RATE Group | Tezos (XTZ) price collapses, drops 8 percent overnight
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Tezos (XTZ) price collapses, drops 8 percent overnight

15 Dec Tezos (XTZ) price collapses, drops 8 percent overnight

Posted at 04:36h in Cryptocurrency News by

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Tezos (XTZ) is currently the tenth largest cryptocurrency by market capitalization. But that might soon change if today’s price trend continues.

Just yesterday, Tezos flipped Stellar to earn a top-10 spot in the market rankings, trading for around $1.80 per token with a market cap of over $1 billion.

Today, however, Tezos is back to trading for $1.68 per token, down 8 percent in the last 24 hours, and in danger of falling back out of the top 10.

Tezos had been riding a high following an announcement from the San Francisco-based Kraken cryptocurrency exchange. Last Friday, Kraken launched its token-staking rewards service, which allows Tezos hodlers to stake their coins on the exchange and earn upwards of 6 percent annual returns on those holdings.

The idea was for Kraken users to use their staked XTZ holdings to help validate the Tezos network. Kraken said that the goal of the service is to make staking more accessible to crypto users and encourage broader participation in…

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