Crypto Flipsider News – August 24th – El Salvador, Tribe on Binance and Huobi, Solana’s Institutional Inflows, Tether Prints, Visa, Shiba Inu, Justin Sun

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Crypto Flipsider News – August 24th – El Salvador, Tribe on Binance and Huobi, Solana’s Institutional Inflows, Tether Prints, Visa, Shiba Inu, Justin Sun

Read in the Digest:

  • El Salvador Equips the Country With 200 BTC ATMs
  • New Listings: Tribe Appeared on Binance and Huobi
  • Solana Experienced Largest Institutional Inflows During the Past Week
  • Tether Is Back To Printing: Started Ticking Already?
  • NFT News: Visa (NYSE:) Bought Cryptopunk, Shib on Opensea, Justin Sun and His NFT of a Rock

El Salvador Equips the Country With 200 ATMs

El Salvador began installing ATMs as part of the government’s plan to make Bitcoin legal tender. Furthermore, citizens will be able to convert the cryptocurrency into U.S. dollars and withdraw it in cash.

According to the plan, the government will install 200 teller machines along with its digital wallet called Chivo, which, in local terms, means ‘cool.’

President Nayib Bukele also announced on Twitter (NYSE:) that transactions would be commission-free. Across the country, there will be 50 financial branches with an option to withdraw or deposit money. The government has also created a $150 million fund to back the conversions. Perhaps the plan is off to a success?

Flipsider:

  • While the crypto injection into the system looks solid – citizens are saving $400 million/year in remittance fees and $150 million in government funds to support the transition – there are still some threats waiting to come to light. Not only could this lead to a major shakeup of the global financial system but El Salvador’s assurance of maximum security for the system is urgently needed.

New Listings: Tribe Appeared on Binance and Huobi

Binance experienced hard times during the last several months. DailyCoin already described this situation as a “whale being attacked by piranhas.” On the other side, there is such a phenomenon as the “Binance effect,” when minor coins were surging right after being listed on the exchange. Now, we can clearly observe if Binance still has something left in the tank.

Tribe (TRIBE) was listed on Binance and Huobi today. On the first exchange, available trading pairs are TRIBE/BTC, TRIBE/USDT, TRIBE/BNB, and TRIBE/BUSD. Tribe is the governance token of Fei Protocol, which is a fully decentralized DAO.

Flipsider:

  • I don’t think that the Binance effect is strong enough to bring small projects to the top 100, for instance. For now, TRIBE is in the 231st position by market cap, although it’s quite a new project; the token was launched in April this year.

Solana Experienced Largest Institutional Inflows During the Past Week

After two months of outflows, digital assets are now replenishing with inflows. During the previous week, Solana became the most delicious tidbit for investors. To be precise, the project gained $7.1M. It’s the number one crypto of the previous week when compared to the others: $6.4M for , $3.2M for , $1.1M for Polkadot, and $1M for .

Solana also became the biggest price gainer of the previous week. It reached its all-time-high price of $81 and gained a foothold in the top 10 cryptos. One further reason for the surge was the use of its blockchain in an NFT project called “The Degenerate Ape Academy NFT.”

Flipsider:

  • This bull run shuffled the top 100 cryptos. We not only saw Solana doing well but also Avalanche, Cardano, Terra, and Polygon climbing to the top.

Tether Back to Printing. Started Ticking Already?

Tether’s printing machine was silent for approximately 2 months. However, the latest news revealed that Tether minted 2.3 billion USDT since the beginning of August. Moreover, it raised its market cap from $62 billion to $65 billion because of this action.

Flipsider:

  • Once Vitalik Buterin called Tether “a ticking time bomb.” The issue remains unresolved so far.
  • Crypto is on the upswing in general. This means exchanges need more stablecoins.
  • Tether finally faced the competition. USDC is fiercely stepping on its toes.

NFT News: Visa Bought CryptoPunk, SHIB on OpenSea, Justin Sun and His NFT of a Rock

  • As the news spread that Visa has bought CryptoPunk for $150,000, around 90 NFTs in the collection have been sold within one hour, resulting in a total of $20 million profit.
  • Shiba’s official Twitter page has announced that from now on users can sell their art on OpenSea using Shib. Shiba stated that their utility and acceptance are going to keep on growing.
  • The EtheRock that has been around since 2017 just witnessed a crazy sale – Justin Sun paid $1.3 million for a picture of a rock.

Flipsider:

  • It’s only plausible – innovative technologies are adapted and used. NFTs allow ordinary users and art creators to show their work. However, it looks like some are just using the platform to gain popularity. While Justin Sun yearns to reach Elon Musk’s level it seems excessive to spend half a million dollars on a stone to attract attention.

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