Clad in balaclavas and carrying sacks of plastic coins redeemable for real cryptocurrency, porn stars stormed Wall Street last week with cries of “free money.” No late-night TV parody, the scene was rather meant to mark one of the most surprising announcements in crypto so far in 2018, the news that verge (XVR) had been officially added as a payment method on adult entertainment website Pornhub.
Indeed, with an average of 81 million visitors per day, the deal with the name-brand website has been heralded as a defining moment for the industry, one that has also done much to boost awareness of what was until April 17 among the lesser-known of the many privacy-centric cryptocurrencies.
But the news has stirred up criticisms as well.
A relatively small crypto asset by market cap, verge's privacy measures have been long dismissed by some of the industry's top researchers. As such, the response from the broader crypto community has been, at times, incredu..
The privacy-focused cryptocurrencies are reporting solid gains today, soon after Pornhub announced it will now accept payments in verge's XVG token.
Monero (XMR), the world's 11th largest cryptocurrency by market capitalization, clocked a four-week high of $232 earlier today and is changing hands at $227 – up 14 percent in the last 24 hours, according to CoinMarketcap.
Other privacy-focused cryptocurrencies like dash (DASH), zcash (ZEC) and lesser-known names like PIVX (PIVX), Zcoin (XZC) and NavCoin (NAV) are are also seeing bids.
So, it appears that the verge-Pornhub partnership has boosted the appeal of the cryptocurrencies offering real anonymity, perhaps since investors are expecting porn sites and other businesses where privacy is appealing for customers to start adopting such cryptos in the near future.
Clearly, XMR is leading the rally in privacy-focused cryptocurrencies. As far back as May 2017, Pornhub users had proposed monero as the preferred mode of payment…
Adult entertainment website Pornhub has announced that it will begin accepting the cryptocurrency verge as payment.
The company detailed its move in a blog post and accompanying video, saying that it will take the token for its premium services as well as other available purchases. According to Pornhub, the kick-off will be marked by events in New York City and Silicon Valley.
Pornhub VP Corey Price added in a statement:
“Not only is this an exciting announcement for us and the adult entertainment industry, it's exciting for the crypto space. History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology. We saw that with VHS, Beta Max, credit card payment icons and, most recently, VR goggles. We expect to see widespread adoption of crypto and blockchain in short order.”
Verge's backers previously stoked speculation about its “mystery deal” earlier this month, and in March moved to collect donations in an effort to pu..
Verge's XVG token is witnessing a classic “sell the news” trade.
The privacy-focused token ran into offers after the news hit the wires at 10:00 EST that PornHub, the biggest website in the porn industry, would accept XVG as a mode of payment, officially putting an end to rumors of a breakthrough partnership that have been in the air since late March.
Still, developers had been doing their best to fan the flames, billing the announcement as one of the biggest cryptocurrency collaborations to ever hit the market.
Investors responded by pouring money into XVG (buy the rumor), pushing it higher by more than 300 percent in the last two weeks, and now that the partnership is officially confirmed, the token is taking a hit possibly due to profit taking (sell the fact).
As of writing, XVG is changing hands at $0.07 on Bittrex – down 30 percent from the intraday highs. The price chart analysis indicates rally from the March 18 low of $0.023 has topped out and XVG risks bearish revers..
The crypto market is finally showing signs of life after a painful first quarter.
The total value of all cryptocurrencies, also known as total market capitalization, jumped above $300 billion on Thursday and was last seen at $325 billion, the highest level since March 26, according to CoinMarketCap.
Also, the total market capitalization has jumped 31 percent in the week ended Friday.
The much-needed relief rally in the broad crypto markets could be associated with bitcoin's 21 percent weekly gain. The world's largest cryptocurrency defended the key 50-week moving average support in the first half of the week before rising to 2.5-week highs above $8,200 Friday.
Meanwhile, ethereum's native cryptocurrency, ETH, appreciated 38 percent week-on-week and is the top-performing major coin. Ripple's XRP and bitcoin cash gained 32.8 percent and 23.9 percent, respectively.
However, a look at the performance of the top 25 cryptocurrencies reveals that verge's XVG tok..