The chief engineer of IOTA (MIOTA) participated on 19 and 20 November in a specialized summit organized by the Chinese authorities. At least that’s what the IOTA twitter account says.
IOTA in China
IOTA is the ambassador of a booming sector: the Internet of Things. Whether through various partnerships with major industrial names such as Bosch, the creation of a smart city or the analysis and processing of data, IOTA and its Tangle invent our future in everyday life. On November 19th, IOTA announced the participation of Chief Engineer Edward Greve at the Hangzhou New Economy Blockchain Summit on November 19th and 20th. According to the tweet in question, this is a summit organized by the Chinese authorities.
IOTA Foundation's Director of Engineering, Edward Greve, will be participating at the 2018 Blockchain New Economy Hangzhou Summit organized by the Chinese government (19-20th Nov)#IOTA pic.twitter.com/zZr1ijVWN5
— IOTA (@iotatoken) November 19, 2018
Failing to practice Mandarin, it is difficult to get more details on the exact content of this summit and the government bodies in charge of the organization. Nevertheless, it is always interesting for a cryptocurrency to participate in all kinds of events that can lead to potential partnerships.
According to the same twitter account, Dominik Schiener, co-founder of IOTA is expected to participate in an event in Frankfurt on November 24: The Future of Money – 10 years after Lehman and Nakamoto.
How is MIOTA doing?
The course of MIOTA has been in free fall during the past week showing a loss of over 30%. After Bitcoin Cash severely handicapped by its fork, this is one of the most significant losses among the altcoins of the top 15 capitalizations in cryptocurrency. How to explain such a tumble? To tell the truth, it is very surprising especially considering that the majority of the loss (21%) took place between November 19th and 20th.
The IOTA price chart for the past week shows a notable drop. Only consolation, its slight rise against the Bitcoin (BTC) November 21.
Such a fall in prices seems irrational and goes against the current good reputation of the digital currency. Forbes devoted a large article to IOTA on November 20, including an interview with David Sonstebo, co-president of the IOTA Foundation.
In fact, the cryptocurrency investor must understand something essential to not be distracted by the current turmoil. The untimely fall in prices has made many digital currencies extremely vulnerable to external manipulation.
At the time of writing, IOTA’s capitalization was less than $ 1 billion. A trifle for some institutional investors. The considerable increase in volumes traded in US dollars despite the fall in the price suggests that the private investor would better wait and see coming before making the decision to sell. However, everyone will have to make decisions in their soul and conscience.