New Developments To Increase Price Of IOTA(MIOTA)

New Developments To Increase Price Of IOTA(MIOTA)

The cryptocurrency market overall had an increase of about 10% this week. While this was especially because of the increase in the price of Bitcoin, other cryptocurrencies like IOTA (MIOTA)  have also experienced growth because of new developments.

Last week, FCoin, a Chinese crypto exchange announced that it plans on listing IOTA and EOS on its exchange. According to the announcement, trading for MIOTA will start on July 25th,2018.

The IOTA team won at the Start-Up Autobahn pitch event. This event is about blockchain powered solutions for the Automobile industry. The award-winning presentation was given by Alisa Maas on behalf of the IOTA team. The event was attended by over 30 startups and big names in the industry such as Porsche and Mercedes.

Furthermore, the first IOTA Summer Summit was conducted in Norway this year. The purpose of the summit was to bring different people in the organization together and align their goals together.

The summit was also because the IOTA foundation entered into partnerships with other companies and NGOs. Dominik Schiener, the co-founder of IOTA Foundation said,

We’re doing this because we genuinely believe in this collaborative approach to offer the UN new capabilities, designed and tailored to its very unique challenges. And we want to put our money where our mouth is.

However, despite these developments, the price of the currency is experiencing volatility. It experienced a brief rise before the price dipped below the $1 mark. It is not likely that it will achieve the high price that it saw earlier this year anytime soon. Despite the increase in bitcoin to over $8000, IOTA experienced a 2.67% decline.

This can be attributed to the highly volatile situation in the market, particularly with the changes in Bitcoin’s price. However, once the situation simmers down, these developments that IOTA is experiencing are likely to lead to a rise in the value and prove positive for the foundation and the cryptocurrency.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.