CRYPTO Market Update - 23/02/18

Over $30bn worth of digital assets have been removed from the cryptocurrency market within the past 12 hours; which has led to almost every coin in red today.

BTC: -6.78%
ETH: - 0.97%
LTC: -8.39%
NANO: +15.58%

It's rumoured that Iran + Turkey will follow in the foot steps of Venezuela and create a state-run cryptocurrency. However, Venezuela's Petro has been criticised by cryptocurrency scholars as they argue it is too centralised and the fact that it is backed by oil defeats its purpose. Also, the oil that backs is the commodity that the economy relies on already and look how that's been performing in the past 5 years. President Maduro has had to take action against the counter-Petro movement and is now forcing businesses to accept it in order to encourage/force its adoption.

NANO is the one of four coins out of the top 100 that has appreciated within the last 24hrs. For those who don't know what Nano is, its a cryptocurrency that aims to be a means of exchange, similarly to LTC. It boasts transaction speeds that take just over one-and-a-half seconds and recently launched their Android wallet which could be part of the reason as to why its price is pumping despite thebear market.