Crypto Flipsider News – Aug 24 – El Salvador, Tribe on Binance and Huobi, Solana’s Institutional Inflows, Tether Prints, Visa, Shiba Inu, Justin Sun
Read in the digest:
- El Salvador is equipping the country with 200 BTC ATMs
- New entries: Tribe appeared on Binance and Huobi
- Solana saw the largest institutional inflows over the past week
- Tether is back to printing: has ticking already started?
- NFT News: Visa (NYSE 🙂 bought Cryptopunk, Shib on Opensea, Justin Sun and its NFT of a Rock
El Salvador is equipping the country with 200 ATMs
El Salvador began installing ATMs as part of the government’s plan to make Bitcoin legal tender. In addition, citizens can exchange the cryptocurrency for US dollars and withdraw it in cash.
According to the plan, the government will install 200 ATMs along with their digital wallet called Chivo, which means “cool” locally.
President Nayib Bukele also announced on Twitter (NYSE 🙂 that transactions would be commission-free. There will be 50 financial branches across the country with the ability to withdraw or deposit money. The government has also created a $ 150 million fund to aid the conversions. Maybe the plan worked?
There will also be #CajerosChivo everywhere and you can withdraw in BAR 24 hours a day and WITHOUT COMMISSIONS, even if the opposition says otherwise. The problem for them is that they can convince some people that it will be commissions, but only until 7 pic.twitter.com/H8gkYTEucc
– Nayib Bukele (@nayibbukele) August 23, 2021
- While the crypto injection into the system looks solid – citizens are saving $ 400 million a year in transfer fees and $ 150 million in government money to aid the transition – some threats are still waiting to come to light. Not only could this cause a major upheaval in the global financial system, but El Salvador’s assurance of maximum security for the system is urgently needed.
New entries: Tribe appeared on Binance and Huobi
Binance has been going through tough times in the past few months. DailyCoin already described this situation as “whale attacked by piranhas”. On the flip side, there’s a phenomenon like the “Binance Effect,” where small coins skyrocketed right after they were listed on the stock exchange. Now we can clearly see whether Binance still has something in the tank.
Tribe (TRIBE) was listed on Binance and Huobi today. On the first exchange, the available trading pairs are TRIBE / BTC, TRIBE / USDT, TRIBE / BNB and TRIBE / BUSD. Tribe is the governance token of Fei Protocol, a fully decentralized DAO.
- I don’t think the Binance effect is strong enough to get small projects into the top 100, for example. TRIBE currently ranks 231st in terms of market capitalization, although it is a fairly new project; the token was introduced in April of this year.
Solana saw the largest institutional inflows over the past week
After two months of outflows, the digital assets are now filling up with inflows. In the past week, Solana became the most delicious treat for investors. To be precise, the project won $ 7.1 million. It is number one of the previous week’s cryptocurrencies compared to the rest: $ 6.4M for, $ 3.2M for, $ 1.1M for Polkadot, and $ 1M for.
Solana also became the previous week’s biggest award winner. It hit its all-time high of $ 81 and entered the top 10 cryptos. Another reason for the increase was the use of its blockchain in an NFT project called “The Degenerate Ape Academy NFT”.
- This bull run mixed the top 100 cryptos. Not only did we see Solana well, but Avalanche, Cardano, Terra and Polygon climbed to the top as well.
Tether back to print. Already started ticking?
The Tether press was silent for about 2 months. However, the latest news showed that Tether has minted USDT 2.3 billion since early August. Additionally, as a result of this move, it increased its market capitalization from $ 62 billion to $ 65 billion.
- Vitalik Buterin once called Tether “a ticking time bomb”. The problem remains unsolved so far.
- Crypto is generally on the rise. This means exchanges need more stablecoins.
- Tether finally faced the competition. USDC is kicking his toes hard.
NFT News: Visa bought CryptoPunk, SHIB on OpenSea, Justin Sun and its NFT of a Rock
- When news spread that Visa had bought CryptoPunk for $ 150,000, around 90 NFTs in the collection were sold in an hour, resulting in a total profit of $ 20 million.
- Shiba’s official Twitter page has announced that users can now sell their art on OpenSea using Shib. Shiba stated that its utility and acceptance will continue to grow.
- EtheRock, which has existed since 2017, just had a crazy sale – Justin Sun paid $ 1.3 million for a picture of a rock.
- It’s only plausible – innovative technologies are being adapted and used. NFTs allow ordinary users and artists to show their work. However, it looks like some are just using the platform to gain popularity. While Justin Sun longs to match Elon Musk’s levels, it seems excessive to spend half a million dollars on a rock to get attention.
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