BTC ends penultimate week quiet in year of steep declines and scams |
What happened today in crypto markets By Jocelyn Yang, CoinDesk Markets Reporter Was this newsletter forwarded to you? Sign up here. |
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Enjoy your holidays! Here's what moved in the crypto markets today: |
- Crypto adds an unsavory footnote to a dreadful 2022: the year of the rug pull.
- OKX unveils proof-of-reserves report and promises monthly publication.
- Top crypto assets held steady Friday: BTC moved sideways around $16,800, while ether was trading at around $1,218.
- Equities rose.
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Bitcoin: $16,804 +0.2%
Ethereum: $1,220 +0.0%
CoinDesk Market Index: 796 +0.4%
S&P 500 daily close: 3,844.82 +0.6%
Gold: $1,805 +1.0%
Treasury Yield 10 Years: 3.75% +0.1 |
The year 2022 is likely to go down as one of the worst ever in the blockchain industry's volatile history. But for scammers trolling digital-asset markets for suckers or even easy pickings from savvy crypto traders, it's been a banner year. |
- A new report from Solidus Labs, a blockchain risk monitoring firm, shows that fraudsters deployed over 117,000 scam tokens from Jan. 1 to Dec. 1, 2022, a 41% increase over the full 2021.
- The study also revealed that 8% of all Ethereum tokens are programmed to execute rug pulls, while 12% of all BNB Chain tokens are alleged to be scams.
- According to Solidus Labs, many of the scammers behind these tokens use crypto-to-fiat exchanges to both seed their scams and launder their proceeds.
- "These fraudsters – benefiting from the fact that more than 99% of their malicious tokens have evaded detection under traditional approaches to scam identification – deposited and withdrew a combined $11 billion worth of ETH to/from 153 different centralized finance [CeFi] exchanges during the time period we studied," the report read.
- The scam tokens deployed in 2022 brings the total since September 2020 to more than 200,000, based on the tally by Solidus Labs. Almost 2 million investors have lost funds to rug pull tokens.
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- Bitcoin (BTC): The largest cryptocurrency by market value was recently trading at $16,800 and moving sideways in the 24 hours. Equities markets wrapped up the week with slight gains as investors processed cooler-than-expected consumer spending data. 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.
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Market Analysis: Prices Trade Quietly |
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Our thoughts on bitcoin's chart are relatively unchanged from our thoughts a week ago. Momentum is fairly stagnant, with its Relative Strength Index (RSI) reading remaining in fairly neutral territory. Past trading activity shows significant price agreement between $16,500 and $17,000. When agreement exists to this extent, prices can remain at that level for an extended period of time. This is compounded by the decline in volume that is emblematic of year end trading. Bitcoin is currently trading fairly tightly to its 20-day moving average, and appears poised to remain there for the time being. Ether's chart implies an almost identical situation, which is unsurprising given its persistently tight correlation with bitcoin. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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