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Happy Friday! This is Billy Bambrough, getting you up to speed with the latest crypto news and analysis.
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24-hour crypto market snapshot
Flying too close to the sol 🌞
Cryptocurrency prices are again surging higher this morning, with the notable and interesting exception of bitcoin which has completely stalled at $50,000.

The bitcoin price added 30% through August as confidence returned to the crypto market but attention has now almost entirely turned to so-called alt coins, with some smaller cryptocurrencies making huge gains and pushing the combined crypto market toward its all-time high of almost $2.5 trillion.

Now read this: Why bitcoin’s price got stuck at $50,000

Among the rest of the crypto top ten by value, solana's sol token is yet again leading the market higher and rocketing up the charts. Solana is now the seventh-most valuable cryptocurrency with a market capitalization of over $40 billion and is closing the gap on rival ethereum competitor cardano. Solana has added a blistering 300% since this time last month and adding to gains of almost 4,000% on this time last year.

Ethereum looks set to break back above $4,000, nearing its all-time high of $4,400 per ether, while cardano's ADA is bobbing around its all-time high of $3. As well as bitcoin, Binance's BNB has also failed to rally along with some other major tokens in recent weeks and appears to have stalled at around $500 per BNB.

"Just bought my first ETH! Let’s do this." - Reese Witherspoon

Elsewhere, chrono.tech's time token, a cryptocurrency geared toward the labor market and ranked 842nd on CoinMarketCap, has this morning surged higher after Tesla chief executive a market-mover Elon Musk tweeted: "Time is the ultimate currency." Don't expect its gains to hold.

Making waves on Twitter: The threat from the illiberal left
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Poll: Salvadorans dislike bitcoin 👎
Bitcoin signage outside a shop in El Zonte, El Salvador
Bitcoin signage outside a shop in El Zonte, El Salvador © 2021 Bloomberg Finance LP
Public opinion: With El Salvador set to formally adopt bitcoin as legal tender in under a week, a poll has shown most Salvadorans disagree with the move. Almost 70% (67.9%) of the nearly 1,300 people surveyed by the Central American University (UCA) either disagreed or strongly disagreed with using bitcoin as legal tender. Just over 32% of people said they agree on some level.

Bitcoin for all: The poll, first reported by Reuters, revealed 9 out of 10 people did not have a clear understanding of bitcoin and 8 out of 10 said they had little or no confidence in its use while a majority said they thought that the main beneficiaries of bitcoin’s adoption would be wealthy elites, such as the government, business leaders and foreign investors.

Sea-change: "What we can see in this survey, in addition to this broad rejection of the implementation of bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and decisions being made by the Legislative Assembly and the president," said UCA dean Andreu Oliva.

Catch up: El Salvador’s government voted to adopt bitcoin as legal tender in June and it will take effect on September 7, with the plan spearheaded by president Nayib Bukele. It was recently confirmed that bitcoin’s use would not be mandatory, in contrast to the original law, which stipulated that all economic agents must accept bitcoin as a form of payment.

Why it matters: It's hoped the country's bitcoin adoption will boost jobs and economic development by making El Salvador less reliant on U.S. dollars. Other countries in a similar position in the region are closely watching the experiment and could follow suit if it's successful.

Now read this: Using bitcoin as legal tender
Asset manager seeks bitcoin and crypto experts
💕 Franklin Templeton, an asset manager with a balance sheet topping $1.4 trillion, is the latest investment company to court crypto professionals.

💼 The company, one of the world’s largest independent asset managers, posted job ads on LinkedIn this week looking for two medium to senior level experts to lead its crypto trading and research efforts.

🎯 Franklin Templeton’s newly opened crypto positions target professionals who work with the "largest, most liquid and tradable crypto assets," including bitcoin and ethereum.

Now read this: Money, not morals, is the new gaming panic

hello world
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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