What is IOTA?
Before we get into the news update, let’s first go over what IOTA actually is. You already know it’s the name of a cryptocurrency, but there’s more to it. Let’s start with the basics.
IOTA is a distributed register system, based on a data structure called “Tangle.” IOTA does not use blocks or chains; neither minors: its registers function differently from all of the other blockchains.
It offers many possibilities and opportunities: infinite scalability, no transaction fees, secure data transfers and it’s almost like it checks every box. It is presented as being the “backbone” of the Internet of Things, offering the possibility to all the world’s technical resources to be exchanged in real time on a marketplace. Of course, it seems too good to be true for a lot of skeptics.
IOTA (MIOTA) Price Today – MIOTA / USD
The Fall of IOTA
While some people were impressed with the workings of IOTA and predicted that it might soon exceed the success of Bitcoin Cash, and thus become the third cryptocurrency in the market, (which of course is a huge achievement in the word of Cryptocurrency, considering the numbers)the asset has lost nearly 40% of its value since its historic record in the previous months.
After having high expectations from this cryptocurrency, and many people’s hopes riding on its success, this is no doubt a tremendous disappointment. IOTA’s weekly chart looks just like a pump and dumps with its high rise and sudden fall. What’s shocking is that the currency thus lost in a few hours more than a third of its value.
She surpassed the mark of $ 5.50 (44,500 satoshis) and fell to 3.36 dollars (22,700 satoshis)in a matter of minutes. The increase during MIOTA could have also been hampered by that of Bitcoin, while the price of the first cryptocurrency surpassed the 15,000 dollars. For some, this increase of more than 300% of the price of MIOTA was not necessarily justified.
The rise of MIOTA seemed to be related to the decision of Coin one, who recently added currency to his platform. And as for Bitcoin, which is traded at a higher price on Korean platforms than on other platforms, the IOTA course on Coin one is much higher than that which can be observed elsewhere.
As we tell you in this article, the craze for crypto-currencies in the country is particularly important for several weeks – while the price of Bitcoin has surpassed the 17,500 dollars on four local exchange platforms. It’s safe to say that everyone is surprised by the turn of events because the prospect looked entirely promising.
To a certain extent, it does seem like an unrecoverable loss, though the silver lining here is that the faults were brought out into the light at an early stage. Had this same problem occurred within months from now after more bidders had started relying on this form of currency, the loss would have been unimaginable.
To those people who did purchase this cryptocurrency, we can only hope they learn from the experience or get compensated in some way. It is essential to bare in mind that the crypto world is highly volitile and so we can expect anything but all sorts of speculations exits in the market.