ALGO
by BSCN
August 18, 2023
$ALGO, the cryptocurrency once dubbed “a great technology” by Gary Gensler of the SEC, has slumped to all-time low prices amidst yesterday’s crypto downturn
Though most-all digital assets have been hit hard by market downtrends over the past 24 hours, some have been hit harder than others, with Algorand’s well-known $ALGO token, slumping to never before seen lows of around $0.09, according to data from CoinMarketCap. This at a time when $BTC and $ETH were dipping below $26,000 and $1,600, respectively.
Despite an apparent vendetta being carried out by Gary Gensler and the SEC against all things cryptocurrency, Gensler, in 2019, described the Algorand network as “a great technology that has performance”.
However, since then, Gensler and the SEC’s attitude towards Algorand appears to have shifted in dramatic fashion, with $ALGO being labeled as a security by the SEC during April’s charges against Bittrex. Further still, $ALGO has also been roped into lawsuits brought by the SEC against the world’s largest cryptocurrency exchange, Binance, in June this year.
Algorand is a public layer-1 blockchain aimed at addressing the scalability issues historically faced by the cryptocurrency industry. Launched in 2019, Algorand’s founder, Silvio Micali, is an MIT Turing Award winner, and is credited with major breakthroughs in cryptography.
Despite the network’s early promise, its native token, $ALGO, has never managed to reach price levels seen immediately after its launch some four years ago and, at time of writing, is trading at around $0.97, according to data from CoinMarketCap.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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