CryptoWatch: Bitcoin Drop and Reddit’s Community Points Bring the Evolution of the Cryptocurrency Industry

by James · August 21, 2022

Cryptocurrency continues to see massive volatility in the market today, especially with last week’s top crypto news seeing massive disputes over Bitcoin’s recent price drop.

CryptoWatch brings you the latest in the world of blockchain and digital currencies with news on the latest price of Bitcoin amid the fall, Reddit’s use of crypto for community points and other developments.

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Bitcoin Price Drop: Top Coins See Lows for Everyone

Is crypto putting global payment systems at risk? Financial firms' connection with digital coins is now worrying regulators

(Photo: Dan Kitwood/Getty Images)
A visual representation of the digital cryptocurrency, Bitcoin on October 23, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion among financial institutions.

The Bitcoin price remains one of the most important for the cryptocurrency world, especially with many people looking to trade coins and mine for them in the current industry. But last week saw a significant decline for Bitcoin, which is already recovering from its latest price slump known as “Crypto Winter.”

The world’s top cryptocurrency saw a drop below its $22,000 valuation, which the coin and its users have already been aiming to grow for months since the latest decline.

However, it’s not just Bitcoin that saw a significant drop in value, as market leaders such as Ethereum, Solana, Binance Coin and Cardano also experienced it before the week was over.

Now Bitcoin is at $21,430 (as of 10:40 PM PT) via CoinMarketCap, Ethereum at $1,600, Binance Coin at $300, Cardano at $0.4597 and Solana at $36.21.

also read: RenBridge was used to launder $540 million by cryptocriminals, research programs

Reddit community points use cryptocurrency

Reddit is massive on its social forum that rewards posters and original content for all the help they give to a particular subreddit or group that focuses on a topic its members are discussing online. People get monetization and payment via community points, and it now brings cryptocurrency to award this to Redditors who they think deserve it.

FTX announced that people can buy Community Points using Ethereum on the platform, and it’s available for subreddits including r/Cyrptocurrency and r/FortniteBR, limited to those two groups for now. There are no announcements for plans to expand to other subreddits, but that’s something most people expect from the company.

Tornado Cash is supposed to help criminals?

Tornado Cash is a service that allows people to conduct transactions using cryptocurrency and hides the origin and destination of an anonymous transfer of funds to individuals. However, Dutch officials are not too keen on the anonymous transactions for everyone and recently arrested the alleged developer, who has been charged with aiding criminals.

The service allegedly helps criminals with their online transactions and keeps their identity safe, which the Dutch government condemns, especially in this day and age. Discreet transactions hide various illegal activities in them, which can be a source of criminal activities, which Tornado Cash hides from the world.

Related article: Exchanges words with OKX CEO Jay Hao on the volatile nature of the crypto industry

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Written by Isaiah Richard