Crypto news today: Why Flow has sunk 11.9 per cent as Bitcoin price dips two per cent
The native coin of eco-friendly blockchain Flow has taken a tumble in the last 24 hours, falling 11.9 per cent from its recent high on Monday.
It follows a rapid jump in the coin’s value because of the announcement of The Flow mainnet spork, a hard fork which promised to improve the blockchain’s potential transactions per second and therefore its ability to compete against other blockchain networks.
The sharp downturn in price suggests that the news prompted an artificial buying frenzy that has now turned into a pressure to sell.
In brighter news, Aptos is maintaining its strength, currently up 71.4 per cent over the last seven days in the wake of a flurry of integrations, including with NFT-based game Crypto Kitties, crypto exchange PancakeSwap and crypto wallet Atomic Wallet.
Bitcoin, meanwhile, has dipped back below the $23,000 (£18,662.20) mark, although such fluctuations are not dissuading some analysts from predicting the cryptocurrency’s value rising to the $30,000 (£24,242) mark this year.
Others are not so optimistic, betting that the recent hike in Bitcoin’s value is pushing traders towards selling, in anticipation of the market once again trending downwards.
It comes as Binance sees itself embroiled in the cryptocrime investigation of cryptocurrency exchange Bitzlato, whose founder Anatoly Legkodymov was recently charged for running it as an unlicensed money exchange business.