What is happening to crypto today? The majority of coins are suffering, including Monero (XMR), Cardano (ADA), and IOTA (MIOTA).
Monero (XMR)
Monero is currently selling for $258.39, which puts the coin down 14.37% in the past 24 hours.
Source: CoinMarketCap[1]
That chart looks like the kind of roller coaster that would leave you with a massive headache. Considering Monero started the ride selling for over $300, its slip to $258 is rough.
What’s causing the dip?
There could be a lot of explanations for Monero’s fall. Most recently, the crypto exchange Bittrex tweeted that it would not be supporting the Monero hard fork, MoneroV (XMV)[2].
Source: Twitter[3]
>> Bittrex responds to the SEC’s statement that crypto exchanges must legally register[4]
XMV is expected to release on March 14th, 2018. Monero previously seemed to be ramping up to its hard fork release, gaining in price, but now the momentum has been lost.
MoneroV not being supported on Bittrex certainly doesn’t help matters either. People may be disappointed, but evidently, the Monero team is at fault for this as they have yet to contact the exchange. Now, according to Bittrex, it’s too late for XMV to be supported for its launch on the exchange.
>> Monero, VeChain Thor, and Nano dip further[5]
Cardano (ADA)
Cardano is currently selling for $0.203312, which puts the coin down 12.55% in the past 24 hours.
Source: CoinMarketCap[6]
Cardano has been quiet as of late, releasing no major news, which could explain its losses. General market selloff may also be contributing to ADA’s dip.
IOTA (MIOTA)
IOTA is currently selling for $1.29, putting the coin down 10.75% in the past 24 hours.
Source: CoinMarketCap[8]
IOTA has been bumped around in the rankings a lot recently. It is currently ranked as the 12th largest cryptocurrency by market cap, outstripped by Monero and Dash.
Beyond just losing ranking and dropping in price, IOTA has taken a beating in the media as well. Recently, Richard Heart[9] tore IOTA to shreds in a podcast uploaded to YouTube. Heart’s complaints, that IOTA is unnecessarily complicated, seems to be frustration felt by others as well, which could explain the MIOTA sell-off that appears to be happening right now.
>> IOTA tanks on Binance news[10]
What do you think is causing the crypto sell-off?
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References
- ^ CoinMarketCap (coinmarketcap.com)
- ^ MoneroV (XMV) (cryptocurrencynews.com)
- ^ Twitter (twitter.com)
- ^ Bittrex responds to the SEC’s statement that crypto exchanges must legally register (cryptocurrencynews.com)
- ^
