After starting the weekend in a relatively positive mood, major cryptocurrencies struggled to gain traction amid a lack of fresh drivers on Saturday. Bitcoin, which staged a decisive recovery after finding support near $8000 earlier in the week, continues to fluctuate in a tight range near $8500.
Following an impressive rally to its highest level since July 2018 at $8.62 amid expectations of a major announcement from Block.one, EOS, the fifth largest cryptocurrency with a market cap of $7.5 billion according to the latest available data on coinmarketcap.com, reversed its course in the second half of the day on Saturday and was last seen down nearly 5% on the day at $8.11, reflecting a classic ‘buy the rumour sell the fact’ action.
Although the official announcement from Block.one is expected at 19:15 EST, several news outlets reported that Block.one is sey to launch a social media app using the EOS digital ledger to allow users create and share content.
“Block.one is the latest in a string of companies to enter social networking using blockchain. Kik Interactive already runs a social network that uses Kin tokens, though the U.S. Securities and Exchange Commission is considering an enforcement action against the company,” Bloomberg’s Olga Kharif and Alastair Marsh reported.
“Facebook Inc. is preparing a move into blockchain as well with its own coin. Block.one Chief Technology Officer Dan Larimer had previously helped launch Steemit, a social network where users get paid for posting content.”
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