Crypto market update: BTC falls to $47,000

Dominic Cummings, the former chief adviser to Boris Johnson, has tweeted about cryptos again

A single bitcoin                                 
Bitcoin has fallen to $47,000 – Photo: Shutterstock

According to, bitcoin (BTC) ended yesterday at $47,682 after falling 3.68% during the day. The lead cryptocurrency price is now $47,288. Bitcoin had a strong start to the week, breaching the $50,000 mark on Monday 23 August.

The volume of BTC has dropped by 10.23% over the past 24 hours. Only the stablecoin USD Coin (USDC) was up today out of the top 10 cryptos, according to CoinMarketCap.

BTC was down 4.38%, while ethereum (ETH) was also down, falling 6.31% to $3,128. Cardano (ADA), which had recently become the third most-valuable crypto, was down by 9.10% to $2.65.

USDT was down by 0.02% but was still valued at $1, with ripple (XRP) down 9.96% to $1.12.

Dogecoin (DOGE) was down 10.47% to $0.28 while USDC was up by 0.02% to $1.   

Dominic Cummings tweets on crypto again

Former chief adviser to UK prime minister Boris Johnson, Dominic Cummings has tweeted about cryptos again.

Cummings’ tweet was in response to Balaji Srinivasan, a bitcoin Venture Capitalist, who pointed out that an “aspect of crypto is that it enables automated accounting, and therefore much more complex models for economic alignment”.

Srinivasan’s tweet was in response to Ryan Hoover, founder of Weekend Fund, an early-stage fund, whose tweet said: “The majority of the world (or at least US) is paid by the hour, a wildly inefficient system for rewarding output/impact.”

Cummings, in reply to Srinivasan’s tweet, said: “Think this is very very unappreciated in policy circles & there will be many start-ups solving government problems based on this.”

In June, Cummings tweeted about the crypto helium (HNT). The crypto started off the year at $0.40 and has since rocketed to $21.54.

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According to CoinMarketCap, HNT, which launched in 2019, ”is a decentralised blockchain-powered network for Internet of Things (IoT) devices”.

Biggest risers and fallers

The biggest riser of the day was Quant (QNT), which rose 4.87% to $192. CoinMarketCap said QNT was “launched in June 2018 with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network”.

Coming in second was Horizen (ZEN), which rose 3.56% to $82. According to CoinMarketCap, ZEN “is an interoperable blockchain system, supported by a decentralised node infrastructure”.

Avalanche (AVAX) came in as the third biggest riser of the day. With a 2.22% increase to $50.37. AVAX ”is the first smart contracts network to offer transaction finalisation in under one second as standard”.

The biggest faller of the day was Terra (LUNA), which fell by 15.57% to $28.67. According to CoinMarketCap, LUNA ”is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals.”

The second biggest faller of the day was Hedera Hashgraph (HBAR), which dropped by 15.56% to $0.24. HBAR ”is the trust layer of the internet. Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralised applications (dApps).”

The third-biggest drop of the day was Telcoin (TEL), which fell by 14.87% to $0.02. TEL “is the native medium of exchange, reserve asset and protocol token of the Telcoin user-owned, decentralised financial platform”.

All prices are correct as of 11.12 BST (UTC -1).

Bitcoin to US Dollar
Daily change
Low: 29028.3
High: 29840.5

Further reading: Crypto market update: BTC slips back to $49,000

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