IOTA price (MIOTA/USD) dips below $0.50 on Tuesday afternoon

Bosch sheds light on ‘promising development’ in the IoT space

IOTA price (MIOTA/USD) dips below $0.50 on Tuesday afternoon

The IOTA price (IOTA/USD) has edged lower on Tuesday afternoon, unable to defend the $0.50 mark it reclaimed on Monday.

The ‘Internet-of-Things’ coin saw a sharp increase on Monday, which culminated in its price reaching a four-day high of $0.502 in the early afternoon trading. Soon after that, however, the coin experienced a sharp price correction that erased nearly all of its earlier gains. Still, the coin managed to finish the session at $0.494, higher than its opening level of $0.484, thanks to another price swing that occurred in the final hours of the session. IOTA’s daily trading volume reached $12 million, tripling the volume generated in the preceding session.

The coin has seen plenty of positive action in today’s trading, especially in the morning session, which has allowed it to revisit the $0.50 mark on couple of occasions. However, IOTA has experienced another correction in recent trading, pulling back to sub-$0.50 levels. At the same tie, its 24-hour trading volume currently stands at just under $9 million, suggesting that the market activity has weakened in today’s trading.

IOTA’s boost on Monday was likely driven by a tweet by electronics giant Bosch, which teased an interesting development related to IOTA’s Tangle protocol.

“Connected devices & data drive the future of our world. A very promising development in this area is taking place right now,” Bosch wrote. The tweet also advised people to visit a blog post on the Bosch website for further details on “the powerful combination of @iotatoken, @xkd2mam & #BoschXDK”.

The blog post in question shed more light on the efforts to integrate the Bosch XDK (Cross Domain Development Kit) into the IOTA Marketplace, a Tangle-based, B2B data marketplace that IOTA unveiled nearly a year ago.

According to the blog post the Bosch XDK “is a programmable sensor device and Internet of Things prototyping platform for any kind of use case you can imagine”, including for collecting “specific real-time data and sell it via the IOTA Data Marketplace”. The post also highlights the recent development of an open source code that links the product and the marketplace.

In today’s trading, the IOTA price stood at $0.495, as of 16:29 GMT. The digital coin has lost 0.5% of its value in the past 24 hours.

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