Connect with us

Bitcoin

Bitcoin is ‘most abused’ crypto by criminals

Published

on



According to a recent report from the Europol Internet Organized Crime Threat Assessment, Bitcoin remains the most commonly exploited cryptocurrency by criminals.

The report noted that Bitcoin is often converted to stablecoins like Tether (USDT) for stability and is still frequently encountered in cybercrime and fraud. The Tron blockchain’s lower transaction fees have made it more popular for USDT transactions. 

“Bitcoin is still the cryptocurrency that is most abused by criminals but the use of alternative coins (altcoins) seems to be growing,” the report read. 

Stablecoins with blacklisting functionality have allowed law enforcement to freeze suspicious funds.

Monero’s rise in criminal popularity 

Monero (XMR) is an altcoin known for emphasizing privacy and anonymity. Unlike Bitcoin, which offers a transparent ledger, Monero uses cryptographic techniques to blur transaction details. 

These blurred transactions make it hard for law enforcement to trace a fraudulent transaction’s sender, recipient, and amount. 

According to the report, this privacy-centric design has made Monero popular among individuals seeking to maintain financial confidentiality and among cybercriminals. 

Also, Monero uses ring signatures, stealth addresses, and confidential transactions to ensure user anonymity. These features allow it to be used in various illicit activities, such as ransomware attacks, where perpetrators demand payment in Monero due to its untraceable nature.

According to the report, Monero is used on the dark web to purchase illegal goods and services, as its privacy features help it evade law enforcement scrutiny. Despite its controversial uses, Monero is also valued for legitimate privacy-focused financial transactions.

Europol’s mention of other crypto-money laundering techniques 

The report also touched on cryptocurrency laundering techniques that are evolving with varying complexity based on the nature of the crime. 

Investment frauds often use simple and common methods, relying on traditional channels like money mules and international bank accounts. But, encrypted messaging apps are now preferred for cash-to-crypto exchanges, bypassing compliance checks and hiding identities.

There is also increasing use of crypto debit cards in cybercrime

“The use of cryptocurrency debit cards has also re-emerged, as these can be used to quickly convert cryptocurrency to cash at ATMs,” the report read



Source link

Bitcoin

Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?

Published

on



Este artículo también está disponible en español.

Bitcoin is trading around $75,000 following Donald Trump’s victory in the U.S. election, stirring fresh optimism in the crypto market. Trump’s pro-crypto stance has ignited excitement among analysts and investors who anticipate favorable policies for digital assets in his administration. With Bitcoin now sitting at all-time highs, many speculate this could begin a new rally phase.

Related Reading: Ethereum Analyst Sets $3,400 Target Once ETH Breaks Key Resistance – Details

Key data from CryptoQuant indicates that Bitcoin has reached a price equilibrium, suggesting there are no strong market forces pulling the price lower. This positive equilibrium reinforces the bullish outlook and hints at a stable foundation for further growth. Analysts believe Bitcoin may be set for new highs with fewer obstacles in the coming weeks.

As investor confidence builds, some view this phase as a critical moment for Bitcoin to solidify its position in a pro-crypto policy environment. The combination of strong technical support and positive sentiment from Trump’s victory has set the stage for what many hope will be a significant upward trend, potentially driving the broader crypto market higher.

Bitcoin Enters A Bullish Phase

Bitcoin has officially entered a bullish phase after breaking past its previous all-time highs, reaching $76,500. This level has become a new area of focus as many analysts identify it as a potential resistance zone. 

According to CryptoQuant analyst Axel Adler, the market is currently balanced between a “Bubble” and a “Crash” phase. Adler’s analysis, which includes key on-chain data, suggests that Bitcoin’s market structure is at an equilibrium, meaning there are no significant fundamental reasons to anticipate a drop. Instead, this setup provides a stable foundation for possibly continuing Bitcoin’s upward trend.

Bitcoin Bubble vs Crash Market Structure signals equilibrium
Bitcoin Bubble vs Crash Market Structure Signals Equilibrium | Source: Axel Adler on X

With the Federal Reserve’s interest rate decision set to be announced today, the next few weeks promise to be pivotal. A stable or favorable decision from the Fed could reinforce the optimism in the market, drawing in new demand and reinforcing Bitcoin’s position above $76,000. 

Many investors and analysts expect heightened activity from institutional players, particularly given Bitcoin’s resilience around this milestone level. The market’s balance at this juncture is crucial. As long as Bitcoin maintains its current structure, it has the potential to continue its upward trajectory without substantial risk of retracement. 

With fresh demand entering the market and the macroeconomic backdrop shaping up favorably, Bitcoin may soon aim for even higher levels. For now, all eyes remain on the $76,500 mark and how the market will respond in the wake of the Federal Reserve’s announcement. This period of consolidation could be the catalyst for the next leg up, solidifying Bitcoin’s bullish outlook.

BTC Key Levels To Watch 

Bitcoin is trading at $75,000, holding steady above its previous all-time high of approximately $73,800. This level has become a critical support zone as BTC continues in a well-defined 4-hour uptrend. The trend began after a strong bounce from the 200 exponential moving average (EMA) at $66,800, indicating renewed bullish momentum.

BTC trading above previous ATH
BTC trading above previous ATH | Source: BTCUSDT chart on TradingView

Bulls need to keep the price above the $73,000 mark to sustain this momentum, a key psychological threshold. This level boosts market confidence and provides a potential springboard for Bitcoin to reach higher targets soon. A confirmed hold above $73,000 could signal further upside, inviting additional buying pressure and potentially setting up BTC for new highs.

However, if BTC fails to hold this level, it could slip toward a lower demand area of around $70,500. Despite this possibility, current price action shows no significant signs of a downturn. The steady uptrend and firm support levels suggest that Bitcoin’s bullish outlook remains intact, with little indication of an imminent drop.

As long as BTC maintains its structure, the path toward continued gains remains clear, reinforcing confidence in the ongoing rally.

Featured image from Dall-E, chart from TradingView



Source link

Continue Reading

Bitcoin

Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook

Published

on


Widely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.

In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.

“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”

According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.

“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.

The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.

“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…

…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”

Source: Benjamin Cowen/YouTube

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading

Bitcoin

Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

Published

on



“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon