Crypto assets slump amid market selloff

Crypto assets slump amid market selloff

On Tuesday, key crypto assets declined in Asia due to the fact that digital token companies are reducing their staff in the face of a huge market selloff.

As a matter of fact, the number one digital coin, Bitcoin went down by 3.1% coming up with a reading of $3,462.7. As for Ethereum, this crypto asset lost 2.3% trading at $90.6.

Besides this, XRP rallied by 0.3% trading at $0.30909. Litecoin slipped by 2.7% showing $24.230.

Cryptocurrency companies are currently laying off more staff for the purpose of surviving a devastating market selloff, as the Wall Street Journal informed. Blockchain venture company ConsenSys is on the verge of reducing nearly 13% of its employees, while blockchain-based social network company Steemit fired up to 70% of its staff.

Bitcoin has sunk almost 80% to its lowest value in 2018 from $17,172.3 at its maximum in January. Besides this, Ethereum has also declined about 90% from January in 2018. The overall cryptocurrency market capitalization dived up to 7 times from the beginning of 2018, as CoinMarketCap ascertains.

Global organizations are willing to try their hands in the ledger technology with the aim of resolving global challenges. For example, the United Nations’ arm for children, UNICEF announced an ambitious $100,000 investment in up to six blockchain startups to come up with open-source prototypes of blockchain applications for a year.

Chris Fabian, UNICEF Innovation Principal Adviser told that blockchain technology is still raw, so a great deal of learning and experimentation is required, and failures are inevitable in this case. Nevertheless, Chris Fabian is assured that blockchain can make the world better.    

Furthermore, in Alberta, Canada the first city digital coin in the country, Calgary Digital Dollars showed up. The aim of the project is to stimulate small businesses as well as non-profit organizations in the city.

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