Crypto Week: BTC is almost on its Highs

Investors are debating whether a credit crisis will follow the banking quake that affected both the United States and Europe. Such a credit crisis may primarily affect European institutions that are traditionally more bound to lending. European banks have severely tightened borrowing condition so far in 2023. This process may substantially decrease inflation, as it has slowed down to 6.9% year-on-year in March compared to 8.5% in February.

However, investors expect the European Central Bank (ECB) to continue raising interest rates at least by 75 basis points to 3.75%, leaving speculative operations rather muted. Investors will look at the labour market in the U.S. this week, and it is unlikely to bring any surprises as the U.S. Dollar is seen to reverse to the upside.

The rebound of the Bitcoin happened in the absence of a proper setup and fundamentals. Thus, the recent rally is seen to be weakening, and BTC is likely to drop to $22,00o per coin or lower. BTC is charting a rising wedge pattern and this is a strong bearish signal. An upside breakthrough is rather flagging a rapid reversal to the downside.

Scammers are exploring new fraud ways to cheat neglectful users as old ways are seen less effective during the bearish market. One of the investors lost $850,000 with the “0 Transfer scam” fishing trick. Crypto scammers are targeting users to confirm a transaction from the victim’s wallet, but without having the victim’s private key. The attack can only be performed for transactions of 0 value, but may nudge some inattentive users to accidentally send tokens to the attacker as a result of cutting and pasting from hijacked transaction history. Hijackers’ wallet addresses are mimicking the original address and since crypto transaction monitoring services display only some first and last symbols of the address, it is very simple to confuse the address the user is interacting with during a test transaction with the mimicking address that looks similar but is under the hackers’ control. The user may just copy paste the faulty address and send a principal sum to the hackers.

Jordan Fish, aka Cobie, has recently “entertained” the notion that the public had initiated a rumour that Binance CEO, Changpeng Zhao, had been named in an Interpol Red Notice. Some media outlets took the bait and published the news, forcing a closure of some high-margin trades to be closed at Binance. Crypto exchange officials have swiftly confuted the roumours. Cobie has now stated that the spread of the rumours was unintentional and has apologised for his role in the incident. He also noted that his Twitter is full of “shit news” and could be hardly considered as a trusted source of information. This raises a clear statement that not everything published on “news” websites should be trusted as many are not performing any fact check procedures.