In continuing our reporting of the Coinrail hack that has devastated the markets over the last 24-hours, we are taking to EOS to monitor a currency that has seen the most significant hit as a result of this activity. EOS is pretty hot at the moment, with the on going EOSIO update hitting the headlines and, not forgetting the fact that EOS has seen all time highs pretty recently, many investors will be worried at the current state of EOS. Moreover, we should be questioning why EOS has taken such a significant hit here, more so than other currencies on the markets.
So, what is happening to EOS at the moment?
At the time of writing, EOS is valued at $11.21, down 14.72%. Prior to the hack, EOS was relishing in a good performance, sitting nicely with a value of $14.74. This proximity to $15.00 indicated that the recent EOSIO news has had a great impact on EOS as a currency. As the hack took over and as the markets changed, EOS then saw a drop down to $10.69, a low not seen by EOS since the middle of April. Granted, as it stands, EOS has moved away from this devastating $10.00 region, but, with declines of almost 15% hitting the currency, we shouldn’t be surprised if EOS manages to surpass this value once more.
Full house at the #EOSHackathon as teams from around the world came together and rose to the challenge. Thank you to all our participants and we look forward to hearing your pitches later today. pic.twitter.com/nqmeYtgdvE
— EOS (@EOS_io) June 10, 2018
This weekend saw a huge EOS hackathon in Hong Kong take place and as such, we would expect with such a heightened community spirit, EOS may have buffered itself against any incoming damage. This however does not look to be the case.
Now of course, we can’t ponder on this too much. EOS will recover from this fall, but, as the moment, it is starting to look as if we could see EOS return to single figures again. If this happens, we may very well see some resistance met as EOS tries to surpass $10.00.
Overall, don’t panic too much. EOS will pick up pace and its true value will be restored. As it stands though, this looks to be the start of a sink that might last a little longer than many investors are comfortable with.