The global crypto market is witnessing a drop as the price of digital coins is going down. Over the last week, the value of Bitcoin went down to $7,202 and this has been lowest within the week. The only coin that did not witness a huge dip is Tron, while the remaining among top twenty coins have been going down. Understandably, the entire crypto market is suddenly experiencing fear because of this huge depression that happened overnight.
Hence, I went on to do a sentiment analysis segment reviewing the situation in order to understand the market sentiments among people who have been active in the digital currency market. The analysis lead to unpacking the three coins that are on the top 10 list. These are coins that did really well at one point but have unexpectedly experienced a fall.
- Ethereum which is one of the highly ranked coins lately saw a huge decline in the prices. Last year, the coin was receiving a lot of praises as it brought in a lot of value to the market. In fact, the coin took its place right next to Bitcoin. However, it was in January that the value of Ethereum began falling. This could be because of the social media outcry against the digital currency.
- The next coin that witnessed a dip is Litecoin, which has also been observing a bearish trend as it suddenly came down to $138 from $160. The fall in price was noticed over the last 24 hours. There seems to be a lot of selling pressure among the investors as the prices are going down in the market.
- Cardano, yet another giant in the digital currency, stood at number 7. The coin fell to $0.159 over the last 24 hours, with a dip of 4.32%. The recent scandal that Bitcoin’s blockchain holds child pornography has brought a negative impression to Cardano as well. Many people have questioned the Blockchain technology and are raising questions about it.
The dip in the crypto-market could lead to a death cross which could eventually lead to investors sell-off. Bitcoin itself has witnessed a $350+ dip which has placed the market at a huge risk. This bearish trend of the coins has been putting investors at stake.
Craig Erlam, a senior market analyst from Oanda mentioned that this dip in the crypto market is a sign that people are withdrawing capital from this market. Microsoft founder Bill Gates stated that cryptocurrencies are killing people in a fairly direct way.
He brings to attention the anonymous nature of the cryptocurrencies and how it could be used for illegal activities. In the past years, research has brought to attention that 25 percent of people with Bitcoins have involved in illegal activities. This has invited huge risks including deaths.
Despite this fall in the digital currency market, Tron seems to be flourishing quite well. Tron appears to have strong supporters as the value of the coin saw a promising rise. At the moment, Tron has a value of $0.045 in the market. Despite the setback of the crypto market, Tron seems to be having a positive future (or at least better than the other top ones).
A couple more potential reasons why cryptocurrency as a whole is witnessing this collapse are:
- The social media and search engine bans against cryptocurrency advertising that started around January.
- There are other coins that are coming up that has eventually decreased the value of Bitcoin.
In spite of all the overwhelming responses to the fall of the crypto market, history sheds some hope. Earlier in 2015, Bitcoin hit rock bottom but it soon caught up to success as the value rose from $230 to $500.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
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