XVG Price Analysis and Latest News - March 14th
Verge crypto token (XVG) sustains the fall in their price this week compared to the US $0.044 mark it was on March 8th. As of March 14th, US EST morning, XVG is trading at US $0.0349. In terms of market cap, It’s at the 31st position.
Verge ($XVG) Coin Price Forecast and Latest News on March 14th
The fall in price in the past one week can be attributed to both reasons specific to XVG, as well as generic reasons:
- Verge touts their focus on absolute privacy and anonymity as their key selling point. They have their Wraith protocol for this purpose, but this protocol has failed to provide privacy and anonymity to their users. When the key offering doesn’t work as intended, investor confidence is adversely affected, and Verge continues to suffer from this issue.
- The very disturbing suggestion that Verge had copied code from a 14-years old boy Jack Whit’s project OpalCoin has damaged their reputation.
- Increasing pressure from the US and Japanese regulators on crypto exchanges have affected crypto price in the last week. Japan has asked Bitstation and FSHO, two prominent exchanges operating there, to stop business activities for a month, and has asked five others to improve their business controls. The US Securities and Exchange commission has stated that the cryptocurrency exchanges could be asked to follow rules set by them, and will be penalized if they fail to adhere.
- Recent hackings of crypto exchanges have acted as a dampener.
- National governments in countries such as India and China continue to take a tough stance vis-à-vis cryptocurrencies, with India continuing to discourage their citizens from trading in cryptocurrencies, and China blocking social media accounts of crypto exchanges.
- Google has followed in the footsteps of Facebook and has banned all cryptocurrency related ads, and ICO promotions.
On a long-term basis, due diligence should be followed by the traders interested in XVG. Verge promises absolute privacy and anonymity, and crypto traders who consider these as absolute necessity will find Verge especially tempting, even more so because of fast transactions with Verge due to their Simple Payment Verification (SPV) technology. However, there’s increasing call for regulating cryptocurrencies, with multiple countries such as South Korea and India voicing concerns that cryptocurrencies are used for funding illegal activities. Since almost the very inception of now-famous Bitcoin, criminals have used the relative anonymity provided by it to fund their illegal activities.
Bitfury, an American Bitcoin mining and blockchain transaction processing company has earlier this year launched a collection of tools called ‘Crystal’, which will help law enforcement agencies by deanonymizing the user’s address, so that the ‘money trail’ can be followed during investigation of a crime that was funded with Bitcoins. This solution was possible in the first place because Bitcoin doesn’t allow absolute anonymity. In a future regulated environment, the key selling point of Verge, i.e. absolute privacy and anonymity, will come under considerable strain.