A recent report by NFT Evening analysts reveals that 96% of over 5,000 NFT collections are considered “dead” in 2024. These collections have seen no trading activity, sales, or social media engagement for more than a week, highlighting the steep decline in the once-thriving non-fungible token market. The average lifespan of NFT collections has also shortened to just over a year, significantly less than traditional cryptocurrency projects.
2023 was a particularly challenging year for NFTs, with nearly 30% of projects collapsing, and almost half of all NFT owners facing losses. Despite this bleak outlook, some collections, such as Azuki, have still proven profitable, delivering a 2.3x return on investment for token holders. On the flip side, Pudgy Penguins holds the record for the largest drop in value, losing 97% of its worth.
Experts warn that the NFT market’s decline calls for caution among investors and suggests creators rethink their approach to project development. As the market continues to shrink, many are urging for a more sustainable and strategic direction to prevent further collapses.
The US Securities and Exchange Commission (SEC) has approved Nasdaq’s application to list options on the iShares Bitcoin Trust ETF, marking a significant step towards trading derivatives linked to the product. Before trading can officially begin, further approvals are needed from the Options Clearing Corporation and the Commodity Futures Trading Commission. Several other exchanges are also seeking approval for similar products.
It is expected to boost investor interest and liquidity around Bitcoin ETFs. Bloomberg Intelligence ETF analyst Eric Balchunas noted that gaining the SEC’s approval is crucial for attracting larger investors. The iShares Bitcoin Trust ETF, trading under the ticker IBIT, has already amassed around $22.7 billion in assets since its approval by the SEC earlier this year, following a legal battle led by Grayscale Investments.
MicroStrategy Inc. has successfully raised $1.01 billion through the sale of convertible senior notes, which it plans to use for purchasing more Bitcoin and redeeming higher-yielding securities. Between 13 and 19 September, the company allocated $458 million from this sale to acquire additional Bitcoin. With approximately $15.8 billion in Bitcoin holdings, MicroStrategy is the largest publicly traded corporate holder of the cryptocurrency, while BlackRock manages the largest Bitcoin exchange-traded fund.
Co-founder and Chairman Michael Saylor has effectively transformed the Virginia-based software firm into a crypto hedge-fund proxy since its initial Bitcoin purchase in 2020. This latest sale of convertible notes marks the fourth such transaction this year, with the 0.625% securities set to mature in 2028. In addition, the company is redeeming $500 million of 6.125% notes also due in 2028.
As of 19 September, MicroStrategy held approximately 252,220 Bitcoin, as reported in a recent Securities and Exchange Commission filing. The firm’s shares have seen a remarkable increase, more than doubling this year, compared to a roughly 50% rise in Bitcoin’s price over the same period.
A recent survey by Deutsche Bank reveals that cash is likely to remain a staple for consumers, despite the global interest in Central Bank Digital Currencies (CBDCs). The survey, which gathered responses from 4,850 individuals across Europe, the UK, and the US, found that 59% of participants believe cash will always be relevant. Additionally, 44% of respondents prefer using cash over CBDCs, while only 16% think digital currencies will become mainstream.
The report highlights that although the COVID-19 pandemic accelerated the shift towards digital payments—especially among Gen Z—many consumers remain hesitant about CBDCs. Privacy concerns significantly influence this reluctance, with respondents in the US favouring cryptocurrencies for better privacy than government-backed options. In fact, 21% expressed a preference for private cryptocurrencies like Bitcoin, while many Europeans preferred the anonymity that cash provides.
The skepticism surrounding CBDCs is evident in Canada, where a Bank of Canada report indicated that 86% of Canadians oppose the idea, with 92% still preferring cash over a potential digital Canadian dollar. As central banks continue to explore CBDC applications, user confidence remains a key barrier to widespread adoption.
Brazilian authorities have uncovered a massive cryptocurrency money laundering operation worth $9.7 billion, leading to multiple arrests across major cities, including São Paulo, Fortaleza, and Brasília. The investigation, named ‘Operation Niflheim,’ targeted suspects believed to be laundering funds from drug trafficking and smuggling through crypto assets.
Officials executed 23 search warrants and arrested eight individuals, focusing on a network of companies accused of moving billions using shell firms, tax dodgers, and foreign exchange companies. Investigators discovered that over half of the deposits were linked to individuals with criminal backgrounds, highlighting the extensive use of cryptocurrencies in illegal activities.
The Federal Police have also frozen more than $1.58 billion in bank and crypto exchange accounts as part of the operation. The investigation, ongoing since 2021, underscores the growing role of cryptocurrencies in facilitating financial crimes in Brazil.
Securitize, a tokenisation platform backed by BlackRock, has announced a new partnership with the Wormhole Foundation to enhance the cross-chain capabilities of its tokenised assets. The collaboration revealed on 20 September, will allow future assets issued through Securitize to leverage Wormhole’s blockchain interoperability framework, improving connectivity across different blockchains.
As part of the agreement, Wormhole’s messaging protocol will be customised by Securitize using its own smart contracts to meet the regulatory requirements of asset managers. This integration is seen as a major step towards bridging the gap between traditional and decentralised finance, facilitating faster and cheaper transactions across multiple blockchains.
The partnership follows Securitize’s recent $47 million funding round, led by BlackRock, with investors such as Hamilton Lane and Tradeweb Markets also participating. Since the announcement, Wormhole’s native token has risen by 6%, reflecting the growing interest in real-world asset tokenisation.
German authorities have shut down 47 cryptocurrency exchange services in a major crackdown on illegal money laundering. The Federal Criminal Police Office (BKA) and the Central Office for Combating Internet Crime led the operation, targeting platforms that allowed users to exchange conventional currencies and cryptocurrencies without verifying their identities. These services bypassed the ‘know-your-customer’ (KYC) rules, enabling users to trade cryptocurrencies like Bitcoin and Ethereum quickly and anonymously.
Criminals reportedly used these exchanges to conceal the origins of illicit funds, often obtained through dark web drug sales or ransomware attacks. As part of the operation on 20 August, authorities confiscated 13 crypto ATMs and seized nearly $28 million in cash from 35 locations across Germany. Financial watchdog BaFin led the raids, targeting machines operating without the necessary licences, which posed significant money laundering risks.
The closure of these exchanges is part of a wider effort to disrupt cybercrime networks. Investigators managed to secure vital user and transaction data, which could assist in future money-laundering investigations. It follows earlier German crackdowns, including the seizure of ChipMixer, a platform involved in laundering €90 million in crypto.
Russia is planning to introduce a new tax system for cryptocurrency miners, basing it on electricity usage rather than the value of mined tokens. Deputy Finance Minister Ivan Chebeskov revealed on 18 September that the government is considering an excise tax on the electricity consumed by miners as a temporary solution before implementing a tax on their profits. The authorities have faced difficulties in calculating miners’ earnings, particularly as some do not disclose all of their wallets.
The proposed tax follows Russia granting legal status to industrial crypto mining earlier this year. Lawmakers are expected to pass legislation on the crypto mining tax by the end of the State Duma’s autumn session. The government’s long-term aim remains profit-based taxation, but electricity consumption is seen as a more practical approach for the time being, especially given the complexities of accounting in the crypto industry.
While cryptocurrency exchanges remain unregulated in Russia, there have been calls for the establishment of state-run platforms for trading digital assets. Meanwhile, Russia is positioning itself as a global leader in the crypto mining sector, with major firms such as Gazprom setting up large-scale mining operations. The country’s finance ministry expects the industry to generate substantial tax revenue by 2025.
Bitcoin’s price surged by 3% in the past 24 hours, reaching a peak of around $64,082. However, the flagship cryptocurrency encountered resistance at this level, coinciding with its 200-day moving average. As a result, Bitcoin retraced approximately 1%, trading at about $63,434 during the mid-London session. The volatility led to over $50 million in liquidations in the leveraged market, with the largest single liquidation on OKX amounting to $5 million.
Technical indicators suggest that Bitcoin might experience further corrections before potentially rallying towards its all-time high. Crypto analyst Ali Martinez noted that the TD Sequential indicator has signalled a sell signal, which may lead to a midterm correction over the weekend. However, he anticipates that if Bitcoin consistently closes above the $64K liquidity level, it could pave the way for a new peak.
In addition, recent data shows that Bitcoin supply on exchanges has dropped significantly, with miners increasing their trading activities. Notably, dormant miners have reactivated their wallets, moving approximately 250 BTC. The growing demand for spot Bitcoin ETFs has contributed to this decline in supply, with net inflows exceeding $700 million over the past two weeks.
As global economic conditions shift, particularly following interest rate changes by the US Federal Reserve, analysts predict a liquidity boost for the crypto market. Bitcoin is expected to follow the bullish trends of precious metals like gold, which recently hit an all-time high, indicating a positive outlook for the crypto market in the upcoming months.
The United States Securities and Exchange Commission (SEC) has taken its first-ever legal action against scammers accused of operating fake cryptocurrency trading platforms. The SEC announced on 17 September that it had charged five entities and three individuals allegedly involved in defrauding investors of nearly $3.2 million through social media. According to the SEC, the fraudsters gained investors’ trust by posing as attractive professionals and enticing them into bogus crypto investment schemes.
The two fraudulent exchanges, NanoBit and CoinW6, were at the centre of the scams. CoinW6 alone reportedly conned 11 people out of over $2.2 million by convincing them to invest in fictitious products like staking and yield farming. Investors were later blackmailed with threats to leak personal messages when they tried to withdraw their funds. Similarly, NanoBit is accused of tricking 18 victims into investing approximately $968,000, claiming its affiliate was a registered broker to build credibility.
The SEC’s legal action seeks to impose penalties, permanent injunctions, and the return of stolen funds from the alleged fraudsters. The case highlights the growing threat of scams targeting unsuspecting investors via social media.
