Back in April 2018, Verge (XVG) revealed a mysterious partnership that was expected to bring the coin to the new heights. The partnership, as we know now, was with adult entertainment website, Pornhub. However, it would seem that the XVG Pornhub partnership was not enough to save Verge from sinking.
Verge goes down despite XVG Pornhub partnership
The partnership between Verge and adult entertainment giant came as a big surprise for the XVG community. Pornhub was even commended by many for trusting in cryptos and introducing them as a payment option. Even the media was excited, calling this the biggest partnership in the history of cryptos. In fact, many believed that this will lead to a mass crypto adoption and that it will even change the stance toward the digital currencies, in general.
For a time, this seemed to be true, as the price of Verge skyrocketed once the partnership was first revealed, back in April. However, the price surge did not last for long, and XVG-Pornhub partnership ended up being only a temporary boost for Verge.
The reasons behind the doom of Verge are no secret. Not only has the entire year been a disaster on the crypto front, but the coin even got hacked via a 51% attack. The attack affected over 35 million coins in around 5 hours, which has left deep scars on Verge.
Soon enough, the coin started dropping, and over the course of a few months, it landed at the 39th place on CoinMarketCap’s list. Naturally, its price went down as well, and the coin is currently valued at $0.00429988 with a 24-hour trading volume of $988,415.
Pornhub decides that going crypto is the right choice
Pornhub, on the other hand, realized that going crypto was a good call. However, choosing Verge probably was not. Because of that, the website quickly became interested in other coins, like VIT (Vice Industry Token), ZenCashand TRON (TRX). Soon after that, they also entered into a partnership with PumaPay in order to make crypto payments more easier for consumers.
While great for the crypto world, the new partnership also affected Verge in a negative way, as the coin was no longer the only crypto on Pornhub. With everything that happened up to that point, Verge continued to drop until it reached the position it holds today. Obviously, Pornhub wasn’t interested in saving Verge. Even so, the coin tried entering new partnerships after XVG Pornhub deal backfired, but it did not help much, as we can see today.
In the end, many believe that Pornhub just used XVG, especially since it benefited from this partnership more than the crypto has. In the meantime, the crypto market continued to be unfriendly all the way until a short break in August, which also wasn’t too good for XVG. Whether the coin can make a comeback or not is anyone’s guess. As for the crypto community, the fall of any coin is a tragedy, but many hope that Verge will eventually find its way back.
Will Verge XVG Ever Make A Comeback?
Verge is slowly gearing itself for a price recovery as the sentiment in the market has been slightly changing. The bears are still around, and there are continual price variations. The price variations for XVG coin over the past five days were in the range of $0.0047 – $0.0056.
Current Statistics of Verge:
As of August 24, 2019, current statistics are as follows:
- Verge price is trading at $0.0051740
- The Market Cap is around $81,228,071
- 24 h volume is at $966,074
- ROI is at a gigantic > 9000 %
- Circulating supply is at a whopping 15,895,351,339 XVG
XVG to USD Price Comparison:
Verge price has been trying to recover as can be seen from the five-day price chart. From a high of $0.005628 on Aug 19, the price of XVG coin went down to $0.00490081 on Aug 20 to the tune of 12.93%. Verge price had a surge when it went up on the same day to $0.00557750 to the extent of 14.04%. Then, there was a drop when the XVG price went down to $0.004724 on Aug 22 to the extent of 15.29%. On Aug 23, Verge price has risen to $0.00530173 to the extent of 12.21%. Today, XVG price has marginally lowered to $0.00517400.
Verge Optimist Price Prediction & Conclusion:
XVG coin could set itself for another uptrend by the year-end as the bulls are trying hard to gain entry and work towards stabilizing the prices of altcoins including Verge. Long-term investors can wait for the tide to change and hold on to their investments as Verge shows some promise which could deliver in the long run. Short-term investors may not gain much in the current volatility.
Verge Reality Check Price Prediction & Conclusion:
Verge is/was a privacy coin which relied not on enhancing actual privacy at the blockchain level but rather by bolting Tor on to Bitcoin. It was heavily shilled on Twitter and Reddit last year, but the #VergeFam has gone quiet recently. Development and social media activity all but ceased when Verge was repeatedly 51% attacked earlier this year. The culprit was its unnecessarily complex five hash function Proof-of-Work algorithm, which led to it being much, much easier to exploit.
These weren’t small attacks either:
Development may be happening, but it doesn’t look lively at all.
📉 Price change: $0.16 ➡️ ️️$0.00706
✅ Drawdown: 95.2%
❌ Developer status: active
⚠️ Notable event: Verge was 51% attacked into oblivion.
⚖ Verdict: Verge was exploited on multiple occasions, with the developers unable to steel the protocol against those attacks. The future does not look bright for this pseudo privacycoin.
Hate to say it, hope that we’re wrong.. but promising project with ample opportunity, that fails. Verge XVG will be a distant memory by the end 2020. Stick a fork in this one, it’s done.
Grayscale Now Owns More Than 3% of Total 21 Million Bitcoins That Will Ever Exist
The leading digital asset manager Grayscale continues to tighten its grip on the bitcoin supply. According to recent estimations, the company now owns over 3% of all the 21 million BTC that will ever exist.
Grayscale’s BTC Domination
Launched in 2013, Grayscale is the largest cryptocurrency asset manager with over $27 billion in assets under management.
Somewhat expectedly, the company’s Bitcoin Trust (GBTC) is the most popular product that enables institutions to receive BTC exposure through a publicly-traded trust that reports to the US Securities and Exchange Commission (SEC).
Investors typically pay a premium to avoid worrying about storing and managing the assets.
GBTC’s popularity exploded in the past year as institutions have been more eager to join the space. Grayscale reported that its AUM skyrocketed by 10x in 2020. Moreover, the firm garnered more inflows in Q4 2020 alone than in 2013-2019 combined, and BTC has been on the forefront.
Investors allocating funds in GBTC buy shares in a trust, which Grayscale backs by owning bitcoins. And, the company has been purchasing massive amounts of BTC in the past year to keep up with the skyrocketing demand.
The asset manager wrote in its Q4 2020 report that “while the supply of newly-created Bitcoin has slowed as a result of the halving in May 2020, the inflows into Grayscale have accelerated meaningfully.” In fact, the firm said it bought nearly two times as many bitcoins as mined since the halving.
How Much Bitcoin Is In Grayscale’s Hands
Recent reports exemplified Grayscale’s BTC shopping spree. The monitoring resource Bloqport said that the asset manager had bought 16,244 BTC in the span of 24 hours. To put this considerable amount in USD perspective – it’s nearly $600 million.
Ultimately, Bloqport noted that Grayscale’s bitcoins under management is 3% of all BTC ever to exist. Company data confirmed this.
According to Grayscale’s website, GBTC has 666,675,200 outstanding shares with 0.00094919 BTC per share. Simple math shows that this amount equals 643,801 bitcoins – this is 3.013% of the total supply of 21 million. Moreover, it’s actually 3.40% of all 18,604,000 bitcoins in circulation as of writing these lines.
How Crucial Is GBTC For Bitcoin’s Price
Analysts from the giant US multinational investment bank, JPMorgan Chase & Co, have repeatedly emphasized the significance of the Grayscale Bitcoin Trust on the asset’s performance and adoption.
In its latest report, the strategists said that the cryptocurrency needs to overcome $40,000 to avoid a correction, which could drive institutions away from investing in GBTC.
Furthermore, they noted that the Trust has to sustain at least $100 million per day pace over the next few weeks to prevent such retracement.
New ‘market fear’ index lets traders bet on crypto volatility
COTI, a blockchain-powered fintech startup, has launched a new cryptocurrency index enabling traders to profit from the market volatility.
The new Crypto Volatility Index, or CVI, brings the traditional “market fear index” to the crypto market, allowing users to deposit and open positions with Tether (UDST).
Gibraltar-based COTI explained that the new index allows traders to open CVI positions for high and low volatility. “Users who expect volatility to increase can open a CVI position. If correct, they can take profit by selling their position once the index has risen,” COTI wrote.
In contrast, traders who expect volatility to remain low can provide liquidity to the platform. If correct, traders will profit by collecting fees paid by traders who have opened CVI positions.
CVI liquidity providers are required to deposit USDT for a minimum of 72 hours, while CVI traders must maintain an open position for at least 6 hours before selling or closing it.
Users can link their accounts to major wallets including MetaMask or Trust Wallet. COTI plans to add Ether (ETH) and COTI token (COTI) as deposit tokens in the near future.
With the CVI mainnet launch, users can also stake and unstake GOVI, which is the native governance token of the CVI index. The token enables users to earn platform fees and participate in voting.
UK hospitals use blockchain technology to track the temperature of COVID vaccines.
According to the CNBC report, the National Health Service facilities in South Warwickshire, England, are using tech developed by U.K. firm Everyware and U.S. organization Hedera Hashgraph. Everyware uses sensors to monitor equipment in real-time, while Hedera is a blockchain consortium backed by the likes of Google and IBM. Originally intended as the digital ledger underpinning bitcoin, blockchain has since been adopted by various industries for applications outside the realm of finance.
Blockchain would help keep a tamper-proof digital record of temperature-sensitive vaccines.
These hospitals are using blockchain to keep a tamper-proof digital record of temperature-sensitive vaccines, like the ones developed by Pfizer and BioNTech. The U.K. hospitals would, in theory, be able to pick up on any irregularities in the storage of the vaccines before administering them to patients. Pfizer’s vaccine must be stored at subzero temperatures (-70 degrees Celsius). It can only last at two-to-eight degree Celsius conditions for up to five days, creating big hurdles for the logistics in distributing it. However, vaccines developed by Moderna and Oxford-AstraZeneca, however, can be stored at temperatures that are within reach of the average home refrigerator for longer.
Regulators around the world acknowledge the potential of blockchain tech.
Singapore had reported that it witnessed a 30% growth in its blockchain sector. Not just Singapore, many other countries witnessed substantial growth in the blockchain industry. Regulators across countries have acknowledged blockchain tech’s potential, and many are onboard with its mass adoption. Blockchain tech, which was launched as a technology to underpin the leading cryptocurrency, bitcoin, is now being used in many sectors. The technology is currently being used in fields, including healthcare and logistics. South Korea recently revealed its plan to use blockchain in the healthcare sector.
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