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IOTA price (MIOTA/USD) pulls back after hitting $2 on Sunday

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The IOTA price (MIOTA/USD) has taken a significant hit in the past 24 hours, making the ‘Internet-of-Things coin’ the worst-performing major digital currency over that period.

The digital coin enjoyed some strong trading on Sunday, with its price hitting $2.00 for the first time since May 16. However, the cryptocurrency saw a significant pullback in the latter part of the session, dropping sharply to the low $1.80 area. Unable to recover from the drop, IOTA finished the session at $1.81, lower than its opening level of $1.89.

The coin has seen further losses today, falling to an intraday low of $1.71 in the morning session. It is currently trading slightly higher, according to data from cryptocurrency tracker Coinmarketcap.

Even with this price correction taken into account, the IOTA price has made an impressive rebound from its May 29 low of $1.34. The gains have been partly driven by last week’s release of the coin’s new mobile wallet app called Trinity. The wallet, which is currently in beta, has been developed by the IOTA Foundation, “in close collaboration with community member”.

Meanwhile, IOTA’s strong performance yesterday was likely driven by the release of more information, about IOTA’s Qubic project. Following a recent update, the Qubic website now states that the project “is a protocol that specifies IOTA’s solution for oracle machines, smart contracts, outsourced computations, and more”. Specific sections on the site provide more details about key elements of the project, including the eponymous qubics.

“Individual qubics are, in essence, prepackaged quorum-based computational tasks. Qubic leverages the IOTA Tangle to package and distribute qubics from their owners to the oracles that will be processing them.”

In today’s trading, the IOTA price stood at $1.74, as of 14:12 BST. The digital currency has lost 11.7% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

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