TOP 3 Bitcoin and Crypto News for Today: 24 June – ETH Analysis, Grayscale Falls for Scam, & BTC Drops Twice

News
Wed, 06/24/2020 - 22:34
Geoffrey Schwartz
Price analysis for Ethereum (ETH), Grayscale falls victim to a phishing scam, and Bitcoin (BTC) drops twice and $25M in longs are wiped out.
Cover image via U.Today

Today was a red day for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) dropped 710.16 points (-2.72%) to close at 25,445.94. The NASDAQ Composite dropped 222.20 points (-2.19%) to close at 9,909.17, and the S&P 500 went down 80.96 points (-2.59%) to close at 3,050.33.

The three major indexes hit their lows today after Florida confirmed the number of COVID-19 cases jumped 5,508 on Tuesday, creating a single day record for the state. Today’s selloff had investors fleeing to safe havens such as gold and treasuries.

The White House is considering another round of tariffs on goods from France, Germany, Spain, and the U.K. These tariffs would be imposed on exports like beer, gin, olives, and trucks, and increase duties on aircrafts, cheese, and yogurt.

The International Monetary Fun (IMF) downgraded its outlook on the global economy and is projecting a substantively deeper recession, as well as a slower recovery than was anticipated about two months ago.

Ethereum (ETH) Price Analysis: End of Growth of Bounce to $250

Yesterday there was no sharp pressure from sellers, and the ETH/USD pair maintained its presence in the area of the Point-of-Control (PoC) line ($243.36)

ETH/USD Chart by TradingView

This morning, buyers tried to break through the $247 resistance, but that growth was occurring with medium volumes. If the bulls do not increase their onslaught, then the holding in the zone of monthly maximums will flop, with the pair possibly rolling back to the two-hour moving average EMA55.

ETH/USD Chart by TradingView

Looking at the 4H chart, Ethereum still has enough strength to move up as there was a bounce at $237, followed by an increase in trading volume. There is also a high level of liquidity between the $240 and $245 area. In this particular case, the most likely scenario that will take place in a short amount of time is a bounce towards the $245 resistance level.

ETH/USD Chart by TradingView

Looking at the daily chart, pressure from the bulls is increasing, and is confirmed by the Moving Average Convergence/Divergence (MACD), which is about to enter the green. Furthermore, the volume level of trading has not dropped. In short, there is a high probability of Ethereum (ETH) trading at $255 within the next few days.

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Grayscale Falls Victim to Phishing Scam

Ryan Sean Adams, Founder of Mythos Capital, and a seasoned cryptocurrencies investor, received a very strange letter. It turns out that he’s not the only one.

According to a screenshot of the letter, the fraudster(s) are impersonating Michael Sonnenshein, Managing Director at Grayscale Investments. According to the letter, the fake “Sonnenshein” is asking for feedback on Grayscale’s products and are offering two programs.

Image via Twitter

This scam appears to be more amateurish in design. The impersonator(s) use a ‘Graysceal’ domain and not a ‘Grayscale’ domain, which is an incredibly old strategy. The letter is also full of grammatical errors and looks like it was written in a rush.

The logic of the letter is also broken as the author(s) offer two of Grayscale’s most popular products after asking whether they are “useful”.

The scammer(s) are trying to lure gullible investors with addresses, claiming that Grayscale can raise funds from even unqualified investors “on an exceptional basis”, hinting at the larger investment requirement for this shady “exception”.

The letter contains two backlinks and asks for an answer. So, it is highly likely that the fraudster(s) may steal personal financial information.

Related
Grayscale Trust Falls Victim to Phishing Scam, Crypto Investors Beware

Bitcoin (BTC) Drops Twice and $25M in Longs Wiped Out

The price of Bitcoin (BTC) dropped from $9,668 to $9,262 after two waves of long liquidations occurred on BitMEX< the world-leading Bitcoin (BTC) derivatives trading platform.

According to Cryptowatch, the firth liquidation wave occurred between 08:15 AM and 09:00 AM (UTC), and the second wave occurred in one ten-minute candle at 11:30 AM (UTC).

Image via Twitter

With the first wave, about $6.5 million in longs were wiped out, and about $18.6 million was wiped out in the second wave.

Following the morning drop, Bitcoin had recovered slightly, and was changing hands at $9,370 on major spot exchanges.

Analysts and traders have pointed out that the levels are crucial for the Bitcoin (BTC) bulls in order to maintain their control. Most of them are not treating this drop as a sign of the bears taking over the price of the flagship cryptocurrency.

Anonymous trader Jack Sparrow identified $9,138 as a crucial level for the bulls. It is at this level where Bitcoin (BTC) had its free-fall, aka Black Thursday. Scott Melker, a seasoned trader and analyst thinks that $9,260 is extremely crucial to hold. If the support level can be maintained, then Bitcoin (BTC) may return above $9,500 shortly.

The next support level for the 50-day moving average is around $9,552 and holding above this support level would mean another rally.

Related
Bitcoin (BTC) Drops to $9,262 on BitMEX as $25M in Longs Liquidated in Two Waves

About the author

Geoffrey Schwartz is an Editor, English Copy Editor and Proofreader currently working for U.Today. He also works as a consultant and with SuissePic, a social project that unites more than 50 professionals in digital marketing, tourism, and based on a common love for Switzerland.

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