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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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