Last Month In Crypto: September Review

Last Month In Crypto: September Review

Boluwatife Akande

September, the gateway to the 'ember' months, marks the beginning of the year's grand finale. As we enter this pivotal month, the crypto-verse is excitedly buzzing, poised to close the year on a high note. Let's quickly look at some of the biggest news for the month:

September Crypto Chronicles: Bitcoin's Steady Surge 🚀

Last month in the crypto world was nothing short of spectacular. Bitcoin, the show's undisputed star, took centre stage with a remarkable display of stability. Fluctuating between 25k and 27k, Bitcoin showcased an impressive performance throughout September. It closed the month up nearly 4%, marking its most successful September since 2016, according to data from CoinGlass. As we bid farewell to September, all eyes are on October, with analysts anticipating the start of a bullish run.

The Battle for Crypto Freedom: Anti-Surveillance Bill Progresses

Governments around the world have been keeping a watchful eye on cryptocurrency, aiming to assert control over the decentralized system. Despite their efforts, a ray of hope shines in the form of bills like the anti-surveillance bill. The CBDC Anti-Surveillance State Act, a groundbreaking legislation, made significant strides in the United States. It passed through the Financial Services Committee on September 20, marking a pivotal moment in the fight against centralized control. The bill aims to counteract the Federal Reserve's efforts to create a central bank digital currency (CBDC), reinforcing the power of decentralized currency.

Naira's Crypto Surge: A Regional Powerhouse Emerges

The Nigerian naira, in a state of continuous fluctuation since the year began, has sparked a surge in crypto interest. According to research by Chainalysis, from July 2022 to June 2023, Nigeria experienced a remarkable 9% year-over-year growth in the total value of crypto transactions. This surge took the total value of crypto transactions to an all-time high of $56.7 billion, making the region a hotspot for crypto activity. However, despite these impressive numbers, the sub-Saharan region remains the smallest crypto market globally.

MakerDAO's Ethereum Exodus: Vitalik Buterin's Unexpected Move

The crypto world witnessed a seismic shift when MakerDAO announced its departure from the Ethereum network, opting for an independent blockchain. Speculations emerged that the Solana codebase would be the foundation for the new system. Ethereum co-founder Vitalik Buterin added fuel to the fire by selling all 500 of his $MKR tokens in exchange for 350 ETH. This move caused a ripple effect, causing a slight decline in the token's value.

Gala Token Turmoil: An In-House Battle Unfolds

The drama unfolded within the web3 ecosystem gaming platform, Gala, as co-founders CEO Eric Schiermeyer and Wright Thurston engaged in a lawsuit. The CEO accused the co-founder of hiding and selling $130 million Gala tokens. In contrast, the co-founder countered with allegations of the CEO and his associates siphoning money from the token through burns. The Gala network became a battleground, but the company officially distanced itself from the co-founders' feud via a statement.

Mixin's $200 Million Hack: Crypto's Biggest Heist of 2023

In a shocking turn of events, Hong Kong-based crypto company Mixin fell victim to a major security breach, resulting in approximately $200 million theft. Mixin Network, known for its decentralized exchange and cross-chain network, allows users to transfer digital assets seamlessly. This incident marked the largest crypto theft of 2023. In a daring move, the network offered a staggering $20 million bug bounty to recover the remaining funds, communicating directly with the responsible hacker.

MicroStrategy's Bitcoin Odyssey: A Growing Crypto Treasury

MicroStrategy continued demonstrating an unwavering commitment to Bitcoin, adding a substantial 5,445 BTC to its corporate treasury on September 24, 2023. This strategic acquisition, made at an average price of roughly $27,053 per Bitcoin, amounted to a total investment of $147.3 million. This latest purchase elevated MicroStrategy's total Bitcoin holdings to a staggering 158,245 BTC, acquired at an average price of around $29,582 per Bitcoin, equivalent to approximately $4.68 billion.

The crypto world continues to dazzle with its twists and turns. Stay tuned for more thrilling updates as the crypto saga unfolds!

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