Market Update 12.16.18 – Binance-Backed Crypto Firm To Anonymize Everything

| Publish date: 12/16/2018

Market News

Binance-Backed Crypto Firm To Anonymize Everything

Lead developer David Stainton introduced the mixing tech that powers Nym Technologies, a stealth anonymity startup that sports a roster of privacy activists and cryptography heavyweights from around the world.

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An open infrastructure based on a near-forgotten anonymity system named mix networks, Nym is now entering the proof-of-concept phase following a 10-week incubation program with Binance Labs. According to Harry Halpin – an advisor to Nym precursor Panoramix – the objective is “to anonymize the world.”

Showcasing the new technology is a proof-of-concept cryptocurrency wallet built by Bitcoin developer and revolutionary Amir Taaki – what he calls “Darkwallet 2.0,” named after privacy-preserving Bitcoin wallet he built in 2014 that shares the same name.

Read the full report here.

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Cryptojacking Deemed The Biggest Cyber Threat

Cryptojacking, the unauthorized use of another’s hardware to mine cryptocurrency, has become the biggest cyber threat in many parts of the world. According to research from cyber security research firm Kaspersky Lab, cryptojacking overtook ransomware as the biggest cybersecurity threat particularly in the Middle East, Turkey, and Africa.

In Afghanistan and Ethiopia over one out of four detected malware are cryptocurrency miners. Kaspersky’s research “shows crypto mining attacks have risen almost fourfold in the region, from 3.5 million in 2017 to 13 million this year.” The cybersecurity firm reportedly also claimed that cryptojacking incidents are “likely to continue given the increased use of digital currencies.”

A report released by Kaspersky in November declares that the reason for the rise of cryptojacking malware compared to ransomware may “be due to the fact that people from developing markets are not so eager to pay a ransom.”

Read the full report here.

Bitcoin To Be Worth ‘Great Deal More’ In 3 Years

Jeremy Allaire, co-founder of crypto finance company Circle, said in an interview that Bitcoin will be worth “a great deal more” than it is now. When asked about the crypto’s price in three years, Allaire told that he does not make “significant price predictions,” while adding, “I think it is certainly going to be worth a great deal more that it is today.”

Allaire also stated that while Bitcoin is attractive as a non-state store of value, a slew of other tokens will enter the space, and the bases of their valuations will be diverse. He further explained:

“I do not think it’s a winner-take-all [situation]. We have the phrase ‘the tokenization of everything,’ and we think cryptographic tokens are going to represent every form of financial asset in the world. There will be millions of them in years.”

Read the full report here.

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Total Market Cap: December 16

The volume of trade in the crypto market sat at $10.80 billion. The market’s capitalization, on the other hand, reached $103.78 billion.

Bitcoin Price Analysis: December 16

In the past 24 hours, Bitcoin jumped 0.91% to trade at $3,272.08. The leading cryptocurrency’s trade volume trickled to $3.86 billion, while its market slid to $57.02 billion.

XRP Price Analysis: December 16

XRP’s price jumped 0.49% to trade at $0.289701. As for the altcoin’s trading volume, it reached $329.28 million; whereas its market capitalization hit $11.86 billion.

State of the Top 10 Cryptocurrencies: December 16

In the past 24 hours, all prices were up. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.

  • Bitcoin’s market price jumped 0.91% to $3,272.08, and its value in the market is $57.02 billion.
  • XRP’s market price jumped 0.49% to $0.289701, and its value in the market is $11.87 billion.
  • Ethereum’s market price jumped 2.43% to $86.59, and its value in the market is $9.00 billion.
  • Stellar’s market price jumped 0.24% to $0.097433, and its value in the market is $1.87 billion.
  • Tether market price jumped 0.19% to $1.00, and its value in the market is $1.86 billion.
  • EOS’ market price jumped 4.37% to $1.92, and its value in the market is $1.74 billion.
  • Litecoin’s market price jumped 8.40% to $25.74, and its value in the market is $1.53 billion.
  • Bitcoin Cash’s market price jumped 1.88% to $81.78, and its value in the market is $1.43 billion.
  • Bitcoin SV’s market price jumped 4.68 to $74.24, and its value in the market is 1.30 billion.
  • Tron dethroned Cardano at the 10th spot, with its market price jumping 2.15% to $0.013028. As for its value in the market, it is $8.66 million.

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