We report on Ethereum’s predicted 35% downswing, regulations devaluing BTC, a failed crypto-mining scam, and N.Korean crypto hackers. Our report begins with evidence that suggest ETH could lose between 25% and 35% of its value if it doesn't follow BTC's price trends.
Our report additionally covers the hot topic as to why BTC is feeling the wrath of regulations attempting to put put the world's most mature crypto on a leash. We will then finish off with news of a $3 million crypto mining scam that thankfully failed, and a word of warning for those that use Telegram for crypto activities as North Korean hackers continue to invade the crypto sphere.
Below you can find more details on all these stories:
It seems that a large number of rejections are being reported which experts say is caused by ETH's resistance. This should really come as no surprise because ETH is clearly still in a 'nuclear winter' that was heavily reported back in 2018. However, the explanation does not cure the issue at hand, which is that ETH is incredibly bearish and is still in hot water.
One analyst has posted worrying charts that indicate if ETH hits certain possible targets, the crypto could be in for as much as a 35% selloff.
#ETHEREUM | $ETH— TEDDY ⛓️💡 (@teddycleps) January 8, 2020
Another day, another rejection 🐍
Didn't mange to short it as my bids were on and above yellow diagonal resistance - price was dumped just before it.
Daily look awful, hoping for a good high entry towards main target = COME TO DADDY 🏁 pic.twitter.com/UknqRAdxek
This was just one Tweet of many with similar loss predictions to those of between 25% and 35%. To make matters worse, despite gaining some momentum last week, Ethereum is now firmly in bear country after last weeks positive outlook has been beaten back to date. If recent form is anything to go by, it is hard to see ETH regaining its losses in a hurry.
Ethereum (ETH) has lost nearly all the momentum it had incurred over the past week, with its recent rally to highs of $148 being met with insurmountable re...Read more: https://t.co/bpxUXJUPMt— webnow (@webnowcompany) January 9, 2020
On the bright side, some analysts have pointed out that Ethereum has been following Bitcoin’s chart movements quite closely. If that is so, then Bitcoin's performance, while currently under a lot of selling pressure, could indicate Ethereum’s next directional moves. If ETH can get in line with BTC's early year positive outlook, ETH investors can relax, but even then there are factors affecting BTC's price potential which could be bad news for all virtual currencies.
In short, there is a glimmer of hope written somewhere here but there is also overwhelming evidence contradicting the possibility of a happy ending to ETH's 'Nuclear Crypto Winter.
Bitcoin is quickly becoming a household name. Much of the popularity enjoyed by the world’s first cryptocurrency is a result of widespread adoption of blockchain technology and a push for more cryptocurrency use globally. While more popularity leads to higher levels of acceptance and a normalizing effect on coins like Bitcoin, it also means that governments around the world are beginning to place scrutiny on how cryptocurrencies are to be used. Unfortunately for many, the higher levels of regulation mean lower prices for cryptocurrencies in general.
According to recent research, there are five primary directions that all this government regulation is driving cryptocurrencies, and each is said to have an effect on cryptocurrency prices. A new regulation has been put into place in an effort to control activity in crypto exchanges, to hamper money laundering activities, regulate crypto as investment assets, and more. The study tracks regulatory moves in these categories and their relative effects on crypto prices over the past two years, and yields results are unsurprising. When more control over cryptocurrencies is taken by regulatory bodies, the prices always drop.
Generally, regulatory events that drive crypto prices down the most involve issuance regulation and AML-related regulation. Other types, such as government-issued risk warnings, have a lower impact.
Investors should be especially interested in the results of these findings. Not only does the study show that greater government regulation leads to a devaluation of cryptocurrency on the whole, however short term it may be but also how investors feel about further regulation on cryptocurrencies. For the investor on the lookout for short-term value fluctuation, therefore, looking out for and responding to news regarding increased government regulation could prove useful.
Donald G Blakstad has been officially charged by SEC for scamming crypto investors out of their mining profits. The companies that were targeted by the fraudulent activity were a large energy company, a firm involved in vehicle part manufacture and distribution, as well as a third company dealing in fossil fuels such as oil and gas.
Blakstad approached the three companies as a mining firm with access to large amounts of power and equipment and promised each investor considerable returns on their investments. Blakstad, it turns out, is not and was never capable of providing the type of services that he sold to the companies and used much of the original investment money for personal comforts and entertainment.
Blakstad took more than $3.5 million from five investors belonging to the aforementioned companies. Half a million of which was meant to go directly to mining efforts and equipment. Blakstad spends almost a quarter of a million on himself while giving some of the original investment money back to investors in an effort to convince his investors that they were making money on their investments.
This incident marks the second charge of this type for Blakstad in as many years. Six months ago, Blakstad was involved with a scam totalling more than $6 million.
Russian-based security firm Kaspersky has identified a serious malware threat targeting users of the popular encrypted messaging app, Telegram. According to the security firm, recent attacks found to originate from a North Korean group of hackers termed the Lazarus Group.
Last year, in 2018, the same group of hackers were responsible for attacks on popular crypto exchanges. The malware used then was termed AppleJesus. Kaspersky warns that Lazarus has stepped up their game and is now more capable than ever to reach its goals of stealing crypto from unsuspecting investors.
Attacks that have been identified so far are varied in nature. One tool poses as a digital wallet that, once installed on a user’s computer, begins to communicate sensitive user data to undisclosed locations used by hackers. Malware to create backdoors intended to bypass a computers firewall and other security features were also found. As was the group’s latest attempt through the Telegram. The Telegram-related scam involves sending files laced with malware to unsuspecting investors. Once downloaded, the files then implant themselves of the users’ machine to begin transferring user data silently to the hacker group.
So far, Kaspersky has concluded that Lazarus has targeted people in many different countries, including investors from the UK, Poland, China, and Russia. The security firm also reports that Lazarus has been able to remain undetected in most scenarios, thanks to several factors, one being that their malware utilizes RAM instead of a hard drive, thus leaving virtually no trace.
This has certainly been an eventful week for crypto. Keep an eye on our crypto price updates and news section for more information as it unfolds.
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