Crypto Scoop: Nigeria and Morocco Make Top 20 List of Global Crypto Adoption

While we hardly noticed major price fluctuations this week, it’s packed with many interesting action points. In this edition of the Crypto Scoop, we will provide you with the latest updates on the following:

• Price moves of top cryptocurrencies 
• Vitalik Buterin Gets Twitter (X) Account Hacked
• Nigeria, Morocco and India Make Top 20 List of Global Crypto Adoption 
• Big Techs Jump In For More Web3 Experience
• Franklin Templeton Applies For Spot Bitcoin ETF

Price Moves of Top Cryptocurrencies 

This week, the apex cryptocurrency, bitcoin, continues to maintain the $26,000 price level. While Ethereum trades around $1,600, XRP trades at $0.50, ADA $0.24, and Solana $18. 

IntoTheBlock revealed the highest number of new daily addresses for Bitcoin since 2017, with a staggering 717,331 new Bitcoin addresses created on September 9th. This is bullish for the periods ahead as mass adoption continues to spike. 

Also, blockchain intelligence platform Glassnode recently shared stats showing the percentage of Ethereum addresses currently in profit at around 53.5%. Despite the drop in percentage from an earlier 70%, this shows huge strength for Ether on a  larger spectrum.

According to data from CoinGecko, there was a dip in altcoin's market capitalisation over the weekly charts. As of the 8th of September, the value of altcoins was over $580 billion. This dropped on the 12th of September to its lowest for the month at around $556 billion. At the time of writing, the market cap for altcoins is currently at $570 billion. 

This could have been partly impacted by the recent approval of FTX to sell all of its $3.4 billion crypto assets, of which $1.16 billion were Solana (SOL) tokens. This news sparked some sell-off fears and a slight dip for SOL before its gradual recovery.

Vitalik Buterin Gets Twitter (X) Account Hacked 

Ethereum co-founder Vitalik Buterin was recently a victim of a Twitter account hack, which led to many people losing their money to the scam link posted by the hackers. When Buterin got his account hacked, the cybercriminal posted with the account to celebrate a "proto-banksharding coming to Ethereum." To celebrate this made-up achievement, the hacker used Buterin's account to make unsuspecting Twitter users connect their wallets. 

Many who connected their wallet to the malicious link posted with Buterin's account got some of their assets stolen via a sim swap mechanism. According to several reports, those who fell victim to the hacked account lost over $691,000 in crypto assets. An X user, @BokkPooBah, made a post saying he lost a "few punks" from the post. This is a CryptoPunk NFT whose lowest price is around 46.99 ETH, more than $76,000. 

The scam reveals the need to protect your crypto account as a crypto enthusiast and user. One such way to achieve this is by setting up your Two Factor Authentication (2FA). This offers you double protection and provides better security for your digital assets.

Nigeria, Morocco, India Make Top 20 List of Global Crypto Adoption 

Popular crypto data analysis platform Chainalysis revealed Nigeria and Morocco in the top 20 countries with the highest crypto adoption for 2023 globally. These two African countries' features came in 2nd and 20th positions, respectively, as the most crypto-savvy countries in the world. 

Chainalyis used a unique methodology to identify regions worldwide where regular people are adopting cryptocurrency and leveraging its use cases. This is huge for Africa and shows why crypto education in Africa is paramount, beginning by answering a basic question for all, “What is Cryptocurrency?”

Also at the top of the global adoption index chart by Chainalysis sits India, one of the world's most populous nations, which has recently been at the fore for global crypto adoption framework and regulation. 

Addressing journalists at the just concluded G20 leaders' summit, Ajay Seth, Secretary of the Department of Economic Affairs, said, "India's position will be decided in the coming months." He added that since "the G20 has put together the framework for assessing risk", we will analyse "what globally the leaders have agreed to" and then decide on "what will be a sound policy for India."

Seeing that a proposition for global crypto regulation was one of their main points at the summit for global leaders, these remarks show strong positives for the crypto industry. This could drive much global progress and reception for crypto regulations and acceptance worldwide.

Big Techs Jump In For More Web3 Experience

SYKY, a web3 digital fashion brand seeking to disrupt the traditional fashion industry by merging appeal for digital fashion and real benefits, has been featured at the London Fashion Week event. SYKY was founded by Alice Delahunt, who previously served as Chief digital officer and Global Director of Digital and Social at top fashion brands Ralph Lauren and Burberry, respectively.

They offer both digital and physical fashion items for their users. In an interview, Alice reaffirmed why it is important to develop and work with digital fashion artists, “A whole new generation of fashion houses is going to spring up that will be as influential as some of the greatest legacy brands, and that's why we're launching with them”

Another big tech giant entering the metaverse is Sony. It announced its partnership with crypto tech firm Startale Labs late Monday, known as Sony Network Communications Labs Pte. Ltd.

“We are excited to announce the establishment of this joint venture with Startale Labs, a company renowned for its advanced Web3 technology and expertise,” said Sony Network Communications President and Representative Director Jun Watanabe.

Franklin Templeton Applies For Spot Bitcoin ETF 

In a new SEC filing, another popular investment firm called Franklin Templeton applied to get its own spot Bitcoin ETF. The application was made on the 12th of September, shortly after the Securities and Exchange Commission shifted the review and decision dates of other ETF applications, such as Blackrock and WisdomTree. 

From the details in their SEC filing, they want the spot Bitcoin ETF to operate as a trust. Furthermore, Coinbase will function as the custodian of Bitcoin. On the other hand, Bank of New York Mellon will serve as the administrator and cash custodian. Those interested in trading this spot Bitcoin ETF will do so when approved on the Cboe BZX Exchange.