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August Cryptocurrency News: Important Events In The Crypto Space

August is coming to an end, there have been a lot of events that have taken place in the crypto space. As this month comes to an end let us just have a quick look at all the news of this month. Here is some August cryptocurrency news. 

Top 7 August Cryptocurrency News

Before we start with the latest cryptocurrency news let us have a quick look at the prices of the top 10 cryptocurrencies as of August 28, 2021. 

Weekly Price Update

The crypto space is highly fluctuating with its prices. Along with Ethereum and Bitcoin, the next coin that is gaining popularity in the crypto market is Cardano. For investors, it is not possible to keep a track of the prices of crypto every day before they plan to invest millions of dollars. Thus we present you the prices of all the top 10 cryptos for your ease of evaluation.

  • Bitcoin (BTC)- US$48,956.00
  • Ethereum (ETH)- $3,250.32
  • Tether (USDT)- $1.00
  • Binance Coin (BNB)- $486.30
  • Cardano (ADA)- $2.86
  • XRP (XRP)- $1.17
  • USD Coin (USDC)- $1.00
  • Dogecoin (DOGE)- $0.289645
  • Polkadot (DOT)- $26.22
  • Binance USD (BUSD)- $1.00

Market Buzz

Here is the second important news on cryptocurrency. The prices of digital currencies continue to be in the red on August 28, 2021. The global digital currency market cap is $2.02 trillion, which is a 3.31% fall over the last few days while the total volume of the crypto market over the last 24 hours is $111.08 billion, which is again a decrease by 1.82%.

All stable coin’s volume constitutes around $87.88 billion which is 79.11% of the total crypto space. The price of Bitcoin is presently 48,956 USD and its dominance in the crypto market is presently 44.08% which is a rise of 0.20% throughout the day. 

Corporate News

This has been a highlight in the August cryptocurrency news. Digital currency firm Poly Network, on Monday (23.08.2021) said that they have received the full $610 million that was stolen this month. It was considered as one of the biggest heists in crypto history. Through a Twitter post, the firm asserted that it has regained control of all its stolen assets except for $33 million that was in stablecoin Tether. This amount has been frozen by the entity that manages it. The firm confirmed that they are still talking with a tether to unfreeze their funds.

Previously hackers have said that they attacked for fun to expose the vulnerabilities in the digital contract of the platform and they always had plans to return the stolen tokens. There are some blockchain analysts who have found that the hackers have found it difficult to launder so much money and so they returned it. 

The Big Story

Payment giant Visa has joined the NFT frenzy, after buying a “CryptoPunk” of approximately $150,000 Ethereum. If you are wondering what CryptoPunks are, they are sets of 10,000 pixel-art images which each art piece generated uniquely that was formulated by Larva Labs in 2017.

Anchorage which is a digital asset network helped Visa to get CryptoPunks 7610. According to the head of the crypto at Visa Cuy Sheffield,

“CryptoPunks quickly become a cultural icon for the crypto community”

She further added that,

“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce. To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”

Cryptocurrency In India

Now coming to the cryptocurrency news in India. With the growing popularity of virtual currencies, many nations have already started to ban their utilization. This is because of the fluctuating nature of virtual currencies that takes the governments into a state of worry. But the technical ease that virtual currency has brought can not be replaced. So it has been decided that India accepts its own crypto. The finance minister at the beginning of this month has asserted that India is ready to release its own digital currency that will be backed by the Reserve Bank of India (RBI). 

PayPal Starting Its New Journey With Cryptocurrency

PayPal has begun recruitment for its office in Ireland for various positions associated with virtual currencies, indicating the idea where PayPal accepts crypto. If this happens in the real market scenario, then these digital coins can be employed for the purchase of products from the 26 million sellers that accept payments from PayPal. PayPal is planning to roll out purchasing choices in the United States over the coming weeks along with a full rollout by the beginning of next year. 

Cardano Attracts The Market With Their Latest Update

A must August cryptocurrency news is the Cardano update. The Cardano digital currency may not be as popular as Bitcoin or Ethereum, but among investors, it is still an important coin. This crypto recently became the third most valuable cryptocurrency in the world with an arriving Cardano update known as the Alonzo Hard Fork.

Conclusion

This was clearly the month for altcoins surging higher than Bitcoin or Ethereum to make their footprints in the crypto space. In August cryptocurrency news we have spoken about cryptocurrency happenings in the corporate sector, payment gateways accepting cryptos hugely, how the market has altered with pricing and valuation, and the fall of the total market capitalization of crypto.

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