Table of Contents
Bitcoin News: 25th October 2021
- Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors
- Crypto scams live-streamed as YouTube channels face phishing attacks
- Nigeria is getting ready to launch its digital currency, the eNaira, on Monday.
- The first Bitcoin ETF in the United States wants to be exempt from trading restrictions.
- SHIB plummets 20% as Elon Musk reveals he owns none
- CFTC reportedly investigating decentralized prediction platform Polymarket
- Jack Dorsey warns ahead of looming hyperinflation, as people look to BTC for rescue
- TA: If Ethereum Clears This Level, It Will Be Ready For Another Lift-Off
Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors
SHIB token’s recent price increase can be ascribed to an ongoing bullish trend that began on Oct. 15 and helped the cryptocurrency’s value rise by more than 26 percent. SHIB has held week-long support at around $0.00002796 since Oct. 17 before starting its bull run to its all-time high.
Shiba Inu’s market value has increased by more than 50% in the last seven days, and it is now the 13th largest cryptocurrency in terms of market capitalization, just three spots below Dogecoin.
Shiba Inu now has the largest circulating quantity of almost 395 trillion coins. The Dogecoin-inspired token rose 40% in September when Tesla CEO Elon Musk tweeted about the birth of a new Shiba Inu dog named Floki.
Elon Musk, the CEO of Tesla, has been instrumental in the growth of Dogecoin and Shiba Inu. Musk remarked at a recent meeting in California:
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
Furthermore, the entrepreneur feels that the US government should “do nothing” in regards to cryptocurrency regulation.
Well moving forward, we all know that the number of attacks on crypto-related stuff is increasing day by day, and a similar phishing link was found in hacked YouTube channels which was streamed for hours, woah even YouTube is not safe anymore, I wonder what I should do for entertainment, well looks like people in the medieval period were really smarter and happier.
Crypto scams live-streamed as YouTube channels face phishing attacks
The Google Threat Analysis Group [TAG] released a study that detailed a phishing effort targeting YouTube creators. The channel was sold to the highest bidder or used to broadcast bitcoin scams as a result of this attack.
According to a Google update, the perpetrators of this effort could be a group of hackers recruited through a Russian-language forum. It went on to say,
“The actors behind this campaign, which we attribute to a group of hackers recruited in a Russian-speaking forum, lure their target with fake collaboration opportunities (typically a demo for anti-virus software, VPN, music players, photo editing or online games), hijack their channel, then either sell it to the highest bidder or use it to broadcast cryptocurrency scams.”
A substantial number of hijacked channels were renamed for cryptocurrency fraud live-streaming, according to the team. Crypto scams, on the other hand, aren’t exactly new to the platform. Scams involving cryptocurrency and account takeovers have been around for a long time.
In reality, a big number of hijacked channels were utilised to promote crypto frauds even this time.
“A large number of hijacked channels were rebranded for cryptocurrency scam live-streaming. On account-trading markets, hijacked channels ranged from $3 USD to $4,000 USD depending on the number of subscribers.”
By the way my viewers don’t take the literal meaning of phishing here, this one starts like “P” “ H” “I”.
Phishing has proven to be the most difficult conduct to perpetrate as well as fight against. The attackers offer to collaborate by sending YouTube producers an email that appears to be from a VPN, photo editing app, or other genuine company.
As part of a promotional contract with the channel host to promote their items in exchange for a commission, clicking on the product to download redirects the creators to a virus landing page rather than the actual product.
To date, Google has discovered over 1,000 domains, and as a rapid cure, it has invested in capabilities to detect and block phishing and social engineering emails, cookie theft hijacking, and crypto-scam live broadcasts. Since May 2021, it has been able to reduce the number of Gmail phishing emails by 99.6%.The company shared this information with the Federal Bureau of Investigation [FBI] of the United States for investigation.
Nigeria is getting ready to launch its digital currency, the eNaira, on Monday
On Monday, October 25th, 2021, in the State House in Abuja, Nigerian President Muhammadu Buhari will publicly announce the much-anticipated Central Bank Digital Currency (CBDC), also known as the eNaira.
The eNaira was initially announced by the Central Bank of Nigeria (CBN) in June 2021. They had previously prohibited banks and financial entities from assisting cryptocurrency transactions.
To assist build the digital money, the CBN teamed with Bitt Inc, a Barbados-based fintech business.
It goes on to state that the unveiling is just the beginning of eNaira’s journey. It will then be subjected to a succession of additional changes, capabilities, and improvements.
The CBN promises to continue to collaborate with key partners to guarantee a smooth procedure that benefits all users. Those in rural areas and the unbanked populace in particular. The authority also claims to have put in place a mechanism to quickly handle any issues that may occur as a result of the eNaira’s trial implementation, given that it is a new product and one of the first CBDCs in the world.The digital money will come with a CBN-approved wallet, according to the eNaira website. Users can either link their bank accounts or use the prepay option to pay as they go.The eNaira is meant to supplement rather than replace the actual Naira.
The first Bitcoin ETF in the US wants to be exempt from trading restrictions
The Chicago Mercantile Exchange may be unable to keep up with the growth of Bitcoin’s first ETF in the United States.
ProShares wants to change the way it administers its new Bitcoin futures ETF less than a week after its massive launch.
ProShares CEO Michael Sapir told Barron’s that his company has applied for an exemption from trading limits at the Chicago Mercantile Exchange, where it buys futures contracts for its Bitcoin ETF, and that the company will also apply for authorization to participate in other types of derivatives contracts.
“Barron’s report validates what I’ve been hearing too, that ProShares is filing to be free from CME position limitations AND they can utilise swaps if necessary,” tweeted Bloomberg ETF analyst Eric Balchunas. Both would obviously be extremely beneficial in terms of maintaining exposure if $BITO continues to rise.
This is something the fund does regardless of market conditions. ProShares earns from these trades if Bitcoin’s price rises. It would utilise the proceeds to create and borrow money from the money market in order to purchase Bitcoin futures. If Bitcoin falls in value, ProShares will lose its cash-settled bets, and its cash and Bitcoin exposure will decrease.
ProShares detailed this in a prospectus released on Tuesday. The fund “may” invest in other assets that connect with the price of Bitcoin and other cryptocurrencies “after consultation with the SEC Staff.”
ProShares has also stated that it may invest in stocks that are linked to the cryptocurrency business, such as Bitcoin miner Riot or MicroStrategy, a cloud computing firm based in the United States that became enamoured with Bitcoin about this time last year.
SHIB plummets 20% as Elon Musk reveals he owns none
Shiba Inu (SHIB), the Dogecoin-inspired ERC-20, experienced a 20% drop in two hours after Tesla creator and potential Doge CEO Elon Musk revealed on Twitter that he doesn’t own any Shiba Inu coins.
Following a more than 500 percent increase since the beginning of October, SHIB soared over its previous all-time high, tagging a local top of $0.000044 on Oct. 24.
During the upward price action of the token, Twitter user “ShibaInuHodler” asked Musk how much Shib he was holding, to which Musk replied, “None.”
While SHIB sellers had already stepped in to grab profits at the token’s local all-time high, SHIB would lose another 10% within half an hour of Musk’s response, trading for $0.000035. Since then, SHIB has fluctuated between $0.000035 and $0.00004.
SHIB investors’ reactions to Musk’s words have been mixed, with ShibaInuHodler urging Musk invest in Shiba Inu coins.
Others chastised ShibaInuHodler for interacting with Musk, with “Shibalaskan” urging them to “plz stop harassing celebs when the community is OK without this sort of silliness.”
The dog token saga unfolds as Musk returns to Twitter to extol Dogecoin’s qualities.
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge,” the SpaceX founder tweeted on Oct. 24. They aren’t financial experts or techies from Silicon Valley. That’s why I chose to back Doge: it seemed like the people’s cryptocurrency.”
CFTC reportedly investigating prediction platform Polymarket
The CFTC is examining whether Polymarket is allowing its users to trade binary options and swaps that should be registered with the financial authority, according to a Bloomberg storey citing unnamed sources on Oct. 23. The CFTC has yet to say whether it is looking into Polymarket.
“Polymarket is strongly dedicated to complying with applicable rules and regulations and to giving information to regulators that will assist them with any inquiry,” a spokesman for the platform said.
Polymarket offers a number of unique predictive marketplaces in which users can wager on the outcome of future events using the USD Coin stable token. Polymarket does not take sides with its clients and provides a smart contract interface via which users can interact with the protocol.
According to the storey, the inquiry is underway as Polymarket negotiates a new round of funding, with unidentified insiders claiming the company might be valued at close to $1 billion.
Polymarket received a $4 million fundraising round in October 2020, led by Polychain Capital and including CoinShares CSO Meltem Demirors.
Polymarket isn’t the only company offering decentralised prediction markets; Augur debuted a Polygon version of its platform at the beginning of October.
Unlike Polymarket, which offers a diverse spectrum of markets such as covid case numbers, CryptoPunks floor prices, and Donald Trump’s presidential prospects, Augur markets are currently focused on sporting events and crypto price forecasts.
Jack Dorsey warns ahead of looming hyperinflation
Jack Dorsey, the CEO of Twitter, predicts hyperinflation in the United States.
In the early hours of Saturday, Jack Dorsey, the CEO of Twitter and Square Inc., took to Twitter to issue a warning about impending hyperinflation in the United States. He expressed himself as follows:
“Hyperinflation is going to change everything. It’s happening.”
However, the Twitter CEO’s post isn’t exactly surprising, especially given that consumer price inflation in the United States is nearing a 30-year high.
The tweet came after Federal Reserve Chairman Jerome Powell acknowledged the situation on Friday. Powell acknowledged that inflationary pressures are likely to last longer than previously anticipated, stretching far into the following year.
Meanwhile, many people have expressed dissatisfaction with Jack’s prediction thus far, while others have expressed agreement with the post.
Daniel Drezner, a professor at Tufts University’s Fletcher School who claims to have lived through true hyperinflation in Ukraine in the early 1990s, strongly disagreed. “This ain’t it, mate,” he simply stated.
However, some people believed Dorsey’s warning and agreed with him, writing, “Thank God for bitcoin,” while stressing that BTC will inexorably become the world’s reserve currency.
Alex Gladstein, the Human Rights Foundation’s chief strategic officer, weighed in on Dorsey’s hyperinflation tweet. Only a select minority of the wealthy will be surprised by the reality of Jack’s post, according to him. He went on to say that almost 1.3 billion people in countries like Nigeria, Iran, Turkey, Ethiopia, Cuba, Sudan, Lebanon, Venezuela, and others are already experiencing double, triple, or four-fold inflation. Gladstein claims that the world is already in a state of flux.
TA: If Ethereum Clears This Level, It Will Be Ready For Another Lift-Off
The price of Ether even fell below the $4,000 support level. Before there was a recovery wave, a low was formed near $3,964. Above the $4,050 mark and the 100 hourly simple moving average, there was a break.
The price has risen beyond $4,100, but it is coming up against resistance at $4,175 and $4,200. The price has hit a high near $4,155 and is presently consolidating. Near the $4,100 mark, there is instant support. The stated level is close to the 23.6 percent Fib retracement level of the upward run from the swing low of $3,964 to the high of $4,155.
On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $4,000. Near the $4,175 level, there is immediate upside resistance. The next big obstacle is near $4,200, above which the price may resume its upward trend. In the aforementioned scenario, the price may jump to $4,250. Any further rises might push the price up to $4,320.
If ethereum fails to rise over the $4,175 and $4,200 resistance levels, a new negative correction could begin. On the downside, $4,080 serves as an initial support level.
Near the $4,050 mark, the first major support is emerging. It’s near to the 50% Fib retracement level of the upward advance from the swing low of $3,964 to the high of $4,155. Near the $4,000 level, the main support is found. Any further declines could push the price below the $3,920 support level.
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