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The top news of the day about cryptocurrencies (08-09-21)

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A quick recap of the most important events surrounding cryptocurrencies today (08-09-21):

  • A sudden purge across the crypto market saw $3.7 billion worth of trading positions liquidated, data shows. Futures and margin traders took some of their biggest hits in recent times. Over 376,000 individual trading accounts were affected by the carnage, ranging from Binance to Bitfinex. A move of such intensity was previously seen in early-2021 as Bitcoin and other cryptos reached their all-time highs. Alameda Research co-CEO Sam Trabucco pointed out the move was almost like clockwork in a tweet.

  • Maharashtra State Board of Skill Development (MSBS) has launched a new blockchain verification system to ensure transparency for genuine qualifications. A widespread diploma forgery has been reported in India in recent times, linked to the intense competition in India’s job market. The Maharashtra State government recently partnered with LegitDoc, an Indian blockchain startup. The system has facilitated issuing and verifying about one million digital diploma certificates for students of MSBS across eight academic years. Only the students will have complete ownership of their certificates.

  • Edward Snowden tweeted that El Salvador's move legitimizes Bitcoin's use as a medium of exchange. Snowden: "There is now pressure on competing nations to acquire Bitcoin—even if only as a reserve asset—as its design massively incentivizes early adoption". A successful implementation by El Salvador prepares the grounds for Bitcoin adoption to skyrocket as other nations start taking similar actions, fearful of being left behind. El Salvador, by adopting Bitcoin as legal tender, is already helping the infant money climb over the store of value use case.

  • Delta Exchange has launched futures trading on Solana (SOL) and Cardano (ADA) Call and put options are used heavily in traditional markets but have become more prevalent within crypto markets. Delta Exchange already provides options trading for Bitcoin (BTC), Ether (ETH), XRP (XRP), Bitcashpay (BCP) and Binance Coin (BNB) Options give owners the right, but not the obligation, to buy or sell a specific security at a specified price within a pre-defined timeframe.

  • Robinhood has announced that it will introduce recurring cryptocurrency investments on its trading platform. The feature allows retail investors to purchase cryptocurrency on a daily, weekly, or monthly basis at amounts as little as $1. The company cited market volatility as a reason to use the feature, suggesting that recurring investments can help investors “reduce the stress of timing the markets” and achieve long-term growth. Robinhood also offers investments for stocks and other traditional investments, a feature that it has offered since May 2020.

  • An independent lawmaker in Panama has introduced a bill to the country’s National Assembly that if approved will regulate crypto assets. The proposed law aims to make Panama “compatible with blockchain, crypto assets and the internet,” tweeted congressman Gabriel Silva. Silva, whose profile photo features the red laser beam eyes popular with cryptocurrency users, is an independent lawmaker with a profile photo featuring red laser beams eyes. If approved, the proposed law will promote blockchain adoption and promote the use of the technology.

  • A dubious survey on NFT adoption among Americans, apparently from Piplsay Research, claims 18% of Americans own these collectibles. Over 30k Americans and around 9k British respondents participated in the survey. The aim of the poll was to find the general consensus regarding NFTs in this booming market. Over the past month, OpenSea, the largest NFT marketplace, only saw around 233k unique active addresses. The market activity has slowed down a little this month, but the market activity is nowhere near dead.

  • The Litecoin Foundation announced the launch of ‘OmniLite’ earlier this week, a protocol that would allow developers to issue tokens and NFTs atop the Litecoin network. The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its blockchain. Litecoin’s minimal fees, along with its decade-long persistence and 100% network uptime, the opportunity to build assets on top of the network was only a matter of time.

  • The wider cryptocurrency market appears to be in the early stages of a recovery with many altcoins regaining their footing after correcting by 20% to 30% on Sept. 7. Biggest gainers over the past 24 hours were NEAR Protocol (NEAR), Algorand (ALGO) and PowerPool (CVP) The overall cryptocurrency market cap now stands at $2.068 trillion and Bitcoin’s dominance rate is 41.9%, according to Cointelegraph.com.

 

That's all for now. See you tomorrow!

 

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