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Last Updated : August 17, 2022 / 09:56 AM IST
Top cryptocurrency news on August 17: Galaxy Digital backs out of buyout deal, huge demand of Cardano, Dogecoin and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.

Market Buzz
Bitcoin at Rs 19 lakh

Major cryptocurrencies traded in the green early on August 17 as the global crypto market cap declined 0.74 percent to $1.14 trillion over a day earlier. On the other hand, the total crypto market volume over the last 24 hours dropped 17.83 percent to $64.83 billion. The total volume in DeFi stood at $5.15 billion, 8.01 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $59.59 billion, which is 92.69 percent of the total crypto market 24-hour volume. The price of Bitcoin hovered around Rs 19 lakh, with a dominance of 40.06 percent. This was a 0.09 percent decrease over the day, according to data from CoinMarketCap. Read details here.

Big Story
Galaxy Digital backs out of $1.2B buyout deal

Galaxy Digital loomed large on crypto investor radar after Monday’s news it would back out of the $1.2 billion deal to buy BitGo. Galaxy claimed BitGo management failed to deliver audited financial statements. The institutional digital asset services company plans to seek a $100 million break-up fee. News of the Acala hack also continued, as the finance network burned $1.29 billion of its stablecoins that were erroneously minted during a hacking exploit to reclaim aUSD’s peg. And, in a big-picture look at crypto-blockchain markets, a new report forecasts the global fintech blockchain market to reach $8.7 billion by 2026. (Investor’s Business Daily)

Crypto Demand
Crypto giant GNOX confirms huge demand of Cardano and Dogecoin holders after ICO sellout

Recently, Gnox has confirmed that there is a huge demand for Cardano and Dogecoin holders after its ICO sell out. The DeFi project was able to sell all of its tokens in just a few hours, and this is a huge success for the company. This is not only big news for the team at Gnox but is also a huge win for the cryptocurrencies that they currently support. For instance, Cardano which is currently the 8th largest cryptocurrency in the market has a huge following in Japan which is one of the biggest markets in Asia. The same can be said for Dogecoin which also has a huge following in the country. (Analytics Insight)

Digital Currency
Colombia likely to introduce Central Bank Digital Currency

Colombia may introduce a central bank digital currency, the country’s tax agency chief said yesterday. Luis Carlos Reyes, the director of Colombia’s tax and customs agency, DIAN, told Semana magazine Monday that the South American nation’s new government would look to create “a digital currency” that would make “transactions easier for the consumer.” It is the first time Colombia’s government has talked about introducing one. (Decrypt)

The Week on Dalal Street | Weekly wrap of market trends, stock moves & what to look out for!
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