$BTC Cryptocurrency at a Crossroads: What Happened Yesterday?**
đ„ Fresh news from the cryptocurrency market! Here are some quick facts you need to know if you follow the trends:
1. **Bitcoin is falling again!** đ In the last day, its price has decreased by 3%, falling below the key mark of $27,000. Investors expect further volatility this week.
2. **Ethereum is stable** đ, although it also fell a little - by 1.5%. But analysts believe that this is temporary.
3. **New trending token!** đ In just 24 hours, XYZ Coin soared by 20%! Will it become the next big investment opportunity?
4. **SEC in spotlight again** âïž, filed new lawsuits against two crypto platforms for violating security regulations. This could seriously impact the market in the near future.
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The current situation on the cryptocurrency market in October 2024 is characterized by significant volatility. The market suffered significant losses at the start of the month, falling by around 8%, bringing the total market capitalization down to $2.2 trillion. In particular,#Bitcoindropped below $60,000 but has already reached above $61,000. This contrasts with the traditionally upbeat mood of October, known as "Uptober," which has brought significant returns for investors in past years.
đš ATTENTION: A new crypto-fraud trend is shocking the world! According to Chainalysis, fraudsters stole $1.7 billion in cryptocurrency in the beginning of 2024 alone! The most popular scheme today: đŻ "Pig Butchering" (pig fattening):
Fraudsters meet on social networks or dating apps They have been building trust for months, talking about successful trade They offer an "exclusive" platform for investments They show fake profits When the victim invests a significant amount, they disappear with the money
â ïž Signs of fraud:
Strangers write about crypto-investments They promise a guaranteed income Pressure on FOMO (fear of missing out) They offer "unique" platforms
đĄ How to protect yourself:
Use only verified exchanges Don't trust strangers online Do not transfer funds to "special" platforms
đ„Bitcoin today: Why you should pay attention to the first cryptocurrency right now
Bitcoin reached an all-time high in 2024, surpassing the $70,000 mark! But we're seeing a price correction right now, and here's why it creates a great entry opportunity: đ Why the decrease occurred:
Profit locking by large investors after reaching new highs Temporary outflow of funds from Bitcoin-ETF
đ ETH Price: Analysts predict that Ethereum could break through the $3,000 mark as early as the fourth quarter of 2024. However, at the moment it needs to overcome an important resistance level of $2,700. We are expecting significant growth, so this period could be defining for cryptocurrency.
âïž Technological Updates: An important event is the introduction of EIP-4844 (Protodanksharding) in 2024, which will significantly increase the efficiency of the network. This can attract more projects and users to Ethereum.
âïž Competition: Despite being challenged by Solana and Cardano, Ethereum continues to dominate the DeFi and NFT space. With second-tier solutions like Arbitrum and Optimism, ETH remains the leading platform for smart contracts.
đ We are waiting for new heights and interesting events on the market! đ
đ ETH Price: Analysts predict that Ethereum could break through the $3,000 mark as early as the fourth quarter of 2024. However, at the moment it needs to overcome an important resistance level of $2,700. We are expecting significant growth, so this period could be defining for cryptocurrency.
đ§The bankrupt Mt Gox exchange moved bitcoins for the first time in 5 years
The total amount of transactions is approximately $8.7 billion.
The market has reacted negatively as traders fear that the exchange's clients will start selling assets after the compensation is paid.
Earlier, experts warned about this. Analysts regard such transactions as a bearish signal. In total, Mt Gox plans to pay creditors $8.9 billion by October.
đThe number of new crypto funds has reached a maximum
In the first three months of the current year, 25 new cryptocurrency venture and hedge funds were launched, the most since 2021. It doubled the number of crypto funds closed during the same period.
Last year, the number of new crypto funds barely exceeded the number of closures due to a prolonged bear market. Those that survived have made significant gains in recent months.
Many new funds are focused on both cryptocurrency and artificial intelligence technologies.
The total volume of the cryptocurrency hedge fund market increased from $16.3 billion in December to $21 billion year to date, the highest since October 2022.
đThe sUSD stablecoin has delinked from the dollar
The price fell to $0.915. At the time of writing, the rate has recovered to $0.965.
The token is issued through the DeFi protocol, which makes it possible to issue "synthetic" assets in the Ethereum ecosystem, for which sUSD serves as security.
The market capitalization of the "stable coin" is more than $50 million.
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đ€·đ» The hacker fully returned the stolen crypto-assets worth $71 million
In early May, an attacker extorted 1,155.2 WBTC from a trader using spam transactions, but later returned all funds, even with an adjustment for the exchange rate.
At first, he returned a small amount â $152,000, but later agreed to give everything. The hacker was allegedly influenced by the cyber security company and the Cryptex exchange, which held talks with him.
What are spam transactions đ§
The attacker sends small transfers to the victim from similar addresses following a successful transaction. Some crypto wallets do not display the account in full, so there is a high probability that the owner will make a mistake by sending money to a fraudster.
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đ€š"He ruined more than one business": billionaire Mark Cuban criticized the head of the SEC
He stated that Gary Gensler failed to protect any investor from crypto fraudsters, instead he ruined more than one business. The billionaire said that the head of the SEC ignored the opinion of young Americans who see resistance in digital assets.
"All he did was create almost impossible conditions for legal cryptocurrency companies to operate, ruining an unknown number of business projects," Cuban wrote.
Pictured: Gary Gensler.
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đ°JPMorgan invested $760,000 in BTC-ETF despite the fact that the head of the bank considers bitcoin a scam
The CEO of the largest bank in the United States, Jamie Dimon, is a long-time critic of Bitcoin, and recently again stated that it is not worth investing in cryptocurrency, calling BTC a scam.
However, as the bank's report shows, JPMorgan invested in 5 Bitcoin-based ETFs for a total of $760,000.
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Analyst SlowMist warned about another phishing website. This time, scammers have created a fake page for the BounceBit restaking protocol. For some regions, the fake site was in the first place in the search for the name of the project.
đ€Šââïž In addition, the scammers have published a number of posts with phishing links directly below the warning about fraudulent activity from the official BounceBit account.
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đ Experts indicate the signs of the beginning of the high season
The altcoin market is currently in a "phase of distrust" which, if the cycle repeats, will soon turn into an "explosive rally". This is what trader Mikybull thinks. He noted that historically, increased consolidation has brought huge profits in 2016 and 2020.
đThe stage of mistrust is the stage when investors maintain skepticism despite positive market indicators. The Cryptocurrency Fear and Greed Index is at 52, indicating a decline in bullish sentiment. In a month, the indicator fell by 28 points.
đOver the same period, the OTHERS indicator, which tracks the market capitalization of all cryptocurrencies, except for the ten largest, fell by 17.55% to $264.9 billion.
Analyst Rekt Capital noted that the metric maintains a support level at $250 billion, preparing for a future upward move to $425 billion.
Are you waiting for the beginning of the viola season?)
đ Bitcoin dominance: 55.18% (up from 54.70%) đ«Ł Fear and Greed Index: 57 (Greed) đŁ Alt season index: 41 (investors are neutral) đ Market capitalization: $2.17 trillion (down from $2.19 trillion)
đ The government of El Salvador has launched a public service to monitor government investments in Bitcoin. Currently, the country's coffers hold 5,748 BTC ($350.3 million).
đ 1,000 BTC (about $70 million) was withdrawn from two bitcoin wallets that had been inactive since 2013.
đ In Turkey, a new draft law was prepared, aimed at harmonizing local crypto-regulations with international standards. The parliament should consider it already this week.
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đȘ What does one of the cryptocurrency scam schemes look like? á
Strangers write to you in private messages with an appeal to buy cryptocurrency that will give you "mountains of gold" when you send money - no stranger, no money.
There are also many tg channels where the authors offer their subscribers to buy cryptocurrency, which will allegedly be traded on one of the well-known exchanges (for example, Binance). You send money to a coin's smart contract and... You never get your funds back.
âïžBefore sending money on the advice of a stranger, first check all the information YOURSELF.
The project must have official social networks, a project roadmap (development plan), as well as partnerships.
If all this is not there, you need to think about whether you will be "abandoned".
â The golden rule: "Cheap cheese can only be found in a mousetrap."
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âĄïžDue to the structural price movement in this small Range on the gold range from Fibonacci, at the moment, I would not consider any positions. Because the exit did not take place on either side, and this means that false breakouts can create both #LONGđ positions and #Short positions. Market pricing is weak and there is no particular volatility đ
đYou can take a closer look at the opening of#Longin two cases: - removal of all stops from the range of $56,600 - $58,000 and re-exit for $58,550 - price exit on impulse for $62,500 What's the first one? that the second option should be used only on confirmations of min 4H candles, so as not to fall into false price manipulations before the true movement.
đ«A breakout with a fixed price at $57,000 is a continuation of the negative scenario for an unclosed IMB 1W candle. So, without haste, we wait for a determination from the market and only then open a position. Now those who do not know how to trade in either #Short or #LONGđ are suffering. And the real market movement always begins with the âcalm before the stormâ
What are your thoughts on the future behavior of the market?
ArkInvest and 21Shares have updated their spot Ethereum ETF registration application. In it, they removed the ability to send tokens to staking.
đŁ ETF analyst Eric Balchunas commented on the situation, noting that this may be an attempt to reduce the number of reasons for the SEC's refusal. At the same time, he stated:
"While it may appear that they are bringing their filings into line with the SEC's comments (which would be good news), there have been no comments."
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