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This Japanese Cryptocurrency is Getting Dumped after Spiking 70% in a Week

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Monacoin traded lower on Monday after ending last week on a 50-percent gain. The MONA-to-dollar exchange rate fell as much as 30-percent to $0.94 from its Sunday peak. As of 1344 UTC, the pair had recovered towards $1.10 with the coin’s market capitalization at $72.3 million. However, based on a 24-hour adjusted timeframe, both the price and valuation was still down by circa 10-percent against the dollar and 10.5-percent against bitcoin. The past 24 hours saw exchanges trading around $15.75 million worth of MONA-enabled pairs. Japan-based Bitbank hosted more than 90-percent of the total MONA trading volume against the Japanese Yen.

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* First published on ccn.com

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