Latest Crypto News: Coinbase Smart Wallet Soar, Monero Face 51% Attack

The global cryptocurrency market cap is $4.06 trillion, up by 0.2% in 24 hours. Daily trading volume reflects $109 billion, with Bitcoin dominance at 57.5% and Ethereum’s at 13.3%.

The total number of cryptocurrencies as of now is 18,200 being tracked. This shows the market is active. The largest gainers in the crypto industry are Polkadot and the XRP Ledger Ecosystem.

Major Crypto Events Today

Source: Forex Factory

24 Hour Crypto Update

Bitcoin trades at $117,283, with a slight decrease of 0.1% in the past 24 hours. With a massive $2.37 trillion market cap and $22.05 billion trading volume, BTC remains the dominant player with a 57.5% share of the global crypto market.

Top trending Coins in 24 hours: Auto (AUTO) is priced at $400.4 with a massive trading volume of $1,475,231, showing no price change but a staggering TV spike of over 5839%. Chainlink (LINK) trades at $25.94 with a TV of $2.69 billion, reflecting a strong 14.6% increase. Solana (SOL) sits at $189.37, trading $4.46 billion, staying relatively stable with a 0.4% increase.

Top Gainers: Auto (AUTO), priced at $400.4, recorded a trading volume of $1,475,231 and an unbelievable 5839% surge, making it the day’s biggest gainer. Bio Protocol (BIO) is valued at $0.1319 with $2 million in TV, rising 29.6%. CLANKER trades at $60.33, showing $18.7 million in TV with a 23.3% gain.

Top Losers: Codatta (XNY) fell to $0.01638 with a trading volume of $80,225,074, dropping 32.5% in the last 24 hours. GXChain (GXC) is priced at $0.6174 with a low TV of about $65,384, losing 16.9%. Graphite Protocol (GP) trades at $1.29 with $6,022,918 in TV, declining 14.8%.

Stablecoins collectively hold a $284 billion market cap, which reflects a modest 0.1% change in the last 24 hours. Their trading volume reached $82.09 billion.

The Defi market cap stands at $170.20 billion, marking a 1.4% increase in the past 24 hours. DeFi’s dominance over the global crypto market is 4.2%, with a 24-hour trading volume of $8.60 billion.

Fear And Greed Index Today

Source: Alternative me

Bitcoin Fear & Greed Index is now 60 (Greed) compared to 64 yesterday and much lower than it was last week, 70. This has been within the Greed zone during the last month, which is not as great as it was previously, but a good indicator of bullish sentiment and maintained investor confidence.

Major Crypto Market News

Coinbase Smart Wallets have exceeded 1 million users, fueled by the launch of the Base app, which simplifies signup through passkey authentication and free gas incentives. On August 16, 270,000 new wallets were created, with nearly 26% added this month. Although this shows increasing DeFi adoption, critics say that the wallets are still centralized because of the sequencer model used by Base, which brings the question of actual decentralization.

Jason Zhao has left Story following its $130M fundraise and token launch to work on his new AI startup Poseidon, working with legally cleared training data. His departure elicited a local outcry against the absence of real products at Story, which is reflective of broader frustrations with Web3 project failures. Poseidon, though, is part of an increasing trend towards AI-Web3 convergence, which may be an indication of changing priorities in the industry in the long term.

This fall, Japan will approve yen-backed stablecoins through the Financial Services Agency, spearheaded by fintech company JPYC. JPYC is an important step toward the 2025 digital finance objectives of Japan. This follows USDC's approval in March. Unlike the stricter U.S. " Genius Act, " Japan’s regulatory stance may boost its crypto competitiveness. BIS research says stablecoins could cut cross-border payment costs by 30%, despite yen volatility concerns.

The majority hash rate by mining pool QUBIC has caused a 51% attack on Monero , which has brought significant security concerns to the point that Kraken has suspended Monero deposits. As long as withdrawals and trading are taking place, deposits are on hold until stability has been established. The hack highlights weaknesses in Monero's ASIC-resistant RandomX algorithm and renews the discussion of decentralizing mining power by using solutions such as P2Pool.

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