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	Good Monday morning. This is Billy Bambrough, getting you up to speed with the latest from crypto-land.

24-hour crypto market snapshot

$48,093

$3,196

$478.94

$101.69

Solana summer 😎


	Cryptocurrency prices are tracking lower this morning after a broadly quiet weekend. The bitcoin price has remained stubbornly under $50,000, trading around $48,000, with ethereum looking comfy at just over $3,000 per ether—where it's been for almost all of August. However, smaller coins are keeping traders on their toes with far more volatility than the biggest two cryptocurrencies. Ethereum rivals solana and Binance's BNB are moving in different directions with solana continuing to soar during the last 24 hours and adding to huge gains over the last week. Solana's sol token has risen more than 200% through August, rocketing a further 8% since this time yesterday. Binance coin has dipped however, dropping away from $500 per BNB. Good to know: Twitter and Square’s Jack Dorsey is planning a decentralized bitcoin exchange Solana's rally above $100 for the first time comes as after the project's official Twitter account tweeted a a teaser video featuring a purple flamed lighter along with a countdown to August 31 that some think could be a token burning event. The so-called Ignition teaser came with a caption that read: "The sky’s the limit. What will you launch," sparking speculation of a drive toward decentralized app development and and non-fungible tokens (NFT) creators. Elsewhere, the highly-volatile ICP token of the internet computer blockchain has bounced by almost 10% on this time yesterday, breaking with the wider crypto market. After surging then tanking following its launch this year, ICP has rallied around 60% over the last month. Now listen to this: How solana and pyth aim to take DeFi to the next level

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⏲️ El Salvador counts down to bitcoin...



	El Salvador will adopt bitcoin as legal tender on 7 September SOPA Images/LightRocket via Getty Images

We're just over a week away from El Salvador's official adoption of bitcoin on September 7, the world's first country to adopt cryptocurrency as legal tender, and tensions are rising.

Catch up: The plan, announced just months ago at Miami's 2021 bitcoin conference, has been spearheaded by the country's president, Nayib Bukele and is based on the Bitcoin Beach project of El Zonte, a surf town with about 3,000 residents that all were given a small amount of bitcoin and encouraged to use it in 2018. Bukele, whose active Twitter presence resembles an amalgamation of Donald Trump and Elon Musk with a sprinkling of millennial-memery, has pumped out posts promising salvation through bitcoin adoption but has been notably light on detail and specifics.

High hopes: This month, Bank of America analysts predicted bitcoin adoption could reduce the cost of the country's cross-border transactions, ramp up digital penetration, and attract foreign investment from those that want to climb aboard the bitcoin bandwagon. "Bitcoin will take El Salvador into the future," reads one Bitcoin Magazine headline.

But but but... Others have been far more skeptical, with the ratings agency Moody’s downgrading El Salvadoran debt over fears of "weakened governance" and the International Monetary Fund (IMF) publishing a blog post in July that highlighted the risks of adopting crypto as national currency and calling it "a step too far." Research by Johns Hopkins University found the cost of remittances via bitcoin will be higher than traditional methods, and a July survey found that nearly two-thirds of El Salvadorans would not be open to accepting payment in bitcoin.

Cool, cool, cool: A digital wallet called Chivol—local slang for "cool"—is in development and will have $30 worth of bitcoin uploaded to each account as an initial balance. Transactions in bitcoin will be exempt from capital gains tax, and foreigners investing three bitcoin in the country, worth around $120,000, will be granted residency. CABEI, the regional development bank, is giving El Salvador technical assistance with bitcoin implementation.

Sign of the times: On Friday, protests against bitcoin adoption broke out with hundreds of demonstrators taking to the streets of San Salvador to voice their concerns about the use of cryptocurrency to pay for pensions and welfare. Protesters held up signs saying "Bukele we don't want bitcoin" and "no to corrupt money laundering," it was reported by Reuters.

Now read this: Scepticism grows in El Salvador over pioneering bitcoin gamble

... as crypto fever spreads


	🏧 The first cryptocurrency ATM landed in Honduras last week as countries throughout central and south America watch El Salvador's plan to adopt bitcoin for signs of success. 🙇‍♂️ The ATM supports both bitcoin and ethereum and its owner, TGU Consulting Group, said it will roll out additional machines if the service proves popular. 📝 Elsewhere, Panama lawmakers have proposed draft bills that would regulate the use of bitcoin and its status as a legal tender.

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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