Tag Archives: $BTC

Bitcoin, Ethereum, Dogecoin All Slip Into Red But This Top-10 Crypto Is Bucking The Trend

Solana (CRYPTO: SOL) is swimming against the current as major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) plunged on Thursday night.

What’s Moving? SOL traded 13.69% higher at $82.45 over 24 hours at press time and was up 12.17% for the week. Minutes before press time, SOL touched an all-time high of $83.44.

The Decentralized Finance (DeFi) and Decentralized Application (DApp)-focused project’s coin rose 17.76% and 17.78% against BTC and ETH respectively over 24 hours.

See Also: How To Buy Solana (SOL)

In the same time frame, BTC and ETH fell 2.89% and 2.77% to $47,331.07 and $3,123.37, respectively. Shiba Inu-themed DOGE fell 5.62% to $0.27 over 24 hours.

SOL has shot up 4,407.61% since the year began, nearly matching the 4,699.46% gains made by DOGE in the same period.

Why Is It Moving? Pyth Network became the first cross-chain oracle to deliver real-time institutional grade market data to DeFi apps and platforms on-chain with the launch of Solana Mainnet on Aug. 26, as per a statement.

See Also: DeFi Play Solana Keeps Hitting Fresh All-Time Highs: Is There Still Time To Buy In?

“Pyth will be able to broadcast market data through the Wormhole Network to communicate with dApps across the Ethereum, Binance Smart Chain (BSC) and Terra ecosystems, “ said the statement.

Wormhole is a decentralized attestation engine that trustlessly bridges information between the above-mentioned supported chains.

Last week, Wormhole launched its mainnet, shortly after which a spike was seen in SOL’s price.

“The Wormhole interoperability protocol is a huge leap forward in decentralized finance and demonstrates the value of oracle networks like Pyth,” said Chris Zuehlke, Partner at DRW and Global Head of Cumberland.

As per Pyth Network, Solana is able to meet the transaction speeds of Nasdaq and the total value locked across its ecosystem is in the region of $2.5 billion.

“As DeFi and TradFi continue to converge on the Solana blockchain, we believe Pyth's ability to connect high-fidelity, time-sensitive, real-world data with DeFi applications will play a critical role in the industry's evolution,” said Dave Olsen, President and Chief Investment Officer of Jump Trading Group, a trading firm involved with Pyth Network.

Read Next: Dogecoin 'Millionaire' Plans To Go 'All In' On This Crypto Next

Chinese Court Says Cryptocurrency Is Not Protected By Law

The Supreme Court of the northern Shandong province in China has ruled that “cryptocurrency is not protected by law.”

What Happened: While delivering a verdict in a case that involved a potential fraud related to the purchase of crypto, the Supreme Court said in a statement that “investing or trading cryptocurrency is not protected by law.” 

This could become another significant blow to China’s crypto industry after the crackdowns on crypto mining across the country.

As per the case, a Chinese plaintiff invested some $10,800 to buy tokens endorsed by three of his acquaintances in 2017.

However, their accounts were allegedly closed after the People’s Bank of China banned payment institutions supporting cryptocurrency transactions in 2018.

A court in Jinan ruled in January 2021 that the plaintiff’s fraud allegation was not tenable because the assets did not have any legal status.

According to the verdict, Jinan city’s intermediate court upheld the ruling when the plaintiff appealed in March. 

While reviewing the case, the Supreme Court of Shandong said cryptocurrency isn’t protected by law. 

According to the report, multiple cases are running in China concerning digital currencies.  

Why It Matters: Centralized trading and financial payments related to digital currencies have been illegal in China since 2013.

In May, the State Council’s Financial Stability and Development Committee of China officially announced their crackdown on crypto mining. This has led to reports of miners relocating overseas.

In July, the Agricultural Bank of China, one of the country’s biggest commercial banks, announced a crackdown on crypto transactions and is currently seeking to block accounts connected with bitcoin- and crypto-related activity.

Read next: Xiaomi Wants Regulatory Clarity Before Venturing Into Crypto In India