April 2022. The transactions originated from wallets created less than a month after the Bitcoin network’s inception by Satoshi Nakamoto, with the funds moved to fresh Segwit addresses. This event marks a rare movement of 2009-era BTC, with the last occurrence in April 2022 and prior to that, only sporadic activities in 2020 and 2018.

BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments
The BRICS bloc, comprised of major emerging economies, has successfully surpassed U.S. dollar-based settlements with transactions using its member countries’ national currencies. Deputy Chairman Samip Shastri states avoiding the dollar reduces expenses, and the bloc is also exploring the use of digital currencies for payments. This move emphasizes the bloc’s strategy to create a stable global financial structure and reduce dependence on the dollar in international trade.

Stablecoin Market Adds $1B in Six Days as Major Tokens Expand
In the past month, the stablecoin market has continued to grow, with a $1.04 billion increase in just six days, led by major U.S. dollar-pegged tokens. Tether (USDT) and Circle’s USDC saw notable supply boosts, with increases of 1.5% and 2.9% over the past month, respectively. Conversely, Ethena’s USDE experienced a significant decrease, losing 14.7% of its market cap, while smaller stablecoins like GHO and DEUSD saw inflows and growth in their value.