EOS (CCC:EOS-USD) has been on a wild ride Wednesday as the price of the crypto is rising and falling following the announcement of a new exchange.
Here’s everything investors need to know about EOS and the news moving the crypto today.
- Block.one is behind today’s news.
- The company announced the launch of a new subsidiary named Bullish Global.
- This subsidiary is working on creating a new blockchain-based cryptocurrency exchange.
- This exchange will operate under the name Bullish.
- Block.one has set Bullish Global up with $10 billion in funding to get it to that point.
- That includes cash and digital assets for the subsidiary to make use of.
- Following the release of this news, EOS saw its price increase massively.
- However, that rise didn’t last long as the crypto quickly fell back down over the day.
- EOS serves as the native cryptocurrency token for a decentralized applications platform.
- Investors should note that this has EOSIO acting as one of the blockchain solutions offered by Block.one.
- Block.one points out that EOSIO already offers more than 400 apps, as well as 85% of public blockchain activity, and over 15 public networks.
Today’s news initially saw EOS jump up to a high of $14.83 per token. However, it couldn’t maintain that price. Instead, it fell back down and is now sitting at roughly $12.08 per token. This has it down roughly 11.6% over a 24-hour period. Even so, the cryptocurrency is still up 366.2% since the start of the year.
Investors that are looking for more crypto news today are in luck.
InvestorPlace has been working to offer extensive coverage of various cryptocurrencies. That includes names such as Ethereum (CCC:ETH-USD), Internet Computer (CCC:ICP-USD), and Kishu Inu (CCC:KISHU-USD). Investors can learn more about these cryptos by clicking on the links below.
More Crypto News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.