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A Closer Look at the Developments on the Bytecoin Blockchain

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Bytecoin
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Bytecoin, an open-sourced decentralized cryptocurrency, is widely recognized for its untraceable payments. In the fast-paced world of cryptocurrency, special features like anonymity and tight security protocols play a significant role in investors’ decisions. As a promising cryptocurrency, Bytecoin provides its users with top-notch security features and lightning fast transactions.  The altcoin, which has been performing well in the last few weeks, has alarmed its investors. If you are yet to catch up with the latest updates, here’s the full story.

Bytecoin Gets Affected by Bug

Speaking of Bytecoin’s performance in the market, the coin went through a rough patch last week, as it has witnessed some unusual developments. To begin with, the price of the currency shot up exponentially after Bytecoin got listed on Binance. Bytecoin’s listing on Binance, which took the overall market capitalization of BCN to $3.4 billion, has attracted many new investors to the blockchain, including inexperienced traders. However, the price consolidation led to the epiphany that the spike was a part of the pump and dump scheme.  All data got wiped off as the token fell from rank 15 to 1594, freezing all digital wallets. The executives later reported that they immediately shut down trading activities after they realized that about 25% of their miners were using outdated software, leading to bugs in the system.

Regarding the bug issue and technical problems, the Bytecoin team issued a crisp statement in a Medium post.  The team reported, “Due to a large number of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability. We’d like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues.”

Ubuntu Cryptocurrency Miner: A Potential Threat to the Blockchain

Malicious mining tools have become a menace for operating systems nowadays. While many mobile devices and Windows are more vulnerable to these attacks, Ubuntu users are not free from the risks of a potential attack. A malicious cryptocurrency mining application was recently detected in the Ubuntu Snap Store. Popular as 2048buntu, the application employed mining code to mine BCN. Monero, the dark web’s favorite currency, has been used for unauthorized mining activities. Although Bytecoin doesn’t offer the same level of anonymity, it has been widely misused by miners. While Bytecoin’s anonymity and tight security protocols are motivating factors behind illegal mining activities, the latest pump and dump schemes are also responsible for invigorating the interest of criminals. Moreover, much to the traders’ relief, the 2048buntu application has been eliminated from the Ubuntu Store.

Bytecoin Gets Re-Listed on Binance

Bytecoin (BCN) users received a huge blow last week when the altcoin experienced one of the worst price dips since its launch in 2012. Apparently, a transaction error detected by the Binance team led to the suspension of BCN on top exchanges, including Binance, Poloniex and HitBTC. While the bug on Binance was a huge reason for traders’ concern, the aftermath of the event sent shock waves across the crypto community. The coin, which is still undergoing maintenance, has been relisted on Binance.

Bytecoin and the Market

As per the price records, the coin is recovering from its losses after the damages caused during last week. The coin, which has been restored to the 17th position in Coinmarketcap, boasts a market capitalization of $1,852,439,152 at the time of writing. Bytecoin is making a successful comeback, but it is still heavily relying on Binance for trading.

The entire crypto market experience a steep price slump this weekend, sending some of the well-performing coins in the red. As the bearish sign makes a comeback in the market, the total market capitalization has hit $400 billion. After an unexpected decline in the market capitalization, much of the losses were recovered during the Asian hours. Although the market has been making recoveries, the general sentiment of the market is still bearish. With Bitcoin trading at $8,317.33, the rebound is not strong enough to pull the prominent altcoins out of the crisis and many of them are still trading in the red. Tracing the price movement of BCN, the coin entered into the top 25 list after it was listed on Binance, but there were a lot of controversies regarding the pump and dump which materialized after the listing.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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