Crypto market unexpectedly corrects by 20% on Bitcoin Day in El Salvador, while the WEF urges countries around the world to continue adopting cryptocurrencies and blockchain technology. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍The crypto market suffered a 20% correction and Bitcoin fell below $43.000. This Tuesday, cryptocurrencies were surprised to the downside, suffering a correction of approximately 20%. The price of Bitcoin (BTC) fell from the $50.000 support level in a few minutes, touching $42.500 on some industry platforms. ETH, ADA, BNB, XRP, SOL, DOGE, DOT, LINK, UNI, LTC and almost all cryptocurrencies on the market accompanied the fall in value of BTC, with corrections of up to 26%, according to data from CoinGecko.
The market cap of cryptocurrencies lost nearly $290.000 billion in minutes. At the time of writing, the total market cap of cryptocurrencies is $XNUMX billion. 2,16 trillions of dollars.
For some analysts, the correction could have been the result of a sell-off of bitcoins held by whales and profit-taking after the cryptocurrency surpassed $52.000 per unit. Others indicate that the reason could be the difficult start that El Salvador had on its first day with bitcoin as legal tender. The surprising correction of the crypto market produced liquidations in the crypto derivatives market worth $3.540 billion.
📍Solana (SOL) continues to set new all-time highs and exceeds $190 per unit. La cryptocurrency Solana's native SOL marked a new all-time high on Tuesday, reaching a value of $193,8 per unit. SOL's growth over the past month has been impressive, driven by the arrival of several NFT projects on the blockchain network, in addition to the recent launch of the FTX NFT marketplace on this network.
However, at the time of writing, the correction in the crypto market has affected the value of the cryptocurrency, which is trading around $170.
Bitcoin and Blockchain Adoption
📍The World Economic Forum (WEF) is urging countries around the world to adopt bitcoin and blockchain technology. The global non-profit organization noted that several Latin American countries, such as Brazil, are in the Top 20 of countries with the highest adoption of crypto and blockchain. In addition, it urged all nations in the world to study the adoption of bitcoin and new technologies as a tool for development and innovation, to transcend the problems of the traditional system, such as devaluation, high transaction costs, among others.
The WEF published on his blog that countries that decide to integrate cryptocurrencies into their economies will be able to experience multiple benefits, not only in the speed and costs of cross-border transactions, but in the opportunities provided by automated financial applications of DeFi and the new digital economies that are formed in blockchain games like Axie Infinity, along with the NFTs.
📍El Salvador makes Bitcoin official while Chivo presents some problems at the time of its launch. Nayib Bukele, President of El Salvador, reported via Twitter that the Chivo bitcoin wallet had had some problems listing in the GooglePlay and AppStore stores and that it was only available in AppGallery, Huawei's app store. Previously, Bukele had reported that Chivo would be available in all app stores from September 7 at 00:00 hrs.
On the other hand, the wallet had to be disconnected initially due to errors with the capacity of the servers. Bukele asked for patience from Salvadorans and recalled that the implementation of bitcoin as legal tender is a new beginning for the country, so there is a learning curve that will not be achieved in a day. In the meantime, the government deployed a group of 4.000 trainers who will provide training on the use and operation of Chivo on a house-by-house basis and at Chivo service points throughout the country.
📍Visa plans to integrate Bitcoin into its payment platform in Brazil. Visa's vice president of new businesses, Eduardo Abreu, reported that the multinational financial services company is considering the possibility of integrating bitcoin into its payment platform to allow Brazilians to pay with the cryptocurrency. Abreu revealed in a interview with the medium Your money more details on this possibility, noting that the great advantage of adopting bitcoin in Brazil is, without a doubt, its ease.
📍In Peru, the Ministry of Production stated that it will provide financial support to companies working with blockchain. The Ministry announced that small and medium-sized companies that innovate with new technologies, such as blockchain, will receive funding of up to 35.000 Peruvian soles, approximately 8.500 US dollars, to develop their projects. This is what reported Andean, a local media outlet in the country.
NFT and DeFi Markets
📍Fractional shares of the Doge NFT are worth over $310 million. NFT investment collective PleasrDAO split the Doge NFT token into 16.969.696.969 parts, which currently accumulate an implied value of 82.702 ether, worth approximately $310,7 million at the time of writing. PleasrDAO split the Doge meme NFT into millions of individual fungible tokens to make it easier to access and allow anyone to own a piece of the iconic meme.
Development and Technology
📍Cardano is receiving criticism for some bugs shortly after implementing smart contracts. Cardano's blockchain was harshly criticized by Eric Wall, chief investment officer at Arcano, who assured that the network is not fit for the current DeFi ecosystem. Wall cited some errors that the Minswap dapp suffered on the Cardano testnet with smart contracts, ensuring that the promotion that the development team has given about this future functionality in the mainnet has been exaggerated.
“Cardano was not built for the current DeFi landscape… In its current state, tons of workarounds will be needed for developers to build certain types of common DeFi applications”, Wall explained. On the other hand, Anthony Sassano, an Ethereum supporter and co-founder of Ethhub.io, claimed that the very existence of Cardano is an insult to the crypto industry. Sassano's harsh words also focused on the bugs that Minswap presented, describing that the network was incapable of processing simultaneous transactions, something fundamental in DeFi.
Cardano's defenders, including its founder Charles Hoskinson, called critics' accusations FUD, noise and misinformation. Input Output he pointed that dapps on Cardano are not limited to 1 transaction per second (TPS), as Wall and Sassano argue; while Hoskinson assured that the FUD storm is a normal occurrence in the face of a new implementation, confirming that smart contracts will arrive on the network on September 12th through the Alonzo update.
Rules and Regulations
📍Panama is considering a new regulatory proposal for bitcoin, cryptocurrencies and blockchain. Through Twitter, Congressman Gabriel Silva reported that Panama is moving forward in the adoption of cryptocurrencies and will soon become a nation compatible with bitcoin, cryptocurrencies, blockchain technology and the Internet.
Panama is now studying a Crypto Law that will give legal status to crypto assets and recognize blockchain as an innovative technology for development, promoting growth and innovation and the generation of new sources of employment in the country. In addition to this, Silva assured that new technologies will help attract more capital to the country and provide a transparent system to improve government management for the benefit of all its citizens.
Continue reading: Bit2Me closes Phase 59 of its B1M Token ICO in 2 seconds
