The recent mining exploit witnessed the prices of Verge (XVG) slashed almost halfway. It is currently in need of a major lift, a matter that is leaving even most of the market analysts guessing. In the course of this week XVG has been down by about 27% net and it is crucial to mention that there are not yet any signs of immediate recovery. It is oscillating around $0.04.
The state of affairs
As per this moment, the effect of Bitfinex trading hasn’t been felt yet. Most of the trades related to XVG are currently being undertaken on Binance, against Bitcoin. Recently, there was a conspicuous slump in the prices of Bitcoin, a happening that ended up shaking down XVG in dollar terms.
Bitfinex doesn’t accommodate fiat and what happens is that some of the pairs end up being formed through crypto assets as opposed to the use of the actual currency. A person well conversant with the matter but who wanted his identity shielded has rushed to state that USDT might have gotten involved in the formation of the XVG price.
Discussions surrounding Bitfinex
Bitfinex sticks out as one of the most active exchanges for Bitcoin trades, however, uncertainty continues to surround the matter to do with whether or not the greater BTC liquidity could end up providing a boost or it will end up depressing the XVG. The announcement pulls along almost at the cusp of yet another market downturn that witnessed XVG lose about 3% over a period of about one hour taking it way down to $0.038.
From time to time reports have come up indicating that Verge could be facing a possible attack. It was a few months back that two mining attacks were reported. Dust hasn’t settled yet and again there are projections of another attack. The Verge community is starting to drift away with many losing faith in the technology.
If all moves according to plan, in June Verge might be holding its first ever meet up which is expected to take place in Amsterdam. The exciting part is that it will be taking place on a boat that will be traversing through the Amsterdam canals.