What’s Happening In Crypto Today? Daily Crypto News Digest

__________

Why is crypto down today?

The global cryptocurrency market capitalization dropped 4.2% over the past 24 hours to $2.21 trillion.

Additionally, the total crypto trading volume in the last day is $116 billion.

Only nine coins from the top 100 have seen their prices increase in this time period.

A dog and a cat coin are at the very top.

Dogs (DOGS) is up 26.3% to the price of $0.00154.

Popcat (POPCAT) appreciated 9.1%, now trading at $0.7319.

The rest of this short, green list is up 2.6% and less per coin.

On the other hand, Maker (MKR) fell the most. It’s down 11% to the price of $1,902.

Polygon (MATIC) also saw a double-digit drop, falling 10% to $0.4476.

Other coins on this list are down 9.3% and below.

When it comes to the top 10 coins per market cap, all of them have dropped in the past day.

The biggest drop in this category is Solana (SOL)’s 5.2%. At the time of writing, it’s trading at $147.

Tron (TRX) recorded the smallest decrease of 1.3% to $0.1592-

At the same time, Bitcoin (BTC) is down 3.6%, now standing at $59,859, while Ethereum (ETH) fell 3%, changing hands at $2,521.

The market drop reflects concerns amid Nasdaq’s plans for Bitcoin Index Options, CME’s introduction of smaller Bitcoin futures, and Marathon Digital’s expansion into mining other cryptocurrencies beyond BTC.

Meanwhile, at the end of July, assets invested in crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) hit a new high of $91.69 billion.

MakerDAO Rebrands to Sky, Introduces USDS and SKY Tokens

In crypto news today, popular DeFi lending protocol Maker has rebranded to Sky and revealed the names of its upgraded stablecoin USDS and native governance token SKY.

According to the press release shared with Cryptonews, the upgrade “enables access to the core features of the Sky ecosystem, providing users with enhanced functionality within the new protocol structure.”

From September 18, the DAI stablecoin holders will be able to upgrade to USDS.

At the same time, SKY will serve as “the upgraded version” of the MKR governance token. Each MKR can be upgraded to 24,000 SKY.

That said, the update will be voluntary, as both DAI and MKR will remain in existence.

Besides USDS and SKY, the team will launch an independent new Sky.money website and app to provide non-custodial access to Sky protocol and features.

DeFi features such as token activation rewards and the Sky Savings Rate will not be available in all jurisdictions.

Meanwhile, Maker SubDAOs will now be called Sky Stars, functioning as specialized, independent decentralized projects with their own autonomy and business models but connected to the Sky ecosystem.

They may have their own governance token, governance processes, treasury, and community.

The first Sky Star to go live is the DeFi protocol Spark.

Hyperway and peaq Build Connectivity DePIN for Cargo Drones and Air Taxis

Hyperway, a Web3 project by DroneDash, has joined peaq , a layer-1 blockchain for DePIN and Machine RWAs (real-world assets), to decentralize connectivity for air and maritime traffic.

According to the announcement, as part of this integration, Hyperway will build the software needed to connect 5G and satellite ground relays with peaq.

Furthermore, it will build smart contracts that will reward the owners of such stations. The rewards will be in the form of tokens and based on how much bandwidth the drones have used.

Hyperway will also integrate peaq-compatible digital wallets into the DePIN and run a restricted public trial, which will include DePIN-powered, real-world drone flights.

“Leveraging peaq IDs and peaq’s other Modular DePIN Functions, Hyperway will launch its token natively on peaq and enable the community to buy peaq-powered ground relays,” the announcement said.

Hyperway is building a DePIN of community-owned ground-based connectivity stations working as highways for drones, air taxis, autonomous cargo ships, and other transport.

Additionally, it is actively working with four governments in Asia to enable community-powered autonomous shipments.

It has also signed a major partnership with the Malaysian state of Sabah earlier today. As part of the agreement, the Hyperway project will enable critical drone infrastructure to support cargo drone operations for the agriculture sector, it said.

Mercuryo Launches On-ramp Service on Ninji Wallet

In other crypto news today, global payments infrastructure platform Mercuryo has launched on-ramp services on Ninji Wallet , the first crypto wallet in the Injective ecosystem.

According to the press release, the collaboration is “a pivotal moment in enhancing Ninji Wallet’s capabilities.”

Mercuryo will provide it with intuitive payment solutions designed for the Web3 space.

At the same time, Ninji Wallet will enable users to seamlessly buy the Injective (INJ) token using the Mercuryo on-ramp service.

Arthur Firstov, Chief Business Officer at Mercuryo, commented that both teams share the vision of “bringing the safety and simplicity that is needed” for mass adoption of Web3 technologies.

Meanwhile, Mercuryo said it provides various payment solutions and seamless on-chain integration, aiming to simplify the experience for digital space newcomers.

Additionally, it combines many payment solutions into a single interface, said the press release.

__________

For the latest crypto news updates, bookmark this page and subscribe to our newsletter!