US Bitcoin exchange-traded funds have posted their longest run of daily net outflows since listing at the start of the year, part of a wider retreat from riskier assets in a challenging period for global markets.

Investors pulled close to $1.2 billion in total from the group of 12 ETFs over the eight days through Sept. 6, data compiled by Bloomberg show.

The drop comes amid a rocky period for shares and commodities on economic growth worries.

Mixed US jobs data and deflationary pressure in China are both taking a toll on traders. The uncertainty is buffeting the cryptocurrency market, whose gyrations have become more closely tied to moves in stocks based on a rising short-term correlation between the two.

Bitcoin has struggled in September, posting a loss of approximately 7%. But the largest digital asset eked out modest gains over the weekend and climbed roughly 1% to $54,870 as of 1pm on Monday in Singapore.

“The small relief rally seems to be driven in part by some prominent influencers closing out their shorts,” said Sean McNulty, director of trading at liquidity provider Arbelos Markets.

He cited as an example a recent social media post from Arthur Hayes, co-founder of the BitMEX trading platform.

An improved showing by Donald Trump, the pro-crypto Republican nominee for the US presidential election, in polls and prediction markets may also be playing a role, McNulty said.

He reported greater demand for options hedges in case Tuesday’s debate between Trump and Democratic nominee Vice President Kamala Harris stirs volatility. Harris has yet to detail her stance on crypto.

The US Bitcoin ETFs investing directly in the original cryptocurrency debuted in January with much fanfare. Unexpectedly strong demand for the funds helped to drive the token to a record high of $73,798 in March.

The inflows subsequently moderated and Bitcoin’s year-to-date rally has cooled to about 30%.

The token will likely trade in its recent $53,000 to $57,000 range until the US releases consumer-price data on Wednesday, said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for trading in digital-asset derivatives.

The inflation numbers may shape expectations for the pace of anticipated monetary easing by the Federal Reserve in the US.

The Securities and Exchange Commission (SEC) has granted approval in principle to two prominent digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited.

These approvals, part of the SEC’s Accelerated Regulatory Incubation Programme (ARIP), represent the beginning of a new chapter for crypto trading in Nigeria.

This development was announced by the SEC in a statement on Thursday, which highlighted the importance of this move in the evolving landscape of digital assets and blockchain technology in the country.

Both Busha and Quidax, well-established players in the Nigerian crypto space, will now be able to operate under this regulatory framework, fostering more secure and transparent trading platforms for the nation’s growing number of crypto enthusiasts.

Busha Digital, known for its accessible digital exchange platform, allows individuals and businesses to buy, sell, store, and invest in cryptocurrencies using fiat currency.

Its services are aimed at providing easy access to basic digital asset investment for users across Nigeria and other developing economies.

The platform, available through mobile and web applications, has gained popularity for its user-friendly interface and commitment to making crypto investment seamless and safe for Nigerians.

Quidax Technologies, another major player, operates a cryptocurrency trading platform leveraging blockchain technology.

The exchange facilitates trading in a variety of cryptocurrencies and provides users with a digital wallet for secure transactions.

Quidax’s platform is both mobile and web-enabled, offering a wide range of crypto tokens for trading, making it a key player in the adoption of digital currencies in Nigeria.

According to the SEC, the current ARIP cohort includes two digital asset exchanges, four digital asset offering platforms, and one digital asset custodian.

This programme was designed to assess the business models of digital asset firms and allow them to test their innovative products, services, and technologies in a controlled environment.

The outcome will inform future policies in the digital asset space.

Speaking on the significance of the ARIP programme, the SEC explained that the approvals are a precursor to full registration, ensuring that appropriate safeguards are in place to protect investors and promote transparency in the cryptocurrency sector.

“The RI (Regulatory Incubation) Programme was created to assess the business models of digital assets firms and test innovative products, services, and technology in a real-time market environment under close supervision by the SEC,” the commission stated.

The approval of Busha and Quidax is seen as a major step forward in bringing legitimacy to Nigeria’s burgeoning cryptocurrency market, which has faced regulatory uncertainty in recent years. These digital asset exchanges will now operate under SEC’s guidance, ensuring that users of the platforms can trade with more confidence and security.

The SEC also took the opportunity to remind the public to only engage with approved digital platforms and urged caution when dealing with unregulated crypto exchanges.

“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria,” the commission advised.

This approval comes at a time when cryptocurrencies are gaining traction globally, and Nigeria has become one of the leading markets for crypto adoption in Africa.

With Busha Digital and Quidax now moving forward under SEC oversight, the future of cryptocurrency trading in Nigeria looks set for greater growth, innovation, and regulation.

A new wave of crypto scams has hit TikTok, targeting vulnerable job seekers with fake advertisements that promise lucrative pay for minimal work.

One such victim, a Leicester man named Omar Al Selk, fell prey to this scheme after responding to an enticing job offer he found on the platform.

The scam began in early August when Al Selk clicked on a TikTok ad that promoted a “data provider user” role with a company called Clickaine, advertised as an international app marketing firm.

The job was presented as requiring no experience and promised a monthly salary of up to £4,650 ($5,800) for just an hour of work per day, with wages paid in USDT, a popular cryptocurrency.

After clicking on the ad, Al Selk was contacted by supposed recruiters via WhatsApp. These scammers lured him in with promises of quick earnings and sent him small initial tasks for which he was paid promptly.

The tasks involved transferring small amounts of money to a specific crypto wallet, which was later refunded along with bonuses, creating a false sense of security.

As the scheme progressed, Al Selk was asked to make larger and larger deposits to the wallet to continue the tasks. These deposits quickly ballooned from £30 to over £8,000.

After completing a few tasks successfully and receiving his refunds, Al Selk trusted the scammers and made a final large deposit of £6,000 to the crypto wallet.

However, after this transfer, communication from the scammers abruptly stopped, and no further tasks were assigned.

Realizing he had been defrauded, Al Selk took to TikTok to warn others about the scam. He shared his story with his online community, which sparked widespread conversation about similar incidents. Many other users came forward, revealing that they too had been targeted by similar scams on the platform.

This type of fraud, often referred to as a “pig butchering” scam, involves scammers establishing long-term relationships with their victims, building trust before ultimately defrauding them.

The scammers involved in this scheme falsely used the name of Clickaine, a legitimate Czech marketing company, which has since denied any involvement in the fraudulent activity.

The incident has sparked concerns over the rise of crypto-related scams on social media platforms like TikTok, where scammers prey on unsuspecting users with promises of high-paying jobs.

Despite TikTok’s guidelines prohibiting fraudulent schemes, scammers continue to exploit the platform, taking advantage of job seekers desperate for employment.

Cybersecurity experts are urging social media users to remain vigilant and avoid engaging with unsolicited job offers that require upfront payments, especially those involving cryptocurrency.

“This scam is part of a growing trend where fraudsters manipulate users into making crypto payments by exploiting trust,” said a cybersecurity analyst. “The key is to verify the legitimacy of job offers and be cautious of any requests for upfront deposits.”