EOS sees market correction; asset slips by over 7% following much-hyped announcements

The EOS community was welcomed by a major announcement by the digital asset’s creator firm, Block.one. Interest in EOS blockchain grew in tandem as investors anticipated the big news. The Coinbase listing and the launch of the social media app, Voice, prompted EOS’s price and its market cap to hit its YTD-high.

However, recent developments failed to continue fueling EOS’s valuation as the digital asset underwent a market correction. The sixth largest coin by market cap and 24-hour trading volume, EOS, fell by 7.32% over the last 24 hours and was priced at $7.33, at press time. The coin recorded a market cap of 6.72 billion and a 24-hour trading volume of $3.80 billion on CoinMarketCap. Besides, a volume of 4.30% EOS was being traded on Huobi Global via the trading pair EOS/USDT.

Source: TradingView

EOS started off  trading at $2.25 in January. However, EOS posted significant rallies during the latter part of March.

The bulls failed to hold the market as the coin endured market correction after the much-hyped B1 June event, following which many prominent figures of the space speculated that this was a classic case of the proverbial “buy the rumor, sell the news.” Mati Greenspan, Senior Market Analyst at eToro, tweeted,

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