Crypto News | A huge cryptocurrency drop

In today’s review, we’ll present the current situation on the cryptocurrency market. There has been some turmoil there in the last couple of days, so we have to keep our eyes on the situation and be informed all the time. The first phenomenon we’d like to emphasize in our analysis is a huge cryptocurrency drop that happened. As we can see from the latest data, the most important currency – Bitcoin – fell below $6,000 earlier this morning, but has since somewhat recovered. This price is Bitcoin’s 12-week low. Besides the price, its market capitalization is falling as well – it fell around 22 percent on a 24-hour basis. As for the other aspects of this cryptocurrency drop, Litecoin, Bitcoin Cash, Ripple and Ethereum also had bad results. Ethereum fell 5.7%, Litecoin 4.7% and Ripple went down by 3 %. According to experts, this is the consequence of turmoil on the global financial market, with US equities going through the biggest bull run in history. Also, some of the most important shares on Asian market have been falling big time (Nikkei, Shanghai Composite).

Besides the news on the fall of prices of cryptocurrencies we bring you some other news from the industry. Lino, a startup from Silicon Valley, received big amount of money from Zhenfund, a well-known Chinese seed investor, in order to take on YouTube with decentralized video content distribution system. The company’s tokens will operate as a system currency. People can earn them by sharing or creating content, but they can use some Lin applications, as well. If Lino succeeds, this might be a really significant moment for blockchain and decentralized technology.

As for the other news, the United States of America have warned once again on nuclear arsenals of North Korea, Russia and China. Some, like U.S. disarmament ambassador Robert Wood, think that North Korea might very soon be able to strike the United States with a nuclear weapon. We will see whether or not this causes any major moves on the market.

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Author: Max Rothstein
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