Cryptocurrency update: Solana gains 13%; XRP slips 6.3%

Nine of the top 10 cryptocurrencies were trading in red on August 27. Solana was the only crypto that gained 13.51% to $79.86, highest jump among peers. On the other hand, XRP declined 6.31%, and was trading at $1.07. The biggest and the oldest cryptocurrency Bitcoin declined by 2.20% to $46,712 levels in the last 24 hours. While the second largest virtual token, Ethereum also decreased by 1.81% to $3,086.92.

Cryptocurrency prices

*All prices as of 27 August 2021, at 9:45 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.16

ISO norms for crypto trading

Digital Token Identifiers (DTIs) are being launched from September to track the movement of cryptocurrencies according to the norms of International Organisation for Standardisation (ISO). Bitcoin, Ethereum and other digital tokens will be taking one of their biggest steps towards legitimacy from September, Business Insider reported on Thursday.

DTI is a non-profit organisation formed by a company called Etrading software which provides market infrastructure for crypto trading. They would be similar to the unique identifiers placed on assets trading on regular markets like stocks and derivatives. This would allow regulators to track assets and quantify risks involved in trading.

Economic turbulence pushes Afghans to hold on to cryptocurrencies

Amid the economic crises triggered by the Taliban’s hostile takeover, the citizens of Afghanistan are relying on their cryptocurrency holdings that would guarantee the safety of their wealth, though it won’t help them purchase anything immediately.

Cryptocurrency investment is fairly a new concept in Afghanistan. According to the Chainalysis 2021 Global Crypto Adoption Index, the country was ranked 20th out of the 154 countries that participated in it. Last year the country did not even make it to the list. This indicates the country’s rapid adoption of digital coins.

This year, Afghans started investing in cryptocurrencies owing to the fear of economic crises, as the Taliban started to take control of the country, data showed.

Web searches for Bitcoin and other cryptos in the country have seen a spike in July just weeks before the Taliban coup in Kabul, according to Google trends data.  However, the exact number of searches cannot be determined as the tool only calculates the measure of interest and not actual numbers.