Wednesday 1 February 2023
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Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

The crypto industry is fraught with different malicious actors preying on unsuspecting users, especially the cryptojacking attackers. Many hacks and exploits occur in the industry, targeting crypto firms and individual investors. According to data, crypto scams and exploits in 2022 amounted to $10.3 million from January to June. This shows that the industry is not safe to operate without caution. Apart from exploiting exchanges and networks, cybercriminals also target individuals through cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission. In cryptojacking, the lousy actor will infect the computer with mining malware through the target’s loopholes in extensions and browsers. This tactic might seem unpopular, but recent reports have shown that it increased by 30% in 2022, even with the failing crypto market. Cryptocurrency market trends upwards on the day chart | Source: Crypto Total Market Cap on TradingView.com This report emerged from SonicWall mid-year cyber threat update. According to the cyber-security company’s report, the volume of these exploits increased by $66.7 million compared to its figure in the first half of 2021. Factors Increasing Crypto Scams According to the company report, one of the factors that contributed to the increase in cryptojacking was the Log4j vulnerability. This flaw was discovered in December 2021, affecting a Java-based logging utility in Apache’s open source library. With this vulnerability, hackers can quickly access a system remotely and attack their targets. Another factor leading to this increase is that cryptojacking is easier to perpetrate. This method of attack is not risky compared to ransomware in that the victim must be involved so he can pay the ransom. In cryptojacking, the target will never know that the network or computer is under attack. Cryptojacking And The Financial Sector From this data, it’s evident that everyone operating in the financial sector is at risk. People are more aware of ransomware attacks and have devised means to prevent them or decrypt their files. Also, cryptojacking wasn’t that common in the financial sector. But now, criminals have changed their targets from other sectors. A recent report shows that finance and retail are at risk of this trend. The finance sector recorded a 269% increase, while retail saw a 63% increase in cryptojacking. This figure shows that attackers are targeting the finance sector more than retail. Cyber-security researchers claim cyptojacking was intense in quarter one of 2022 when crypto prices were standard. The activities only began to drop after the crypto market crashed. As the sector lost massively, the targeted profits plummeted, causing the hackers to reduce their operations. But judging by past trends, the researchers revealed that the volume of cryptojacking in Q3 will reduce but increase by quarter four. Featured image from Pixabay, chart from TradingView.com

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Cardano Pulls Up 5% In 24 Hours, Unfazed By Vasil Hard Fork Delay

Cardano (ADA) had no problems pulling off a 5% spike in roughly 24 hours despite the delay of the Vasil Hard Fork upgrade. Analysts forecasted that the hard fork can help ease Cardano out of its bearish stance but it seems the coin didn’t struggle a bit despite the postponement. Over the past 24 hours, Cardano’s value has jumped by 5% as it now trades at $0.58% in sync with the current crypto market price momentum. Over the past couple of weeks, ADA was seen to have fluctuated wildly as the coin’s being jerked sideways brought about by the mounting buying and selling pressure. In all likelihood, ADA seems to be mirroring the current crypto market trends as it adds and shaves off value. Vasil Hard Fork Moved For August Launch Vasil Hard Fork was supposed to be launched in June and then moved to the end of July. However, IOG, Cardano developer, made some announcements that there will be some delays and the upgrade will be rolled out by August to give way to smooth transitions in networks. According to Kevin Hammond, Technical Managerof IOHK, the purpose of the delay is to ensure that everyone is all set for the upgrade including API developers, stakeholders, and exchanges. This upgrade will set the stage allowing many developers to easily build on Cardano. Still, ADA outlook remains to be optimistic as the network constantly works to improve the network. And this upgrade is expected to push the token up to its next target of $1. Everyone is banking on the likelihood that ADA price will spike once the upgrade is launched similar to what happens following upgrades on other DeFi tokens. Cardano Unable To Keep Up With Strong Crypto Recovery? Cardano has developed a strong community that supports the coin following the rollout of smart contacts. It’s only Achilles heel at this point would be the recent crashes that assailed ADA’s value. Nevertheless, Cardano was able to muster an all-time high back in 2021 when the coin surged at $3.10 but it was a flash in a pan, as the price declined shortly. The plunge continued yet stopped when ADA’s value hit $0.51 as it has been trending with the observation that it may not be able to keep up with the recovery that the crypto market is enjoying at the moment. And so, the bearish sentiment continued for ADA. The CoinMarketCap community has predicted that Cardano will most likely trade at $0.7311 come August 31 of this year. Others forecast that ADA may surge by 19% in August. ADA total market cap at $17.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptocurrency News, chart from TradingView.com

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Dogelon Jumps 6.15% Over The Last 24 Hours – Can ELON Rally Further?

Dogelon Mars (ELON) isn’t just another meme coin. In fact, its crypto team shows off this ERC-20token as a universal currency. The ELON token has been growing aggressively and has seen a phenomenal growth spurt of 6.15% overnight. The ELON meme coin currently trades at $0.0000003618. To date, investors are trying to zero in on the Dogelon Mars (ELON) value at the lower price levels as it forms a symmetrical triangle pattern on the current price charts. As of press time, it looks to form a continuation pattern that could likely invite a breach on the upside. Dogelon Mars (ELON) follows suit with that of Bitcoin, Ethereum, and other cryptocurrencies in the green as the new meme coin on the block has soared by 62%. What’s The Dogelon Mars (ELON) Project? The ELON project is said to have this dream or mission of reversing the damage inflicted by crypto fraud and scams. Evidently, the Dogelon Mars (ELON) community also donates ELON tokens to crypto scam victims. Dogelon Mars (ELON) is inspired by a comic series NFT character. The dog-themed meme coin that is built on the Ethereum blockchain was introduced in the crypto scene on April 23, 2021, but it exploded in popularity when it had its bull run in November 2021. The crypto team also elaborated on their plans for expanding the ELON project. Judging by the technical analysis, the ELON meme coin has been gliding with a symmetrical triangle pattern for over 62 days. This is definitely exciting to watch especially as the tension gyrates in between the support and resistance trendlines. In effect, the bulls and bears are in a constant struggle to see where the price leaps next. Will ELON Make It Or Break It? So, if the bulls remain consistent with the positive price momentum then we will most likely see a breach that may result in an ELON price surge of 78.6%. The target for this bullish perspective is $0.0000006448. In contrast, traders should anticipate that they’re bound to face enormous resistance to the ELON meme coin at the $0.000000502 zone which is mainly due to the swing-low depicted from January 22 of this year which has switched into resistance. Apart from the symmetrical triangle pattern, there is also an appearance of a hammer candle coined as bullish which was seen on a weekly chart. For most parts, the hammer candle can be spotted at the end of a downward trend. However, the strong buying momentum has caused the ELON meme coin price to soar. In the event that Dogelon Mars (ELON) coin beaches the resistance level, the price surge will most likely continue. However, given the influx of macro-economic factors hindering a bull run, it could be a make-it or break-it outcome at this point. Crypto total market cap at $1.08 trillion on the daily chart | Source: TradingView.com Featured image from Watcher Guru, chart from TradingView.com

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MyCointainer Review – How to Make the Most of the Platform to Earn Great Crypto Rewards

In the year of the global recession that influenced the crypto market as well, it’s important to choose a platform that provides you with different options to earn rewards. You must have heard a lot about crypto staking and how popular it is these days, but it is crucial these days not to limit yourself to a single way to earn crypto coins. In this review, we’ll be going over a MyCointainer platform offering a variety of tools for crypto traders, investors, and stakers. Operating since November 2018 and currently with over 150 coins on offer and good functionality organized in a simple and beginner-friendly platform, MyCointainer seems like a decent competitor of some of the best-known crypto exchanges. But is MyCointainer legit at all? How do we know? The platform has recently renewed its license by the Estonian Financial Intelligence Unit to support a safe and transparent community for crypto trading. MyCointainer crypto platform – stay calm and watch your portfolio grow MyCointainer reviews a popular view that earning crypto is limited to a group of insiders who “know”. The platform was created to help beginners who want to invest in crypto earn great profit. And this crypto provider truly walks the talk – no need to spend hours to figure out how to stake tokens on the platform, you’ll be guided through a quite transparent process to get to your rewards. Staking has never seemed easier to me. At first, it was so simple that I even had doubts if I did everything right. I just deposited cash from my bank account and bought the crypto I wanted. Boom, that’s it! Nothing else needed. Now when it’s been 6 weeks since I did it, I can see the profit generated in the wallet over time, and I’m just amazed how effortless it was – no lockups or extra steps – keeping crypto in the MyCointainer digital wallet is enough to get rewards. Isn’t it the best place to stake crypto so effortlessly? In addition to regular online staking, MyCointainer supports cold staking with 20 coins available so far, including CTSI, MATIC, AVAX and NEBL. Cold staking is as straightforward as online staking but definitely requires some extra steps. First of all, you need to purchase a hardware wallet to store your crypto coins. There’s a lot of information out there about storage units, but you will most likely choose one of the two brands – Ledger and Trezor that are two leaders on the market. Then you will delegate your coins to MyCointainer crypto platform to earn extra rewards. The cool thing about cold staking with this platform is that you don’t need to freeze your coins, and they stay in your wallet, so it’s a far more secure way to earn crypto by keeping it away from hackers. MyCointainer app – a great alternative to the desktop version. Buy and sell crypto anytime, anywhere If you’re a digital nomad and are used to making decisions on the go, there’s a MyCointainer mobile app for both iOS and Android so that you could stake, exchange your coins and get access to your..

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Polkadot Increases 4% And Eyes $9, What’s In Store Next?

Polkadot has surged on its chart by 4% over the last 24 hours. In the past week, DOT remained quite optimistic as it registered a 7% increase in its value. The price momentum has held on to bulls at the moment. After moving past the rigid resistance of $8, the bulls have regained strength. Technical outlook also pointed towards a positive price action for DOT. Buying strength of the altcoin has also noted an increase, which has contributed to rise in price. If demand remains consistent in the market, it would be easy for Polkadot to cross its next resistance mark. As Bitcoin continued to inch northwards and was trading above the $23,000 mark, altcoins have been positively affected by this price movement. Currently, the bulls are trying to maintain the recovery mode that DOT had displayed on its chart. The global cryptocurrency market cap today is $1.14 Trillion, with a 0.6% negative change in the last 24 hours. Polkadot Price Analysis: Four Hour Chart Polkadot was priced at $8.20 on the four hour chart | Source: DOTUSD on TradingView DOT was trading at $8.20 at the time of writing. The altcoin has managed to break past its tough resistance mark of $8. This has made the bullish force stronger in the market. The demand for the coin has also helped with the recovery. Overhead resistance for the altcoin was at $9 and incase DOT manages to trade above that level, it could soon enter the double-digit price zone. A fall from the current price level will however make DOT land up at $7.20 first and then at $6.87. Amount of Polkadot traded in the previous session fell slightly indicating that selling pressure might be trying to make an entrance on the chart. Technical Analysis Polkadot registered a downtick in buying pressure on the four hour chart | Source: DOTUSD on TradingView The altcoin was quite bullish on the short time frame. It recently traded in the overbought zone as the coin staged a rally over the last 7 days. The buying strength has remained in the positive and has taken over selling strength too. The Relative Strength Index displayed a tiny downtick in buying pressure, although, the buying pressure remains a lot more than selling pressure at press time. Polkadot was above the 20-SMA line, a sign that the buyers were driving the price momentum of the altcoin. DOT was also above the 50-SMA and 200-SMA, a depiction of increased demand and bullish force in the market. Related Reading | Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible? Polkadot depicted buy signal on the four hour chart | Source: DOTUSD on TradingView DOT’s technical outlook reflected a surge in demand on the four hour chart. Moving Average Convergence Divergence reads the price momentum and possible shift in the price action. MACD underwent bullish crossover and gave rise to green histograms above the half-line indicating bullishness and buy signal. Directional Movement Index reads the price direction and movement on the chart. DMI was positive..

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Binance’s CZ: High Inflation And Recession Fears Will Drive Bitcoin Adoption

It’s safe to say CZ is bullish on bitcoin and crypto’s future. Changpeng Zhao visited CNBC’s Squawk on the Street and flipped the prevalent bearish narrative on its head. In less than 2 minutes. Most of the things CZ said are based on common sense and a basic understanding of market forces, but still, it’s calming to hear a leader of the industry saying them. Especially in this fear-ridden stage of the cycle we’re in. .@binance CEO @cz_binance: The macroeconomics situation will be high inflation, the talk about recession…all of those things drive adoption into #Bitcoin.@CNBC pic.twitter.com/EP8OHwPeAa — Squawk on the Street (@SquawkStreet) July 28, 2022 Notice that even though Binance’s business is dependent on altcoins’ performance, especially BNB, CZ makes a clear distinction between bitcoin and crypto in general. On the other hand, even though the interview is about bitcoin, CZ sneaks crypto here and there. In any case, let’s analyze what Binance’s CEO thinks about the current market conditions and the future of bitcoin and crypto. What Did CZ Squawked On US National TV? The first thing the interviewer was interested in was the way that bitcoin bulls have defended the “20Kish” line. According to CZ, that was “the last peak” so there’s a “psychological barrier” there. So far, bitcoin’s price had never go lower than the previous cycle’s all-time high. This time it was different, probably because of Tesla’s paper hands and the Terra collapse. However, the market ended up defending the 20K line. The interviewer then asked about other factors, like the increase in money supply or bitcoin’s correlation to Nasdaq. According to CZ, those are two relevant factors, but in the end “it’s a mass psychology market” and the last ATH is the barrier. It’s only fair that we quote Binance Academy for an explanation of the psychology of market cycles: “In short, market sentiment is the overall feeling that investors and traders have regarding the price action of an asset. When the market’s sentiment is positive, and prices are rising continuously, there is said to be a bullish trend (often referred to as a bull market). The opposite is called a bear market, when there is an ongoing decline in prices.” Recently, as we regularly do here at NewsBTC, we checked on the famed fear and greed index for insights into the current market sentiment. This is what we found: “Last week, the indicator’s value had risen up to even 34 as the coin’s price saw a recovery rally. However, as the run ended and the crypto once again slumped down, so did the sentiment among the investors. The report notes that this trend indicates participants in the BTC (and wider crypto) market believe that this recent rally was just a fakeout.” BNB price chart on BinanceUS | Source: BNB/USD on TradingView.com What’s the next catalyst? Back to the interview, the next question was about what factor could catapult bitcoin and crypto into their next chapter. Cautiously, CZ said that no one can..

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Solana Appreciated After Latest Development, What Are The Next Trading Levels?

Solana soared in double digits over the last 48 hours. The coin touched the $43 mark before it started to retrace on its chart again. In the last 24 hours, SOL just lost 0.1% of it value and stuck to its bullish price action. Owing to its recent development, Solana has displayed a price rally. Technical outlook of SOL was also bullish at press time. The altcoin witnessed an increase in buying strength. This has been influential in driving the price up. Solana has opened up permanent retail space in Manhattan. These stores are specifically dedicated to all things related to cryptocurrencies. Solana Spaces, CEO Vibhu Norby also mentioned that these physical Solana retail stores have an intention to introduce approximately 100,000 people each month to the Solana ecosystem. He also hinted that there are possibilities to open a virtual storefront soon in the future. A grant from the Solana Foundation has helped the Solana Spaces to set up a shop in Hudson Yards New York. Solana Price Analysis: Four Hour Chart Solana was priced at $42 on the four hour chart | Source: SOLUSD on TradingView SOL was trading at $42 at the time of writing. The altcoin was finally able to break past the $40 price level. Overhead resistance for the coin stood at $47. SOL has struggled to move past that price zone for couple of weeks now. For Solana to continue its bullish momentum, it has to trade above the $43 price ceiling level for a substantial period of time. Nearest support line for the coin was at $40 and $38. If the coin loses the $38 price floor, the next support line awaits the altcoin at $36. Trading volume of Solana registered a small decline which indicated that selling pressure might have been on the rise. Technical Analysis Solana displayed a fall in buying strength on the four hour chart | Source: SOLUSD on TradingView SOL had just touched the overbought price zone, however, as price gently moved south so did buying strength. Although there has been a fall in buyers, buying strength remained higher than selling strength at the time of writing. The Relative Strength Index was slightly below the 60-mark which meant that buyers exceeded sellers on the chart. The price of SOL was above the 20-SMA line, the reading indicated that buyers were driving the price momentum on the chart. SOL was also above the 50-SMA and 200-SMA line, that indicated bullish force in the market. Related Reading | Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery Solana flashed buy signal on the four hour chart | Source: SOLUSD on TradingView The altcoin reflected increased buying pressure on other indicators as well. Moving Average Convergence Divergence pictures price momentum and change in the same. MACD underwent bullish crossover and presented green signal bars which are tied to buy signals for the altcoin. Bollinger Bands depict price volatility and fluctuations in the same. The bands have opened up wide which indicated that price of the altc..

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New Milestone May Be The Kick Dogecoin Needs To Break $0.1

Dogecoin has been enjoying the love being shown to it by prominent figures in the space, such as Elon Musk and Mark Cuban. However, the digital asset has not been faring well since hitting its all-time high of $0.7 in the middle of 2021. The decline in price that followed has seen Dogecoin lose more than 90% of its value since then. But a new development has begun to paint a bullish picture for the digital asset. New Dogecoin Addresses Soar One of the reasons that Dogecoin’s price has continued to suffer has been the lack of interest from the crypto community. Despite its community still pushing the meme coin, it was not seeing enough adoption to push the value of the asset back up. That is, until now, when Dogecoin is beginning to experience a significant uptick in interest. Related Reading | Ripple (XRP) Is Up 190% From Cycle Low, But Will It Ever Reach $3? New data shows that the adoption of Dogecoin is up, given the number of addresses that are transacting on the network. Data from IntoTheBlock shows that the number of new daily DOGE addresses had grown by a whopping 256% in the last day. DOGE price continues to struggle | Source: DOGEUSD on TradingView.com Dogecoin has now hit its highest point in terms of new daily addresses, rising from its 14.4k point to the new 38.43k number. This increase in the number of people using DOGE on the network points to healthy growth for the meme coin. So despite the fact that the price of the digital asset is down by a large margin, it is enticing investors who likely see the current price of the digital asset as a prime entry point. Better Days Ahead Dogecoin has been seeing some good events happen in the last week. Besides seeing a significant jump in its daily addresses, it has also undergone an upgrade that has brought more good publicity to the meme coin. Related Reading | Why Cardano (ADA) May Breakout In A Bull Run To $1 The team announced recently that the Dogecoin website had received an overhaul. Since the meme coin has been getting a lot of bad publicity lately, leading to FUD in its community, it has pulled out all the stops in an effort to combat this. Dogecoin Core also received an upgrade with the software version 1.14.6 going live this week. This was done in a bid to strengthen the network and make transactions more efficient. On the investor side, Dogecoin holders are not faring too badly compared to others in the space. Data shows that the majority of DOGE holders are still seeing profit at 52%. This put 45% in the red and 4% of holders currently sitting in neutral territory. Long-term holder composition also continues to dominate, with 65% holding their coins for more than a year. Featured image from MarketForces Africa, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Bitcoin Breaks $24k As Exchange Whale Ratio Declines

On-chain data shows the Bitcoin exchange whale ratio has declined recently as the crypto surges above the $24k mark. Bitcoin Exchange Whale Ratio (EMA 7) Is Currently Below 0.50 As per a post from CryptoQuant, the BTC exchange whale ratio has gone down recently while the price has surged up. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top 10 Bitcoin transactions to exchanges and the total exchange inflows. exchange whale ratio = sum of top 10 inflow txs (in BTC) ÷ total exchange inflows (in BTC) Here, the ten largest transfers are considered as they generally belong to the whales. Thus, when the value of the ratio is high, it means whales are making up for a large part of the total inflows right now. Since investors usually send their BTC to exchanges for selling purposes, this trend can be a sign that whales are dumping at the moment. and hence can be bearish for the crypto’s price. On the other hand, low values of the metric can suggest whales are currently occupying a normal amount of the total inflows. Such a trend could be either neutral or bullish for the coin’s value. Now, here is a chart that shows the trend in the 7-day exponential moving-average Bitcoin exchange whale ratio over the past month: The EMA-7 value of the metric looks to have been down in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio (EMA-7) has been below a value of 0.50 for seven out of the last eight days. The 0.50 mark is the dumping threshold for the EMA-7 version of the metric and as the indicator has been below this value recently, the selling pressure from whales has been low. While the ratio has gone down, BTC’s price has enjoyed some upwards momentum as the coin surged up above the $24k mark earlier today. BTC Price At the time of writing, Bitcoin’s price floats around $23.5k, down 1% in the last seven days. Over the past month, the crypto has gained 15% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has observed some upwards movement during the last couple of days | Source: BTCUSD on TradingView Around ten days ago Bitcoin had recovered above $23k, but only a few days later the crypto’s price again started to go downhill. However, in the last couple of days, the coin enjoyed some sharp upwards momentum as it retook $23k. Earlier today, BTC even broke above $24k, though it wasn’t long before the crypto saw a slump and came down to the current level. Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery

Bitcoin continues to trend to the upside over the short term as the crypto market hints at further gains. The bullish momentum seems to be driven by the positive earnings seasons and the U.S. Federal Reserve (Fed) interest rates hike. The financial institution announced a 75 basis points (bps) increase in interest staying within market expectations. Bloomberg Intelligence’s Senior Commodity Strategist Mike McGlone believes the Fed might have marked the pivot for Bitcoin. By staying within market expectations, the financial institutions might give room for the bullish trend to expand in the coming months. The Fed has been trying to mitigate inflation in the U.S. dollar, as measured by the Consumer Price Index (CPI). This metric stands at a 40-year high but seems poised to trend downwards. The Bloomberg Intelligence analyst claims the price decrease across the commodities sector hints at this possibility and could provide the Fed with the support to “lighten the rate hike sledgehammer”. This would benefit stores of value assets, such as Gold, U.S. treasury bonds, and Bitcoin. The cryptocurrency has been suffering, McGlone argues because it’s deemed a nascent asset with relatively new technology. This disadvantage might fade into the background as Bitcoin’s adoption curve increases versus its total supply. As seen below, if the cryptocurrency follows the internet’s adoption curve, it could record over 1 billion users by 2025. BTC’s adoption curve compared to the internet. Source: Visbitcoin via Michael Levin In the short term, BTC’s price might benefit from mitigation in the macro-economic factors playing against it. The next major event will be July’s CPI print to be announced in August, which might result in more fuel for the current bullish price action. McGlone wrote: (Fed’s) “meeting by meeting” comment may mark the pivot for #Bitcoin to resume its tendency to outperform most assets. New and untested are becoming past tense fast for the benchmark crypto, likely in the early recovery days from a severe drawdown. Can Bitcoin Resume Its “Propensity To Outperform”? Further data provided by McGlone shows a decrease in BTC’s price 250-day volatility versus the Bloomberg Commodity Spot Index. As seen below, whenever this metric trends downside, the price of Bitcoin reacts moving in the opposite direction. BTC’s price volatility declines versus Bloomberg Commodity Index hinting at potential price appreciation. Source: Bloomberg Intelligence A decline in BTC’s price 250-day volatility marked the beginning of the 2012 and 2017 rallies. In that sense, McGlone pointed out: The lowest-ever Bitcoin volatility vs. the Bloomberg Commodity Index (BCOM) may portend a resumption of the crypto’s propensity to outperform (…). If history is a guide, Bitcoin volatility is more likely to recover vs. commodities when the crypto heads towards new highs.

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