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Crypto News of the day (13.8.) | Crypto Exchange Bitfinex Has 5 Hours Outage • Coinbase Plans Cash Loans for Americans • and More News

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Welcome to crypto news of the day 13.8. We have prepared for you an overview of the most important things that happened during the last day in the cryptoworld and crypto market.

crypto news of the day
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Markets

The total market capitalization is now $ 352.5 billion. The top ten cryptocurrencies were green in the last 24 hours, with ChainLink (LINK) and Ethereum (ETH) being the best players with 29 and 6 percent gains, respectively. At the time of writing, Bitcoin traded for $ 11,400, while Ethereum traded for $ 388. Markets are now rather losing slightly. However, the mood in the markets is still in the Greed area at 75 points.

You can monitor the current prices of cryptocurrencies here.

Last crypto news of the day (12.8.) here.

Cryptocurrency Exchanges, Banks, Companies

Square reportedly tests short-term loans in the Cash App

Square is testing a new feature on its Cash App that will allow users short-term loans of up to $ 200. Cash App, an application for peer-to-peer payment services, allows users to transfer money to other users using a mobile application. According to a TechCrunch report, the company is currently testing the feature with approximately 1,000 users, but plans to expand it. The application offers users loans for amounts between 20 and 200 USD. Users will have four weeks to repay and the flat fee is 5%. If users are unable to repay the loan, they will receive another weekly period, after which the application will start charging them an interest rate of 1.25%.

Crypto exchange Bitfinex had a 5-hour outage, clients’ funds were not in jeopardy

Bitfinex has been offline for more than five hours and did not initially confirm when it would be operational again. According to a August 12 tweet released by the exchange, Bitfinex has officially stopped trading at 20:25 UTC. The status page was still online at the time, stating that the exchange was investigating reduced performance issues on the platform. “The cause has been identified and we are working to resume business activities,” Bitfinex crypto-exchange announced in an update tweet. “All funds are safe.”

Coinbase is planning cash loans for Americans with collateral at BTC

US crypto axchange Coinbase announced on Thursday that Coinbase users can borrow cash loans for up to 30% of their bitcoin shares. This feature will be phased in to include all US states.

Coinbase leaves the Blockchain Association shortly after Binance.US joins

Coinbase resigned from the Blockchain Association shortly after the business group welcomed its newest member, Binance.US. Coinbase, led by former group executive director Kristen Smith, presented a letter on August 11 outlining her decision to resign immediately.

DeFi

Yam collapsed from $ 60 million to zero in 35 minutes after reporting code issues

The DeFi token YAM did not start until Tuesday, however, its code was not properly checked and the developers only reported a major bug in the code just two days later. At the last minute, an attempt to save the protocol failed, and co-founder Brock Elmore declared the project dead at 08:01 UTC. The market capitalization of the Yam token fell to almost zero only a few tens of minutes later. The team has announced a plan to migrate to YAM 2.0, no further information is known yet, and the price of the token is now around $ 1, a decrease of 98%.

DeFi hype has driven fees in the ETH network to ATH

The average Ethereum transaction fee reached $ 6.04 on Wednesday night, according to Blockchair, the highest since 2015. The median transaction fee, which remained just below historical highs of $ 3.03, is currently $ 3.00. Fees ranged below $ 1 until mid-July, when transaction fees began to rise sharply. The fee increase coincides with sharp activity on popular decentralized financial protocols such as Uniswap. At least three similar decentralized financial applications are included in the list of protocols with the highest levels of network usage managed by Etherscan.

Thank you for your time and reading crypto news of the day.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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