This Month in Crypto: August Review

Last Month in Crypto: August Review

Boluwatife Akande

August, a pivotal month in the crypto universe, often sets the tone for the rest of the year. This time around, the outlook appears remarkably positive. In this whirlwind of crypto news, let's dive straight into the most exciting highlights.

Ethereum's Eight-Year Reign

Before we even set foot in August, we celebrated Ethereum's 8th birthday. Born in 2018 under the visionary leadership of Vitalik Buterin, Ethereum has ascended to become the second-largest cryptocurrency globally, boasting an estimated market capitalization of over $204 billion. Is Ethereum one of your cherished crypto assets?

Bitcoin's August Adventure: Peaks and Valleys

August was no ordinary month for Bitcoin, a cryptocurrency that's had its share of surprises this year. We witnessed Bitcoin scale remarkable heights, reaching 31K, only to experience an adrenaline-pumping dip to 23K within the same month. Yet, amidst this rollercoaster ride, there was an unexpected twist - Bitcoin displayed a surprising level of stability. With a volatility rate of just 41%, Bitcoin proved to be less turbulent than some conventional assets, including oil.

El Salvador's Ongoing Crypto Odyssey

El Salvador continues to cement its status as a crypto pioneer. This time last year, the nation's president declared Bitcoin as legal tender, allowing it to be used for everyday purchases. Fast forward to this year, and the president has unveiled a bold initiative the Bitcoin Beach community-led: incorporating cryptocurrency education into the school curriculum for youngsters as young as 12. Talk about fostering crypto literacy from a tender age!

Dubai's Vision for Web3 Dominance

Dubai is solidifying its reputation as the ultimate hub for technological innovation in the realms of Web3 and cryptocurrency. A newly proposed bill aims to incentivize startups in the Web3 and artificial intelligence (AI) sectors by subsidizing licenses for these pioneering companies. If you're nurturing dreams of launching a Web3 startup, Dubai offers a nurturing environment for your aspirations.

XRP's Triumph Post-Court Victory

Following a victorious courtroom battle, XRP is basking in the glory of its win. Despite a rocky start to the month, XRP has inched closer to the 200,000 mark in terms of active addresses, recording a whopping 189,349 on August 8, 2023. This achievement serves as a testament to the unwavering support of the XRP community.

Circle Ventures into Web3 Waters

Circle, the brains behind the formidable USDC stablecoin, is making significant strides into the realm of Web3. Their latest venture, a game-changing Web3 wallet named 'Programmable Wallet,' marks their inaugural foray into this space. Circle envisions this project as a catalyst for simplifying and democratizing the Web3 landscape, making it accessible to a broader audience.

USDT's Rock-Solid Backing

The stablecoin USDT (Tether) dominated the Q3 headlines with exceptionally positive news. Tether, a stalwart in the world of stablecoin issuance, reported robust profits for yet another quarter. Impressively, it was revealed that USDT now boasts substantial reserves exceeding $3.3 billion, firmly dispelling any notions of cryptocurrencies lacking backing.

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