The global cryptocurrency market faced a significant downturn today, with the total market capitalization dropping 2% over the past 24 hours to $2.12 trillion. Meanwhile, the 24-hour crypto trading volume reached $70.3 billion. Among the top 100 cryptocurrencies, only six saw positive gains, with Helium (HNT) leading the charge with a 6.7% rise to $7.46. Uniswap (UNI) and Fasttoken (FTN) also posted modest gains of 3.3% and 2.6%, respectively. On the flip side, FLOKI (FLOKI) experienced the most significant decline, falling 5.5% to $0.0001178, followed by Aave (AAVE), which dropped 5% to $120.18.
In the top 10 cryptocurrencies by market cap, Dogecoin (DOGE) led the losses with a 1.5% decrease, trading at $0.09774. XRP (XRP) also dipped slightly, down 0.6% to $0.55627. However, Bitcoin (BTC) bucked the trend, seeing a 0.7% increase to $58,647, while Ethereum (ETH) emerged as the top performer, rising 1.9% to $2,527. Additionally, the number of wallets holding 100 BTC or more reached a 17-month high, with over 283 new wallets surpassing this threshold in August alone.
Solana’s One-Year Investment Soars Eightfold
Solana (SOL) continues to deliver impressive returns for investors. According to a report from AltIndex, a $1,000 investment in SOL tokens made in August 2023 would now be worth $8,000. This remarkable growth is attributed to Solana’s strong price performance, which has seen its one-year investment return hit 670% as of last week. This is nearly double its entire 2023 gain and positions Solana as the best performer among the top 20 cryptocurrencies by market cap. The report highlights several factors behind Solana’s success, including the broader crypto market recovery, rising interest in blockchain technology, and the platform’s growing role in DeFi applications, NFTs, meme coins, and decentralized exchanges (DEXs).
SOOHO.IO and Chainlink Forge Strategic Partnership in Asia
SOOHO.IO, a blockchain finance and digital asset services provider, has announced a strategic partnership with Chainlink, a leading infrastructure for the tokenized asset economy. The collaboration aims to explore use cases for tokenized assets and central bank digital currencies (CBDCs) in South Korea, Japan, Thailand, and other emerging digital markets in Asia. The partnership will focus on three key areas: leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in SOOHO.IO’s projects, exploring additional use cases with Chainlink services like Proof-of-Reserve, and bringing Net Asset Value (NAV) data on-chain.
Jisu Park, CEO of SOOHO.IO, expressed optimism about the partnership, stating that it will help meet the needs of financial institutions in Asia and shape fundamental solutions for the digital asset industry. Niki Ariyasinghe, Head of Business Development for Asia-Pacific and the Middle East at Chainlink Labs, added that the partnership has the potential to address many of the current needs in the Asian market.
Kredete Raises $2.25M to Support African Immigrants in Building Credit and Sending Money Home
Kredete, a financial software platform focused on helping African immigrants build credit and send money home, has secured $2.25 million in seed funding. The funding round was led by Blockchain Founders Fund, with participation from several notable investors, including Techstars, Tezos Foundation, and Launch Africa. Kredete offers a unique service where each money transfer contributes to the user’s credit score in their new country, helping them establish a financial foundation.
The platform, which has already surpassed 300,000 users and $100 million in transaction volume, plans to expand its services across Africa and introduce additional financial products such as credit cards, auto loans, and mortgage loans specifically for African immigrants in the diaspora. The Kredete team reported that users’ credit scores increased by an average of 23 points within six months of using the platform, highlighting its impact on the financial well-being of its users.
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