The first week of September is behind us. What will the new week bring? Follow the latest crypto market updates on Monday, Sept. 8.
As it has been recently reported by the Hyperliquid team, the project will hold a governance vote on Sept. 14 between 10:00 and 11:00 UTC.
The vote will determine which team secures the USDH ticker to issue a native stablecoin on the network.
Competing teams must submit proposals by Sept. 10. Validators are expected to publicly announce their preferred choice by Sept. 11. It means that users will have time to delegate their stake to validators aligned with their vote.
The bidding has drawn major players such as Paxos, Frax, and a joint effort from Agora and MoonPay. Still, the sharpest debate centers on a proposal linked to Stripe’s Bridge platform.
Early in the morning on Sept. 8, Nemo Protocol saw a massive exploit. Hackers drained $2.4 million in USDC. The stolen USDC have been moved from the Arbitrum network and swapped to Ethereum and DAI.
Find more details here.
According to the information provided by El Salvador’s Bitcoin Office, the country has made a purchase of 21 BTC on what it calls Bitcoin Day. Now, the nation holds 6,313.18 BTC. At current market prices, its Bitcoin reserves are worth just over $700 million.
Bitcoin whales have unloaded roughly $12.7 billion worth of BTC over the past month. More than 100,000 coins have been sold in just 30 days. Analysts warn that the ongoing sell-off reflects heightened risk aversion among large holders and could weigh on Bitcoin’s price in the weeks ahead.
This sustained selling pressure has already disrupted Bitcoin’s short-term price structure. If the trend continues, the price can fall further.
Ethereum’s stablecoin market has hit a new milestone. Its total supply climbed to a record $165 billion after an inflow of around $5 billion over the past week. This increase marks more than a twofold increase since January 2024.
