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NXT And The Horrifying Drop

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NXT

Anyone following up with the most recent news and updates on digital currencies, which became extremely popular over the course of the last year, was able to see a significant rise in the value of over 100 of different coins in December.

However, if you stuck around to see what’s next, you were also able to see the sudden drop of values of many of those same coins that first experienced a massive increase.

While some digital currencies dropped for only a couple of percents ranging from harmless -0.7% to 3% of a decline, some cryptocurrencies like NXT have suffered a horrifying decline.

The Sudden Drop

December 27th and December 28th was all about breaking it or making it for many digital currencies. That is how we’ve seen even the big boys falling out of the game with Bitcoin’s example of having been reaching the peak of its glory and going to 22,000$ per one coin, then all of a sudden dropping to 10,000$ per one coin in just the last couple of days of December.

The 28th was mainly rough on even those coins that were thought to be stable, although many of the currencies that have suffered the drop only experienced a minor decrease ranging from -0.7% to -7%.

However, NXT surprised everyone when its percentage of drop in value reached -48.57%, which is the most significant downfall this currency has ever had.

That is how NXT lost almost 50% of its value, trading this currency at 1.26$ then dropping in the next 24 hours at just 0.41$ per one coin. People who had managed to sell before the price fell were probably the trigger factor for having the price drop so low.

What often happens with the market when some shares, or digital currencies in this matter, have a sudden increase in value many traders are willing to sell to make a profit. That happened with different coins during the past 30 days, at the same time the last month of the current year that experienced a benevolent rise in value.

Many people wanted to sell these currencies in exchange for “real money” instead of using the coins and increasing interest. This might have led to having the value of sudden coins suddenly drop as low as for -50%.

Whatever the reason may be, losing interest and decreased attention for NXT or something else, as it is at the current moment, investing in NXT might not look as promising as it was before.

However, although NXT’s value dropped for almost 50%, the total net worth of this currency still makes up for 649.3 million dollars, which indicates that this is not the last we’ve seen of this cryptocurrency.

An Online Scandal

You might remember John McAfee and his twitter recommendations on some digital currencies he found very interesting. He was later accused of setting up the market for his own personal gain as the value of the mentioned cryptocurrency significantly jumped after issuing recommendations via his Twitter handle.

The tweet was posted on his official Twitter account which caused the public to start doubting in his advice and see through it as a scam for gaining personal profit.

That is how NXT was mentioned in one of John McAfee’s tweets only a day ago. Apparently, someone was able to break through Twitter’s security and hack John McAfee’s account, posting recommendations for buying certain digital currencies. Among the “honorable” mentions, McAfee’s followers were able to see NXT as well.

The problem was that all of the mentioned currencies, posted by an anonymous hacker who managed to break through the password and take over McAfee’s account for a while, were all dropping at the moment.

And what is the most interesting thing about this online scandal is that for a moment there, many people didn’t want to waste their time, so they took John McAfee’s advice and started to invest in the mentioned currencies, altogether with NXT. All of these coins in a matter of hours started to experience unpredictable increases. That didn’t last for too long as the price went down soon afterwards.

John McAfee, given his Twitter account back, explained that the tweets were not originally posted by himself and that his account was hacked, although it was now recovered.

This is just a reminder of how a person, who is considered to have a certain authority when it comes to analyzing digital currency market, can affect general opinion and later actions of different investors.

What will happen to NXT?

Although NXT experienced a horrifying drop in value in the past 24 hours, this digital coin is still showing promising opportunities to those who choose to stick with it although its drop almost reached -50% during the past day, dropping from over 2 dollars per coin to only 0.41$ per one unit. Many people are now curious to find out more about the future of this coin, especially those who invested in this cryptocurrency.

As financial insiders predict bright future for many digital currencies that have managed to reach the list of at least top 100 digital currencies of 2017, the next year should be even more fruitful for more and more accepted “new age money”, so don’t lose your hope just yet as the next year might be THE year for NXT.

We will be updating our subscribers as soon as we know more. For the latest on NXT, sign up below!

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.

Image courtesy of coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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.”

Mr. Yamagata has…

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