Digital assets worth over 2.7 million were lost to hacks and fraud in the second quarter of 2024. This latest figure brings the value of digital assets lost to hacks, fraud, and scams in 2024 to 0.9 million. Decentralized finance (defi) platforms lost approximately 2.1 million across 63 incidents. This figure is 25% lower than […]
Bitcoin News
FBI Warns of Fake Firms Promising to Recover Lost Cryptocurrencies
The Federal Bureau of Investigation (FBI) has alerted the public to “an emerging criminal tactic” targeting investors who have already fallen victim to cryptocurrency scams and seek to recover their lost funds. These fraudsters often claim to be authorized by the FBI, Consumer Financial Protection Bureau (CFPB), or other government agencies to lend credibility to […]
Bitcoin News
Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles
Bitcoin price is consolidating above the ,000 level. BTC could try to follow Ethereum and recover if it manages to clear the ,650 resistance zone.
- Bitcoin started a minor recovery wave above the ,000 level.
- The price is trading below ,500 and the 100 hourly Simple moving average.
- There is a short-term contracting triangle forming with resistance at ,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the ,400 and ,650 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin price extended its losses and traded below the ,000 level. BTC even tested the ,000 zone. A low was formed at ,050 and the price is now correcting losses.
There was a minor recovery above the ,500 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the ,255 swing high to the ,050 low. However, the bears are still active near the ,500 zone.
Bitcoin is now trading below ,500 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance at ,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the ,400 level and the triangle trend line. The first major resistance could be ,650 or the 50% Fib retracement level of the recent drop from the ,255 swing high to the ,050 low. The next key resistance could be ,000.
A clear move above the ,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the ,550 resistance. Any more gains might send BTC toward the ,500 resistance in the near term.
Another Decline In BTC?
If Bitcoin fails to climb above the ,650 resistance zone, it could start another decline. Immediate support on the downside is near the ,850 level.
The first major support is ,400. The next support is now forming near ,000. Any more losses might send the price toward the ,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,400, followed by ,000.
Major Resistance Levels – ,400, and ,650.
Bitcoin Could Crash To $60,000 If This Support Gets Lost: CryptoQuant Head
On-chain data shows Bitcoin is approaching the “Realized Price” of the short-term holders, a retest of which has historically been important for BTC.
Bitcoin Is Close To Seeing A Retest Of Short-Term Holder Cost Basis
In a new post on X, CryptoQuant Head of Research Julio Moreno has discussed how BTC has recently been near the Realized Price of the short-term holders.
The “Realized Price” here refers to an on-chain indicator that, in short, keeps track of the average price at which investors or addresses on the Bitcoin network acquired their coins.
When the cryptocurrency’s spot price is higher than this metric, it means that the average holder in the market is currently sitting on some profits. On the other hand, BTC’s value under the indicator suggests the dominance of losses among the investors.
Naturally, when the two are exactly equal, the market as a whole can be assumed to be holding an equal amount of unrealized profits and losses. The holders could collectively be considered just breaking even on their investment.
In the context of the current topic, the Realized Price of only a specific part of the sector is of focus: the short-term holders (STHs). The STHs are the investors who bought their coins within the past 155 days.
Below is a chart that shows the trend in the Realized Price of the Bitcoin STHs over the past couple of years:
The above graph shows that the Bitcoin price is close to the Realized Price of the STHs. This means that the margin is small, although these investors are sitting in profits right now.
Thus, it’s possible that if the cryptocurrency continues on its latest bearish trajectory, a retest of the average cost basis of this cohort could be imminent. In the past, such retests have proven relevant for the asset.
Moreno has highlighted in the chart the interactions the asset’s spot value has shown with this level during the last two years. It would appear that during two of these retests (marked with green circles), the coin found support at this level and rebounded upwards to continue the bullish momentum.
However, in the three other instances (red circles), Bitcoin failed to retest the level and observed a decline. These corrections were from 8% to 12%, and the latest occurrence of the trend was at the end of April/start of May.
With another retest possibly approaching for the cryptocurrency, it would be interesting to see which of the two patterns would follow this time around. If a breakdown of the level happens, the analyst notes, “the price could decline to about K.”
BTC Price
At the time of writing, Bitcoin is trading at around ,400, down over 6% in the past week.
Crystal Intelligence Report Reveals $19 Billion Lost in Crypto Crimes Over 13 Years
In a comprehensive new report, Crystal Intelligence, a blockchain analytics firm, details a significant billion in losses due to cryptocurrency crimes over the past thirteen years. The study covers a timeline from June 19, 2011, to March 6, 2024, and delves into the various types of criminal activities within the digital currency space. Study […]
Bitcoin News
Lost And Found: Hackers Successfully Access Decade-Old Bitcoin Wallet, Retrieve $3 Million
In an extraordinary turn of events, two hackers have successfully cracked the long-forgotten password of a digital wallet, leading to the recovery of approximately million worth of Bitcoin (BTC).
Lost Bitcoin Fortune Unlocked
As reported by Wired, the story began in 2013 when an individual known by the alias “Michael” securely stored his Bitcoin holdings in a password-protected digital wallet. Unfortunately, over time, he lost access to the wallet due to a corrupted file containing the 20-character password generated using the RoboForm password manager.
Despite his efforts to prioritize security, Michael’s concerns about potential hacking led him to refrain from storing the password in his manager, inadvertently locking himself out of his fortune.
Enter Joe Grand, a renowned electrical engineer and hardware hacker, popularly known as “Kingpin.” In 2022, Grand gained recognition for aiding another cryptocurrency wallet owner in recovering million worth of digital assets after forgetting the PIN to his Trezor wallet. Since then, numerous individuals have approached Grand seeking his expertise, but he selectively chooses his projects.
Michael initially approached Grand two years ago, seeking assistance in recovering his lost Bitcoin. However, due to the unique challenges posed by a software-based wallet, Grand declined the request.
Nonetheless, Michael persisted, and last June, Grand agreed to give it another shot, teaming up with a fellow hacker named Bruno from Germany.
Months of reverse engineering led Grand and Bruno to a significant breakthrough. They discovered a flaw in the pseudo-random number generator used by the RoboForm program, which was employed by Michael in 2013.
The flaw tied the generated passwords to the date and time on the user’s computer, making them predictable. Armed with this knowledge, the hackers devised a plan to exploit the flaw and crack the password.
The major hurdle in this process was Michael’s inability to recall the exact date when the password was generated. However, armed with the knowledge that Bitcoin had been moved into the wallet for the first time on April 14, 2013, Grand and Bruno configured RoboForm to generate passwords within a specific time frame, utilizing the parameters used by Michael.
From Forgotten To Found
Despite initial failed attempts, Grand and Bruno persisted, adjusting the time frame and parameters until they finally struck gold. On November 15, 2023, they discovered the correct password—20 characters long and generated on May 15, 2013. The long-lost Bitcoin treasure was finally within Michael’s grasp.
However, the report notes that the successful recovery of Michael’s assets raises concerns about password security, particularly for users who generated passwords using earlier versions of RoboForm.
While Siber Systems, the company behind RoboForm, claims to have fixed the flaw in 2015, questions remain about the vulnerability of older passwords. Grand stresses the importance of understanding the improvements made to password generation in newer versions.
Having access to his Bitcoin once again, Michael experienced a stroke of luck. He waited for the value of Bitcoin to rise before selling a portion of his newfound fortune. With 30 BTC currently valued at million, Michael eagerly anticipates the potential for even greater returns as he aims for a future surge to 0,000 per coin.
As of press time, the largest cryptocurrency on the market is trading at ,200, consolidating for the past week below the key ,000 threshold that is crucial to BTC’s uptrend prospects.
Featured image from Shutterstock, chart from TradingView.com
Defi Protocol Sonne Finance Reports Major Security Breach, $20 Million Lost to Hackers
Sonne Finance, a decentralized liquidity market protocol, was hit by a cyberattack, with initial losses of million in USD Coin and Wrapped Ethereum from its Optimism chain quickly escalating to million, as detected by blockchain security firm Cyvers on May 15. Following the attack, Sonne Finance suspended its Optimism Market and assured that […]
Bitcoin News
Yuga Labs Resumes Layoffs; CEO Says Web3 Platform ‘Lost Its Way’
According to Greg Solano, co-founder of Yuga Labs, the Web3 platform has laid off additional workers partly because it had “lost its way.” Solano also encouraged employees uninterested in the next phase to consider accepting the same severance package offered to those affected by the layoffs. Convoluted Corporate Processes Yuga Labs, the Web3 platform behind […]
Bitcoin News
Lost Treasure Found? Bitcoin Miner Transfers Over $3 Million BTC After 14-Year Dormancy
According to the on-chain analysis platform Lookonchian, a long-dormant Bitcoin (BTC) wallet dating back to April 2010, recently transferred 50 BTC, equivalent to .328 million.
Unraveling The Transaction: An Exploration of Potential Motives
As reported by Lookonchian, 50 BTC mined over 14 years ago, when each block reward was 50 BTC, was divided into two transactions: 17 BTC (.1 million) for one wallet and 33 BTC (.2 million) for another.
The recipient wallet receiving 17 BTC has shown patterns of frequent transactions, possibly indicating its association with a cryptocurrency exchange, particularly Coinbase.
The analysis further reveals that the Bitcoin sent to this wallet was subsequently merged with funds from other wallets associated with Coinbase, suggesting a possible deposit into the exchange.
A miner wallet woke up after being dormant for nearly 14 years and deposited 50 $BTC(.28M) to #Coinbase 5 mins ago.
The miner earned 50 $BTC from mining on Apr 23, 2010, and has been holding it to this day.
Address:
15sxzZ4QSaoiMo5KYH9ab4xQj34yeJmKgb pic.twitter.com/DRw9U5Xy8N— Lookonchain (@lookonchain) April 15, 2024
On the other hand, the remaining 33 BTC were transferred to a new wallet. This could indicate that this Bitcoin may have effectively remained within the miner’s control but under a new address, a common practice to enhance transaction privacy.
Bitcoin Recovery Amid Impending Halving
This recent activity coincides with Bitcoin’s rebound following a sharp decline that saw its price plummet from over ,000 to ,000 over the weekend. However, at the time of writing, Bitcoin is trading at ,109, marking a 0.5% increase in value over the past 24 hours.
This surge in price comes amidst anticipation of the upcoming Bitcoin Halving scheduled to take place in the next 5 days on April 20.
Notably, the Bitcoin Halving is a programmed event that occurs approximately every four years or after every 210,000 blocks are mined. Bitcoin miners’ reward for validating transactions and securing the network is cut in half during this event.
When Bitcoin was launched in 2009, the reward was initially set at 50 BTC per block. However, the reward has been halved, reducing the rate at which new BTC is created. This adjustment is designed to control the supply of Bitcoin, making it more scarce over time and ultimately contributing to its deflationary nature.
Furthermore, recent reports indicate that BTC miners could face losses exceeding billion due to the upcoming Halving event. As Bloomberg reported, this loss could result from several factors, including miners facing intensified competition from AI companies.
Core Scientific CEO Adam Sullivan noted the tightening availability of power in the US, driven partly by tech giants like Amazon investing heavily in data centers. This competition for resources presents further obstacles for miners seeking affordable power contracts.
Featured image from Unsplash, Chart from TradinView
British Man Who Lost 7,500 BTC Sues for Right to Search Council Landfill
A British computer expert, who inadvertently misplaced a hard drive containing 7,500 bitcoins, has initiated a legal action to compel the Newport City Council to permit him to search through the landfill where the storage device is believed to be buried. Anticipating a further increase in the value of the cryptocurrency, the expert said he […]
Bitcoin News