The IMF has raised concerns about Nigeria's rapid adoption of dollar-pegged stablecoins, warning this trend threatens the country's monetary sovereignty and could weaken its traditional banking sector. Nigeria leads sub-Saharan Africa in stablecoin inflows, driven by naira depreciation, high remittance costs, and limited access to formal forex markets. The IMF likens this to "digital dollarization," where reliance on dollar-denominated digital assets limits central bank control over inflation and liquidity. It recommends stronger regulation, better data use, and improved payment systems to compete with stablecoins and protect financial stability.
Zcash (ZEC) experienced a sharp price decline of 3.85% within four hours, falling from $1,368 to $1,315 as of early October 7. This extended a 24-hour drop of 1.70%, reflecting increased selling pressure in the market. During this period, long positi...
Ethereum spot ETFs experienced $202 million in net outflows in the latest session, marking a six-day streak of consecutive redemptions. This trend indicates sustained selling pressure from institutional investors in regulated Ethereum investment vehi...
A potential hurricane in the Gulf threatens offshore US oil and gas production, which accounts for 15% of US crude and 5% of natural gas output, worsening already tight fuel supplies. East Coast distillate inventories are significantly below average,...
Bitcoin fell about $2,000 within 30 minutes after reaching above $85,600, causing a wave of liquidations in leveraged crypto markets totaling over $550 million in 24 hours. Most losses came from long positions, forcing over 100,000 traders out of the...
Bitcoin experienced a net outflow of 24,073 BTC from centralized exchanges on Monday, the largest single-day withdrawal since March 1. This reduced the amount of Bitcoin held on exchanges to about 6.50% of the total supply as of October 7. When Bitco...
