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IOTA Drops 15% Following Clarification of Microsoft Misunderstanding

The price of the cryptocurrency IOTA has gone down to $ 4.20 per day, after breaching the $ 5 level to an intraday $ 5.03 during yesterday's trading session . (19459003)

The so-called 'IOT cryptocurrency' failed to sustain its momentum by Litecoin, now the fifth the largest currency by market capitalization.

Price movements of Litecoin and IOTA

Litecoin considered the crypto market's Silver to Bitcoin Gold, has nearly $ 4 bln trading volume in the past 24 hours. The digital currency is trading at around $ 300 as of press time.

IOTA, meanwhile, has registered a 10 percent price loss on a trading volume of just below $ 500 mln over the same period.

More than 40 percent of the IOTA transactions were conducted on the Bitfinex platform, which was the first major IOTA trading platforms are Chinese exchange Binance, which accounted for Coinse, which conducted 12-14 percent of the total transactions.

The IOT cryptocurrency has also registered a major rally of its own just recently. In just over a week, IOTA's price increased by about 450 percent after the announcement of its Data Marketplace, which misleadingly seemed to point to a partnership with Microsoft. The reaction to this news resulted in a new record price of $ 5.55 on Dec. 6th.