Crypto Markets Today: Bitcoin Ends Penultimate Week of (Awful) 2022 on Quiet Note

Crypto Markets Today: Bitcoin Ends Penultimate Week of (Awful) 2022 on Quiet Note

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Jocelyn Yang is a markets press reporter at CoinDesk. She is a current graduate of Emerson College’s journalism program.

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The year 2022 is most likely to decrease as one of the worst ever in the blockchain market’s unstable history. For fraudsters trolling digital-asset markets for suckers or even simple pickings from smart crypto traders, it’s been a banner year.

This short article initially appeared in Crypto Markets TodayCoinDesk’s everyday newsletter diving into what occurred in today’s crypto markets. Sign up for get it in your inbox every day

  • A brand-new report from blockchain danger tracking company Solidus Labs reveals that scammers released over 117,000 fraud tokens from Jan. 1 to Dec. 1, 2022, a 41% boost over the complete 2021.

  • The research study likewise exposed that 8% of all Ethereum tokens are set to perform carpet pullswhile 12% of all BNB Chain tokens are declared to be frauds.

  • According to Solidus Labs, much of the fraudsters behind these tokens utilize crypto-to-fiat exchanges to both seed their rip-offs and wash their earnings.

  • These scammers — taking advantage of the truth that more than 99% of their destructive tokens have actually averted detection under standard methods to rip-off recognition– transferred and withdrew a combined $11 billion worth of ETH to/from 153 various centralized financing [CeFi] exchanges throughout the time duration we studied,” the report read.

  • The fraud tokens released in 2022 brings the overall considering that September 2020 to more than 200,000, based upon the tally by Solidus Labs. Nearly 2 million financiers have actually lost funds to carpet pull tokens.

Token Roundup

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(CoinDesk Research)

Bitcoin (BTC: The biggest cryptocurrency by market price was just recently trading at $16,800 and moving sideways in the 24 hours. Equities markets concluded the week with minor gains as financiers processed cooler-than-expected customer costs information. The S&P 500 closed up 0.59%. The Dow Jones Industrial Average was up 0.54%, while the tech-heavy Nasdaq Composite was up 0.21%.

Ether (ETH: The second-largest cryptocurrency by market capitalization followed BTC’s trajectory, trading at around $1,218.

Newest Prices

Crypto Market Analysis: Strong Economic Data Is Bad News For Bitcoin Bulls

Our ideas on bitcoin’s chart are fairly the same from our ideas a week back. Momentum is relatively stagnant, with its Relative Strength Index (RSI) reading staying in relatively neutral area.

Previous trading activity reveals considerable rate contract in between $16,500 and $17,000. When contract exists to this degree, costs can stay at that level for a prolonged time period. This is intensified by the decrease in volume that is emblematic of year end trading.

Bitcoin is presently trading relatively securely to its 20-day moving average, and appears poised to stay there for the time being. Ether’s chart suggests a nearly similar scenario, which is unsurprising offered its constantly tight connection with bitcoin.

CoinDesk - Unknown

(TradingView)

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Jocelyn Yang is a markets press reporter at CoinDesk. She is a current graduate of Emerson College’s journalism program.

CoinDesk - Unknown

Jocelyn Yang is a markets press reporter at CoinDesk. She is a current graduate of Emerson College’s journalism program.

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