Cryptocurrency update: Cardano drops 2.9% despite Alonzo Hard Fork update

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Bitcoin, the biggest and oldest cryptocurrency fell by 2.20% to $48,204.42-levels on August 25. Ethereum, the second-largest virtual token, also declined by 3.17% to $3,204.30. All the cryptocurrencies were trading in red on Wednesday, with Solana showing the highest decline of 6.16% among the top cryptocurrencies.

The world’s third-largest cryptocurrency Cardano declined by 2.91%, and was trading at $2.78. This comes after the crypto announced an update called Alonzo Hard Fork.

Alonzo’s update is divided into three phases, Blue, White and Purple. Following this, there would be Alonzo Red and Alonzo Black, which would fix any bugs and add more users to the network.

Cardano was also dubbed as the competitor of Etherium, which is in the midst of a transition from proof of work to proof to stake blockchain network.

Cryptocurrency prices

*All prices as of 25 August 2021, at 8:35 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.18

Visa enters NFT space by buying CryptoPunk

Credit card giant Visa has acquired digital asset platform CryptoPunk for nearly $1,50,000 in Ethereum. This marks the company’s foray into the Non-Fungible Token (NFT) space, CNBC reported on Tuesday.

Launched in 2017 by Larva Labs, CryptoPunks are a set of 10,000 pixel-art images, with each one being a uniquely generated character. The company has purchased CryptoPunk 7610.

Many companies are entering the NFT space. Digital artist Beeple sold Christie’s image for $69 million, earlier this year. Twitter CEO, Jack Dorsey’s first tweet was converted digitally and sold for $2.9 million, on March 22.