Cryptocurrency update: Binance Coin gains 7.2%

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Bitcoin, the biggest and oldest cryptocurrency fell by 1.77% on August 24, after surging above $50,000 for the first time in three months yesterday. The cryptocurrency was trading at $49,359.49. Ethereum, the second-largest virtual token, also declined by 0.52% to trade at $3,325.27. Other cryptocurrencies like Tether USDT, XRP, Dogecoin an Polkadot fell by 0.02%, 1.37%, 2.61% and 3.46% respectively. The cryptocurrency which showed the highest gain in terms of percentage was Binance Coin, which gained 7.21%.

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Eight dangerous crypto apps banned by Google

Technology giant Google has identified and banned eight dangerous crypto apps on the Play Store. These apps are installed by users who are lured in the hopes of getting higher returns in a short period of time, for the money invested .

According to the Trend Micro report, though these apps are not associated with cloud-mining operations or have any cryptocurrency mining features. But they tend to prompt users to pay for them through the app, which could range between $14.99 and $189.99.

The eight banned apps had forced users to watch advertisements and have an average monthly fee of $115 (approx Rs 1,114). Users get suggestion from these apps to buy crypto machines in the cloud, to get increased mining ability, the report said.

An app called Daily Bitcoin Rewards-Cloud based Mining System tends to lure its users by asking them to buy their favourite mining machines to upgrade their crypto mining capacity and earn more coins at a faster rate, the report said.

The eight apps banned by Google include, Bit Funds, Bitcoin Miner, Bitcoin (BTC)-Pool Mining Cloud Wallet, Crypto Holic, Daily Bitcoin Rewards, Bitcoin 2021, MineBit Pro, Ethereum (ETH)- Pool Mining Cloud.

It was mentioned in the TrendMicro report that there are over 120 fake crypto mining apps still available. Last year, more than 4,500 users have been affected by these apps.