- Scammers strategically target residents of Singapore using fabricated information.
- Bitcoin bullish after testing 2018 lows but the ride to $4,000 is not an easy one.
Cryptocurrency scams are yet to be eradicated from the industry. Investors continue to lose their funds through scams that parade themselves as legit businesses and crypto projects. For example, in the period starting September 2018 to November 2018, investors in Singapore lost at least $78,000 to Bitcoin scammers. The scammers duped the investors by presenting themselves strategically using fabricated data of bogus investments on the internet.
A report that was recently published by the Straits Times found that the scammers were targeting residents of Singapore. They also used popular personalities within Singapore to attract the masses. The personalities used could have been used to scam people without their knowledge, the report states.
Bitcoin price technical picture
Bitcoin price was almost touching the yearly lows yesterday. The fresh declines came after Bitcoin was rejected at $4,000. The sharp brief drop could not find support at the 38.2% Fib retracement level with the last slide from $4,038 to $3,671. The price danced with $3,700 for a while but continued with the slide to trade lows of $3,650.
Consequently, there was a bounce back in a bullish engulfing candle on Thursday during the Asian trading hours where Bitcoin price stepped above $3,800. At the moment, the price is motionless above this level all technical indicators showing no sign bullish swings. The RSI is horizontal at $65 while the DMI is in a sideways trend confirming that the path of least resistance sideways.
BTC/USD 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?