IOTA Shoots Up After the Beta Release of the Trinity Wallet

Updated on Feb 4, 2020 at 12:34 pm UTC by Bhushan Akolkar · 3 min read
Photo: IOTA
Photo: IOTA

Amid beta release of the Trinity wallet, the new wallet client for the IOTA project, IOTA price was seen gaining nearly 20% on Tuesday.

In the last 24-hours, IOTA cryptocurrency has shot by nearly 20% on the excitement of the news of beta release of Trinity, which is the new wallet client for the IOTA project. The wallet is currently available on the iOS and Android platform and hosts a very intuitive and user-friendly interface allowing investors to easily maneuver through different operations of the wallet. The IOTA team is also planning to soon release a desktop version of the Trinity wallet.

On their official blog-post, the IOTA foundation stated:

“Over the last few months the Trinity development team has been working diligently, in close collaboration with community members. Long days and nights, building, testing, getting feedback and iterating. “

Following this news on Tuesday, investors flooded he IOTA platform with huge orders where the cryptocurrency has surged by nearly 20%. According to the data on CoinMarketCap, before the news broke out, IOTA was trading at $1.39 and after 15:00 hours UTC, the cryptocurrency posted a quick and sustainable up-move taking it to a high of $1.64. At the press time, IOTA is seen trading at a price of $1.61, up by 18.07%, with a market cap around $4.5 billion.

In terms of percentage rise, IOTA has currently posted the highest surge within the list of top-ten digital currencies followed by Stellar. The three top digital currency exchanges leading in terms of IOTA volume contribution includes Bitfinex being the largest followed by Binance and OKEx.

IOTA is also said to be in a partnership with the technical advisory wing of the United Nation called UNOPS and will be working in coordination to improve the transparency and efficiency of the internal operations of the agency.

IOTA’s price rally is also a part of the overall market rally seen yesterday and the market valuations surged by $12 billion in the last 24 hours giving some relief to investors after a largely stretched correction.

The retail investors in the cryptocurrency market have been closely observing the decisions taken by the regulatory agencies from around the globe which have been keeping the market in a bearish momentum for long. Last week, the U.S Department of Justice (DoJ) launched a criminal probe to check the possibility of Bitcoin price manipulation, done using the popular techniques of spoofing or wash trading.

This inquiry, however, was supported by a number of crypto experts, many of them saying that it will help to remove the bad players from the crypto markets giving space for more serious investors.

“Weeding out the bad actors is a good thing, not a bad thing for the health of the market. Plenty of exchanges have these inflated volume numbers to create some sense of excitement around coins,” said billionaire investor and former hedge fund manager Mike Novogratz while speaking to Bloomberg.

Altcoins, Binance, Blockchain, Cryptocurrency news, Internet of Things
Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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