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51% Attack on Ethereum Classic Confirmed

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  • Thomas Hughes
    📈 Price Predictions

    Cryptocurrency exchange Gate.io confirmed that a successful 51% attack on ETC indeed happened and that it resulted in a loss of approximately 40K ETC

51% Attack on Ethereum Classic Confirmed
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cryptocurrency exchange Gate.io confirmed that a successful 51% attack on ETC indeed happened and that it resulted in a loss of approximately 40K ETC, the equivalent of roughly $184,000 at the time.

Gate.io publicly stated they will cover the loss entirely, so their clients won’t be affected. They have also raised the confirmation number to 500, implemented a new 51% attack detection and urged ETC devs to build a new consensus mechanism to better protect the network against this type of attack.

As it was expected, Ethereum Classic’s price is going south, but then again, most coins are headed that way so maybe the 51% attack is not the main culprit.

Chart Analysis – ETC/USD

On Jan. 6, Ethereum Classic made a final attempt to break the resistance at $5.63, but failed and started to drop sharply, now trading at 4.55 against the US Dollar, having shed 12.50% in the last 7 days.

 ETC/USD

The major support at 4.63 was recently broken and it is currently being re-tested from below, which is a pattern seen often after a break. If the price will be rejected lower from here, the level will turn into resistance and the break will be confirmed, which means we will probably see an extended period of downside price action.

The RSI is oversold and the last few candles show long wicks in their lower part, suggesting there’s a small trace of bullish pressure, but probably not enough to offset the selling pressure.

Support zone: 4.00 as psychological level, followed by 3.57

Resistance zone: 4.63 (potential resistance) and the moving averages

Most likely scenario: drop into 4.00 area

Alternate scenario: timid rally based on the oversold position of the RSI

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Ripple's Partner Wants to Transform Gaming Industry with XRP

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  • Alex Dovbnya
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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
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San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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