Facebook’s Libra continued to make the headlines this week after it was recently announced that Mark Zuckerberg was scheduled to appear and testify before a Congressional Committee on 23 October. This news comes after a host of reactions from lawmakers, regulators and entrepreneurs from all across the world. The latest to opine on Libra is the Co-founder of IOTA.
In a recent interview with Cheddar, Dominik Schiener, Co-Founder of IOTA, discussed the situation surrounding Libra, its place in the ecosystem and the IOTA ecospace.
Schiener said that over the past few years, it has been fairly evident that blockchain companies cannot flourish in the industry without the help of regulators and policymakers, shaping a proper framework. The Co-founder claimed that Libra completely neglected the regulator part at the start of development, which is why the project was currently backfiring. He stressed that regulation was instrumental for adoption as its absence would make it a difficult task for cryptos to achieve recognition.
Speaking about Zuckerberg’s testimony and contemplating the questions that may arise during the hearing, Schiener said that it was widely known that the social media giant wanted to enter the payments sector with Libra.
Facebook already has access to a massive user base and financial transaction data is considered highly sensitive in the space. Libra’s launch could possibly strengthen Facebook’s data ownership over the user base. Hence, the Co-Founder hopes that regulators look out for what Facebook’s major incentive is, before giving regulatory clearance.
Speaking about the IOTA community, Schiener said that over time, they had become more ‘aware’ of their data’s valuability. The IOTA space is currently dedicated to building an environment where data privacy, data security and data ownership hold top-most priority. He said,
“We do not want our sensitive data running around in some servers, where some hacker can easily access it.”
IOTA Embarks Slight Improvement Over the Last 24 Hours
IOTA price movement has a history of astounding traders. The currency is popular for its hasty speed. The traders who have invested in the coin must be aware of the result-yielding proportion. The coin is anticipated to give good results to the traders.
The currency started dealing with the bear since the opening hours. However, recently, IOTA is seen marking improvement. The same has spiked hope among the intraday traders that the coin might fight the market pressure and close the day with a profitable digit.
IOTA Price Prediction
Yesterday, IOTA started dealing at $0.25818. The price slipped to $0.25410 within the next few hours. Later, the price escalated to $0.26848 by 5.6%, marking it as the highest point of the day. The price slipped to $0.2584 by 3.73%. Later, the IOTA price again picked up and touched $0.2662 by 3.05%. The currency dropped to $0.2634 by 1.10% in the later hours. The intraday movement of the coin reflected an overall improvement of 2%. Today, the coin started dealing at $0.2634. The price slipped to $0.2578 by 2.11%. Recently, IOTA has embarked uptrend once again. The price is currently dealing at $0.26223.
Unlike many other coins in the market, IOTA is currently indicating improvement. There are many coins in the market that are dealing at or below the major support level. Here, IOTA hasn’t breached the immediate support level. IOTA is recommended for long-term investors as it would bring the traders their desired return.
IOTA price analysis: IOT/USD catapults above $0.2660
- IOTA broke free from the recent tight range.
- IOT/USD may continue growing towards $0.2700.
IOTA, the 18th largest digital asset with the current market value of $748 million, has been growing strongly been growing on Thursday albeit the sell-off on a broader market. The coin has gained over 3% on a day-to-day basis. The coin hit $0.2679 high during early Asian hours and retreated to $0.2662 by the time of writing.
IOTA’s technical picture
IOTA is one of the best-performing coins on Thursday. The coin has been range-bound for several days after hitting the low at $0.2569 on November 11. However, a strong move above SMA50 (Simple Moving Average) 1-hour located on a psychological $0.2600, inspired a sharp growth towards the next barrier at $0.2663 (SMA200 1-hour). The price attempted a move above this hurdle but retreated back so far. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2700.
On the downside, the first line of support is identified at $0.2600-$0.2580. It coincides with the lower boundary fo the recent consolidation range. If it is broken, the sell-off is likely to gain traction with the next focus on $0.2569 (November 11 low) and $0.2438 (October 23 low).
IOT/USD, 1-hour chart
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IOTA’s Co-Founder Sells His MIOTA Coins, Community Led to Believe IOTA Goes Beyond Crypto
IOTA’a co-founder Sergey Ivancheglo says he quits working in crypto and has sold all of his crypto holdings, some now believe that IOTA’s overgrown being a mere coin
A short while ago, one of the IOTA founders, Sergey Ivancheglo stated that he leaves the cryptocurrency sphere and sells all of his MIOTA coins. That was announced during a Discord AMA session, reports Micky.
Leaving IOTA for good
Ivancheglo said that he leaves the IOTA Foundation so as to avoid the conflict of interests since he also works for other blockchain projects. He confirmed that his work on Qubic and Aigarth (both are IOTA-based projects) will continue. However, he does not want to deal with crypto any longer.
Ivancheglo did not name any other particular projects he is engaged with.
Earlier this year, in summer, he quit the IOTA’s board of directors and since then worked as an independent IOTA developer.
The community believes IOTA is much more than crypto now
In the comment thread, some of the IOTA community members assumed that Ivancheglo is quitting and selling all of his MIOTA stack due to one big reason – IOTA has evolved into a real protocol instead of being a mere cryptocurrency.
However, opinions split here.