Cryptocurrency update: Polkadot adds 3.5%; Solana jumps 5.9%

Bitcoin, the biggest and oldest cryptocurrency, gained by 3.76% to $48,969.00 levels on August 21.  Ethereum, the second largest virtual token, also increased by 0.63% to trade at $3,253.44. All the major cryptocurrencies were trading in green, with Polkadot going one place higher, overtaking USD Coin and becoming the eight largest cryptocurrency in the world. It gained by 3.54% and was trading at $27.64. Solana showed the highest gain in terms of percentage, with an increase of 5.96%.

Cryptocurrency prices

*All prices as of 21 August 2021, at 7:00 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.30

China’s central bank to show zero tolerance towards cryptocurrency

The People’s bank of China is going to show zero tolerance towards cryptocurrency, following an advisory sent by the bank’s Shenzhen branch.

The South China Morning Post reported that the central bank has taken cleansing operations of 11 companies that used to deal with cryptocurrencies in the Shenzhen region. However, the authorities have not divulged finer details of how the issue was dealt with.

Shenzhen is a global resource centre for computer hardware that includes cryptocurrency mining equipment. In recent times, this region developed into one of the key bases for China’s digital token investment community, the report adds.

As a global economy, China had sensed danger from crypto to its economy and money market following traders going overboard with their passion for the digital currency.

The authorities had apprehensions that if allowed to grow, cryptocurrency would be a threat to the financial stability of the country. They had targeted Bitcoin and other digital tokens.

Japanese crypto exchange Liquid hacked

Liquid, a Japanese cryptocurrency exchange, said on Thursday that it got hit by a cyberattack in a theft estimated at around $94 million worth of Ethereum and other digital coins. Liquid ranks among the top 20 cryptocurrency exchanges worldwide in terms of daily trading volumes, according to CoinMarketCap data.

Liquid posted on Twitter “We are sorry to announce that LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet. We are currently investigating and will provide regular updates. In the meantime, deposits and withdrawals will be suspended.”

This is the second hack in the week. Before this Poly Network, became the victim of the largest cryptocurrency heist when the hacker exploited the vulnerabilities in the platform and stole $610 million worth of cryptocurrency assets.