Cryptocurrencies: Zcash remediates counterfeiting bug

Summary:

  • Head of Russian bank criticizes cryptocurrencies

  • Zcash remediates counterfeiting bug

  • Cryptocurrencies take a step back

Wednesday started with some losses on the cryptocurrency market as most of the major cryptocurrencies have experienced moderate drops. According to CoinMarketCap, the capitalization of the crypto market stands around $111.6 billion, and the market capitalization of altcoins sits around $51.67 billion.

Bitcoin (BITCOIN on xStation5), like many other cryptos, has experienced losses so far today. As a result, the cryptocurrency is trading around the $3380 handle at press time. Source: xStation5

Zcash remediates counterfeiting vulnerability

The team of Zcash “successfully remediated” counterfeiting code bug last year, according to its report published on Tuesday. Nearly a year ago the Zcash Company cryptographer found a counterfeiting vulnerability which could allow somebody to make infinite number of coins. However, the bug was remediated with network upgrade which took a place on October 28, 2018. “The counterfeiting vulnerability has been fully remediated in Zcash and no action is required by Zcash users”, as the company’s announcement says. Moreover, the company added that it hasn’t got any evidence that the bug was found and exploited by a third party.

Ethereum (ETHEREUM on xStation5) has dropped more significantly than Bitcoin since midnight so far. The virtual currency is moving around the lowest price level of 2019 at press time. Source: xStation5

Head of Russian bank criticizes virtual currencies

Andrei Kostin, the head of VTB Bank (a large Russian bank), said on Monday that cryptocurrency mining aimed at replacing the Russian currency could be compared to counterfeiting, according to Russian agency TASS. The banker has also criticized the idea of central bank decentralized cryptocurrencies. The remarks expressed by Kostin could be related to the concept of the Russian Association of Cryptocurrency and Blockchains which wants to create Crypto Ruble in 2019. The Russian banker remarked also that cryptocurrencies could stop being popular due to their lack of utility. Moreover, Kostin thinks the regulation of virtual currencies will be impossible with monetary policy instruments in the long term.

Litecoin (LITECOIN on xStation5) has declined after three days of increases. Moreover, today’s decline has been one of the biggest ones on the cryptocurrency market today. Source: xStation5

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