Riding The Wave News Summary #61
Bitcoin Rallies 20% While Ethereum Rallies 80% From June Lows: Are We Out Of The Woods?, FBI issues public warning over fake crypto apps, & more
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Bitcoin Rallies 20% While Ethereum Rallies 80% From June Lows: Are We Out Of The Woods?
ApeCoin price eyes 45% rally following Otherside metaverse demo
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Bitcoin Rallies 20% While Ethereum Rallies 80% From June Lows: Are We Out Of The Woods?
According to blockchain analytics firm Glassnode, the number of pleb addresses owning more than 0.1 Bitcoin but less than 1 Bitcoin has been increasing at a parabolic rate, with a significant increase when Bitcoin was trading in the $20,000 range. Furthermore, a Cointelegraph article published on June 20 stated that over 13,000 Bitcoin wallets had achieved wholecoiner status in the previous seven days.
This is a clear indication that retail Bitcoin buyers (plebs) have been stacking Sats at low prices despite the bearish market and the collection of fear, uncertainty, and doubt (FUD) news dominating the major news outlets.
The quantitative tightening implemented by the Federal Reserve Bank of the United States and other central banks has contributed significantly to the crypto bear market, in addition to the liquidation of margined trades and the collapse of some crypto exchanges. Since interest rate hikes are expected to continue, many analysts were surprised by the recent bullish momentum of Bitcoin, Ethereum, and other cryptocurrencies, as they were expecting lower prices.
The next round of FED and ECB meetings could have an impact on how the crypto market develops. The SP500 stocks and cryptocurrency markets continue having a strong positive correlation. Over the last month, the crypto market may have rallied in tandem with the SP500 index. If the Fed accelerates interest rate hikes by 100 basis points, we may see a weaker equity market and possibly a weaker crypto market.
I agree that these jumps in price likely won’t be sustained and that crypto is still likely coupled with traditional markets and, therefore, at the mercy of the FED.
FBI issues public warning over fake crypto apps
The United States Federal Bureau of Investigation (FBI) has issued a public warning about fraudulent cryptocurrency applications, which have swindled U.S. investors out of an estimated $42.7 million so far.
According to an advisory published on Monday by the securities and intelligence agency, cybercriminals have created apps using the same logos and identifying information as legitimate crypto companies to defraud investors. The FBI noted that 244 people had already fallen victim to these fake apps.
Another similar operation saw cybercriminals operating under the company name “YiBit,” defrauding at least four victims of around $5.5 million between October 2021 and May 2022, using a similar method of deceit.
A third case involved criminals operating under the name “Supay” in November 2021. They defrauded two victims by encouraging them to deposit cryptocurrency into their wallets on the app, which would then be frozen unless more funds were deposited.
Last year, a scam cryptocurrency app dressed up as a mobile Trezor app on Apple’s App Store reportedly led to one user losing $600,000 in Bitcoin (BTC) at the time.
A report from the United States Federal Trade Commission (FTC) in June 2022 found that as much as $1 billion in crypto has been lost to scammers since 2021, with nearly half of all crypto-related scams originating from social media platforms.
Is the Ethereum ‘Merge’ Driving This Rally?
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