CryptoWatch: Bitcoin Drop and Reddit Community Points Bring Developments to the Cryptocurrency Industry

The cryptocurrency still sees tremendous willpower in the market today, especially with the big crypto news last week 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 about Bitcoin’s latest price amid the decline, Reddit’s use of crypto for community points, and other developments.

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Bitcoin Price Drop: Most Famous Coins Low Values ​​For Everyone

(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, experienced unprecedented growth in 2017, although they remained extremely volatile. While digital currencies at all levels have divided opinion among financial institutions.

The price of bitcoin is still one of the highest in the cryptocurrency world, especially as many people are considering trading and mining the coins in the current industry. However, the past week has seen a significant drop for Bitcoin, which is already recovering from the latest price drop known as “Crypto Winter”.

The world’s first cryptocurrency has fallen below its $22,000 valuation, something the coin and its users have been growing for several months since its last drop.

However, it wasn’t just Bitcoin that saw its value drop significantly as those on the market’s top list such as 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 PM PT) through 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, Investigation Shows

Reddit Community Points Use Cryptocurrency

Reddit is huge on its social forum that rewards posters and original content for any help they give to a particular subreddit or group that focuses on a topic its members are discussing online. People are getting revenue and payments through community points, and it now brings cryptocurrency to credit that to Redditors that they think they will provide.

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

Has Tornado Cash Helped Criminals?

Tornado Cash is a service that allows people to transact using cryptocurrency and hides the origin and destination from anonymous money transfers for individuals. However, the Dutch authorities are not much rewarded with his anonymous-for-all transactions and recently arrested the alleged developer, who was accused of helping criminals.

The service would help criminals with their online transactions and protect their identity, which the Dutch government is denouncing in this period. Discreet transactions hide various illegal activities in it, which can be a source of criminal activity, 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 is from TechTimes

Written by Isaiah Richard

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