The market is knee deep in the red zone with most cryptocurrencies recording losses in the last couple of days. According to data from coinmarketcap, the industry has lost over $41 billion in the last five days. Bitcoin, which has for the longest time dictated market movement has dropped from $6,300 to just over $4,400 at the time of press.

NANO, in particular, has in the last couple of days dropped from highs of $1.80, to what is at the time of press $1.10. This marks a 38% price fall, 15% coming in the last 24 hours. With a market cap of $146,025,990, NANO is now ranked 36th in the market. (Read our guide on NANO here for more info).

This recent price fall has been triggered by a wider price drop in the market which pundits have credited to Bitcoin Cash’s hard fork. This argument has been supported by the fact that Bitcoin Cash has seen one of the biggest drops in the market. At the time of press, Bitcoin Cash has dropped by 43% and Is trading just above the $220 position.

NANO Expanding To China

Now, investors, traders, and users in China will find it easier to access NANO following an announcement from the project. The project has announced the launch of the official website for the Chinese NANO community. According to the team, the website will be equipped with all the necessary tools to ensure the community has a seamless experience using NANO.

This announcement comes just weeks after the coin received a major boost from the popular crypto exchange, Huobi. On October 31, Huobi announced that it would be supporting NANO on its platform. This came after weeks of speculation that the coin would soon be listed on the exchange. Prior to the listing, the project was riding on yet another positive news as the coin emerged as the fastest crypto for sending funds to Binance.

Is A Price Reversal On The Horizon?

In recent days, many have turned bearish on the market. Tom Lee, who has long been bullish of bitcoin has recently slashed his prediction. According to him, bitcoin will end the year on a high of $15000, which is $10,000 short of his initial prediction.

For NANO, its price will continue to be dragged down by the wider market until a price reversal and correction gets underway. Despite the drop, it’s clear that the project continues to develop and grow and its application will continue to be more solid than ever.

John is a finance and technology journalist with a growing interest in cryptocurrencies. Writing is his passion and when he’s not writing he’s listening to the Beatles.