CryptoWatch: Bitcoin Drop and Reddit’s Community Points Bring Developments for Cryptocurrency Industry

Cryptocurrency is still seeing massive volatility in the market today, especially with last week’s top crypto news seeing massive disputes on Bitcoin’s recent price drop.

CryptoWatch brings you the latest there is to the world of blockchains and digital currencies with news regarding the latest price of Bitcoin amidst the drop, Reddit’s use of crypto for Community Points, and other developments. 

Bitcoin Price Drop: Top Coins See Low Values for All

Crypto Puts Global Payment Systems at Risk? Financial Firms Connection With Digital Coins Now Worries Regulators

(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 have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions.

Bitcoin price is still one of the most important there is to the cryptocurrency world, especially with many people looking into trading the coins and mining for them in the current industry. However, last week saw a significant decline for Bitcoin, which is already recovering from its latest price drop known as the “Crypto Winter.”

The top cryptocurrency of the world saw a drop below its $22,000 valuation, something which the coin and its users are already aiming to grow for several months since its last decline. 

However, it is not only Bitcoin that saw a sizeable drop in its value as those in the market’s top list like Ethereum, Solana, Binance Coin, and Cardano also experienced it before the week ended. 

Now, Bitcoin values at $21,430 (as of 10:40 PM PT) via CoinMarketCapEthereum 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 Shows

Reddit Community Points Use Cryptocurrency

Reddit is massive on its social forum that awards posters and original content for all the help they bring to a particular subreddit or group that focuses on a topic its members discuss online. People get monetization and payment via Community Points, and it now brings cryptocurrency to award this to Redditors that they think deserve it. 

FTX announced that people might buy Community Points using Ethereum on the platform, and it is available for subreddits including r/Cyrptocurrency, and r/FortniteBR, limited on the two groups for now. There are no announcements for plans regarding its expansion to other subreddits, but it is something that most expects from the company.  

Tornado Cash Allegedly Assists Criminals?

Tornado Cash is a service that allows people to conduct transactions using cryptocurrency and hides its origin and destination for an anonymous transfer of funds for individuals. However, Dutch officials are not that much into its anonymous transactions for all and recently arrested its alleged developer, who has been charged with assisting criminals. 

The service allegedly assists criminals with their online transactions and keeps their identities safe, something the Dutch government denounces, especially during this time. Discreet transactions hide different illegal activities in them, which might be a source for criminal activities, something Tornado Cash hides from the world. 

Related Article: Exchanging Words with OKX CEO Jay Hao on the Volatile Nature of the Crypto Industry

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Written by Isaiah Richard

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