SCI Daily: It’s a (bull) trap!
August 16, 2018
Bitcoin (BTC) trapped bulls last night as the cryptocurrency rose and briefly breached $6,600 only to give back its gains due to heavy selling. The hourly chart and the shorter duration charts are showing a bearish head and shoulders which, suggests BTC testing $6,000 again. Tether (USDT) critic and blogger Bitfinex’ed (@bitfinexed) pointed out that 220 million USDTs were printed over the past four days, which may have helped prop up BTC.
Support is at $5,800 while resistance levels are at $6,800 and $7,200.
BTC/PHP: 347,580 / 323,040
USD/PHP: 53.70 BTC
Market Cap: $109B
Crypto Market Cap: $204B
News:
A customer of AT&T is suing the telecom company after he got robbed of $23.8 million in cryptocurrency due to a SIM swap fraud. Michael Terpin claimed that AT&T failed to protect him after criminals, posing as him, convinced AT&T’s employees to issue a new SIM which granted access to his accounts on various services including crypto wallets. Terpin is seeking an additional $200 million in punitive damages in addition to the $23.8 million in compensatory damages. AT&T said that they will dispute the allegations.
Bitcoin Tracker One (CXBTF), an exchange-traded note, is now quoted in U.S. Dollars under the Nasdaq Stockholm Exchange. This will allow U.S. based investors to be exposed to regulated cryptocurrency investments that are traded in dollars, as their own SEC has been in battle with Bitcoin exchange-traded funds for several months.
A report from Kaspersky Labs, a Russia-based antivirus and cybersecurity firm, states that cybercriminals stole over $2.3 million dollars of cryptocurrency in the second quarter of 2018 via various scams. Most notably, “crypto giveaways” have been rampant as a means of phishing, where individuals are fooled into voluntarily giving up their account information on malicious copies of popular crypto wallets and exchanges.
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