As September came to an end, we hoped that October would be a good month for us crypto heads. And if the first week of the month is any indication, we’re in for a pretty sweet October 😋.
So, what happened in the first week? Let’s take a look at the biggest gist so far.
To the Moon! 🚀
After giving mixed results in September, Bitcoin took off last week. Bitcoin is up 16.5% in the last week, and it hit two milestones. Its price and market cap crossed $55,000 and $1 trillion respectively for the first time since May.
Side Note: QDX is doing some impressive numbers too. NFA, though 😉.
Better Late Than Never 🇳🇬
Nigeria’s eNaira was supposed to launch on October 1, but the Central Bank postponed it. Last week, reports confirmed that the Nigerian High Court approved the coin’s release. The Central Bank has said that anyone will be able to hold the eNaira when it launches. There’s no launch date for now, so fingers crossed, people 🤞.
ETF is Going On?💰
Crypto companies have been asking for U.S. regulators to approve exchange-traded funds (ETFs) for years. Last week, the Securities and Exchange Commission (SEC) came very close to doing so. The agency approved the “Volt Crypto Industry Revolution and Tech ETF.” Basically, the fund allows people to invest in companies that hold a large amount of money in Bitcoin – like Tesla 🏎️. It’s not exactly an ETF, but we’ll book this as a win for now.
Top of the Class 🎓
We’ve still got two months before 2021 rounds up, but Bitcoin is already doing big numbers. Last week, data from Chainalysis showed that Bitcoin is the best-performing asset in 2021 💪. Even after the market downturn that occurred in May, bitcoin is up 86% since the start of the year. No other asset comes close to it yet. Now, that’s a big flex.
Racing to the Future 🏃
Central Bank Digital Currencies are still in the news, people. Countries are lining up to make digital versions of their currencies, and the train isn’t stopping. In fact, an official at the International Monetary Fund (IMF) said last week that 110 countries are “at some stage” of CBDC development 👏. The world and money are going digital, people – you snooze, you lose.