{"id":547969,"date":"2023-08-18T21:00:43","date_gmt":"2023-08-18T21:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547969"},"modified":"2023-08-18T14:53:53","modified_gmt":"2023-08-18T14:53:53","slug":"algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/algorand-algo\/algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges\/","title":{"rendered":"Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges"},"content":{"rendered":"<p><span class=\"selectable-text copyable-text\">Algorand&#8217;s (ALGO)<\/span><span class=\"selectable-text copyable-text\">\u00a0performance on the charts has been nothing short of a rollercoaster. According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/algorand\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> from CoinGecko, y<\/span><span class=\"selectable-text copyable-text\">esterday, the asset&#8217;s value plummeted to a historical bottom, and it&#8217;s currently down by nearly 10% in the past 24 hours.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/algorand\/algorand-delivers-lightning-fast-transaction-finality-with-major-protocol-upgrade\/\" target=\"_blank\" rel=\"noopener \">Algorand Delivers Lightning-Fast Transaction Finality With Major Protocol Upgrade<\/a><\/div>\n<h2><span class=\"selectable-text copyable-text\">Algorand Records New Low<\/span><\/h2>\n<p>Just yesterday, amid the significant downturn in the crypto market, Algorand&#8217;s price fell below notable support. The asset dropped to a price of <span class=\"selectable-text copyable-text\">$0.0905 despite maintaining<a href=\"https:\/\/uniquehot.com\/algorand\/algorand-algo-price-turns-positive-bulls-eyeing-further-gains\/\" target=\"_blank\" rel=\"noopener \">\u00a0its stability<\/a> and striving to hold its ground above the $0.11 mark over the past week.<\/span><\/p>\n<p>This price move resulted in more than $50 million being wiped away from the asset&#8217;s market capitalization in the past day. Algorand&#8217;s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.<\/p>\n<p>Despite the bloodbath the asset&#8217;s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO&#8217;s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/IVrp3QZ9\/\" alt=\"Algorand (ALGO) price chart on TradingView\" width=\"2770\" height=\"1408\"><figcaption class=\"wp-caption-text\">Algorand&#8217;s (ALGO) price is moving sideways on the 4-hour chart. Source: ALGO\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3AALGOUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>This isn&#8217;t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO&#8217;s current bloodbath, the US Securities and Exchange Commission Chairman once <a href=\"https:\/\/twitter.com\/Leerzeit\/status\/47711745?s=20\" target=\"_blank\" rel=\"noopener nofollow\">recognized<\/a> Algorand as a &#8220;great technology.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">At least on Algorand, I agree with Gary. Gensler is bullish on Algorand!\ud83d\ude05 <a href=\"https:\/\/t.co\/BnKkU8d8gS\" rel=\"nofollow\">pic.twitter.com\/BnKkU8d8gS<\/a><\/p>\n<p>\u2014 Mr. Huber\ud83d\udd25\ud83e\udd85\ud83d\udd25 (@Leerzeit) <a href=\"https:\/\/twitter.com\/Leerzeit\/status\/47711745?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 14, 2021<\/a><\/p><\/blockquote>\n<p><span class=\"selectable-text copyable-text\">However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low.<\/span><\/p>\n<h2><span class=\"selectable-text copyable-text\">Legal Complications Taking A Toll?<\/span><\/h2>\n<p>Besides ALGO&#8217;s price action, the <span class=\"selectable-text copyable-text\">last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC <a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2023\/comp-pr2023-78.pdf\" target=\"_blank\" rel=\"noopener nofollow\">hinted<\/a> that ALGO is\u00a0a security under US laws.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">This classification opened Pandora&#8217;s box of regulatory challenges for Algorand, impacting its perception among investors.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.256060\/gov.uscourts.dcd.256060.1.0.pdf\" target=\"_blank\" rel=\"noopener nofollow\">mentioned<\/a> ALGO, exacerbating its woes and dragging it to its recent historically low prices.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/algorand\/algorand-algo-price-turns-positive-bulls-eyeing-further-gains\/\" target=\"_blank\" rel=\"noopener \">Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?<\/a><\/div>\n<p dir=\"ltr\">When reviewing a potential cause for <a href=\"https:\/\/uniquehot.com\/news\/algorand-rises-30-as-founder-sneaks-into-list-of-personalities-to-watch-in-2023\/\" target=\"_blank\" rel=\"noopener \">ALGO&#8217;s<\/a> bearish moves in the past months, both of these\u00a0<span class=\"selectable-text copyable-text\">high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment.<\/span><\/p>\n<p dir=\"ltr\">Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Algorand&#8217;s (ALGO)\u00a0performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset&#8217;s value plummeted to a historical bottom, and it&#8217;s currently down by nearly 10% in the past 24 hours. Related Reading: Algorand Delivers Lightning-Fast Transaction Finality With Major Protocol Upgrade Algorand Records New Low Just yesterday, amid the significant downturn in the crypto market, Algorand&#8217;s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining\u00a0its stability and striving to hold its ground above the $0.11 mark over the past week. This price move resulted in more than $50 million being wiped away from the asset&#8217;s market capitalization in the past day. Algorand&#8217;s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday. Despite the bloodbath the asset&#8217;s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO&#8217;s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing. This isn&#8217;t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO&#8217;s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a &#8220;great technology.&#8221; At least on Algorand, I agree with Gary. Gensler is bullish on Algorand!\ud83d\ude05 pic.twitter.com\/BnKkU8d8gS \u2014 Mr. Huber\ud83d\udd25\ud83e\udd85\ud83d\udd25 (@Leerzeit) November 14, 2021 However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low. Legal Complications Taking A Toll? Besides ALGO&#8217;s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted that ALGO is\u00a0a security under US laws. This classification opened Pandora&#8217;s box of regulatory challenges for Algorand, impacting its perception among investors. Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned ALGO, exacerbating its woes and dragging it to its recent historically low prices. Related Reading: Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains? When reviewing a potential cause for ALGO&#8217;s bearish moves in the past months, both of these\u00a0high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85658],"tags":[71760,71759,85413,134,6664],"class_list":["post-547969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algorand-algo","tag-algo","tag-algorand","tag-algousdt","tag-altcoin","tag-crypto"],"acf":[],"yoast_head":"\n<title>Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges<\/title>\n<meta name=\"description\" content=\"Algorand (ALGO)\u00a0performance on the charts has been nothing short of a rollercoaster. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges","description":"Algorand (ALGO)\u00a0performance on the charts has been nothing short of a rollercoaster. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges","url":"http:\/\/uniquehot.com\/news\/algorand-algo\/algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/algorand-algo\/algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311"},"articleSection":"Algorand","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["algo","algorand","algousdt","altcoin","crypto"],"dateCreated":"2023-08-18T21:00:43Z","datePublished":"2023-08-18T21:00:43Z","dateModified":"2023-08-18T21:00:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/algorand-algo\\\/algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/algorand-algo\\\/algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?fit=553%2C311\"},\"articleSection\":\"Algorand\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"algo\",\"algorand\",\"algousdt\",\"altcoin\",\"crypto\"],\"dateCreated\":\"2023-08-18T21:00:43Z\",\"datePublished\":\"2023-08-18T21:00:43Z\",\"dateModified\":\"2023-08-18T21:00:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/547969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=547969"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/547969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/520050"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=547969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=547969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=547969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}