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Crypto Markets See Visible Drop Off as Major Coins Are in The Red

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13 of the 20 top cryptocurrencies are in the red, with Bitcoin Cash and Ripple losing up to 4 percent over the day.

Wednesday, Nov. 8: most cryptocurrencies have seen a drop-off today, with the most visible losses seen by Bitcoin Cash (BCH) and Ripple (XRP), as data from Coin360 shows. As of press time, the markets are seeing mixed signals, mostly staying in the red.

Market visualization from Coin360

While in the beginning of the week Bitcoin (BTC) was mostly in the green, up almost to 2 percent on the day Monday, Nov. 5, today the major coin is hovering around zero, mostly staying in the red and trading around $6,450 as of press time.

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH) is also about 2 percent down on the day, being traded slightly over $213 as of press time. The coin is seeing some stability after it has regained its second spot, bypassing Ripple (XRP) by market capitalization.

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP), in its turn, is currently trading at $0.50, dropping as much as 5.6 percent over the day as of press time. As per its weekly charts, the currency has seen its peak on Tuesday, Nov. 6, when the coin temporarily overtook Ethereum as the second largest altcoin.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $215 billion at the press-time, falling from $219 billion over the last 24 hours. According to daily trading volume, it has also dropped in comparison to yesterday, Nov. 7, hovering around $13.5 billion as of press time.

Weekly total market capitalization chart. Source: CoinMarketCap

18 of the 20 major cryptocurrencies are in the red, with Bitcoin Cash (BCH), Ripple (XRP) and NEM (XEM) seeing the biggest drops in last 24 hours according to CoinMarketCap. BCH has lost a distinctive 4.8 percent after almost a week-long growth following its upcoming hard fork, which is backed by major crypto exchange Binance. As of press time, the coin was traded at around $589.

Dash (DASH) is the only crypto to see a slight growth among top 20 coins, up to 1 percent on the day and trading at around $167 as of press time.

Meanwhile, today, Nov. 8, two countries in Asia have called for clearer crypto regulation. The Deputy Prime Minister of Thailand, Wissanu Krea-ngam, urged to lawmakers to amend the existing legal framework for crypto — set in May 2018 — to meet the development of the technology, warning about possible dangers for consumers. In the meantime, South Korea’s lawyers have lobbied the local government to speed up its work and expedite a legal framework for cryptocurrencies as well.

Yesterday, Nov. 7, crypto Twitter saw an extensive discussion in response to William Shatner’s positive tweet about Ethereum (ETH) co-founder Vitalik Buterin.

The Canadian actor, most known for his role of captain James T. Kirk in Star Trek, posted a thumbs-up emoji tagging Buterin on Twitter, sharing the post to his 2.5 million followers.  Shatner was then drawn into a debate over the ETH network’s decentralization, showing familiarity with ERC standards in his rebuttal to “crypto troll[s].”

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US: Crypto Initiative Donates Monero to Bail Out Immigrants in ICE Detention

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In order to help immigrants in ICE custody pay their immigration bonds, the Bail Bloc project mines XMR using volunteers’ computer power.

The Bail Bloc initiative has started using cryptocurrency raised through charity to help people get out of U.S Immigration and Customs Enforcement (ICE) pretrial incarceration, according to a tweet posted by a Bail Bloc co-founder Nov. 15.

ICE is a law enforcement agency of the federal government of the U.S, the mission of which is to monitor cross-border crime and illegal immigration. In 2017, the agency conducted 143,470 overall administrative arrests, 92 percent of which resulted in a criminal conviction or a pending criminal charge.

In ICE detention people are required to pay an immigration bond in exchange for their immediate-term release, although statistically only 47 percent of those in detention are given a bond hearing. Those who cannot afford to pay the bond, or who are not granted a bond at all, must wait for their court hearing while detained, which could last from months to years.

Bail Bloc has set a goal to help charged immigrants pay their bail with money raised through cryptocurrency mining. The initiative has released an app that consumes a small portion — from 10 percent by default to 50 percent optionally — of users’ computer power to mine Monero (XMR) once it is installed.

The organization states that at the end of every month it exchanges XMR for U.S. dollars and donates the earnings to the Immigrant Bail Fund in New Haven, Connecticut. Bail Bloc has reportedly mined 44.34 XMR, which equates to $7,356.36 U.S. dollars. This sum is enough to bail out 12 people, per the organization’s website.

Bail Bloc says it chose XMR as it is an ASIC-resistant cryptocurrency, meaning that consumer-level computers are able to mine the coin “in a financially viable way,” while computers designed with the sole purpose of crypto mining cannot.

ICE’s approach to immigration policy enforcement has sparked significant controversy in the U.S. In May, reports of federal authorities losing track of nearly 1,500 immigrant children in their custody made headlines. As the Washington Post reported, the children had been separated from their immigrant parents. Per the policy of prosecuting “100 percent” of those crossing the border illegally, children were separated from their parents as the adults were charged with a crime.

At press time, XMR is trading at around $87, down 0.82 percent over the past 24 hours, according to CoinMarketCap. The coin’s market capitalization is around $1.4 billion, while its daily trading volume is about $18.9 million.

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Report: Bitcoin Scam Compromising Google and Target Accounts Came from Third Party App

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Bitcoin scammers that recently hacked Google and Target verified accounts reportedly gained access via a third-party app authorized to post content.

A recent Bitcoin scam on Twitter that compromised several major companies verified accounts came from a third-party app, tech news outlet the Next Web (TNW) reports Friday, Nov. 16, citing social media officials.

Speaking to TNW, a Twitter spokesperson confirmed that the attack came from an outside software provider and not from Twitter’s own system. However, the official refrained from naming the app.

The spokesperson reportedly explained that the attackers exploited a third-party marketing solution to launch a Bitcoin (BTC) giveaway from several verified accounts, including Google’s G Suite and major U.S. department store retailer Target.

The information was implicitly confirmed by Target. Its representatives told TNW that the hackers used a third-party marketing app, authorized to post content on Target’s behalf.

As Cointelegraph previously reported, on Wednesday, Nov. 14, hackers took over G Suite and Target accounts (800,000 and 1.92 million followers, respectively) and posted malicious cryptocurrency giveaway links. The message in G Suite’s account also falsely claimed that users could make payments in G Suite using cryptocurrencies.

Moreover, in early November several verified Twitter accounts, including those of film production firm Pathe U.K. and U.S. politician Frank Pallone Jr., were breached to pose as Elon Musk. Once hackers gained control of accounts, they changed the profile picture and name in order to pose as Elon Musk and offer scammy Bitcoin giveaways.

Bitcoin scammers have already posed as Elon Musk for several times, prompting the Tesla founder to seek help from Jackson Palmer, the creator of Dogecoin (DOGE), who claimed to have invented an anti-scam script.

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TRON Launches Accelerator Program for DApp Developers

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Cryptocurrency project TRON has announced an accelerator program to support developers building decentralized apps on the TRON protocol.

Decentralized Internet project TRON (TRX) is launching a $1 million accelerator program to support developers building DApps and products on the TRON protocol, according to a press release shared with Cointelegraph Nov. 16.

The initiative aims to facilitate consumer adoption of blockchain technology through TRON’s ecosystem following the recent acquisition of peer-to-peer file sharing service BitTorrent, Project Atlas, and payment service Poppy app. TRON’s protocol currently processes more than one million transactions and 600,000 wallets.

The startup will purportedly accept submissions to its accelerator through December, while the winners will be announced at TRON’s first international summit in January.

In October, TRON and China’s largest Internet search provider Baidu announced they will cooperate on cloud computing resources. The partnership between the two firms remains focused on the purchase and use of Baidu’s basic cloud computing resources, rather than being a connection “at the blockchain business level.”

Also in October, TRON’s CEO Justin Sun claimed its update dubbed Odyssey 3.1 would see it beat Ethereum on speed and EOS on cost. The changes include the launch of the TRON Virtual Machine, which would allow developers to test smart contracts before they transfer to the TRON mainnet.

As of press time, TRX is the 11th top cryptocurrency, trading at around $0.018, up by 0.27 percent on the day, according to CoinMarketCap.

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