Crypto
Bitcoin Price Surge Expectation: Will Cryptocurrency Start 2024 At USD 50,000?
Bitcoin price crossed the 43,000 mark for the first time since April 2022 (Pic: DALL-E)
Bitcoin (BTC) price surged past $43,000 Tuesday, the highest level for the cryptocurrency since April 2022. The stock was recently up over 4% in the past 24 hours to $43,492, according to CoinDesk data. The price of ether rose about 3%, to $2,301.
As the Bitcoin price is on the verge of touching $44,000 , investors wonder if BTC will continue to ride on the surge and start 2024 at $50,000. Well, it can. The stock has moved from $40,517 to $46,972 in one week. The Relative Strength Index (RSI) suggests that the momentum is still rising.
However, considering that BTC is already overbought, investors should be wary if its price pulls back.
Davinder Singh, Chief Technology Officer at RocketX Exchange, predicted a slight dip in Bitcoin before it mounts a new peak.
“Bitcoin’s price surge is intricately linked to the outlook for the Spot Bitcoin ETF. With a prevailing belief that it might secure approval in the initial stages of Q1, an air of optimism envelops the market, fueling the current upward trajectory. Following the anticipated approval, a slight dip is foreseen, setting the stage for a potential climb to new peaks.”
Several experts have said that the growing confidence in crypto has been fuelled by the expectations of the US Federal Reserve cutting interest rates in 2024 and the eventual approval of a Bitcoin ETF. “This surge represents a year-to-date peak for Bitcoin, showcasing an impressive 140% increase since the beginning of the year. More than just a numerical value on a chart, the surge in Bitcoin price reflects a broader shift in the sentiment around crypto. The current upward trend is largely attributed to mounting expectations of a potential approval by the SEC for a spot Bitcoin ETF in January,” said Rahul Pagidipati, CEO, ZebPay.
Crypto
Michigan authorities warn of rise in cryptocurrency scams
MONROE COUNTY, Mich. – Authorities in Monroe County are warning residents about an increase in cryptocurrency scams.
The Monroe County Sheriff’s Office said scammers are using cryptocurrency to deceive victims into transferring money or personal information. The scams can come in emails, texts or phone calls and can include lottery, tech support and romance scams — all trying to get information.
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In October, the Washtenaw County Sheriff’s Office also warned residents of a rise in cryptocurrency scams.
No government agency will ever ask a resident to pay for a fine or ticket with cryptocurrency or a gift card. There will always be the option to pay with cash in person.
Law enforcement will never call someone and demand payment.
Anyone who is contacted by someone posing as a government agency that tries to get them to pay in cryptocurrency or a gift card is urged to contact the actual agency directly.
Michigan State Police made a similar warning to residents. Police in Northville Township also reported such a scam recently after a resident reportedly was scammed out of roughly $300,000.
More than $5.6 billion was lost nationally due to cryptocurrency scams last year, a significant increase from 2022 and 2021. According to the FBI, Michiganders lost $79,894,360 in cryptocurrency scams in 2023.
Michigan Attorney General Dana Nessel has released several warnings and tips about similar phone scams that can be read here. More information on avoiding and reporting scams can be found on the Federal Trade Commission website.
Consumer complaints can be filed online on the Attorney General’s website.
Copyright 2024 by WDIV ClickOnDetroit – All rights reserved.
Crypto
Bitcoin hacker sentenced to five years in prison
A hacker has been sentenced to five years in a US prison for laundering the proceeds of one of the biggest ever cryptocurrency thefts.
Ilya Lichtenstein pleaded guilty last year to hacking into the Bitfinex cryptocurrency exchange in 2016 and stealing almost 20,000 bitcoin.
He laundered the stolen cryptocurrency with the help of his wife Heather Morgan, who used the alias Razzlekhan to promote her hip hop music.
At the time of the theft, the bitcoin was worth around $70m (£55.3m), but had risen in value to more than $4.5bn by the time of they were arrested.
The $3.6bn worth of assets recovered in the case was the biggest financial seizure in the DOJ’s history, deputy attorney General Lisa Monaco said at the time.
“It’s important to send a message that you can’t commit these crimes with impunity, that there are consequences to them,” district judge Colleen Kollar-Kotelly said.
Lichtenstein, who has been in prison since his arrest in February 2022, expressed remorse for his actions.
He also said that he hopes to apply his skills to fight cybercrime after serving his sentence.
Morgan also pleaded guilty last year to one count of conspiracy to commit money laundering. She is due to be sentenced on 18 November.
According court documents, Lichtenstein used advanced hacking tools and techniques to hack into Bitfinex.
Following the hack, he enlisted Morgan’s help to launder the stolen funds.
They “employed numerous sophisticated laundering techniques”, the US Department of Justice (DoJ) said in a statement.
The methods included using fictitious identities, switching the funds into different cryptocurrencies and buying gold coins.
Lichtenstein, who was born in Russia but grew up in the US, would then meet couriers while on family trips and move the laundered money back home, prosecutors said.
Morgan’s Razzlekhan persona went viral on social media when the case emerged.
Even as the couple attempted to cover up the hack, she published dozens of expletive-filled music videos and rap songs filmed in locations around New York.
In her lyrics she called herself a “bad-ass money maker” and “the crocodile of Wall Street”.
In articles published in Forbes magazine, Morgan also claimed to be a successful technology businesswoman, calling herself an “economist, serial entrepreneur, software investor and rapper”.
Crypto
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