CryptoWatch: Bitcoin Drop And Reddit’s Community Points Bring Developments For The Cryptocurrency Industry

The cryptocurrency is still seeing massive volatility in the market today, especially with last week’s major crypto news that saw massive disputes over Bitcoin’s recent price drop.

CryptoWatch brings you the latest in the world of blockchains and digital currencies with news regarding Bitcoin’s latest price amid the drop, Reddit’s use of crypto for community points, and other developments.

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Bitcoin Price Decline: Top Coins See Low Values ​​for All

(Photo: Dan Kitwood/Getty Images)
A visual representation of the digital cryptocurrency, Bitcoin on October 23, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum and Lightcoin saw unprecedented growth in 2017, although they remained extremely volatile. While digital currencies at all levels have divided opinions among financial institutions.

The price of bitcoin is still one of the biggest in the cryptocurrency world, especially with many people considering trading the coins and mining them in today’s industry. However, the past week has seen a significant decline for Bitcoin, which is already recovering from its latest price drop known as “Crypto Winter”.

The world’s first cryptocurrency has fallen below its $22,000 valuation, which the coin and its users have already been aiming to grow for several months since its last decline.

However, it was not just Bitcoin that saw its value drop significantly, as those on the market’s top list like Ethereum, Solana, Binance Coin, and Cardano also experienced it before the end of the week.

Now Bitcoin is worth $21,430 (as of 10:40 p.m. PT) via CoinMarketCap, Ethereum at $1,600, Binance Coin at $300, Cardano at $0.4597, and Solana at $36.21.

Read also: RenBridge Was Used To Launder $540 Million By Crypto Criminals, Research Finds

Reddit Community Points Use Cryptocurrency

Reddit is massive on its social forum which rewards posters and original content for all the help they give to a particular sub-reddit or group that focuses on a topic its members are discussing online. People are getting monetization and payment through community points, and it’s now bringing cryptocurrency to award that to Redditors who they think deserve it.

FTX announced that people could buy Community Points using Ethereum on the platform, and it’s available for subreddits including r/Cyrptocurrency and r/FortniteBR, which are limited on both groups for now. There are no announced plans regarding its expansion to other subreddits, but it’s something most expect from the company.

Tornado Cash would have helped criminals?

Tornado Cash is a service that allows people to transact using cryptocurrency and hides its origin and destination for anonymous transfer of funds for individuals. However, Dutch authorities aren’t very interested in its anonymous-for-all transactions and recently arrested its alleged developer, who was charged with aiding criminals.

The service would help criminals in their online transactions and protect their identity, which the Dutch government denounces, especially during this period. Discreet transactions hide different illegal activities in it, which could be a source of criminal activities, something that Tornado Cash hides from the world.

Related article: Exchange of words with OKX CEO Jay Hao on the volatile nature of the crypto industry

This article belongs to TechTimes

Written by Isaiah Richard

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CryptoWatch: Bitcoin Drop And Reddit’s Community Points Bring Developments For The Cryptocurrency Industry


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