Iota sinks after Sirin Labs waves goodbye to partnership

August 07, 2018
Chris Wheal

Iota, the digital token that backs an “Internet of Things” blockchain project, fell to the foot of the top ten cryptocurrencies by market capitalisation on Tuesday.

Itoa is in danger of falling out of the crypto asset top 10 after partnership dissolves

The MIOTA token has fallen sharply over the past two trading sessions, losing a combined 24% since esrtwhile partner Sirin Labs, maker of the Solarin Android smartphone, announced at the weekend it was no longer to use the Iota blockchain network to develop its blockchain phone.

Sirin’s chief marketing officer told ETHNews on Monday: “We are not working with IOTA. We considered the option and decided to part ways.”

Ethereum and ethereum classic

Instead, the company decided it would use the Ethereum blockchain to develop its “Finney” devices, which will include a smartphone and a PC and will support blockchain applications such as cryptocurrency wallets.

In a rather savage irony, Iota’ price fall lowered its total market value to $2.2bn, falling from number nine to 10 in the market capitalisation charts, now just one place above the rapidly-rising ethereum classic, which has a total cap of just over $1.9bn.

Ethereum classic made further ground after Robinhood, the crypto brokerage platform, said on Monday it was adding support for the cryptocurrency. Standing at number 11 in the crypto rankings, ethereum classic rose by nearly 10% on Tuesday to $18.99.

Price round-up

Most of the other cryptocurrencies were a little higher but the gains were looking fragile after several days of losses.

Ripple was among the exceptions as selling increased after the token fell through key support levels at $0.42.

Here’s a round-up of the top 10 cryptocurrency price moves at 11am [London time] on Tuesday:

  • Bitcoin +1.3% at $7,057
  • Ethereum +0.6% at $410.08
  • Ripple -4.1% at $0.41
  • Bitcoin cash +1.7% at $708.05
  • Eos +1.3% at $7.06
  • Stellar lumens +0.2% at $0.24
  • Litecoin +0.8% at $75
  • Cardano +0.5% at $0.13
  • Tether unchanged at $1
  • Iota -15.8% at $0.78

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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