Verge (XVG) looks desperately in need of a boost, after prices were slashed in half following a recent mining exploit. XVG is down more than 27% net this week, and with no signs of immediate recovery, hovers around $0.04.
The effect of Bitfinex trading is yet to be felt. At the moment, XVG is seeing most of its trades happen on Binance, against Bitcoin. The recent slump of BTC prices has also shaken down XVG in dollar terms. The asset has a slim market trading against Tether (USDT).
The new listing will increase exposure for Verge, by trading in various pairs:
“XVG will be tradable against BTC, ETH, USD, GBP, EURO & JPY. Margin trading and P2P funding will be enabled gradually, as and when the order books develops liquidity.”
However, it is unknown how liquid those pairs would be. Bitfinex does not carry fiat, so some of the pairs may be formed through crypto assets, and not the actual currency. USDT may also be involved in forming the XVG price.
Bitfinex remains one of the most active exchanges for Bitcoin trades, but it is unknown if the greater BTC liquidity would boost or depress XVG. The announcement comes on the cusp of another market downturn, where XVG lost another 3% in an hour, down to $0.038.
Verge Under Attack?
Perhaps the biggest problem for the price of Verge were the two mining attacks happening roughly a month apart. What is worse, some believe that another attack is possible. This has made the Verge community more wary of the technology.
The Verge network is still mined by five algorithms, and some of them are vulnerable to an attack through powerful ASIC mining, which can easily dominate GPU mining and produce blocks faster.
So far, only mining attacks have been recorded, with no attempts to roll back transactions and double-spend, which would undermine trust in the digital asset.
It seems like the Verge project will have to deal with a perfect storm of publicity. There has been a record of Reddit threads deleted, where criticism of Verge and technical issues have been raised. In the past, the Verge project has managed to hold the floodgates of criticism by meeting some milestones and showing progress. However, the achievements did not measure up to the hype, which promised to make Verge the crypto coin of the future, with widespread adoption.