Category Archives: Bitcoin
Can you recover stolen Bitcoin from crypto scams? – Cointelegraph
The process of recovering stolen Bitcoin (BTC) from cryptocurrency scams is difficult and complex. The prevalence of cryptocurrencies has led to an increase in scams and other fraudulent practices that prey on the gullible. Numerous people have suffered significant financial losses as a result of falling for different crypto scams, such as phishing, rug pulls and hacker attacks.
Although cryptocurrencies like Bitcoins decentralized and pseudonymous structure have some benefits, they also create major obstacles for recovering stolen funds. This article will delve into the various methods and potential avenues for recovering stolen Bitcoin and explore the important factors to consider in the process.
As already noted, there are many different types of decentralized finance (DeFi) scams, including phishing scams,rug pullsand social media scams. To trick and take advantage of gullible people, scammers use strategies such as impersonation, bogus websites and misleading investment possibilities.
These frauds have an enormous effect, leading to monetary losses, compromising personal data and diminishing confidence in the cryptocurrency sector. To avoid being a victim of fraud, it is crucial to be aware of these frauds and comprehend their strategies.
Related:DeFi Scams 101: How to avoid the most common cryptocurrency frauds
Due to the intrinsic properties of blockchain transactions, recovering stolen Bitcoin presents a number of difficulties. These transactions pseudonymity and anonymity make it challenging to track the flow of money and pin down the offenders.
Furthermore, jurisdictional issues and the decentralized nature of blockchain technology make the recovery process more challenging. Additionally, recovering the stolen Bitcoin is extremely difficult due to the technical challenges of locating and identifying stolen money.However, the avenues discussed below may help recover stolen BTC.
Victims of Bitcoin theft can report the occurrence to law enforcement organizations that focus on cybercrime. The likelihood of recovery is increased by collaborating closely with specialized task forces and specific cybercrime teams. Coordination across several jurisdictions is made possible by international collaboration and the presence of legislative frameworks, which speed up the recovery process.
Blockchain analysis is essential for retrieving Bitcoin that has been stolen. These methods and technologies aid in tracing the movement of money, locating addresses connected to the fraud, and spotting erroneous transactions.
Collaborating with cybersecurity companies experienced in blockchain investigation and forensic professionals improves the chances of finding and retrieving the stolen BTC. Untangling the complications of stolen Bitcoin and maybe recovering the funds for victims is made possible by combining technological know-how and investigation techniques.
The recovery of stolen Bitcoin depends heavily on exchanges and service providers. Authorities might start the recovery process by freezing the funds linked to the scam and working with reliable exchanges. To stop unauthorized transactions and improve user protection, exchanges must put more stringent security measures in place, including multi-factor authentication and strong Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
Cryptocurrency scam victims may pursue compensation through civil litigation. To successfully navigate the legal process, it is crucial to work with legal professionals with experience in situations involving cryptocurrencies. Its crucial to keep in mind that civil action can be difficult and drawn out, and there might be difficulties in identifying and locating the con artists or recovering the stolen funds. Depending on the jurisdiction and applicable legislation, legal remedies may vary.
Related:How to mitigate the security risks associated with crypto payments
Prevention is the key to thwarting cryptocurrency fraud. People and organizations can better defend themselves from falling for such scams by increasing awareness and education about the hazards and typical fraudster tactics. Being a target of cryptocurrency scams can be greatly decreased by putting into use best practices for protecting Bitcoin holdings, such as using hardware wallets, updating software and exercising caution when doing online transactions.
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Can you recover stolen Bitcoin from crypto scams? - Cointelegraph
Bitcoin’s Realized Price on Cusp of Flashing Major Bullish Signal – CoinDesk
Bitcoin's (BTC) year-to-date rally of 63% may be the first milestone in its upward journey.
That's the message from bitcoin's realized price, which appears on track to exceed the realized price of long-term holders. Historically, this so-called bull cross has marked the end of bear markets and the onset of major price rallies.
Bitcoin's realized price is the average value of bitcoin supply calculated at the price at which coins were last moved on-chain. The long-term holder (LTH) realized price reflects the average on-chain acquisition price for coins held outside centralized exchanges and not moved for at least 155 days.
At press time, bitcoin realized price was $20,129, or just 3.5% short of the LTH's realized price of $20,845, which has been steadily falling since November, according to data tracked by blockchain analytics firm Glassnode.
"Looking at long-term holder realized price as well as realized price (aggregate cost basis of all market participants), they are nearing a bullish cross which has accurately signaled previous bear market bottoms," Blockware Solution's weekly newsletter dated May 12 said.
The chart shows the blue line representing the realized price could soon cross above the green line representing the LTH realized price.
Previous crossovers of the two, dated June 2019, May 2016 and Sept. 2012 paved the way for multi-year bull runs.
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Bitcoin's Realized Price on Cusp of Flashing Major Bullish Signal - CoinDesk
Bitcoin Price Prediction Is Bearish According to These Traders, But These Tokens Could Pump – Yahoo Finance
New York, NY --News Direct-- Finance News
After a roaring start to the year, Bitcoins momentum has sputtered in the past few weeks.
The worlds largest cryptocurrency by market cap broke through the key $30,000 price level briefly in April before falling back below it. Since then, Bitcoin has moved sideways and even downward. It now sits at just over $27,000.
As Bitcoin struggles to resume its momentum, traders are also looking at upstart tokens that some analysts think could deliver 10x or even 100x returns.
AiDoge, a new meme coin with AI utility, has raised more than $8 million in a crypto presale in just a few weeks. yPredict, an AI-powered crypto trading platform, offers a 70% return for early investors.
Several prominent crypto traders have weighed in on Bitcoins future, and their predictions are mainly bearish.
Trader @CryptoCred, who uses support and resistance levels to predict price movements, sees Bitcoins failure to breakout above $30,000 as a very bearish signal. Below $27,000, the next support level for Bitcoin is just below $20,000. In a tweet, @CryptoCred predicted thats where Bitcoin is likely to end up.
Another trader and analyst, @CryptoCapo_, has called an even more bearish low for Bitcoin. He has a price target of $12,000, calling Bitcoins recent bullish momentum the biggest bull trap ever. @CryptoCapo_ was one of a handful of traders to predict the crypto winter, so hes no stranger to being bearish on BTC.
Trading firm QCP Capital has also weighed in on Bitcoin, but the firms bearish prediction is more complex. According to QCP, Bitcoin is in wave 4 of a 5-wave Elliott wave pattern.
That means that Bitcoin could potentially reach a high of $31,850 - a price level it has not yet touched - before retreating sharply. QCP suggests that in wave 5, Bitcoin could retest its lows from last summer around $16,000 to $17,000.
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While the specific price targets of these predictions differ, they all have one overriding theme in common: if Bitcoin cant break above $30,000 and move sharply upward from there, the token is likely to break down in spectacular fashion.
While many traders continue to watch Bitcoin, there are exciting developments happening in the altcoin market. Meme coins have been on a frenzied rise lately, and one of the most popular meme coins of all hasnt even launched on exchanges yet.
AiDoge is based on the ultra-popular shiba inu meme and is leveraging generative AI to help users create new viral memes. AiDoge users just need to enter a text prompt describing the meme they want to create, and the AI algorithm will take care of the rest.
AiDoge has gained an enormous following so quickly because it promises to make meme creation easier than ever. First-time memesters can bring their idea to life in seconds using this platform.
Plus, AiDoge enables users to mint their memes as NFTs. This is a major advantage because it allows creators to verifiably claim ownership over memes that go viral.
The project is also introducing a meme-to-earn rewards system. Users can vote on their favorite memes generated using AiDoge. Top-rated creators earn $AI, the projects native ERC-20 token. This encourages users to generate ever more clever and unique memes.
$AI plays a critical role in the AiDoge.com ecosystem. Users can stake it to earn daily credits, which they need to use the meme generation algorithm. AiDoges staking system encourages users to hold $AI for the long term and become prolific memesters.
$AI is available to buy on presale now. The AiDoge presale has raised more than $8 million since launch and is now more than 50% sold out.
So, investors have to hurry if they want to lock in the lowest price for $AI before it hits exchanges.
Visit AiDoge Presale
yPredict is another red-hot crypto token thats leveraging AI to build an exciting new platform. The project describes itself as an all-in-one AI ecosystem for developers, traders, quants and analysts.
The innovation of yPredict lies in using AI to predict the price of crypto tokens in the short term. Quants and developers can build their own predictive models using yPredicts technology. Then they can license those models to traders in the yPredict marketplace.
This approach has several advantages. Traders and analysts can pick and choose which models they want to use. Quants and developers can get paid for their work. The yPredict treasury grows with every subscription.
In addition to the predictive model marketplace, yPredict is developing a trading terminal thats packed with AI analysis features. The platform can automatically identify chart patterns and add technical indicators to charts. It can also monitor social sentiment and alert traders to trending tokens.
At the heart of yPredicts platform is the $YPRED token. This is used to pay for yPredict subscriptions as well as transactions in the yPredict model marketplace. Users can also stake $YPRED to share 10% of the revenue from every new yPredict subscription.
The project has attracted a lot of attention from traders, raising more than $1 million through its $YPRED presale.
During the current presale stage, $YPRED is priced at $0.07 - a 70% discount to the planned listing price of $0.12. So, early investors can lock in significant paper gains by joining the yPredict presale today.
Visit yPredict Presale
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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Alex Brown
View source version on newsdirect.com: https://newsdirect.com/news/bitcoin-price-prediction-is-bearish-according-to-these-traders-but-these-tokens-could-pump-629100669
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Bitcoin Price Prediction Is Bearish According to These Traders, But These Tokens Could Pump - Yahoo Finance
Navigating the Volatility of Bitcoin Trading Strategies for Managing … – Eye On Annapolis
Bitcoin, the worlds first decentralized digital currency, has taken the world by storm. Its rapid rise in value and growing popularity have made it an attractive investment option for many individuals. However, Bitcoins volatile nature also makes it a risky investment. Navigating the volatility of Bitcoin trading requires knowledge, skill, and a good strategy. In this article, we will discuss some strategies for managing risk and maximizing profit in Bitcoin trading.
One way to navigate the volatility of Bitcoin trading is to use an online trading platform. A platforms sophisticated algorithms and advanced trading tools help users make informed decisions and manage risk effectively. Using a trading platform can help traders take advantage of market fluctuations and maximize their profits. To effectively invest in cryptocurrency, it is important to know aboutways of storing Cryptocurrency.
Bitcoins value can change rapidly, making it a highly volatile investment. There are several factors that can cause Bitcoins price to fluctuate, including regulatory changes, market trends, and media coverage. It is important to understand Bitcoins volatility before investing to avoid being caught off guard by sudden market changes.
A trading strategy is a plan for buying and selling assets based on specific criteria. Developing a trading strategy is essential for managing risk and maximizing profit in Bitcoin trading. A good trading strategy should take into account factors such as market trends, price movements, and risk tolerance. Traders should also set clear goals and targets for their trades to avoid making impulsive decisions.
Diversification is a crucial aspect of managing risk in Bitcoin trading. Spreading investments across different assets can help reduce the impact of market fluctuations. Traders can diversify their portfolios by investing in different cryptocurrencies or other assets such as stocks or real estate. However, diversification should not be used as an excuse for reckless investing. Traders should still conduct thorough research before investing in any asset.
Staying informed is essential for successful Bitcoin trading. Traders should keep up to date with the latest news and market trends to make informed decisions. Social media platforms such as Twitter and Reddit can provide valuable insights into market sentiment and emerging trends. Traders should also follow the regulatory developments in their country or region to avoid being caught off guard by sudden changes.
Stop-loss orders are an effective tool for managing risk in Bitcoin trading. A stop-loss order is an instruction to sell an asset when it reaches a certain price. This can help prevent losses in case the market suddenly turns against a trader. Stop-loss orders can also be used to lock in profits by selling an asset when it reaches a specific target price.
Emotions can have a significant impact on trading decisions, particularly in volatile markets like Bitcoin. Fear and greed can cause traders to make impulsive decisions that can lead to losses. Traders should learn to control their emotions and make decisions based on logic and analysis. Using tools like stop-loss orders and having a clear trading strategy can help reduce the impact of emotions on trading decisions.
Managing risk is crucial in Bitcoin trading. Traders should never invest more than they can afford to lose and should always have a clear risk management strategy in place. This can include diversification, setting stop-loss orders, and using leverage carefully. Traders should also be prepared for the possibility of sudden market changes and have a plan in place for managing losses.
While Bitcoins volatility can be a risk, it can also present opportunities for profit. Traders can take advantage of market fluctuations by buying assets at a low price and selling them when the price increases. However, this strategy requires careful analysis and a good understanding of market trends. Traders should also be prepared for the possibility of losses and have a clear exit strategy in place.
Bitcoin trading can be a profitable investment opportunity, but it also comes with significant risks. Navigating the volatility of Bitcoin trading requires knowledge, skill, and a good strategy. Traders can reduce their risk by using an online trading platform, understanding Bitcoins volatility, developing a trading strategy, diversifying their portfolio, staying informed, using stop-loss orders, controlling emotions, managing risk, and taking advantage of market volatility. By following these strategies, traders can maximize their profits while minimizing their risk in Bitcoin trading.
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DeFi Debt Tokens? They’re Outperforming Bitcoin and Ethereum in 2023 – Decrypt
Tokenized versions of real world assets, like commodities and real estate, have outperformed Bitcoin and Ethereum so far in 2023, according to a new report from blockchain analytics firm Nansen.
The report delves into the terrain of real world assets, or RWAs, and how they are being onboarded onto blockchains through various instruments. It also marks the debut of Nansens Real World Asset Index, which tracks 22 different governance tokens created on Ethereum.
Nansen used the price of BTC and ETH as benchmarks for the indexs performance. The RWA index, which had a total market cap of $335 million as of May 8, has outperformed the top two cryptocurrencies, with notable peaks in January and April.
Tokenization of commodities, real estate, art, and bonds has become a disruptive and trendy new way to manage these assets.
According to Nansen, theres been a significant uptick in interest in tokenized RWAs in 2023. The company noted that several important institutionsGoldman Sachs, Bradesco and Siemenshave been getting involved.
Although Nansen Researchs price index includes 22 specific protocols, it also offers tracks 40 different RWA protocolsa non-exhaustive list, the company said in its reportgrouping them in seven different categories: money markets, real estate, luxury goods, debt markets, infrastructure, carbon markets and commodity markets.
An important distinction this year, according to the report, is that real-estate and RWA securitization infrastructure do not dominate the marketas was the case pre-2021. Instead, debt market protocols have been especially popular.
Steady rise in activity over the past year shows an interest in debt market projects such as Maple Finance and Centrifuge, with five protocols in this category reaching the top 10.
Due perhaps to double digit yield opportunities offered by some of these protocols, and despite the ongoing bear market, interest by investors in real world asset markets is trending positive.
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DeFi Debt Tokens? They're Outperforming Bitcoin and Ethereum in 2023 - Decrypt
What’s the Future of Bitcoin? Here Are the Best, Worst, and Most … – The Motley Fool
Bitcoin (BTC -0.52%) is many things, but you can never call it boring. The oldest, largest, and most mature cryptocurrency is still finding its sea legs in the market, rolling through roughly equal amounts of good news and bad.
The road ahead is as murky as ever. As I write this, Bitcoin's market price stands 62% below the all-time high of November 2021. At the same time, Bitcoin has tripled in three years and gained 1,500% in six years. About half the value of the total crypto market comes from Bitcoin alone. So there are plenty of Bitcoin bulls out there, but also lots of bearish investors.
So where is Bitcoin headed in the long run? Let's consider the best of all possible outcomes, the ultimate bear case, and then find a more realistic middle ground between those extremes.
Bitcoin maximalists, like MicroStrategy (MSTR -3.21%) chairman Michael Saylor, believe that Bitcoin is the future of money. He expects the price to go up "forever," with some volatility along the way but a reliably positive trend in the long run. So MicroStrategy has converted most of its cash reserves into Bitcoin and keeps buying more whenever it finds more spare cash to invest. In Saylor's view, that's the only reasonable way to manage your company's cash in the long run.
So what will it take to fulfill Mr. Saylor's ultra-bullish dreams of massive price gains? Well, let's imagine a world where absolutely everything works out in Bitcoin's favor:
Now, this hypothetical scenario paints a rosy picture indeed, but remember, it's the best case. We'll need a sprinkle of luck and a whole lot of development to get there. But hey, who doesn't love a good daydream?
On the bearish side of the Bitcoin argument, many investors argue that this digital currency -- and all digital currencies -- are fundamentally worthless. For example, master investor and Berkshire Hathaway (BRK.A 0.55%) (BRK.B 0.07%) CEO Warren Buffett has called Bitcoin "rat poison squared."
Buffett and like-minded critics see zero value in cryptocurrencies, so they expect the Bitcoin token to lose all of its value over time. This could happen in many different ways:
Remember, this scenario is as relentlessly pessimistic as the best-of-all-worlds discussion was shamelessly optimistic. The chances of these doom-and-gloom factors materializing are just as slim as all the pieces falling into place perfectly for a Bitcoin utopia. You should always pay attention to the potential risks of any investment, especially one as volatile and unpredictable as Bitcoin.
But the sky isn't falling on Bitcoin yet. So, with the most extreme possibilities out of the way, let's explore the more likely middle-ground for Bitcoin's future.
The extremely Utopian and dystopian reviews above are interesting thought experiments, not firm forecasts. In reality, Bitcoin and other cryptocurrencies will surely see both good and bad news over the next few years. Digital currencies seem ready to reshape the financial markets on a global scale, but the road ahead looks rocky and packed with unexpected twists.
So here's what I see as a more realistic outlook for Bitcoin:
For example, will Bitcoin ever move from Proof-of-Work validation to the less power-hungry Proof-of-Stake system, like Ethereum (ETH -0.53%) did in recent months? And if so, could Bitcoin still hold on to its lifetime cap of 21 million possible coins? And if not, rival coins might eventually use that foot in the door to topple Bitcoin from the crypto throne.
In conclusion, while Bitcoin's future is uncertain, it's likely to be somewhere between the extremes of becoming the world's dominant form of money or disappearing entirely.
Many years down the road, cryptocurrencies should become as uncontroversial as stocks, bonds, or savings accounts, with solid and consistent legal and regulatory rulebooks in every country. But that future is a long way away from 2023 and nobody knows exactly what those fully settled directives will look like, or what Bitcoin's specific role will be.
Understanding Bitcoin and the broader crypto market is a journey, not a destination. Stay informed, keep learning, and make sure to adapt your investment strategy as this exciting new field continues to develop.
For now, Bitcoin and its crypto kin are still high-risk, high-reward investment assets. They may play a part in a diversified portfolio, but only for investors who can stomach their roller-coaster-like ups and downs. I'm cautiously optimistic about Bitcoin's future as a long-term winner. Just tread lightly in the cryptocurrency field, keep an eye out for bear traps, and manage most of your nest egg in more traditional forms such as stocks, cash, or index funds.
Anders Bylund has positions in Bitcoin, Ethereum, and Tesla. The Motley Fool has positions in and recommends Berkshire Hathaway, Bitcoin, Ethereum, Goldman Sachs Group, Starbucks, and Tesla. The Motley Fool has a disclosure policy.
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Bitcoin a top 3 asset in the event of US debt default: Survey – Cointelegraph
Major cryptocurrency Bitcoin (BTC) could become a top three asset in the event of a theoretical debt default in the United States, according to a new survey.
As U.S. President Joe Biden prepares to meet with Congress on May 16 to discuss the U.S. debt ceiling, investors are seeking hedges to protect their savings in the event of default.
Gold, U.S. Treasurys and Bitcoin would be the top three assets should the U.S. fail to raise its debt ceiling and default on its debt, data from Bloombergs latest Markets Live Pulse survey suggests. The survey was conducted from May 812, involving a total of 637 respondents, including professional and retail investors.
More than 50% of finance professionals will buy gold if the U.S. government fails to avoid a debt default. U.S. Treasurys would be second, with Bitcoin the third most popular alternative for retail investors.
This makes Bitcoin a more popular choice than the U.S. dollar, the Japanese yen or the Swiss franc. According to the surveys data, about 8% of professional investorrespondents and 11% of retail investor respondents said they are more willing to buy Bitcoin.
Related: Circle reportedly adjusts USDC reserves to avoid US default risk
The poll comes as markets grow increasingly nervous about the U.S. debt ceiling. In early May, Treasury Secretary Janet Yellen warned that the U.S. risks a catastrophic default as soon as June 1 if the debt limit isnt suspended or raised. President Biden subsequently declared that the whole world would be in trouble if the U.S. defaulted on its debt.
According to the Bloomberg survey, nearly 60% of respondents said the risks are bigger this time than in 2011. Forty-one percent of respondents also believe that a default directly threatens the U.S. dollar as the primary global reserve currency.
Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024
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Bitcoin a top 3 asset in the event of US debt default: Survey - Cointelegraph
Bitcoin (BTC) Fixes This: Here’s How Dutch Bank Spent Weeks on Regular Transfer – U.Today
Vladislav Sopov
Crypto enthusiasts are discussing crazy story of single transaction in The Netherlands that took over four weeks
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Bitcoin (BTC) blockchain enthusiasts are discussing the story of what is probably the least cost-effective internal money transaction we are aware of. Sometimes single value transfer between two towns in Europe requires collaboration between the central bank, the army and police units.
As noticed by pseudonymous Bitcoin (BTC) activist who goes by@VandelayBTC on Twitter,De Nederlandsche Bank (DNB) carried out a sophisticated operation to simply move funds between two storage locations.
Local business media outlet NOS reported that the Central Bank of The Netherlands spend about one full month to transfer the assets from Haarlem toZeist.
The operation was organized without much fanfare, but military units and police were responsible for the security of this massive transaction.
Almost $15 billion in equialent were moved; 200 tons of bars and coins were moved to a new cash storage center.
The Bitcoiner recalled that in the largest cryptocurrency, such a transfer would only take 10 minutes to be finalized. Net transactional fees would barely surpass $3. He mocked governments and central banks for spending so many public resources:
The Bitcoiner's audience agreed and added that, besides cost-efficiency and speed, transfer via the Bitcoin (BTC) network would be much safer and more confidential.
As covered by U.Today previously, Bitcoin (BTC) skeptics repreatedly accused the orange coin of being too inefficient in terms of the environment and electricity consumption.
However, according to a recent study by CoinShares, Bitcoin (BTC) consumes less electricity than tumble dryers, and only 50% of that of data centers.
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Bitcoin (BTC) Fixes This: Here's How Dutch Bank Spent Weeks on Regular Transfer - U.Today
Hackers hijack Bloomfield Township man’s SIM card, steal $200K in … – WXYZ 7 Action News Detroit
BLOOMFIELD TOWNSHIP, Mich. (WXYZ) A victim from Bloomfield Township was the target of hackers who stole six figures worth of Bitcoin cryptocurrency.
Police say the victim came forward May 9 and lost $204,000 worth of Bitcoin cryptocurrency. They say his Coinbase account was hacked through a cellphone SIM card swap.
Nowadays, cellphones are everywhere. But if you store a list of passwords on your device, police say you could be at risk of being targeted by hackers.
People got to be a little bit more protective of their things, especially in the world today, Randy Neveu, a cryptocurrency investor, said.
On the streets of Bloomfield Township, people who use the popular avenue for investing say theyre aware of the dangers and are actively taking steps to avoid them.
Password protection. I also use the facial recognition thats on (Apple) products, Neveu said.
The crime has police issuing an urgent warning to look out and not be an easy target for criminals.
The evidence that will come forward in this case is digital evidence, Bloomfield Township police officer Nick Soley said.
Soley says the specific theft known as a SIM card swap happened after an impostor tricked a cellphone retailer into believing he was a victim and was issued a phone. Then, that impostor downloaded passwords saved on the phone.
Soley warns to keep password lists off your phone and use face ID or fingerprint scan as an alternative through official apps.
One of the things were really honing in right now is to not store those passwords on your phone no matter how secure you think they are, he said.
So far, its unknown how the thief managed to obtain enough of the victims personal information to convince a retailer to issue a new phone to them then gain access to Coinbase information.
Police say the case could involve out-of-state or out-of-country accomplices.
Its not like a crime scene where you can go out and start sweeping for fingerprints. It takes time and we have to get cooperation through search warrants, Neveu said.
Police are also investigating another similar theft of more than a million dollars last July. If you have any information, call the Bloomfield Township Police Department at 248-433-7755.
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Hackers hijack Bloomfield Township man's SIM card, steal $200K in ... - WXYZ 7 Action News Detroit
Bitcoin Price Prediction as BTC Spikes Up 2% from Recent Bottom … – Cryptonews
The price of Bitcoin has experienced a notable spike of 2% from its recent bottom, leading to speculation about the optimal time to buy the cryptocurrency.
This upward movement has caught the attention of investors and traders, who are now considering whether it presents a favorable opportunity for investment.
The current price surge raises questions about the potential for further gains and the overall market sentiment surrounding Bitcoin.
In this update, we will delve into the factors contributing to this price increase and analyze whether it is indeed a good time to buy Bitcoin.
Bitcoin faced a significant decline of over 1.5% following BlockFi's announcement of its closure.
The prominent crypto lending platform has been attempting to sell its crypto platform and around 700,000 customer accounts since January due to regulatory challenges.
Unfortunately, their efforts were unsuccessful, leading to their filing for bankruptcy in November of the previous year.
This is part of a trend where various crypto platforms, including Terraform Labs, Three Arrows Capital, Alameda Research, and FTX exchange, have also faced difficulties in recent times.
As per Whale Alert, a renowned cryptocurrency tracking service, noteworthy quantities of Bitcoin were recently transferred from Coinbase, a leading crypto exchange in the US, to wallets of unknown ownership. These transfers occurred approximately 15 hours ago.
Whale Alert observed incoming Bitcoin transactions to Coinbase from two anonymous wallets, preceding the price drop. Furthermore, two anonymous wallets transferred a substantial amount of Ethereum (19,635 ETH each) to Coinbase.
The precise impact of these transfers on Bitcoin's price remains uncertain. However, it is important to acknowledge that large-scale movements of cryptocurrencies have the potential to introduce market volatility. Traders and investors closely monitor such transactions as they can indicate significant market shifts.
Coinbase's transfers also encompassed Ethereum, as two anonymous wallets sent 19,635 ETH each to the platform. This emphasizes the active trading activity on Coinbase and the participation of various cryptocurrencies in the market.
Bitcoin is currently being traded at a price of $26,950 and after a two-day recovery, the BTC/USD pair encountered some pressure on Tuesday, influenced by mixed sentiment prevailing in the market.
The support level of $26,800 on the four-hour chart, previously acting as resistance, now serves as a potential turning point for Bitcoin.
Key technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate that the market is entering a zone favorable for buying.
Therefore, if Bitcoin manages to maintain its position above the $26,800 level, there is a significant likelihood of a bullish rebound, targeting $27,800 or $27,500.
It is important to highlight that the 50-day Exponential Moving Average (EMA) serves as a notable barrier at approximately $27,500, signaling the dominance of a bearish sentiment in the market.
Buy BTC Now
The team at Cryptonews Industry Talk has compiled a selection of cryptocurrencies with promising outlooks for 2023. These digital currencies demonstrate significant potential for growth both in the short term and the long term.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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Bitcoin Price Prediction as BTC Spikes Up 2% from Recent Bottom ... - Cryptonews