The price of bitcoin has fallen from a new all-time high near $42,000 to $34,500 and is currently trading at a key technical level that could define whether its uptrend has reached a top, or whether there’s more upside for BTC.
According to analysts Business Insider spoke to, the price of BTC is close to Fibonacci retracement levels, which are horizontal lines that indicate where support and resistance are likely to occur. Each level is associated with a percentage based on how much of a prior move the price has retraced.
Daniel Moss, a strategist at DailyFX, wrote that the cryptocurrency market has been under fire over the last few days, with “Bitcoin and Ethereum both sinking lower as a wave of risk aversion sweeps across global financial markets.” Moss added that over the long-term, both cryptocurrencies could still go upwards, although further losses “look likely in the coming days.”
Commenting on BTC’s price performance, Moss was quoted as saying
Failing to gain a firm foothold above last week’s close ($38,200) would probably open the door for sellers to drive prices back towards psychological support at $30,000. Clearing that may pave the way for a push back towards former resistance-turned-support at the 2017 high ($19,891).
While the bitcoin price is still around 95% above where it was a month ago and Is still far from its high of near $20,000 seen in December 2017, technical charts show its latest retracement has brought a number of support levels into focus.
Chris Svorcik, a technical analyst who writes for FXEmpire, was quoted as saying BTC needs to stay above $29,762 – the half-way point between its December 11 low and its January 12 high – to avoid a drop toward the $26,000 mark.
As long as price stays above the 50-61.8% Fibonacci support zone, an uptrend has the best chance of continuing higher (blue arrow) for new high.
Ethereum, which has recently come close to its all-time high near $1,400 after trading at $1,350, has seen its price drop towards the $1,000 area and is also hovering at a key Fibonacci retracement level.
Bob Mason, another technical analyst who writes for FXEmpire, whore Ethereum would “need to move through the 23.6% FIB and the pivot level at $1,069 to support a run at the first major resistance level at $1,131.
Mason added that Ethereum would, however, need “support from the broader market” to break through the $1,100 level, with an “extended crypto rally” being able to help it test the $1,250 mark before enduring a pullback.
Featured image via Pixabay.
Crypto Investors Lost Over $80 Million to Scams in 6 Months, According to FTC Data
The Federal Trade Commission (FTC), an agency which seeks to protect U.S. consumers against fraud, revealed that investors have lost over $80 million to cryptocurrency investment scams between October 2020 and March 2021.
Crypto Scam Reports Skyrocket
According to a report published by the FTC on Monday (May 17, 2021), the agency noted that it has witnessed an increase in crypto-related scams since October 2020. The FTS data revealed that it received close to 7,000 reports from consumers between Q4 2020 and Q1 2021, with investors losing $80 million within the period.
Meanwhile, between Q4 2019 and Q1 2020, the agency got 570 reports related to crypto scams, which totaled $7.5 million in losses. Comparing both periods, the number of reported cases increased 12-fold, while reported losses skyrocket almost 1000%.
Furthermore, FTC stated that individuals between the ages of 20 to 49 “were over five times more likely to report losing money on cryptocurrency investment scams than older age groups.” The report added:
“In contrast, people 50 and older were far less likely to report losing money on cryptocurrency investment scams. But when this group did lose money on these scams, their reported individual losses were higher, with a median reported loss of $3,250.”
The U.S. agency further detailed the types of scams that rogue actors used to lure their victims. One of them was “giveaway scams” by impersonators online. According to the FTC, investors sent over $2 million worth of crypto to Elon Musk impersonators in the period of six months.
Indeed, scammers have been known to leverage on the popularity of celebrities to get people to send their money. Back in July 2020, hackers managed to hack Twitter accounts belonging to several personalities and fooled people into sending their bitcoin to be doubled.
The fraudsters managed to get about $120,000 in profit. As reported by CryptoPotato in February, scammers also tried to trick fans of popular K-pop boy band BTS, into participating in cryptocurrency giveaways.
Investors Should be Wary of Bogus Crypto Investment Schemes
Other methods used by fraudsters include romance scams, where one person believed to be in a long-distance relationship, was lured into sending their crypto to a scammer. The FTC noted that of all the ways to get people to part with their crypto, investment scams were the most popular method.
Recently, members of the WallStreetBets (WSB) Reddit forum were targets of a likely crypto scam. An account called “WallStreetBets – Crypto Pumps”, not affiliated with the subreddit group told users to send ETH or BNB to receive a token call WSB finance. While the tokens were never delivered, the crypto over 3,451 BNB was withdrawn from the wallet, which was worth over $2.1 million at the time.
With bitcoin and crypto growing both in price and adoption, scammers continue to seek ways to steal from unsuspecting individuals. The onus is on the investor to DYOR (Do Your Own Research) before jumping on any crypto investment scheme.
VANCAT (VANCAT) NFT Marketplace Has Been Listed on BitMart Exchange
[PRESS RELEASE – Please Read Disclaimer]
BitMart, a premier global digital asset trading platform, has listed VANCAT (VANCAT) on May 4, 2021. For all BitMart users, the VANCAT/USDT trading pair is now available for trading.
VANCAT is an innovative platform that allows users to easily deposit BEP20 tokens into NFTs. The VANCAT token is the governance token of the platform. On VANCAT, an NFT can be transformed into a basket holding a number of other tokens.
The platform releases the first decentralized application (DApp) on top of the VanCatToken Protocol, focusing on art and collectible NFTs. The app works as a marketplace that allows users to mint or create their own NFTs or purchase NFTs created by other users.
VANCAT also creates a new way of minting NFTs: “VANCAT Fertilization”. To perform fertilization, a user must have both VANCAT Sperm Token (VCSPERM) and VANCAT Egg Token (VCEGG). For every fertilization, 10 million VCSPERM and 1 VCEGG are burnt to create two transaction hashes. With these two hashes, Artificial Intelligence (A.I.) technology will be used to generate a code (DNA) for creating unique NFTs.
“The VANCAT platform undoubtedly infuses new life into the NFT world,” Sheldon Xia, Founder and CEO at BitMart, commented, “The platform provides more opportunities for NFT artists and we believe the listing of VANCAT on BitMart will carry the development of the NFT marketplace forward.”
“NFTs are the future of art,” Bill Musk, the Marketing Manager at VANCAT, commented, “BSC is the cheapest way to create NFTs and VANCAT is the best platform to mint, buy and sell NFTs.”
BitMart Exchange is a premier global digital assets trading platform with over 5 million users worldwide and ranked among the top crypto exchanges on CoinGecko. BitMart currently offers 400+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.
VANCAT is a new protocol layer that enables a new world of NFTs. The project releases the first decentralized application (DApp) on top of the VanCatToken Protocol, focusing on art and collectible NFTs. VanCatToken allows users to easily deposit BEP-20 tokens into NFTs. To learn more about VANCAT, please visit their website and join their Telegram.
StormGain: Crypto Mining now available on all smartphones
For many years, cryptocurrency mining has only been reserved to a select few – those people with enough time and capital willing to invest resources into setting up their own mining rigs. However, cloud mining has been quickly gaining speed, and StormGain’s solution removes the technical barriers from the equation in hopes of creating a more even playing field.
Since miners need to keep several factors in mind, including electricity costs, upkeep and maintenance, and the overall investment return, mining has become less lucrative for the smaller players. StormGain wants to change this narrative, and give everyone the chance to participate in the verification of cryptocurrency transactions, earning a nice income whilst doing so.
Cloud mining is a prevalent trend in the cryptocurrency industry today. However, many providers claim to offer significant yields and fail to deliver on those promises. StormGain is a different breed, as it provides a mobile-based cloud mining solution. Every user can mine cryptocurrency directly from their mobile phone without dealing with the hardware side of things. Mobile app users connect directly to remote cloud servers, allowing StormGain to provide a risk-free and convenient mining solution, incomparable to those offered by other cloud mining service providers.
The first step is to register at the StormGain platform using a smartphone – or desktop computer for those who prefer that option. StormGain purposely opts for a pain-free registration process to get as many people acquainted with cloud mining as possible. The registration process also involves a lucrative bonus of $5 USDT, delivered directly to users’ mining accounts. The process is simple – upon registering, use the promo code MINER to receive the bonus. After confirming the account, users can begin mining Bitcoin right away by connecting to the cloud mining server, with no impact whatsoever on the smartphone’s performance.
After meeting the minimal $10 USDT profit threshold, users are free to trade and exchange their crypto assets with StormGain. Withdrawal of mined currency is not possible without going through the trading process first, but all profit generated via trading can be transferred out of one’s account at any given time – a fair trade-off.
The trading and exchanging via StormGain is available at 0% commission, with users benefiting from all standard and advanced instruments at their disposal. The service also introduces fiat-based cryptocurrency purchasing for those who want to expand their crypto portfolio quickly and effortlessly.
StromGain has contracted incredible partnerships since its inception, making it the 1# interest rate provider for crypto traders by CoinMarketCap, a member of the well-known Blockchain Association within the Financial Commission, but also an S.S. Lazio official trading partner, and the market’s best cryptocurrency trading & exchange platform, according to The European. To date, StormGain’s trading product notes a 30-day volume of over $6 billion, generated by tens of thousands of traders worldwide.
What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.
Cloud mining rewards are distributed every 30-40 minutes. Then, users are free to withdraw the funds to their trading accounts, within less than 72 hours. For newcomers, the first mined Bitcoin rewards will become accessible within 4 hours, a feat that is available nowhere else within the cloud mining industry.
As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved.
Disclaimer: This is a paid post and should not be treated as news/advice.
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