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Tezos (XTZ) Nosedive Continues Despite Positive Coverage

By 08/13/2018 No Comments


Today we’re taking a look back at Tezos (XTZ), a newly released crypto that we covered a week after its initial release back in July 2018. Since raising $232 million on their ICO in 2017, the Tezos has had a very rough ride, and still batting some obstacles including lawsuits and what was described by a July 2018 Wired cover story as “the crypto world’s biggest scandal” after its resolution. Once live, though, Tezos has become a top 20 blockchain by market capitalization. It is ranking 18 at the time of writing. Its valuation had remained around $1 billion, although it dropped to $7.5 million on Monday.

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Tezos Positive Developments

The Tezos Foundation is now slowly working to build up its security by growing its community. They have also announced that the foundation will be issuing financial grants to research institutions for blockchain technology and smart contracts development, according to an official press release published on August 9. Furthermore, China’s blockchain ranking, China Electronic Information Industry Development Department (CCID) has decided to add Tezos to their list for their next release.

Tezos Price Still Dropping

Regardless, Tezos token, XTZ, is still not available to trade on the majority of crypto exchanges. It is also one of the few cryptos in top 20 that doesn’t have its space on tradingview charting system.

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Its price was the biggest loser in top 100 on Monday. It dove down 16% to $1.24, dropping below the key support and low of early July at $1.40. Versus Bitcoin, it is also testing the key support level and the all-time-lows.

Tezos XTZ Chart by CoinMarketCap

Tezos XTZ Chart by CoinMarketCap

With this, I can’t help but wonder if Tezos can’t pick itself up when there is a bunch of positive coverage around it, what can we expect when they’re hit by another round of stormy weather?  Let me know what you think about Tezos and XTZ in the comments.

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