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What's driving the bitcoin surge? Experts weigh in., 4 tips that’ll keep your crypto safe from hackers this bull market, & more

Mar 04, 2024

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What's driving the bitcoin surge? Experts weigh in.

Bitcoin is on a tear.
The largest cryptocurrency has soared more than 20% over the last four days, approaching an all-time high. By contrast, the S&P 500 has dropped slightly over that period.
On Wednesday, the price of bitcoin surpassed $64,000 for the first time since November 2021.
The upsurge stems primarily from an explosion of investment in bitcoin ETFs, a novel investment vehicle approved by the Securities and Exchange Commission last month, analysts told ABC News. That initial burst of gains, they added, triggered a stampede of investors fearful of missing out on the returns.

A bitcoin ETF, in turn, gives investors access to the cryptocurrency market without facing the technical impediments and fees associated with navigating a crypto exchange.
Soon after the SEC approved the new investing option, a slew of bitcoin ETFs became available, including offerings from legacy firms such as Fidelity and Franklin Templeton.
The new crypto alternatives unleashed billions of dollars in investment within weeks, Bryan Armour, the director of passive strategies research at financial firm Morningstar, told ABC News. The nine leading bitcoin ETFs have received a combined $10 billion since last month, Armour said.

The rally in recent weeks gave rise to an additional wave of investment when traders witnessed the initial price spike and sought to jump on board, said Stockton, of Fairlead Strategies.
Over roughly a week in the middle of February, the price of bitcoin hovered in a "tight range" at about $51,000, Stockton said, adding that when it broke past that threshold on Monday, the new heights stoked optimism and an onrush of investment.
"The run-up that we've seen over the past four days has been really explosive," Stockton said.

Full Article

4 tips that’ll keep your crypto safe from hackers this bull market

Crypto users and projects must keep their heads on a swivel going into the next bull market, watching out for untrustworthy exchanges, unsecured decentralized finance (DeFi) protocols and ever-evolving phishing scams.
In January, hackers launched 30 attacks and made off with over $182.5 million in stolen funds, marking a year-on-year increase of 771% from January 2023 and a nearly 84% bump from December, according to data from PeckShield.

In 2023, over 324,000 crypto users were hit by phishing scams, with around $295 million lost, Scam Sniffer analysis shows.
The anti-scam platform told Cointelegraph that “social media has the most scam links,” noting that malicious websites are often linked in advertisements on these platforms.
Beosin security researcher Pan Tao warned that phishing attacks advertised on X disguised as Ethereum staking and token airdrops “have been frequent and effective recently.”
On Feb. 25, phishing attackers compromised the X account of MicroStrategy and stole at least $440,000, draining wallets in a scam token airdrop.

Beosin’s Tao said that many new crypto users will buy their first digital assets on a centralized exchange (CEX) owned and operated by one entity.
At the same time, there have been “several CEX scams,” including the theft of customer funds by FTX and the alleged fraud by JPEX on its users.
Tao suggested the criteria for choosing a secure, centralized exchange should start with ensuring it’s licensed “or at least publishes its proof of reserves periodically.”

DeFi protocols should ensure their security efforts cover vulnerabilities on and off the blockchain, Jardine said.
On-chain vulnerabilities — such as in smart contracts — “drove the majority of DeFi hacking activity in 2023,” Jardine noted. “This changed through the year with compromised private keys driving a larger share of hacks in the second half of the year,” he added.

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Dogecoin Bullish Bets Reach Record $1B

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