Singapore loses $78,000 in Bitcoin scams: BTC/USD inches higher

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.