Algorand's ALGO token nosedives amid SEC classification and deflating DeFi activity

Algorand's ALGO token price has plunged to new lows following the crypto market's epic crash on Aug. 17. According to CryptoSlate's data, the digital asset fell to an all-time low of $0.08846 last Thursday.

Timeline of Algorand

Algorand's (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset's value plummeted to a historical bottom, and it's currently down by nearly 10% in the past 24 hours.

US-listed exchange Coinbase is reportedly halting trading for RAI Reflex Index (RAI), Dai (DAI), and Tether (USDT) in Canada on Aug. 31, 2023. A Reddit user relayed the official email from Coinbase Canada, stating that this trading suspension results from their ongoing asset review process to ensure adherence to listing criteria.

Welcome to our latest article delving into the dynamic crypto world, where prices and news collide to shape the landscape of digital assets, in this piece, we turn our attention to three prominent crypto projects Tron, Algorand and Litecoin.

The blockchain platform, Algorand (ALGO) is partnering with global philanthropist Clinton Foundation to fight climate challenges. The collaboration will explore inventive approaches to address environmental changes. Leveraging blockchain to solve Climate Change The Clinton Foundation and Algorand will join forces to leverage blockchain to address one of the most pressing issues – climate change.

Algorand (ALGO) is on a bullish rampage today after soaring as high as $0.1185 upon gaining a total of 6.83% over the past 24 hours. Algorand has managed to sustain its growth trend in the trailing seven-day period after printing a total gain of 10.2%.

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading above the key $29,500 level on Tuesday. Ethereum (CRYPTO: ETH) also moved higher, trading above the key $1,800 mark this morning.

Algorand, a state-of-the-art pure proof of stake network, is introducing innovative features that differentiate it from traditional proof of stake networks like Ethereum or delegated proof of stake networks like Cardano, according to John Woods, Chief Technical Officer (CTO) at Algorand. In a recent Twitter Video-call, he explained that Algorand's pure proof of stake mechanism incentivizes individual participation in consensus and decentralizes the network by disincentivizing pooling.

Crypto news: And we kick off this week with the news every XRP maximalist has been waiting for. After more than two years of legal wrangling, Ripple won a (partial) victory in a legal action brought by the Securities and Exchange Commission (SEC).

Algorand (ALGO), among the major cryptocurrencies in the market, experienced a surge of optimism today, mirroring the overall positive sentiment in the crypto space. This wave of optimism was triggered by Ripple's remarkable victory against the US Securities and Exchange Commission.

ALGO stood in a fairly decent position as of 13 July as indicators showed that some accumulation had taken place. Additionally, ALGO's metrics were also in support of a bullish narrative for the altcoin.