Verge (XVG) Mysteriously Jumps 11% After Mining Code Malfunction

 

 

Verge (XVG), a privacy-oriented cryptocurrency that has suffered various attacks throughout its history, has mysteriously seen its price jump over 11% in the last 24 hours, even after seeing mining code malfunctions that saw its developers consider a transition to Proof-of-Stake (PoS).

According to CryptoCompare data, XVG is currently up against the US dollar, even after seeing a small correction from its jump to a $0.071 high, up from roughly $0.0058. Given the price jump, the cryptocurrency is currently up by 9.6% in the last 30 days.

XVG's price performance in the last 24-hour period

Notably, it’s unclear what’s behind XVG’s rise, as the cryptocurrency has seen what various analysts perceived as bad news in the last few days. On the VergeCurrency subreddit, a thread on the price rise has seen various users question the price movement in the comments section.

Potentially connected to the rise is a mysterious tweet from Sunerok, Verge’s founder and lead developer, which reveals he accidentally shared a sign-up process that was only set to be revealed on Monday, March 4.

Verge made headlines last year, as it was hit with various 51% attacks after partnering with MindGeek, an adult entertainment firm that owns popular websites like Pornhub.

Verge’s Difficult Year

While Verge wasn’t the only cryptocurrency being hit with a 51% attack recently, it made headlines over its partnership with MindGeek and an upgrade it had that increased its privacy features.

As CryptoGlobe covered, back in April one attack on its network netted a malicious miner over $1 million worth of XVG tokens, and later on unusual mining data suggested another attack was taking place.

Although the cryptocurrency partnered with MnidGeek to see Pornhub and other websites in its network accept XVG as a payment method for its premium subscriptions, the adult entertainment giant later on partnered with TRON and Horizen, making it clear Verge wasn’t its exclusive cryptocurrency partner, as it had claimed.

Pornhub, in fact, later on partnered with PumaPay, a blockchain-based payment solutions provider, to enable recurring cryptocurrency payments. All of these partnerships took a toll on Verge, which has been creating various other partnerships of its own.

Recently, a mining code malfunction has seen the cryptocurrency’s developers consider moving it from a Proof-of-Work (PoW)-based consensus to a Proof-of-Stake (PoS) based one, as miners have been having a “difficult time setting up a working mining environment due to non-existing timestamps in Coinbase transactions.”

OKEx Was the Top Crypto Derivatives Exchange in September, Report Shows

Leading cryptocurrency exchange OKEx was the top crypto derivatives exchange in the month of September, trading a total of $90.3 billion in total. Huobi followed suit, trading $84 billion.

According to CryptoCompare’s September 2019 Exchange Review, the crypto trading platform represented 33.7% of the daily derivatives volumes, trading $3.08 billion per day. Behind OKEx was Huobi with $2.82 billion traded a day, followed by BitMEX’s $1.88 billion.

Cryptocurrency exchanges like Deribit and CryptoFacilities, which is FCA-regulated, represented only $334 million and $74 million a day, respectively.

Top derivatives exchangesSource: CryptoCompare Exchange Review

The report notes that the most traded derivatives product by trading volume was BitMEX’s perpetual BTC futures contract, as its total trading volume for the month was of $41.7 billion. Other top traded products were BTC futures contracts expiring on September 27, with Huobi’s contract seeing $23.3 billion traded, while OKEx saw $17.4 billion traded.

OKEx’s lead when it comes to cryptocurrency derivatives was likely derived by its offering. The cryptocurrency exchange has various futures contracts being offered on its website – not just for BTC but for other top cryptocurrencies like BCH, BSV, EOS, XRP, and TRX.

Similarly the cryptocurrency exchange, which earlier this year announced it’s working on developing global compliance standards for cryptocurrency exchanges through a Self-Regulated Organization (SRO), offers perpetual swaps for these cryptos.

As CryptoGlobe reported, CryptoCompare’s report for August found similar results when it came to OKEx. Despite a market-wide drop in terms of derivatives trading volumes, the cryptocurrency exchange managed to capture over one-third of the market in August.

CryptoCompare’s September 2019 Exchange Review also found that lower-rated cryptocurrency exchanges – according to its Exchange Benchmark Ratings – have been gaining market share in terms of spot volumes.

Per the report, exchanges with an “E” rating represented a total trading volume of $179 billion in September, after seeing an increase of over 30% from the prior month. Exchanges like OKEx, which is A-rated, represented a smaller piece of the pie, with only 14.3% of the market share.