A new report from Russian internet security company Kaspersky Labs states that crypto-focused malware which is easy to produce is increasingly being used.
According to the bulletin from Kaspersky Labs, resources invested in the development of new mining technologies by cybercriminals has increased. After analyzing threats across the year they stated that these cryptojackers and miners are gradually replacing ransomware Trojans.
This is done by installing malware that uses a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge.
The analysts said that the number of unique users attacked by crypto miners grew dramatically in the first three months of 2018. More users were infected in September than in January and the threat is still current, though it is unclear whether the recent collapse in the crypto market’s prices will have an impact on the infection rate.
According to experts, the reason for the decline of general DDoS attacks across the internet is most likely to be the reprofiling of botnets from DDoS attacks to cryptocurrency mining.
Five percent of all Monero coin has reportedly been generated by illegal crypto mining malware because it is popular with illicit actors due to its anonymity, value and the easy exchange options. It has been estimated that illegal Monero mining has earned the cryptojackers around 175 million dollars. The Russia-made mining malware for mining Monero, which was running almost without a trace, has been uncovered by McAfee Labs in mid-November.
Kaspersky warns that it is very easy for cybercriminals to create mining malware due to the availability of the ready-to-use affiliate programs, open mining pools, and miner builders. The internet security firm says:
“It might be quite a while before the user notices that 70-80% of their CPU or graphics card power is being used to generate virtual coins.”
According to Kaspersky, such threats appear less in the US, which only experiences 1.3 percent of all attacks and some areas in Europe. In countries where unlicensed computer software is more common, incidences of mining malware are more frequent. For example, even though cryptocurrency use is restricted in Vietnam, it is experiencing 13 percent of all attacks.
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Price analysis 10/28: BTC, ETH, XRP, BCH, LINK, BNB, DOT, LTC, BSV, ADA
The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen.
In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed the S&P 500 or gold. Therefore, investors should take a longer-term view rather than panicking due to short-term volatility.
A survey by Grayscale has shown that the number of investors who are familiar with Bitcoin has risen from 53% in 2019 to 62% this year. The poll also showed that about 55% of the respondents were interested in Bitcoin investment products this year, compared to 36% in 2019.
With greater participation from both retail and institutional investors, the crypto markets may become less prone to manipulation and that could in turn attract more investments.
When an asset enters a correction, knowing the strong support levels can help traders to make a more informed decision. Therefore, let’s study the charts of the top-10 cryptocurrencies in order to spot the critical levels that may attract buyers.
Bitcoin (BTC) has turned down sharply from just under the critical overhead resistance of $13,973.50, which suggests profit-booking by short-term traders and likely initiation of short positions by the aggressive bears.
If the price closes below $13,041.5, the BTC/USD pair would form a bearish engulfing candlestick pattern, which is a warning sign that the trend may be reversing. The first stop on the downside is the 20-day exponential moving average ($12,289).
A break below this support will suggest that the bullish momentum has weakened and that could intensify selling, dragging the price to the 50-day simple moving average ($11,238)
However, as the moving averages are sloping up and the relative strength index has corrected its overbought levels, the bulls are likely to buy the dips to the 20-day EMA.
A strong bounce off this support will suggest that the sentiment is bullish as traders are buying on dips.
The rebound off the 20-day EMA ($385) on Oct. 26 could not sustain the higher levels on Oct. 27 as the bears sold on recovery. This has dragged Ether (ETH) below the 20-day EMA today.
If the bears sustain the price below the 20-day EMA, a drop to the uptrend line is likely. A break below this support could drag the ETH/USD pair to the next support at $333 and then to $308.096.
However, if the price recovers from the current levels and rises above the $400–$420 resistance zone, it will signal an advantage to the bulls. Above $420, the pair could start its journey to $450 and then to $488.134.
XRP continues to trade inside a range as the flat moving averages and the RSI just below the midpoint suggest a balance between supply and demand. If the bears can sink and sustain the price below the 50-day SMA ($0.245), the altcoin could drop to $0.2295.
XRP/USD daily chart. Source: TradingView
A break below the $0.2295–$0.2197 support zone could tilt the advantage in favor of the bears. However, if the price rebounds off the support zone, the XRP/USD pair could extend its stay inside the range for a few more days.
Contrary to this assumption, if the pair rebounds off the 50-day SMA and rises above the $0.26 resistance, it will indicate that bulls are in command. Above $0.26, the pair could start an up-move that may reach $0.30.
Bitcoin Cash (BCH) bounced off the 20-day EMA ($256) on Oct. 26 and the bulls are currently trying to propel the price above the overhead resistance at $280. If they can pull it off, the altcoin could rise to $300 and then to $326.30.
The upsloping moving averages and the RSI above 62 suggests that the bulls are in control. However, the RSI has formed a negative divergence and a possible symmetrical triangle.
If the RSI breaks above the triangle, it will increase the possibility of an up-move in the BCH/USD pair. Conversely, if the RSI breaks below the triangle, it will suggest the start of a pullback.
The failure to drive the price above $280 could attract profit-booking by short-term traders. A break below the 20-day EMA ($256) will signal that the momentum has weakened.
The rebound off the $11.199 support on Oct. 26 was short-lived as the bulls could not sustain the higher levels on Oct. 27. The bears have jumped on this opportunity and are currently attempting to sink Chainlink (LINK) back below $11.199.
If they succeed, the LINK/USD pair could drop to the trendline. A break below the trendline could signal an advantage to the bears that may result in a fall to $8.38.
On the contrary, if the pair rebounds off the current levels, the bulls will once again try to push the price above $13.28 and extend the recovery to $18.
The indicators are not giving any clear signals as both moving averages have flattened out and the RSI has dropped close to the halfway mark, suggesting a balance between supply and demand.
The bulls pushed Binance Coin (BNB) above the $32 resistance on Oct. 27 but could not sustain the higher levels. This shows that the bears are defending the zone between $32–$33.3888.
The failure to sustain above $32 could have attracted profit booking from the short-term traders. If the bears sink the price below the 20-day EMA ($29.94), the BNB/USD pair may drop to the 50-day SMA ($28.24).
However, the trend remains up as both moving averages are sloping up and the RSI is in the positive territory. Therefore, the bulls may attempt to buy on dips to the moving averages. The uptrend will resume on a close above $33.3888.
On the other hand, if the bears sink the price below the 50-day SMA, it may increase the possibility of a deeper correction to $26 and then 22.
The bulls pushed Polkadot (DOT) above the $4.6112 resistance on Oct. 26 but the sellers were in no mood to relent and they aggressively defended the overhead resistance at $5 on Oct. 27.
The failure to sustain above $4.6112 has again dragged the price down to the neckline of the inverse head and shoulders pattern.
If the DOT/USD pair rebounds off this support, the bulls will again try to propel the price above $5 and reach the overhead resistance at $5.5899.
Contrary to this assumption, if the bears sink the price below the neckline, the pair may again drop to $3.5321. A bounce off this support could keep the pair range-bound for a few days.
Litecoin (LTC) bounced off the 38.2% Fibonacci retracement level of $54.9361 on Oct. 26, which showed that the bulls were not willing to wait for lower levels to buy as they expected the uptrend to resume.
Although the bulls had pushed the LTC/USD pair above $60 today, they could not sustain the higher levels. This attracted aggressive selling from short-term traders and the price again dropped to the 38.2% retracement level.
If the bears can sink the pair below $54.9361, the correction may extend to $53.2915 and then to $51.
However, if the pair again rebounds off $54.9361, a few days of range-bound action is possible. The pair is likely to pick up momentum after the price sustains above $60.
The bulls purchased the dip to the breakout level of the symmetrical triangle on Oct. 26 but they could not push Bitcoin SV (BSV) above the $180–$185.14 overhead resistance zone on Oct. 27 and start a new uptrend.
The failure to rise above the overhead resistance could have attracted selling by the short-term bulls and the aggressive bears. As a result, the BSV/USD pair has again dropped down to the 20-day EMA ($168).
If the pair rebounds off the 20-day EMA, the bulls will again attempt to propel the price above the overhead resistance zone.
Conversely, if the bears sink the price below the moving averages, the pair could may to the uptrend line of the triangle and then to $146.20.
The long tail on the Oct. 26 candlestick shows that the bulls purchased the dip to the 50-day SMA ($0.098). However, the buyers could not build upon this strength and sustain Cardano (ADA) above the 20-day EMA ($0.103) on Oct. 27.
This shows that demand dries up at higher levels. The bears pounced on this sign of weakness and resumed their selling today and have managed to sink the ADA/USD pair below the 50-day SMA.
If the price sustains below this level, the next support is at $0.090 and if this support also gives way, the decline could extend to the critical support at $0.0755701.
With the latest fall, the 20-day EMA has started to turn down and the RSI has dipped into the negative zone, indicating an advantage to the bears.
This bearish view will be invalidated if the pair turns around from the current levels or the immediate support and rises above $0.104044.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
MakerDAO issues warning after a flash loan is used to pass a governance vote
MakerDAO has issued a warning after a flash loan was used to pass a governance vote on its stablecoin platform.
The post MakerDAO issues warning after a flash loan is used to pass a governance vote appeared first on The Block.
Market Wrap: Bitcoin Slips to $12.8K; Ether Options Traders Prefer Calls
Major markets are in the red today, including bitcoin. Ether options traders have favored calls over the past month.
- Bitcoin trading around $13,184 as of 20:00 UTC (4 p.m. ET). Slipping 3.6% over the previous 24 hours.
- Bitcoin’s 24-hour range: $12,894-$13,831
- BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
The price of bitcoin slipped Wednesday, going as low as $12,894 around 14:00 UTC (10 a.m. ET), according to CoinDesk 20 data. Prices have picked up a bit since then, at $13,184 as of press time.
Katie Stockton, a technical analyst for research firm Fairlead Strategies, said Wednesday was a “risk-off” day where investors were shedding what they consider higher-risk assets, including cryptocurrencies. “Bitcoin is seeing a retracement of its strong up move as risk assets trade off sharply,” Stockton told CoinDesk. Risk assets, which include global equities, slipped Wednesday.
Bitcoin’s strong move up Tuesday approached 2019’s high before losing steam. Stockton said that despite Wednesday’s respite, bitcoin still has a strong chance to pass 2019’s price zenith. “The recent breakout above the August high lends a bullish intermediate-term bias,” she added. “Uncertainty is taking its toll on the markets, but we think it will be short-lived.”
Neil Van Huis, director of institutional trading at liquidity provider Blockfills, noted bitcoin’s mining hashrate has dropped to levels not seen since June. Older, inefficient machines are being turned off, which he sees as a huge opportunity to invest in newer mining rigs at these price levels.
“This is good for mining companies,” Van Huis said. “It also comes at a time when prices are rising. With that comes more investment into the space like JPMorgan and PayPal. That should, in my opinion, keep prices bullish, especially now that we cleared that $12,000-$12,500 hurdle for a bit.”
Read More: JPMorgan’s ‘JPM Coin’ Is Live, Execs Say
In the futures market, Denis Vinokourov, head of research at digital asset prime broker Bequant, noted the rise of institutional interest on CME, which surpassed $800 million in open interest Tuesday. “Futures contracts trading at a premium to spot prices even as the October CME expiry is fast approaching this Friday,” he said.
Guy Hirsch, U.S. managing director at multi-asset brokerage eToro, said unpredictable global market fundamentals are actually a good thing for bitcoin. “The election outcome might produce a shift from a pro-business administration into an administration that is much more skeptical about free markets” just as COVID-19 cases hit record levels, he added. “[W]e could be in for a long winter that may see bitcoin potentially challenge its previous record high set back in 2017,” Hirsch told CoinDesk.
Ether options skew towards calls
Ether, the second-largest cryptocurrency by market capitalization, was up in Wednesday trading around $384 and slipping 5.6% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
The ether options market has been more favorable towards calls than puts recently. Derivatives exchange Deribit, which is by far the largest ether options venue, has seen 55% calls versus 44% puts the past month, according to data aggregator Genesis Volatility.
Calls are bullish bets in the direction of the underlying assets (in this case, ether) while puts are bearish bets.
Greg Magadini, Genesis Volatility’s CEO, doesn’t see this data as necessarily providing clear direction on ether’s price, but does indicate where liquidity is pooling.
“Seeing more activity on the call side indicates that the call legs have the most liquidity and active participation,” Magadini said. “This is useful for traders to know when structuring less liquid multi-legged trades.”
Digital assets on the CoinDesk 20 are mostly red Wednesday. One notable winner as of 20:00 UTC (4:00 p.m. ET):
- Oil was down 4.3%. Price per barrel of West Texas Intermediate crude: $37.26.
- Gold was in the red 1.6% and at $1,877 as of press time.
- U.S. Treasury bond yields were mixed, almost flat on Wednesday. Yields, which move in the opposite direction as price, were up most on the 10-year bond, jumping to 0.773 and climbing 0.44%.
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