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Are Bitcoin ATMs A Hidden Threat To Cryptocurrency Security?
The Bitcoin ATM has gained significant popularity recently, especially with the growing adoption of digital assets globally. However, with its rising popularity, concerns are also increasing over its potential impact on crypto security. A recent US FTC report highlights the surge in scams and vulnerabilities, sparking concerns for the users.
Bitcoin ATMs And Their Impact On Crypto Security
The Federal Trade Commission (FTC) has flagged BTC ATMs as a major tool for scammers. According to a recent FTC report, fraudsters are increasingly using these machines to trick people into depositing cash directly into their crypto wallets.
Typically, scammers impersonate officials, warn victims about supposed financial threats, and advise them to deposit money into the payment instrument to “protect” their funds. However, in turn, these funds go straight to the scammer’s wallet, with no chance of recovery.
Meanwhile, the FTC’s data shows a staggering rise in reported losses, with over $110 million lost to Bitcoin ATM scams since 2020. In just the first six months of 2024, losses surpassed $65 million, affecting consumers of all ages.
The median loss reported was $10,000, with older adults over 60 being particularly vulnerable. These scams often involve government impersonation, business fraud, or fake tech support, exploiting victims’ fears to gain access to their money.
However, to protect against these schemes, the FTC advises users never to respond to unexpected messages, avoid withdrawing cash due to unsolicited calls, and verify any suspicious claims independently. The report said that real businesses and government agencies will never demand payments through this BTC payment option, making it crucial for consumers to recognize and avoid these deceptive tactics.
Meanwhile, last month, German authorities targeted unauthorized crypto ATMs, seizing 13 machines from 35 various locations and impounding a staggering $28 million in cash. This enforcement action highlights the country’s efforts to regulate the use of cryptocurrency ATMs and prevent illicit activities.
Why Are Crypto Hackers Targeting The BTC Payment Option?
Beyond scams, Bitcoin ATMs also pose significant cybersecurity risks. Experts warn that these machines are especially vulnerable to both physical and digital attacks. Unlike traditional ATMs, these alternatives are prime targets for hackers due to the high value of cryptocurrencies.
A recent CNBC report cites Timothy Bates, a cybersecurity professor, who points out that malware attacks on these machines can capture private keys, steal funds, or manipulate transactions. Many of these crypto ATMs also suffer from outdated software and lack regular security patches, increasing their susceptibility to cyber threats.
In addition, another concern of these ATMs is network vulnerabilities. If the machine’s network is unsecured, hackers can intercept data transfers, leading to unauthorized access or data theft. Joe Dobson, an analyst at Mandiant, highlights that Bitcoin’s decentralized nature, while a strength, also means there’s no governing body overseeing the ATMs. This lack of oversight opens the door for independent operators, some of whom may neglect essential security protocols.
Meanwhile, Bitcoin ATMs often require personal identification, such as Social Security numbers, for compliance with Know Your Customer (KYC) regulations. If compromised, this sensitive information could fall into the wrong hands, putting users at risk.
Rupam Roy
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethereum price looks stuck amid the rally in Bitcoin and altcoins, as it dropped more than 1% in a week. However, a popular analyst has made a bold Ethereum prediction as ETH price trades around the $3,100 level. He thinks it will outperform Bitcoin by mirroring the rally in the S&P 500. Whale activity and on-chain metrics signal Ethereum rally to the $10,000 level.
Ethereum Prediction of $10K By Analyst Sparks Buzz
Popular crypto analyst Ali Martinez has recently predicted an ETH price rally to $10K, outperforming the Bitcoin rally. The bold Ethereum prediction came based on ETH historical market cycle when Ethereum outperforms Bitcoin. It is yet to happen in this cycle as he hints at a potential opportunity for investors to fill their bags before the rally begins.
“Every market cycle has experienced a phase where Ethereum outperforms Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon,” Martinez stated.
Despite a 10% Ethereum price correction from the November high of $3,400, the bulls have managed to hold the strong support of $3,000. Where nearly 2.82 million addresses have purchased a total of 6.14 million ETF coins.
As per the ascending channel pattern, the ETH price will first test the targets of $4,000 and $6,000 subsequently, said Martinez.
However, Martinez noted that there’s another bullish story wherein “Ethereum could be mirroring the price action of the S&P 500, which puts a $10,000 target on ETH”.
ETH Whales Accumulation Continues
Another crypto analyst IamCryptoWolf also made a similar Ethereum prediction if the price crosses $4,000. The analyst wrote:
“ETH has been building solid momentum with higher lows over the past 2.5 years. Yes, it’s moving slow, but building momentum takes time. Once it clears 4k, it’s off to the races. 10k is the target”.
With Bitcoin dominance still close to 60%, the altcoin season hasn’t started yet and remains incomplete without Ethereum participation. On the other hand, Ethereum’s Market Value to Realized Value (MVRV) Momentum suggests that ETH still holds considerable upside potential.
Additionally, since the beginning of November, Ethereum whales are accumulating the ETH coins. In just the last two weeks, the whales have bought a total of 430,000 ETH worth a staggering $1.40 billion. These are in line with Ethereum prediction by Martinez.
As of press time, ETH price changed hands at $3110, down nearly 1% over the last day. Trading volume has dropped by 23%. Meanwhile, Total ETH Futures open interest has surged by 1% in the last 4 hours, indicating buying activity across derivatives exchanges.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Prices Today, November 20: The crypto market experienced mixed sentiment as Bitcoin touched $94K intraday, marking a new all-time high, before settling above $92K. Major altcoins showed negative sentiment, with declines of 2-3% over the last 24 hours. Meanwhile, GOAT and BONK emerged as top gainers, surging 8-13% in the same period.
The global crypto market cap dropped by 0.3% in the past day, standing at $3.07 trillion. Total trading volume reached $179 billion, reflecting a 10% decline from the previous day.Here’s a look at some leading cryptocurrencies by market cap and their price movements today.
Crypto Prices Today: BTC Hits $94K ATH While SOL, ETH, and XRP See Declines
Bitcoin touched an all-time high of $94K in intraday trading today before facing a rejection, currently holding above $92K. GOAT and BONK led the market, posting impressive gains of 8-13% over the last 24 hours. Major altcoins experienced slight turbulence, with most trading 2-4% lower. Meme coins showed mixed sentiment; DOGE rose by 1%, while SHIB dropped 3% in the same period.
Bitcoin Price Today
Bitcoin price is up by 0.5% over the last 24 hours, currently trading at $92,050. The coin’s intraday low and high are $91,059 and $94,002, respectively. BTC’s market cap stands at $1.81 trillion with a 24-hour trading volume of $75 billion, reflecting a market dominance of 59.21%.
According to sosovalue, daily inflows have reached $600 million, although data from BlackRock and Grayscale is yet to be updated. The debut of Bitcoin ETF options on Nasdaq, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), has sparked a surge in demand. This pivotal development offers investors new tools for hedging risks and managing exposure to Bitcoin’s price fluctuations.
Ethereum Price Today
Ethereum is down by 2.33% in the last 24 hours, currently trading at $3,087. The 24-hour low and high for ETH are $3,070 and $3,160. With a market cap of $371.5 billion and a 24-hour trading volume of $28 billion, Ethereum holds a market dominance of 12.51%, making it the second-largest cryptocurrency in the world. The price decline is also reflected in Ethereum ETFs, with a daily outflow of $67 million, though BlackRock and Grayscale’s inflow data is awaited.
Solana Price Today
Solana is currently trading at $232, showing a 4.5% decline over the last 24 hours. The 24-hour low and high for SOL are $231 and $247, respectively. With a market cap of $110 billion, Solana ranks as the fourth-largest cryptocurrency in the world. Its 24-hour trading volume stands at $6.87 billion, with a market dominance of 3.61%.
XRP Price Today
XRP is currently trading at $1.08, reflecting a 4% drop in the last 24 hours. The 24-hour low and high for XRP are $1.0738 and $1.138, respectively. XRP’s 24-hour trading volume is $5.74 billion, with a market dominance of 2%. On a positive note, XRP whales moved 210 million coins, sparking rumors of a partnership with Cardano.
Meme Crypto Prices Today
Dogecoin price saw a gain of approximately 1.3%, currently trading at $0.38. Its 24-hour low and high are $0.3767 and $0.4183, respectively. On the other hand, Shiba Inu (SHIB) is down by 3% in the last 24 hours, now trading at $0.00002404. Its 24-hour low and high are $0.00002409 and $0.00002601, respectively.
Top Crypto Gainers Prices Today
Goatseus Maximus
Goatseus Maximus is currently up by 12%, trading at $1.20. Its 24-hour low and high are $0.9988 and $1.231, respectively.
BONK
BONK is trading at $0.00005609, reflecting a 10% increase in the last 24 hours. Its 24-hour low and high are $0.00004847 and $0.00005768. The market volume stands at $4.23 billion.
UNUS SED LEO
UNUS SED LEO (LEO) is currently trading at $8.50, showing a 9% increase over the last 24 hours. The 24-hour low and high are $7.73 and $8.50, with a market cap of $7.85 billion.
Top Crypto Losers Prices Today
Hedera
Hedera (HBAR) is currently trading at $0.1258, reflecting a 16% decrease over the last 24 hours. Its 24-hour low and high are $0.1241 and $0.1561, respectively, with a market cap of $4.69 billion.
Akash Network
Akash Network (AKT) is currently trading at $3.813, showing a 12.7% decline in the last 24 hours. The 24-hour low and high are $3.779 and $4.494, respectively.
The hourly time frame charts show a positive trend with BTC up by 0.02%. However, ETH has experienced a slight decline of 0.1% during the same period.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Solana (SOL) price in the last 24 hours has shown bullish momentum, with its price ranging between $247.09 and $234.15. However, at press time, Solana is trading at $237, reflecting a 1.08% decline from a key resistance level.
Despite this minor retracement, analysts predict that Solana could be on the cusp of a breakout this week, potentially setting a new all-time high.
Will Solana Price Rise This Week?
Solana’s recent price performance aligns with strengthening on-chain metrics, suggesting a positive trend for the cryptocurrency. Open Interest (OI) for Solana reached a record high of $5.45 billion earlier this week, according to Coinglass data. This increase indicates growing liquidity and the entry of new funds into Solana’s market, a typical indicator of strong buying activity.
Additionally, data from DefiLlama shows Solana’s weekly trading volume surged to $41.60 billion in mid-November, the highest in its history since 2020. This represents a sharp rise from $18.14 billion recorded just a week earlier. The rise in trading activity suggests heightened market participation and confidence in Solana’s ecosystem.
DefiLlama also reports that Solana generated $49.64 million in transaction fees last week, setting another record. This increase in network activity bolsters the platform’s overall bullish outlook, showing that both traders and developers are actively engaging with the chain.
SOL Technical Indicators Point Toward ATH
Technical chart patterns for SOL price indicate the potential for continued upward momentum. Analysts have identified a bullish cup-and-handle formation on Solana’s monthly chart, which historically carries a 95% success rate for further gains. Independent crypto analyst Titan of Crypto explained, “Once Solana clears its previous all-time high, it could surge toward $400.”
Meanwhile, shorter-term analysis identifies key resistance levels at $260 and $278. A break above these levels could trigger a rally, while support remains strong at $220. Analysts believe the $360-$400 range is achievable once Solana price breaks past its current resistance.
Another bullish pattern noted by crypto researcher Aylo highlights Solana’s potential to outperform Ethereum. Aylo stated,
“If SOL reaches a new all-time high against Bitcoin, it will achieve something Ethereum didn’t manage in the last cycle.”
Bullish Pennant Formation Signals Further Gains
A key bullish indicator for Solana price lies in its technical chart, which displays a bullish pennant pattern. This pattern, formed after a strong upward price movement followed by a consolidation phase, typically signals the continuation of the previous uptrend.
A breakout above the pennant’s upper boundary, which aligns with the $260 resistance level, could ignite a fresh rally. Analysts predict that the move from this pattern could push Solana toward the $290-$300 range. However, failure to hold support at $220, the lower boundary of the pennant, could invalidate this bullish outlook. However, with the RSI moving below its signal line with a rating of 53, the bullish momentum may be dwindling.
Moreover, the MACD blue line has made a bearish crossover which is a sign of waning bull rally. The histogram has alos shifted into the negative region hinting at increased selling pressure in fear of more SOL price dips.
More Crypto Online, a crypto market analyst, commented,
“The bullish pennant pattern suggests the rally could extend into new all-time highs if Solana clears the $260 level convincingly.”
Analysts Eye Key Levels for Breakout
Market analysts are closely watching Solana’s price as it hovers near key resistance levels. More Crypto Online, a crypto analyst, noted that Solana is “following a 5-wave cycle” and could soon target $360 in the coming months. They added that a break below $212 could signal a larger pullback, but the overall structure remains bullish.
Furthermore, historical price patterns indicate that SOL price could follow a trajectory similar to its 2021 rally, which led to massive gains. Miles Deutscher, a crypto market observer, tweeted, “Solana is repeating the same pattern from 2021, which could take it to $780 in the longer term.”
While the current price hovers below its all-time high of $260, analysts believe that a breakout above this level could lead to rapid price discovery, with targets set at $276 and beyond.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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