Weekly Crypto News: LINK in Top-5 Club & Yam Fiasco

The markets are showing some interesting action, and lots of altcoins are breaking the synchronous swing. However, this week was more interesting in terms of news happening around the market. In this crypto digest, ChangeHero team will update you on the latest crypto news and check the pulse of the Bitcoin price change and altcoins.

Latest Crypto News Highlights

Crypto news on Bitcoin

No week recap about crypto news can go without the Bitcoin digest.

The rally that Bitcoin was seeing for the previous weeks seems to have slowed down. The BTC price got rejected from the $12,000 level on Monday and is now eyeing the resistance from the current price of $11,700. Analysts, at least those who think that BTC is correlated to gold, suggest that the reason for it might be in the drop of the price of the precious metal.

Tech Crypto news

Related to the previous section of the crypto digest is the story of Minsc. This week, Coindesk released the material about Minsc, the new coding language for smart contracts on Bitcoin. Unlike its predecessors, Miniscript and Bitcoin Script, Minsc is even more accessible to users and developers. Its main purpose is to write executable conditional transactions for the Bitcoin blockchain. This will further open the doors for more use cases for Bitcoin apps.

Crypto news on Politics

As the Chinese government made the announcement that they are planning to increase the coverage of the digital yuan testing, the US Federal Reserve also confirmed that they are conducting research into distributed ledger technologies and exploring ways of digitizing national assets. There is no doubt that both governments have political motives in mind, but nevertheless, these projects will definitely bring the blockchain adoption even closer.

Crypto news on Adoption

Cointelegraph reported that the volumes of P2P trading on Localbitcoins and Paxful are reaching the levels previously seen in January 2018. The markets that touched the new all-time highs for volumes are mostly in Latin America and sub-Saharan Africa.

Crypto news on DeFi: the Rise and Fall of Yam

The whole crypto community was shaken as the DeFi project Yam crashed and burned because of a critical bug at a ripe old age of 48 hours since launch. Apparently, the warnings from the official source about the code being unaudited couldn’t stand the competition with FOMO. Let this become a cautionary tale for every member of the community.

Latest Crypto News from Twitter

The YAM fiasco

$YAM looks like a scam... or to be more charitable, fairly transparent pump and dump nonsense.
Projects like this are not going to be good for defi... What am I missing? Are the buyers willing participants in a silly game, or are people alleging actual value? — Erik Voorhees (@ErikVoorhees) August 12, 2020

The signs that Yam was too good to be true were there before the token became known for its dismal fate. Erik Voorhees did try to get the Crypto Twitter to explain it, in case the point missed him, but turns out, not this time.

Crypto Twitter today is Silence of the $YAMS
— Maggie Love II shefi.eth (@melove_07) August 13, 2020

It’s a shame Yam ended so soon, though. The project could have kept generating memes as DeFi projects generate yield.

LINK Marches On

$LINK IS NOW RANK #5 🔥🔥🔥🔥🔥🔥 https://t.co/MAv4oJCZCr pic.twitter.com/wYad39afpS
— ChainLinkGod.eth (@ChainLinkGod) August 12, 2020

Chainlink stormed the crypto news by reaching fifth place in most rankings by market capitalization. The new favorite flipped even the Bitcoin forks that occupied the 5th and 6th ranks for a long time.

Top Cryptocurrencies Price Change

Altcoins are back in the spotlight. Most interesting action has been happening to LINK, but it was already mentioned on this crypto digest. Other interesting altcoins of this week were Tezos, which is preparing for an upgrade, and Algorand.

At the moment of writing, the market’s and top currencies’ dynamics for the last week are the following:

Total Market Cap: $369,281,650,452 (+2.87%);

BTC Dominance: 58.7% (was 60.8%).

Bitcoin (BTC) $11,751.68 (↓0.29%);
Ethereum (ETH) $430.46 (↑9.14%);
XRP $0.298021 (↓2.33%);
Chainlink (LINK) $17.38 (↑74.34%);
Bitcoin Cash (BCH) $297.63 (↓6.99%);
Bitcoin SV (BSV) $215.07 (↓9.68%);
Litecoin (LTC) $57.24 (↓4.14%);
Binance Coin (BNB) $22.14 (↓2.66%);
Tezos (XTZ) $4.20 (↑31.00%);
Stellar Lumens (XLM) $0.107757 (↑0.91%).

Gainers of the week

Algorand (ALGO) $0.748549 (↑102.88%);
Chainlink (LINK) $17.38 (↑74.34%);
Compound (COMP) $212.87 (↑50.65%).

Protip: All of these currencies can be exchanged with ChangeHero_! You can also buy and sell them on our website._

Round-up

In terms of the latest crypto news and events, that was quite an intense week, wasn’t it? Hope you enjoyed this crypto digest from our team! For regular updates, each week, as well as educational and informative content, subscribe to our blog and give us a follow on Twitter, Facebook, Reddit or Telegram.