The cryptocurrency market took a hit Wednesday with the top five coins all in the red.
EOS (EOS-USD) was the top decliner of the day, down more than 11% to US$10.77.
Bitcoin Cash (BCH-USD) also saw a double-digit loss, down more than 10% to US$1,013.49.
Ethereum (ETH-USD) fell nearly 9% to US$585.23 followed by Ripple (XRP-USD) which was down more than 7% to US$0.59.
Bitcoin (BTC-USD) saw the smallest-decline, down nearly 6% to US$7,529.14.
Despite the sharp decline in the market, there was good news today for crypto newbies. John McAfee, founder of computer-security software company McAfee Inc, doesn’t think it’s too late for newcomers to join the party.
“This is just the very beginning. However, by the end of this year, it might be too late because this is going to be the year of the explosion of the true growth of cryptocurrencies. And what you have seen in the past is nothing compared to what you will see this year,” said McAfee in an interview with the Crypto News Chronicle.
The computer security pioneer predicted that Bitcoin would reach US$1mln by the end of 2020 and said the recent downturn has not made him second-guess his forecast.
Spiros Margaris, a board nominee for mobile payment company Glance Technologies Inc (OTCQB:GLNNF), was named the world’s top influencer in the categories of fintech, blockchain and artificial intelligence by influence-measurer Onalytica. Margaris, the founder of Margaris Advisory, was featured on “The Future of Fintech” Davos panel discussion during the world economic forum in 2018. Shares of Glance Technologies were down more than 2% to US$0.47.
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The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, saw a slight decline.
Sima Sistani, the co-founder of social video chat app Houseparty, wants to update the classic Tupperware party by adding marijuana to the mix, according to a Verge article. On the site’s interview game show Converge with Casey Newton, Sistani discussed the idea of a marijuana party with a home-selling set-up similar to Tupperware or Avon cosmetics parties. The fun and friendly environment may bring cannabis to new consumers that wouldn’t seek it out otherwise.
“I think that people should be able to come over and maybe, I don’t know, partake in some chocolate-covered espresso beans that are micro-dosed with marijuana,” said Sistani.
Cannabis tech company Leafbuyer Technologies Inc (OTCQB:LBUY) will be using Wunderkind Technologies LLC’s Stellar open-source network as the foundation to build its blockchain business strategy. The platform allows for secure smart contracts and will act a ledger for transactions. Shares of the Colorado-based online cannabis database were down nearly 5% to US$1.23.