Paycoin Plunges to below $1 on Volume Surge, "Paycoin Honor Program" Set to Begin

Paycoin (XPY) may have just started its final descent, falling by as much as 50% and briefly breaching the $1.00 mark.

Traded volume over the weekend had been light, but shot up once XPY breached 0.08 BTC ($1.65). The equivalent of $300,000 has now changed hands during the past 24 hours, the fifth highest among Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The figure resembles those of busier periods last month, but with the XPY price a fraction of what it once was, actual XPY volume is significantly higher.

The coin has since recovered back to $1.40, but having just breached new lows, a renewed stretch of selling may already be under way.

XPY's dollar value had, at least partially, been tracking the rest of the market during the past two weeks. Its value surged when Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) jumped back above $300, but fell when BTC reversed. Today's steep losses, however, contrast with a broader market whose prices, on average, remain relatively unchanged.

With a total valuation of $17.7 million, Paycoin is still hanging on to the fifth spot in market cap, just ahead of Stellar and Dogecoin.

The drop comes around the same time as PayBase's "Paycoin Honor Program" is scheduled to commence. GAW CEO Josh Garza recently announced that the program, which was to officially launch yesterday, "will honor every Paycoin at $20."

XPY has lost as much as 90% of its value since peaking in late December.

What makes its current trading dynamic interesting is its presence on multiple exchanges, one of which is controlled by GAW itself. The vast majority of its traded volume takes place on Cryptsy, which we assume resides outside of GAW control. Thus, attempts to fix the price on one venue face an uphill battle from the overwhelming majority of traders. The GAW-controlled venue has to then decide whether to let prices float freely or drive a wedge between itself and the rest of the market.