Market BuzzBitcoin trading at $46,808
Cryptocurrency prices continue to be in the red on August 31. The global cryptocurrency market cap is $1.98 trillion, a 5.19 percent decrease over the last day, while the total crypto market volume over the last 24 hours is $103.08 billion, which makes a 14.10 percent increase. The volume of all stable coins is now $77.53 billion – 75.22 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently $46,808.39 and its dominance is currently 44.46 percent, an increase of 0.78 percent over the day. Read full here.
Big StoryCuba to recognise and regulate cryptocurrencies
Cuba’s government has said it would recognise and regulate cryptocurrencies for payments. A resolution published in the Official Gazette on August 26 said the Central Bank would set rules for such currencies and determine how to license providers of related services within Cuba. The resolution says the Central Bank can authorise the use of cryptocurrencies for reasons of socioeconomic interest but with the state assuring that their operations are controlled. It also explicitly noted that operations could not involve illegal activities. Read more here.
What’s New?Movies, music, sports are carving space in India’s growing NFT market
When musical biggies Ritviz and Nucleya put up their non-fungible tokens (NFT) on WazirX, a crypto exchange that recently launched an NFT marketplace, the digital collectibles were sold out. Like music, sports, is carving out its space in India’s NFT market. Rario, which claims to be world’s first cricket-based digital collectibles platform, launched its beta version on August 15 and opened a 14-day window for users to place pre-orders. We look at India’s growing NFT market. Read this here.
FinanceRemittance costs key to take-up of Salvadoran bitcoin plan, says development bank
Central American countries are eagerly waiting to see if El Salvador’s adoption of Bitcoin as parallel legal tender cuts the cost of remittances, an important source of income for millions of people, the region’s development bank said. Already approved by the country’s legislation, the move takes effect in September. Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), said it is a “out of this world experiment” geared at increasing financial inclusion in a region where many people lack access to bank accounts or credit cards, and rely on money sent home from relatives living in the United States. (Reuters)