Crypto Market Wrap: Ethereum Classic Pumps 25% as Hard Fork Proposal Proceeds

Crypto markets still moving up; Litecoin, Bitcoin Cash and Ethereum Classic leading the way.
Market Wrap
The momentum has continued throughout the weekend and crypto markets remain buoyant this Sunday. More movement from Bitcoin has pushed total market capitalization up towards $180 billion which is the highest it has been since November.
Bitcoin is up again as it reached a high of $5,200 before a slight pullback. The 2.5% gain on the day has taken BTC prices to $5,150 as volume builds back up and market cap reaches $90 billion. Since last weekend Bitcoin has gained a staggering 25% and optimism has returned for now.
Ethereum has had a minor run on the tails of its big brother and another 2% has taken ETH price to $168. Ethereum faces strong resistance over $170 but a break could send it all the way up to $200. XRP has pulled back from its rally at the end of the week and is back at $0.36 as the gap to ETH widens to over $2 billion in market cap.
The top ten is all in the green during today’s Asian trading session. Litecoin is leading the pack as it jumps 8.5% on the day to reach $95. Three figure LTC is not far away now and this altcoin has been one of the year’s top performers so far over doubling in price. Bitcoin Cash is also doing well at the moment with a gain of 8% taking it to $312. These two again are the clear leaders as the rest add a percent or two.
The top twenty’s big pump is Ethereum Classic which has surged 25% to just below $7. Volume has over doubled from $350 to $800 million. A proposed hard fork called Atlantis as specified in ECIP-1054 may be driving momentum for ETC.

Around a dozen #EthereumClassic contributors, developers, pool & node operators joined today's preliminary meeting covering ECIP-1054 Atlantis, even EF's @virgilgr joined the chat.
Re-Watch ECIP-1054 Community Meeting—Atlantis & #SpuriousDragon Upgradeshttps://t.co/13Tzs687VI
— Ethereum Classic (@eth_classic) April 5, 2019

The rest of the altcoins in the section are currently mixed with minor gains or losses today.
FOMO: Ethereum Classic Crushing it
ETC is the top performing altcoin in the top one hundred today. It has reached a new high for 2019 and is heading back towards price levels before November’s big dump. Ravencoin is back pumping again as it gets a 17% surge on the day as the fomo sends RVN to a new all-time high of $0.072 or 1400 satoshis. Augur is also getting a big move of 13% at the moment.
Getting dumped is Maximine Coin following a previous pump as usual. MXM has dropped 12% on the day. IOST and Aurora are also both dumping with 8% shed at the time of writing.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization has reached $180 billion, up $5 billion from this time yesterday. Daily volume is still high at $60 billion and momentum has seen most altcoins lifted to their highest prices for 2019. The trend at the moment is bullish but it remains to be seen if this action can be sustained for the longer term.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Crypto Market Wrap: Ethereum Classic Pumps 25% as Hard Fork Proposal Proceeds appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ripple-Powered XRPL Labs Set to Launch New XRP Payments App

Coinspeaker
Ripple-Powered XRPL Labs Set to Launch New XRP Payments App
XRPL Labs, a startup backed by Ripple, wants to make the process of accepting XRP easier for merchants as a mainstream option. The company has designed a payments app that will act as the transition that they need as a point-of-sale system.
Ripple-Powered XRPL Labs Set to Launch New XRP Payments App

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Source: CoinSpeaker

Coinbase Custody Launches Staking Support for Tezos

Coinspeaker
Coinbase Custody Launches Staking Support for Tezos
San Francisco-based cryptocurrency exchange Coinbase announced Friday an expansion of its custody business to help its clients squeeze more yield out of the assets stored on its platform. Tezos chosen as their first staking asset.
Coinbase Custody Launches Staking Support for Tezos

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Source: CoinSpeaker

Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

Coinspeaker
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Source: CoinSpeaker

Yet Another Cryptocurrency Wins Listing on Coinbase Pro

CoinSpeaker
Yet Another Cryptocurrency Wins Listing on Coinbase Pro
Coinbase adds Stellar Lumens to its professional trading service Coinbase Pro. Initially, XLM trading will be only available for customers in Coinbase’s supported jurisdictions, expect the state of New York.
Yet Another Cryptocurrency Wins Listing on Coinbase Pro

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Source: CoinSpeaker

eToro Launches Crypto Trading Platform Across 30 States in the U.S

CoinSpeaker

eToro Launches Crypto Trading Platform Across 30 States in the U.S

With the U.S. being one of the most active markets for crypto trading, eToro plans its expansion to seize new underlying opportunities.

eToro Launches Crypto Trading Platform Across 30 States in the U.S

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Source: CoinSpeaker

TradingView Lists Its First Crypto Index, the Huobi HB10

CoinSpeaker

TradingView Lists Its First Crypto Index, the Huobi HB10

The Huobi HB10 crypto index tracks a number of top digital currencies based on their market cap and liquidity.

TradingView Lists Its First Crypto Index, the Huobi HB10

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Source: CoinSpeaker

Bitcoin Cash [BCH], Ethereum Classic, Litecoin booted by Thailand SEC

The Thailand Securities and Exchange Commission [SEC] has shown the door to three of the top cryptocurrencies in the market and now they cannot be used as an investment tool in the country’s initial coin offerings [ICOs] and as a base in trading pairs. Among those booted out are Bitcoin Cash [BCH], Ethereum Classic [ETC] and Litecoin [LTC].
Bitcoin [BTC], Ethereum [ETH], XRP, and Stellar Lumens [XLM] have not been given the boot by the SEC and can still be used for investment purposes in the country’s growing ICO market and can also be used as base pairs.
The SEC stated:
“Currently, there are four cryptocurrencies that can be used for base trading pairs. They are bitcoin (BTC), ethereum (ETH), ripple (XRP), and stellar (XLM).”
Despite these three coins being used as investment tools in ICOs, the SEC stated that they will not be considered legal tender and cannot be used to pay off any outstanding debts.
The addition and deletion of the list is based on the development in the cryptocurrency market, ongoing news, market liquidity, their decentralized system and their viability of being used as trading pairs with other virtual currencies, according to the SEC.
On the matter of removing BCH, ETC, and LTC, the financial watchdog said:
“In any case, the list update has no impact on investors or digital asset businesses because so far no ICO has been launched and the operating digital asset exchanges have never used BCH, ETC or LTC as base trading pairs.”
Earlier, in July 2018, Thailand’s financial regulatory body stated that if a company wanted to engage in a token sale, they would have to file an application with the SEC for approval. Back then, only seven cryptocurrencies, Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Stellar Lumens, and Ethereum Classic were permitted to be used in such an investment, with the country’s national currency, the Baht [TBH] the only fiat currency on the list.
The SEC stated at the beginning of 2019 that the crypto-centric companies that had begun operations prior to the regulations taking effect would be given licenses. Currently, there are only three cryptocurrency exchanges and one broker-dealer that hold a license, which include Bitcoin Exchange, Bitkub, Satang Pro and Coins Th, the sole licensed broker-dealer.
Furthermore, in January, Thailand’s National Stock Exchange was looking to launch a cryptocurrency exchange. The Stock Exchange of Thailand [SET] is gearing up to apply for a digital license from the Finance Ministry, allowing it to trade cryptocurrencies.
The post Bitcoin Cash [BCH], Ethereum Classic, Litecoin booted by Thailand SEC appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash Support Added on Coinbase Wallet App

CoinSpeaker

Bitcoin Cash Support Added on Coinbase Wallet App

Konstantin Rabin, financial expert and crypto enthusiast, takes a look at recent announcement from Coinbase in which it has confirmed that they added Bitcoin Cash support in their wallet app.

Bitcoin Cash Support Added on Coinbase Wallet App

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Source: CoinSpeaker

Ethereum Classic [ETC] 51% attack leads Metronome Token to deploy new contract

Metronome [MET] token, that operates on the Ethereum platform released an update on a Medium blog and commented on the Ethereum Classic network’s 51% attack that happened earlier this year and what steps are they going to take.
The ETC network was hit by a 51% attack on January 5, where the attackers rented the required hash power to control the network. The post suggests that this attack could have been to double-spend ETC tokens while selling them to the exchange.
About the concerns people may have about MET tokens that reside on networks prone to 51% attacks, the Foundation in a Medium post revealed that the Metronome team has put in work to develop contracts for deployment on the Ethereum Classic network in order to secure the transactions. The post read:
“The team has put in considerable effort in developing/auditing these contracts for deployment on Ethereum Classic and the Validator Network that will secure the transactions between chains.”
The team is going ahead with their planned Q1 deployment of Metronome contracts on the Ethereum Classic network. The post read that the team is confident about the contracts to be deployed and realize that this decision will be a matter of concern for people. The post explained its stance saying:
“Watching the situation unfold over the course of a few weeks — and noting Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack — the team is confident enough in the chain to deploy contracts. The additional security in continued institutional incentive to stabilize the network has helped alleviate some of the team’s concerns.”
The post urged MET owners to consider where they store their MET at all times. The post also warned MET owners regarding not storing their coins if they find any abnormality found on the deployed Metronome contracts.
“…should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their MET on that chain. As with any cryptocurrency, each owner has an individual responsibility to themselves.”
The attacked chains are vulnerable to attacks, however, the post mentions a few things to be considered.
“The primary economic incentive for attacking a network is to go after the most profitable tokens — which is usually the underlying token itself (in this case ETC). Additionally, the victims of 51% attacks are usually exchanges.”
The post about the Ethereum Classic Contract concluded with the announcement of the deployment of the contract and informed the owners of MET that they can move their token as per their wish, as the attack has proven the need for chain portability.
The post Ethereum Classic [ETC] 51% attack leads Metronome Token to deploy new contract appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Finally Added to Coinbase Wallet, More Coins are Waiting for Their Turn

CoinSpeaker

Bitcoin Finally Added to Coinbase Wallet, More Coins are Waiting for Their Turn

With support for Bitcoin, Coinbase becomes closer to creating of the world’s leading user-custodied crypto wallet. As the exchange said, adding support for Bitcoin is “an important next step in that direction.”

Bitcoin Finally Added to Coinbase Wallet, More Coins are Waiting for Their Turn

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Source: CoinSpeaker

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

CoinSpeaker

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

LocalBitcoins has become a victim of a phishing attack. At least six users have been affected after following a link to a fake LocalBitcoins page.

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

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Source: CoinSpeaker

ZCash Becomes the 14th Crypro Asset Added on eToro

CoinSpeaker

ZCash Becomes the 14th Crypro Asset Added on eToro

eToro, the global multi-asset investment platform, is expanding the list of crypto assets available to its users. ZCash has become the 14th digital asset added.

ZCash Becomes the 14th Crypro Asset Added on eToro

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Source: CoinSpeaker

Mantis now fully supports Ethereum, says Cardano’s Charles Hoskinson

On January 23, Charles Hoskinson, the Founder of IOHK and the co-founder of Ethereum, made an announcement pertaining to two communities, the Ethereum and Ethereum Classic community.
He announced on Twitter:
“Mantis now fully supports Ethereum: https://github.com/input-output hk/mantis/tree/phase/release2_0 … Let me know what you think”
The announcement related to ETC Mantis client was made in the year 2017. The client is created from the scratch with the Scala programming language, and by the IOHK developers team dedicated to Ethereum Classic, Team Grothendieck. The main agenda of Mantis is to have a client for Ethereum classic, from scratch.
In their official announcement on Github, the team has stated that Mantis 2.0 will be focusing on the improvement of general performance and introducing complete network support for Ethereum. This new version was tested on the latest version of Windows and macOS, prior to the release.
The team further stated that this version provides support for CPU mining, peer discovery, fast sync, regular sync, Moreden and Ropsten testnets and private network, Ethereum classic and Ethereum networks, and ethminer integration.
adamaid_321, a Redditor said:
“Exciting – great to see another client out there and bonus points for using a (somewhat) functional language”
GoAwayStupidAI, another Redditor explained the whole update as:
“For a robust system multiple independent implementations of the same specification are valuable. Essentially this is reproducing the science. This is a new implementation of the ethereum specification. Which means it’s a wallet and full node for the ethereum network that behaves the same as other wallets and full nodes.”
He further said:

“In addition to providing valuable reproduction of science: by choosing Scala this enables applications written in Scala to use this as a library. (and other JVM languages to a degree) which will enable the development of more ethereum applications.”

In October, Ethereum Foundation made an announcement regarding their relationship status with the Ethereum Classic community, which had been shaky ever since the chain split caused by the DAO hack. The Foundation stated that they want to make peace with the community, and announced a donation of 15,000 ETC to Ethereum Classic Cooperative. During the same announcement, they also stated that IOHK’s Matis will be supporting Ethereum [ETH] as a part of the peacemaking.
The post Mantis now fully supports Ethereum, says Cardano’s Charles Hoskinson appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum Classic [ETC]: A deep-dive into 51% attack leading to the loss of $1.1 million worth ETCs

Opinion
Cryptocurrencies – money of the future. Bitcoin and cryptocurrencies promised a lot of things and along with those promises came the problems that we would never have faced if we stuck to the fiat system. But then again the world isn’t all black and white.
As promising and strong cryptocurrencies sound, they aren’t almighty and invulnerable, they do have drawbacks like the one that has taken Ethereum Classic [ETC] down temporarily.
Satoshi Nakamoto envisioned how Bitcoin network, which makes use of Proof-of-Work [PoW], could be attacked in his whitepaper. Nakamoto stated:
“If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins.”
Assembling of CPU power came to be known as a “51% attack”, i.e., if a person/organization amassed more than 50% of the total hash power that is being used to mine a particular coin, then that coin could be controlled by the said person.
The person could go back and change the history in the blocks, rewrite transactions, generate more coins, add more blocks to it. This attack is the major drawback of PoW and sometimes referred to as “security risk” or “attack vector”.
Ethereum Classic [ETC], a fork of Ethereum which took place in July 2016, has been the victim of the aforementioned and its blockchain has been “reorged”. Reorged is a short-form of “chain reorganization” in which a person with enough hash power takes control of the blockchain and goes back to the block of his liking and extends an alternative block history as per his liking.
The 51% attack was reported by Coinbase on January 7, 2019, but a few people on Twitter had already whiffed out the 51% attack rumors.
Pierre Rochard, a well-known Bitcoin enthusiast, asked ETC developer Donal McIntyre on Twitter:
“Was there a deep reorg on Ethereum Classic yesterday?… 75 blocks deep I hear, with a doublespend”
Donal McIntyre replied:
“Well ETC is still small and has many enemies so an attack with sufficient GPU power may be plausible, but I will check with others in the ecosystem.”
The devs realized that there was an attack and as per the blog by Coinbase, a total of 219,500 ETC worth a whopping $1.1 million was double spent.
Why ETC?
51% attacks are not very uncommon; they keep happening from time to time on smaller blockchains that are still nascent and are under development.
The reasons that could summarize why ETC faced this 51% attack could be:

ETC uses the same mining algorithm as Ethereum, and as compared to ETH, ETC has only a fraction of its mining power i.e., hash rate. So, a temporary shift in the hashing power from ETH to ETC could easily allow someone to launch a 51% attack.
With the developments happening in the cryptocurrency world and it reaching mainstream attention/adoption, mining has also become institutionalized and a majority of the hashing power for most top-10 coins is derived from mining pools. ETC, as per Crypto51.app, had a total of 112% of hash rate coming from one such pool, “Nicehash”.
The ETC network is still small.
All PoW based assets are susceptible to 51% attacks.

As per Crypto51.app, the total network hash rate for ETC was at a mere 8TH/s as compared to that of Bitcoin [BTC] 42,336 PH/s or Ethereum’s 171 TH/s. Moreover, the cost of launching a 51% attack for ETC would only cost ~$4,404 per hour.
Future of ETC
Charlie Lee suggested a possible workaround for this problem that ETC is facing in a tweet. He said:
“Be careful w/coins that are not dominant in their respective mining algorithm, especially ones that are NiceHash-able. ETC has less than 5% of the total Ethash hashrate and is 98% NiceHash-able. 1-hr attack costs $5k. Almost $500k has been double spent”
ETC dev, Donald McIntyre in his blog stated:
“I think that continuing to build the stack as planned (a secure PoW base layer, with layer 2 sidechains, plus developer tools, continuous efficiency gains and adding of new features in the long term) will get ETC closer to the long term vision of a blockchain perfectly suitable for secure decentralized computing.”
Furthermore, he added:
“With the above in mind I think the best path is to explore a mining algorithm change to put ETC in a unique, incompatible PoW niche. Even if that implies a tradeoff as miners will have less optionality to point their infrastructure to different chains depending on the profitability of the day.”
Conspiracies Everywhere:
A Twitter user @_itsanhonour tweeted suggesting that the ETC’s 51% attack was some sort of a conspiracy theory as OKEx exchange is the largest source of volume ETC.

Peter Todd, a well-known person in the crypto-community, tweeted:

To the above tweet, a user @Cryptojack2 suggested that Vitalik Buterin, the creator of Ethereum organized the attack. He commented:
“yep, makes perf sense- not because it is the true defin of SHITCOIN- no devs,hugely inflated MC,no real usage(besides being “immutable”-ROFL & working on the “one and only consensus-POW”).It is the evil lord @VitalikButerin , that organised the attack…”
Summing it all up
This is not the first time Ethereum Classic has been under the eye of media. Ethereum Classic was supposedly used by Barry Silbert as a classic “pump and dump” scheme back in 2016/2017. Moreover, Silbert allegedly used insider information to accumulate more ETC before it was listed on an exchange that he owned, Kraken.
So far, the reports by Coinbase claim that a total of $1.1 million worth of ETC was double spent and it was even confirmed by the devs.
As a layer of additional security, Ethereum Classic’s official Twitter page, tweeted:
“To all exchanges and mining pools please allow a significantly higher confirmation time on withdrawals and deposits (+400)
cc @OKEx @ExchangeXGroup @HuobiGroup @digifinex @binance @bitfinex”
Like, Coinbase, exchanges including Poloniex, OKEx, and many others, have decided to block the sell and withdrawal for Ethereum Classic until further notice.
The prices of ETC as a result of this attack has slipped by 7% and have halted there as of now since the exchanges have stopped transacting ETC.
Ethereum Classic forked from Ethereum as a result of the legendary DAO attack that caused a lot of users to lose their ETH tokens. ETC was developed as a result of a difference in opinion, and “immutability” became the main ethos for the Ethereum Classic. Since the attack was a deep chain reorganization the “immutability” claim now seems to have gone down the drain.
And as for the future of ETC, it is all up to the devs and how they change this vulnerability. Only time can tell how ETC will fare in the world of cryptocurrencies.
The post Ethereum Classic [ETC]: A deep-dive into 51% attack leading to the loss of $1.1 million worth ETCs appeared first on AMBCrypto.
Source: AMB Crypto