Investing.com – The downward correction in cryptocurrencies continued on Thursday. The loses with a price of 44,747 dollars 2.52 percent, while the market capitalization shrank to 832.24 billion dollars.
is the biggest loser among the top 10 cryptos with 2.94 percent. The ether is currently changing hands at a price of $ 3,004.10.
The and sell at $ 1.1319 and $ 0.3000, 1.74 percent and 0.08 percent, respectively. Only that can oppose the general downward trend, since it for the ADA by 3.30 percent to 2.1185 dollars.
There are currently no shifts in the ranking of the three most important cryptocurrencies. According to billionaire Kevin O’Leary, it stays that way. He firmly believes that “Bitcoin will always be that of the crypto market, while Ethereum will lag behind in second place.”
That may still be true at the moment, but for how much longer?
Will Ethereum overthrow the King Bitcoin?
Ethereum has long established itself as the second most popular crypto currency. But soon it could be possible that the ether even overturns Bitcoin from its throne.
The performance so far this year is impressive, as it has brought it to a profit of almost 300 percent, while it lags behind with less than 50 percent.
The reason for this is the wide range of possible applications that the Ethereum blockchain offers. Smart contracts are an important factor behind the steady growth. These enable the conclusion of digital contracts, which leads to time and cost savings compared to traditional contract law.
Microsoft (NASDAQ 🙂 is currently developing an Ethereum-based way to prevent the spread of pirated software, which was reported in the article.
The technical approach can even be applied to everyday products. The business with counterfeit goods of any kind could soon be history, which is why the luxury fashion label LVMH (PA 🙂 is also working on a corresponding solution.
Bitcoin itself, on the other hand, is merely an object of speculation, which in the best case scenario serves to finance illegal activities, as the Minneapolis Fed President Neel recently said.
“So far, I haven’t seen a use case for Bitcoin that goes beyond funding illegal activities like drugs and prostitution.”
Nigel Green, CEO of the financial consulting company deVere Group, is fully committed to Ethereum: “The transition to Ethereum 2.0 is a game changer … Ethereum’s rise to the top of the crypto world is unstoppable.”
Will Ethereum really come out on top in the end?
Bitcoin use in El Salvador is taking shape
El Salvador is one of the first countries to accept Bitcoin as an official means of payment. In less than 3 weeks (September 7th) all companies will have to offer BTC as a payment option.
The country’s central bank, Banco Central de Reserva, has now published a first draft of how banks should handle Bitcoin.
Inevitably, it will be necessary for financial institutions to offer their customers wallets, because this is the only way that Bitcoin payment flows are possible at all. The basic requirement, however, is that a corresponding application for the use of wallets has been submitted to the central bank.
And it is precisely this application that has it all. A detailed description of the product offered is required, including information on the target market, the applicable fees, the risk assessment and possible complaint procedures.
It remains more than questionable whether this can even be implemented in the remaining days.
What is certain is that El Salvador is taking a great risk with the introduction of Bitcoin as legal tender. Therefore, the central bank wants real-time access to all Bitcoin transactions in order to be able to pull the ripcord in good time.
The US rating agency Fitch recently announced the risks associated with the government’s plan to free itself from the perceived stranglehold of a cryptocurrency. More information can be found in the article.
To minimize the dangers, it will not be possible to take out loans in Bitcoin or use the BTC stocks for other transactions.
Paid-in bitcoins must always be 100 percent available. For the dollar balances, however, the banks only need to meet the minimum reserve requirements of the central bank.
In addition, customers are informed that the Bitcoin is very volatile, the loss of the private wallet key leads to the loss of the BTC credit and that transactions in the digital currency are irrevocable.
While the Banco Central de Reserva seeks to enforce the government’s Bitcoin law, it also relies on the common sense of customers who, ideally, prefer to use the dollar.
Hackers loot millions of dollars again in Bitcoin, TRON, Ethereum and Ripple
Just last week, the Poly Network was attacked by hackers and temporarily disappeared cryptocurrencies worth over 600 million dollars.
Now it hit the Japanese crypto exchange Liquid, which is missing Bitcoins,, Ethereum, Ripple and ERC-20 tokens worth 80 million dollars.
Liquid customers currently have no access to their coins, as all balances are moved to cold walltes. This is a security measure because it does not appear to be certain whether the attackers still have access to the system.
According to information from Cointelegraph, 107 BTC, 9,000,000 TRX and 11,000,000 XRP were stolen. In addition, there are ETH and ERC-20 tokens worth almost $ 60 million.
Similar to the case of the Poly Network hack, the wallet addresses associated with the attack were published so that other crypto exchanges could blacklist them.
Will the attackers return the millions again?
From Marco Oehrl