Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
As the crypto market rides a wave of enthusiasm, not all coins are catching the same gains. Bitcoin has charted a bullish course with a monthly close that's got traders talking. But beware, the waters are tricky, and while some assets are surging, others are remaining stagnant.
Will Bitcoin break through the $36k resistance, or is this just the calm before the storm?
Let's dive into the charts and find out.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. BEWARE: New Ledger-Live Scam
4. Funniest Meme of the Week
News Recap
· Sam Bankman-Fried has been convicted on all seven charges, including wire fraud, securities fraud, commodities fraud, and money laundering.
· The founders of Safemoon have been indicted on charges of securities fraud, wire fraud and money laundering.
· Britain's Economic Secretary to the Treasury has reaffirmed the government's ambition to make the U.K. a global hub for crypto.
· Coinbase outperformed expectations despite the extended crypto market slump by recording positive net income and EBITDA.
· HSBC announced the launch of a platform that will allow the tokenization of gold bullion.
· Aave’s stablecoin asset called GHO has been struggling to keep its peg to the U.S. dollar, it tapped an all-time low at $0.917 per coin.
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Bitcoin TA Analysis
· Crypto Fear and Greed Index update
· Bitcoin Monthly Time Frame
We got a bullish monthly close!
This is great but this doesn’t mean we are going up only from here. BTC is currently facing resistance at $36k and looking at this chart from the ICT concept this could be a move towards buy-side liquidity meaning we could dump from here. And as far as we’ve seen on X is pretty much a 50/50 split of reputable traders who think we go up and who think we go down.
· Bitcoin Daily Time Frame
The daily time frame looks bullish as well with an uptrend currently forming and therefore a bullish triangle.
We will remain bullish as long as Bitcoin holds the ≈34.3k support (top of the grey zone) or at least $33.4k. Once we dip below we are going down to $32k which should hold as support or it will be a hard resistance to break above again.
· Bitcoin 4h Time Frame
Zooming in. On a 4h chart, we can see that ≈34.3k support is quite important one. We should hold this breaker (top grey zone) or there will be a market structure shift that will indicate this is indeed a buy-side liquidity pump and we are going down before continuing the move.
Ok until now we talked like we are bearish so let’s focus on bullish facts now.
It would be incredibly bullish if we pump above $36k and hold it as support. The next target would be $40k which is the next major resistance that hasn’t been tested since May of last year.
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BEWARE: New Ledger-Live Scam
A counterfeit version of the popular Ledger Live application appeared on Microsoft's App Store, leading to substantial losses for unsuspecting users. The application, which convincingly mimicked the legitimate Ledger interface, was a trap set by scammers. It's a modern-day Trojan horse, but instead of soldiers, it was filled with malicious code designed to siphon off crypto assets.
How Much was Lost?
The scam was not a small operation; it resulted in the theft of approximately $800,000 in cryptocurrency. The fake app, named "Ledger Live Web3" duped users into believing they were securely managing their assets. Instead, their funds were being diverted to the scammer's wallet, which received over 16.8 Bitcoin (BTC) through 38 separate transactions. At the time of discovery, the scammer's wallet still held a significant amount of Bitcoin, valued at around $476,012.
The Response
Upon the scam's exposure, Microsoft removed the fraudulent application from their store. The incident serves as a reminder that even the most trusted platforms can host threats to security.
Ledger, for its part, has repeatedly advised users that the only secure place to download their application is from their official website.
Lessons Learned
Always verify the authenticity of any application before downloading, and be wary of any service that requests sensitive information, such as private keys or recovery phrases. Ledger has reiterated that they will never ask for users' 24-word recovery phrase, a critical piece of information for maintaining the security of crypto assets.
Remember: Not your keys, not your crypto!
Funniest Meme of the Week
