Crypto Flipsider News – September 9th – Solana Now 6th VS XRP + Algorand, OpenSea Bug ETH, Ukraine BTC + Georgia [U.S. state] Miners, and IOTA EU blockchain

Read in the Digest;

Solana Now 7th Biggest Crypto Vs Algorand’s Flight to 17th
Bug in OpenSea Wipes $100,000 In Ethereum NFTs
Ukraine Legalizes Bitcoin + Bitmain Brings 56K Bitcoin Miners to Georgia
Iota Foundation to support EU Blockchain Initiative

Solana Now 6th Biggest Crypto Vs Algorand’s Flight to 17th

While the crypto market has been experiencing one of the sharpest declines of the year, one asset has stood out: Solana. Launched just 18 months ago, Solana has rallied over 18,000 percent, now ranking as the 6th largest cryptocurrency after overtaking XRP.

SOL is now trading at $207.5575 after jumping by 49% in five days. Source: TradingView

While Solana’s ascension as the 6th largest cryptocurrency has stolen headlines, it is nothing to be compared to the sudden flight of Algorand. Algorand’s remarkable performance has seen it claim the 17th position in the crypto rankings.

The sharp rise of Algorand (ALGO) over the last five days. Source: TradingView

What is more impressive about Algorand’s rise is that it comes when many cryptocurrencies are dropping sharply, especially over the last 48 hours. In the previous 24 hours, Algorand (ALGO) has gained over 35% and now has a market cap of $11.06 billion.

Flipsider:

Solana and Algo’s rise comes amid the early stages of recovery, with many altcoins regaining their footing after correcting by 20% to 30% on Sept. 7

Why You Should Care

Despite the market sell-off, there are still cryptocurrencies in the market that are performing well. For the latest market crash, it has been called a temporary flash crash instead of something more protracted.

Bug in OpenSea Wipes $100,000 of Ethereum NFTs

NFTs are currently the flavor of the month, even challenging Bitcoin as a store of value. This time, they are in the news for another reason.

According to reports, a bug in OpenSea, the online non fungible token auction house, has accidentally burned or destroyed at least 42 NFTs worth a minimum of $100,000.

Nick Johnson first noticed the issue, the lead developer of the Ethereum Name Service (ENS). The bug in OpenSea’s transfer page burned the NFTs that users tried to transfer to an Ethereum wallet using an ENS name over 24 hours.

A frantic call to @OpenSea later, it transpires I was the first and apparently only victim of a bug introduced to their transfer page in the past 24 hours, which affected all ERC721 transfers to ENS names. Ownership of rilxxlir.eth is now permanently burned.
— nick.eth (@nicksdjohnson) September 7, 2021

Flipsider:

Some of the affected users have complained about the situation, asking OpenSea for a response and compensation
OpenSea has reached out to “the small number of users” who were affected by the issue

Why You Should Care

While the bug in OpenSea is something of concern, the auction house remains the single hottest platform for purchasing NFTs right now. OpenSea recorded over $3.4 billion worth of transaction volume in August alone

Ukraine Legalizes Bitcoin + Bitmain Brings 56K Bitcoin Miners to Georgia

Following El Salvador’s legalization of Bitcoin as a legal tender, Ukraine is the latest country to legalize Bitcoin. In our recent coverage of the worldwide adoption of cryptocurrencies, Ukraine was ranked as the fourth top adopter of cryptos.

Since the start of August, Ukraine has been the fifth country to lay down favorable rules for regulating the cryptocurrency market. The law was passed after a near unanimous vote in the Ukrainian Parliament.

A similar trend continues in Georgia, where mining giant Bitmain will bring 56,000 of its latest Antminers to the southeastern U.S. state of Georgia. The influx of mining rigs is part of a three-way deal between ISW Holdings, crypto mining datacenter Bit5ive, and Bitmain.

The $62 million deal will see the completion of mining farms in Georgia by October 2022. When fully established, the new miners will consume up to 200 megawatts. However, it will generate up to $10 million monthly revenue for ISW Holdings.

Flipsider:

Ukraine did not journey down the same route as El Salvador to adopt Bitcoin as legal tender
Ukraine’s crypto law does not facilitate the rollout of Bitcoin as a form of payment or put it on the same level as its national currency, the Hryvnia

Why You Should Care

The legalization of Bitcoin in Ukraine shortly after El Salvador shows that cryptocurrencies are slowly but steadily going global. This is a sign that governments around the world realize that Bitcoin is here to stay.

Iota Foundation to support EU Blockchain Initiative

Iota Foundation, creators of IOTA, the revolutionary distributed ledger and cryptocurrency designed for the Internet of Things, has been chosen to support the early-stage innovation of a European blockchain venture.

Iota Foundation will be working with six other enterprises on methods of increasing the efficiency and the European Blockchain Services Infrastructure (EBSI). EBSI is a network of blockchain nodes across Europe. The first stage will see the seven enterprises design new DLT solutions to improve the scalability, energy efficiency and security of EBSI.

If Iota Foundation is selected for the next phase, it could be involved in developing and testing core European services. Being part of the European blockchain initiative is expected to give Iota a platform for growth.

Flipsider:

IOTA is just recovering from the market crash that hit the crypto industry
While IOTA is up by 3.4% over the last 24 hours, over the last five days, the coin is down by 19.97%

The five days price chart of Iota (IOTA). Source: Tradingview

Why You Should Care

IOTA is one of the most innovative crypto projects, revolutionizing distributed ledger technology with its Tangle network. In addition to working with the EU, the Iota Foundation has collaborated with the Japanese government on an artificial intelligence and DLT crossover project.