Cryptocurrency price news – Vietnam sees rapid growth in crypto usage sparking surge as Shiba Inu price jumps by 10%

VIETNAM is experiencing a growth in cryptocurrency use despite the International Monetary Fund warning its adoption in emerging markets could threaten stability.

It comes as Shiba Inu experienced a surge of ten percent over the past three days with the price predicted to grow higher.

Federal Reserve chair Jerome Powell announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.

Meanwhile, in El Salvador, the country has made its first forays into Bitcoin mining using power generated by a volcano, according to a video released by state-owned geothermal electric company, LaGeo SA de CV.

The first Bitcoin mining rigs have been installed in an energy factory there, where weeks ago, President Nayib Bukele made the cryptocurrency legal tender.

Bitcoin was up to a price of $47,974.84 on Coinbase on Saturday morning, and the overall cryptocurrency market cap jumped back above the $2 trillion mark.

Plus, Bitcoin and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.

Read our cryptocurrency live blog for the latest news and updates…

  • POLKADOT PRICE CONTINUED

    Danny Butler, investment specialist at Finder, told The Sun: “One of the biggest drivers of this recent momentum is the upcoming parachain auctions.

    “These auctions enable the community to vote on which additional features and network upgrades should be added in the future.

    “There’s also a few other contributing factors that explain this rise; with a number of projects interested in launching on the network, an increase in daily trading volume over time, plus a wider recovery of Bitcoin and the crypto market in general.”

  • THE PRICE OF POLKADOT

    The price of Polkadot is currently sitting at $30.27, up by 5.48% over the past 24 hours, according to CoinMarketCap.

    It hit its highest ever level on May 14 when it reached $47.95, but then bottomed out in the middle of July.

    Since then, it has increased further and reached $31.47 on August 31.

    In comparison, it was worth just $8.3068 on January 1.

  • WHAT IS POLKADOT?

    The Polkadot project was founded in 2017, but the cryptocurrency only launched in May last year.

    It allows cross-chain transfers of any type of data or asset, not just tokens, making a number of blockchains interoperable with each other.

    In essence, it’s an interchange and translator between multiple blockchains – most of which weren’t built to communicate with others, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.

    He added: “To put this into context, developers have a choice from a variety of blockchains to build applications on – each with their own strengths and weaknesses that they have to mull over when deciding where to develop.

    “Polkadot aims to solve that problem by enabling interoperability between chains.”

  • COULD VENEZUELA BE NEXT?

    Venezuela is another likely candidate. The country unveiled its own cryptocurrency – the Petro – back in 2018 but efforts to get the currency off the ground have stalled.

    That’s partly due to ongoing US sanctions against the oil-rich, but volatile country.

    Bitcoin may be adopted by the country as a stable alternative to Petro, as it’s already a widely accepted and proven blockchain payments network.

  • MEXICO

    Meanwhile, Mexico has previously held discussions regarding the adoption of some form of digital currency.

    El Salvador’s decision could ultimately shift favor towards Bitcoin rather than alternative crypto or a Central Bank Digital Currency (CBDC).

    Earlier this week, Grupo Elektra, a leading banking and retail company in Mexico, threw its support behind Bitcoin by introducing the Bitcoin Lightning Network as a payment method.

    But Mexico’s central bank quickly shot down the plans, warning: “The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP.”

    Many of the country’s lawmakers remain opposed to Bitcoin, despite grappling with high inflation rates due to the continued devaluation of its currency.

  • PANAMA

    When it comes to Central America, Mexico and Panama are considered potential Bitcoin adopters in the near future.

    If Panama were to adopt the currency, it could have global implications considering its status as a critical shipping lane.

    Like Paraguay, Panama has introduced a bill to regulate the use of Bitcoin within the nation. The bill would recognize Bitcoin as a national alternative payment method.

    Panamanian Congressman Gabriel Silva, who authored the bill, tweeted on Tuesday: “Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet.

    “This has the potential to create thousands of jobs, attract investment and make the government transparent.”

  • PARAGUAY

    Paraguay is viewed by many as the next likely candidate for Bitcoin adoption.

    That belief comes, in part, as a response to local congressman Carlos Rejala drafting legislation to make the nation more attractive to the crypto market.

    Rejala’s plans will allow crypto firms to finance their operations in Paraguay using digital currency, as well as remit dividends abroad and capitalize any crypto profits into local banks, ProactiveInvestments.com reports.

    Rejala also said that the country’s low electricity, costs, and the fact it sources most of its power from renewable energy, is a key advantage amid concerns about the environmental impact of crypto mining.

    Should the bill pass, Rejala previously suggested he’d seek to present another bill to make Bitcoin legal tender later this year.

  • MORE POSITIVES

    “El Salvador’s adoption of Bitcoin has brought concern from officials in developed nations as well as from international NGOs who often describe Bitcoin as having few redeeming public interest attributes.”

    Despite the risks, a number of nations have already hinted that they too may soon open doors to crypto and deviate from the cautious approach to the e-currency taken by many of the world’s central banks.

  • POSITIVES OF ADOPTING BITCOIN

    Maggie Wu, the CEO of blockchain venture capital firm Krypital Group, says challenges in Bitcoin adoption do exist, however told Forbes she’s optimistic about its future.

    “I believe that Bitcoin adoption is conceivable, especially in the relatively small developing countries with inadequate monetary systems where the recognition of digital currencies there is relatively high,” she said.

    “The blockchain-related infrastructure that can carry digital currencies in most Central and South American countries and regions is not complete, including wallets, exchanges, etc. This is also the direction of our investment focus. We think there is huge potential and value here for fostering crypto adoption throughout the region.

  • FINANCIAL RISKS PART 3

    El Salvador’s economy relies heavily on the remittance market, representing around 20 percent of the nation’s GBP, or around $6 billion annually, according to Forbes.

    Around 95 percent of remittances are sent from Salvadorans working in the US to their families back in their native country.

    But service charge fees for such transfers can make up a significant chunk of the portion sent, particularly with smaller transfer amounts.

  • FINANCIAL RISKS PART 2

    But Bukele has argued that adopting Bitcoin will allow more Salvadorians, about 70 percent of whom don’t have bank accounts, into the formal economy. 

    “Who’d be against something that helps the people and doesn’t do any harm?” he said of his critics. “They’re probably politically motivated.”

    He also argued that it would make it faster and cheaper to receive money from family living abroad.

  • FINANCIAL RISKS OF ADOPTING BITCOIN

    Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

    Critics, however, have derided it as little more than a publicity stunt by Bukele.

    More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

    Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

  • EL SALVADOR ADOPTS BITCOIN CONTINUED

    However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.

    The US dollar and Bitcoin are now the country’s official currencies.

    It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.

  • EL SALVADOR ADOPTS BITCOIN

    The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.

    The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.

    Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”

  • ENERGY EFFICIENT

    Myron Jobson, Personal Finance Campaigner, interactive investor, says that one of Hedra’s unique selling points is its purported energy efficiency credentials.

    He told The Sun: “Unlike the Bitcoin network which uses more in one year as the country of Argentina, analysis by Cambridge University suggests, Hedra claims to be a low carbon footprint public ledger.”

    “It is part of the InterWork Alliance’s (IWA) Sustainability Business Working Group which aims to aid global efforts on sustainability in the crypto space by in a number of ways, including standardizing carbon offsets.

  • HBAR CONTINUED

    There is a governing council for Hedrera and members include well-known companies like Google IBM and Boeing.

    You can buy and sell HBAR on some cryptoexchanges ans is currently trading at $0.3987 at the time of writing.

    HBAR’s up nearly 5% in the past 24 hours and down just over 10% from it’s all time high back in March of $0.4495.

  • WHAT IS HBAR CRYPTO?

    Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

    The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

    HBAR is the cryptocurrency of the Hedera Hashgraph.

    The company itself expalins: “HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.”

    It claims to be the third generation public ledger after “Bitcoin pioneered decentralized infrastructure and Ethereum brought programmability”.

    There is a total HBAR supply of 50billion units and according to Coinmarketcap almost 7billion were in circulation as of January 2021 – around 14% of the total supply.

  • RISKY BUSINESS

    Remember that buying cryptocurrencies is always a risky business, and you should only invest what you can afford to lose.

    They are extremely volatile, and your cash can fall as well as rise in the blink of an eye.

    It’s important to only invest in things you understand, and some products and cryptocurrency services can be very complex.

    Before investing you should do your research as cryptocurrency firms aren’t regulated like other financial companies.

    This means that you won’t have any protection if things go wrong and you could lose all of your money.

  • PLYTH ERROR CONTINUED

    “We know our users depend on us and we’re working with affected partners on remedying the situation.”

    “Better developer documentation and guidelines on the usage of the Pyth oracle are underway, stay tuned.”

    “We deeply thank the community for the support you have shown us. Pyth will keep building toward the promise of delivering trustworthy, high-fidelity financial information.”

  • WHAT HAPPENED TO PYTH LAST WEEK?

    According to Bloomberg, an error last Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.

    In a series of tweets that Wednesday, Pyth apologised for the mishap.

    “We are communicating with Pyth partners and data providers to ensure transparency, accuracy, and confidence in Pyth,” the platform wrote.

  • AUDIUS VALUE SOARED AFTER TIKTOK DEAL

    After its deal with TikTok, the price of Audius has soared by 109% over the past 24 hours on Tuesday, according to CoinMarketCap.

    In March, Audio spiked to $4.18, up from $2.50 just a day before as the platform’s profile began to build.

    However, it plummeted soon after, and despite a rise in May, has fallen since until the end of July.

  • BITCOIN UP ON THURSDAY

    Coinbase showed that the value of Bitcoin was up on Thursday afternoon.

    As of this afternoon, it was up 4.05percent in the past 24 hours.

  • WHAT IS HASHGRAPH?

    Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

    The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

    HBAR is the cryptocurrency of the Hedera Hashgraph.

  • WHAT IS SHIBA INU COIN, CONTINUED

    Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.

    Cryptocurrencies are especially volatile, so their values can crash with little to no notice.

  • WHAT IS SHIBA INU COIN?

    Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.

    The tokens feature the same Shiba Inu dog as Dogecoin, which has risen massively in popularity recently.

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