Sunday, August 18, 2019

Market Plunges Again: EOS Bleeds And Bitcoin Suffers

The cryptocurrency market is in disarray. The market plunges yet again, as it cannot maintain the earnings of the past days. Since the last November, volatility has been the keyword to describe the behavior. One of the most beaten cryptocurrencies is EOS. EOS is also facing tremendous pressure due to its lead visionary, Dan Larimer, supposedly leaving the project.

Market Plunges Again

The cryptocurrency market has not been able to take a breather recently. Everytime that it gains a little, the market plunges while it fails to defend the points it has gained. Bitcoin has gone down by almost 5%, going under $4K again. This has been its behavior lately. It has been tied to the $4K level, going up and down systematically since late November. Bitcoin Cash has been also severely hit by this bear market. Today it is down by almost 10%.

Market Plunges Again: EOS Bleeds And Bitcoin Suffers

Bitcoin Cash has not been able to retrieve some of its value even after the hard fork (also called hash war) finished. According to most analysts, this was the event that kicked off the selloff that made the market plunge due to fears of how this would affect the state of the market. According to some reports, the hash war was waged on mining hash bought with bitcoin that flooded the market, creating an artificial influx of bitcoin into the market that brought prices down.

EOS also went down due to its own problems. Dan Larimer, the visionary that helped to got the idea of EOS is moving on to other projects. This would be the equivalent of Vitalik Buterin leaving Ethereum. This has caused lots of trouble for the project and has left investors and developers with lots of questions.

Related Article:  Blockchain Buzz Being Avoided by Companies, Study Finds

The EOS Debacle

According to some reports, Dan Larimer would be leaving EOS to work in another decentralized project. But this has hurt investors and has made people that once was confident in EOS start jumping ship. It would seem really strange for him to do that. The EOS main net has less than a year functioning, and it has already been severely criticized. This due to a series of problems of performance and governance that have been detected.

Market Plunges Again: EOS Bleeds And Bitcoin Suffers

Decentralized applications on EOS have also been highly criticized. This because of the high rate of hacks and problems that smart contracts written for the platform have faced since its start. It is uncertain what is going to happen with EOS in the future, but this whole matter is affecting its price and its reputation in the market.

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