Crypto Carnage: Market Loses Staggering $26 Billion in 24 Hours
Over the last 24 hours, the crypto market suffered a devastating wipeout of more than $26 billion, making it one of the most intense daily sell-offs in all of 2018.
Claim: Crypto Exchange Lost $500,000 Due to AurumCoin 51% Attack
A little-known cryptocurrency called AurumCoin (AU) has claimed that it was hit by 51 percent attack, and crypto exchange Cryptopia, where the cryptocurrency is listed, lost 15,752.26 AU (approx. $550,000 at the time of writing this article). However, the cryptocurrency has shifted the blame on Cryptopia. On AurumCoin’s website, it has claimed that it is not responsible to anyone since it is an open-source distributed currency. Cryptopia, on the other hand, has not yet acknowledged any loss.
BTC Mining coming under pressure: The relatively stable bitcoin prices have inflated the general cost of mining so is mining still a viable option?
Founded in June 2011 as BTC China, the company ranked as the world’s second-largest Bitcoin exchange by volume in October 2014. It enjoyed massive followership in China is the country’s first bitcoin exchange. The company benefited immensely from its first round of venture capital financing in 2013 which involved the participation of notable investors including LightSpeed China Partners and LightSpeed Venture Partners.
Malware Not Found: How Cryptojacking Software Evades Detection
The obfuscation capabilities of cryptocurrency mining malware creators are increasingly getting more and more sophisticated, according to cybersecurity researchers at Trend Micro. This is evidenced by a new cryptocurrency mining malware that the researchers came across which employs multiple evasion techniques in order to evade detection. Identified as Coinminer.Win32.MALXMR.TIAOODAM, the malicious crypto mining software poses as an installer file for the Windows operating system when it arrives on the machine of its target. This use of a real component of the Windows OS not only makes it appear less suspicious but also allows the malware to bypass particular security filters.
$6 Billion Wiped Out of Crypto Market in 48 Hours: However on a monthly basis, crypto still performing well.
Over the last 48 hours, since November 7, the global crypto market has lost $6 billion of its valuation as it dropped from $220 billion to $214 billion, while Bitcoin remained stable. On November 6, major cryptocurrencies including Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH), Stellar (XLM), and Cardano (ADA) recorded large gains in the range of 5 to 30 percent, as BCH surged by around 40 percent within a two-day span.
BTC Today: Could have further to go....Price Above $6500 Resistance following the US Midterm results.
Bitcoin on Wednesday challenged new highs as price against the US Dollar surged 1.42 percent within a few hours. The BTC/USD pair built upon the near-term bullish scenario after breaking above the interim resistance explained in our previous analysis. A breakout action above 6421-fiat started attracting long positions towards 6500-fiat as the primary upside target. The pair rallied and established a new intraday high towards 6515-fiat before retreating across the exchanges. It is now trading at 6507-fiat.
As XRP price hits a one month high, is a correction due?
Ripple (XRP) on Tuesday established a bullish setup after rising more than 10 percent against the US dollar. The pair broke above the October peak to set a new one-month high at 0.569-fiat. It was previously stuck in a narrow trading range for multiple weeks amidst lower volatility. While the lack of bias-defining price action is itself not significant, the absence of solid bullish momentum, coupled with failed rally attempts of the recent weeks, confirms XRP’s overall downtrend. The latest rally marks the asset’s latest attempt to break above a strong resistance trendline.
Former Goldman Sachs investment banker says institutional âFOMOâ (fear of missing out) will drive the market up over the coming months
Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, predicts that bitcoin will break out of its 2018 doldrums and soar to $20,000 in 2019 — fueled by a spike in institutional investments. The former Goldman Sachs investment banker says institutional “FOMO” (fear of missing out) will drive the market up over the coming months as cryptocurrency assets gain more mainstream acceptance and traditional finance players take the leap into crypto.
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