👉🏻 Recently, #OKX revealed that users lost their assets due to various security issues. Learning the following preventive measures can help you avoid more than 90% of security threats:
Use hardware wallets:
Utilize hardware wallets like OneKey, Trezor, etc. These wallets offer offline storage, isolating your assets from the internet at a physical level, effectively preventing hacking attacks and network theft. Although they may be relatively cumbersome to use, especially for frequent transactions, they are the safest storage option, especially for large amounts of funds that won't be accessed in the short term.Enable Two-Factor Authentication (2FA):
Enable 2FA in both exchange and wallet accounts. This adds an extra layer of security confirmation during account access or asset transfer, preventing unauthorized access.Safeguard your private keys and mnemonic phrases:
Private keys are the sole means to access cryptocurrency. Ensure they are not leaked or lost. For wallets holding significant funds, it's best to store private keys offline, either on paper or using a hardware wallet.Avoid using public Wi-Fi:
Avoid using public Wi-Fi when conducting cryptocurrency transactions or accessing wallets. Public networks are susceptible to hacking attacks, such as Wi-Fi hotspots in airports or cafes, which are highly likely to be fake.
Connecting to such hotspots exposes all your online activities to potential interception, including decryption of your operations and even plain-text transaction passwords.
Regularly update software:
Ensure that the exchanges, wallets, and operating systems you use are up-to-date to prevent exploitation of known security vulnerabilities.Use trusted exchanges and wallets:
Choose exchanges and wallet service providers with good reputations and security records. Avoid using obscure platforms; while you aim for profits, they might aim to take all your capital.Beware of phishing and scams:
Avoid clicking on unfamiliar links or downloading unknown attachments. Ensure that you are accessing the correct official websites.
✨ The most vulnerable areas are Telegram and Twitter. Be cautious of clicking on links sent by strangers, let alone copying them into your wallet to open. Once your wallet's signature or authorization is obtained, your assets could be instantly transferred away.
Utilize multi-signature technology:
Multi-signature requires multiple signatures to complete transactions, ensuring that even if one private key is stolen, funds cannot be accessed independently.
A common example is multi-signature wallets, which require multiple private key signatures to execute cryptocurrency transactions. Such wallets enhance fund security and control, widely used for both personal and institutional cryptocurrency management.
Employ decentralized storage:
Avoid storing all funds in one place. Decentralized storage helps mitigate the risk of single-point failures, applicable to both wallets and exchanges.

The #Altcoin bottom could be in today!

It’s a big event day as multiple macroeconomic events are happening.

First, it will be CPI news, and later there’s the FOMC meeting and the FED interest rate decision to be made.

They will have a huge impact on the markets.

The markets have been correcting down as the anticipation of these events usually has a negative relationship with the price action on the crypto markets, especially altcoins. On top of that, Roaring Kitty’s event and GameStop’s correction of last week didn’t have a positive impact on the price action.

Now, today the turn-around might be taking place, just like the previous FOMC meetings saw a bottom on Wednesday, after which the markets were surging.

Comparison:

Bitcoin rallied by more than ten percent after previous FOMC events.
Ethereum rallied by more than twenty percent after previous FOMC events.
Both of them corrected by the same amount before the event, so a repricing back upwards seems reasonable to expect. Let’s discuss the two big events of today.

CPI at 14.30PM CET

The CPI data is the most important in the month, as the FOMC is watching this data (and the PPI of Thursday) to estimate whether inflation is weakening and whether they can cut the interest rate levels.

During 2024, the inflation rate was higher than expected. As a reference:

April the actual CPI rate came at 3.5%, while 3.4% was forecasted. In March, 3.2% was the actual number, while 3.1% was expected. Due to this, you could argue that inflation remains sticky and that’s exactly what Jerome Powell has been continuing to say.
However, there are more important data points that come out during this event.

CPI M/M. The monthly data on CPI estimates what the change in price of goods and services is compared to the month before. Last month the markets have been seeing a lower number than forecasted and reacted in a very positive way.
Core CPI Y/Y. The Core Consumer Price Index (a different basket than the regular CPI data), was exactly as expected in the previous month and induced another positive response to the markets.
Core CPI M/M. The Core Consumer Price Index, but then on monthly data points. Last month was the same as forecast.
This might be a significant data point, as it could indicate that the markets are anticipating a rate cut.

What are the expectations?

The expectations are that we’re going to be seeing the following data points:

CPI Y/Y: 3.4% expected
CPI M/M: 0.1% expected
Core CPI Y/Y: 3.5% expected
Core CPI M/M: 0.3% expected
If the data comes out exactly as expected or some data points are going to be lower (which is positive for the markets) than expected, the markets are going to see a swift positive price response.

FOMC Rate Decision at 20.00PM CET & FED Speech at 20.30PM CET

The second biggest event of today is the interest rate decisions from the FOMC. The European Central Bank made its first rate cut since 2019 last week, which might indicate that rate cuts are on the horizon for the U.S. as well.

That’s why the CPI data might become important, as the markets might price in a potential rate cut from the CPI data or not. Why is that? Well, if CPI data comes out higher than expected, you’re automatically going to be seeing a strong Dollar continue to rise, but also Yields to continue rallying upwards. In that aspect, it’s unlikely that a rate cut is taking place in the coming period through which risk-on assets are going to be seeing a drop rather than a rally upwards.

With this event, it’s usually not important to be watching the actual rate decision, but rather to look out for Powell’s speech as he might be giving insights on the future’s outlook. If he becomes more decisive and starts spreading words like ‘we’re expecting 2 rate cuts later this year’, the markets are going to be acting in a tremendously positive direction.

What to watch out for?

The altcoin and crypto markets have been seeing a substantial correction in the previous weeks as there’s a negative correlation between FOMC meetings, CPI, and crypto.

To be fair, it seems likely that a repricing back upwards is going to take place starting this afternoon back upwards. It might even be the case that Bitcoin is attacking an all-time high in the coming weeks if there’s a dovish stance from the FOMC.

It’s important to note that price action can be trappy. If the rate decision is unchanged, the markets might have an initial response downwards, but usually, the real move happens at a later point. I would suggest not taking leverage trades during this period.

My personal view is that you should be keeping an eye out for the response on the price action of Gold, the Dollar & the Yields on treasury notes.

I’m expecting that the Dollar and the Yields are going to fall from the data today/tomorrow (tomorrow is PPI day) and that the altcoin and crypto markets will be finishing their correction around this period.

After that, it’s upwards only where the Ethereum ETF is likely going to find approval in the coming weeks and start attacking the all-time high during the summer.