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Verge (XVG) Oversold and Due For A Strong Rebound

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The price of Verge (XVG) at the time of writing on 15th March 2018 in Coinmarketcap.com shows $0.029 USD. From yesterday there has been a drop of 20.42% in the price of Verge. The market cap on 14th March showed approximately $531 million. Today, at the time of writing the market cap shows approximately $428 million USD.

Historical data of the crypto coin from Coinmarketcap.com as seen from the screenshot below shows a gradual drop in market cap of XVG. On 2nd March the market cap had increased from $786 million (1st March) to $863 million. The market cap of Verge (XVG) then showed ‘usual’ fluctuation till 6th of March 2018. After that, the market cap showed a gradual fall, from $803 million on 6th March to $565 million on 9th March. The price continued to drop and finally, the market cap at the time of writing shows $428 million.

Image courtesy of coinmarketcap.com

The Reasons for Continuous Drop in Price of XVG

In the previous article, we have already seen how the failure of Wraith Protocol has caused the price of the privacy-oriented cryptocurrency to drop. The fact that Merkle had listed XVG in the 5th position of the “Top 5 Crypto Fails of 2018” on 9th March 2018 also contributed to the drop in market cap.

A major reason for the drop in price from 12th March to 15th March 2018 is that the Twitter account of Verge had been hacked on Tuesday (13th March). The private details of the developer had become public due to the hack. Twitter account hijackings are quite uncommon compared to the number of hack issues of cryptocurrency exchange heard in 2017. In the crypto space prior to Verge, the Twitter account of little known Etherdelta was hacked. Verge had blamed AT&T as soon as they had regained the Twitter account. The company said that the AT&T network had allowed SIM swap. The screenshot given below shows the tweet Verge made after it had regained the account.

After the hack, the compromised Verge Twitter account had posted the following message:

The claim by the hackers that they had stolen XVG worth $1 billion was declared false by the cryptocurrency after it had reclaimed the account. The hackers had also asked the followers of Verge to donate XVG to a fraud address in order to receive double the amount originally invested. This is a new “scam tactic” that is being used by the hackers in the blockchain arena over the last two months. According to the Verge blockchain explorer, the hackers had received nearly 195 XVG (approximately $7) after they had tweeted about the ‘donations’.

The Target of the Twitter Hack

It seems that the main target of the hack of the Twitter account was Justin Vendetta, the lead developer of Verge. In fact, the personal account of the said developer had also been compromised and his photo ID had been leaked out. According to Verge, the hackers had tricked AT&T customer support representatives to transfer the phone number linked with Justin Vendetta’s personal Twitter account to a new SIM card.

Closing Thoughts

While the cyber attack on the Verge Twitter account could not have possibly compromised the Verge blockchain, the hack has contributed to the negative sentiment that has been going on for the past few days. After all, Verge claims to be a privacy-oriented crypto coin and on the other hand, the lead developer’s personal Twitter account was also hacked. Verge should learn from this incident and improve their security features and concentrate on being a truly ‘privacy-oriented’ cryptocurrency. Hopefully, the price movement of Verge (XVG) will overcome this negative and show a ‘stable’ uptrend.

We will be updating our subscribers as soon as we know more. For the latest on XVG, sign up below!

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.

Image courtesy of Sancho McCann via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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