Investors
are debating whether a credit crisis will follow the banking quake that
affected both the United States and Europe. Such a credit crisis may primarily
affect European institutions that are traditionally more bound to lending.
European banks have severely tightened borrowing condition so far in 2023. This
process may substantially decrease inflation, as it has slowed down to 6.9%
year-on-year in March compared to 8.5% in February.
However, investors
expect the European Central Bank (ECB) to continue raising interest rates at
least by 75 basis points to 3.75%, leaving speculative operations rather muted.
Investors will look at the labour market in the U.S. this week, and it is
unlikely to bring any surprises as the U.S. Dollar is seen to reverse to the
upside.
The rebound
of the Bitcoin happened in the absence of a proper setup and fundamentals.
Thus, the recent rally is seen to be weakening, and BTC is likely to drop to
$22,00o per coin or lower. BTC is charting a rising wedge pattern and this is a
strong bearish signal. An upside breakthrough is rather flagging a rapid
reversal to the downside.
Scammers
are exploring new fraud ways to cheat neglectful users as old ways are seen
less effective during the bearish market. One of the investors lost $850,000
with the “0 Transfer scam” fishing trick. Crypto scammers are targeting users
to confirm a transaction from the victim’s wallet, but without having the
victim’s private key. The attack can only be performed for transactions of 0
value, but may nudge some inattentive users to accidentally send tokens to the
attacker as a result of cutting and pasting from hijacked transaction history.
Hijackers’ wallet addresses are mimicking the original address and since crypto
transaction monitoring services display only some first and last symbols of the
address, it is very simple to confuse the address the user is interacting with
during a test transaction with the mimicking address that looks similar but is
under the hackers’ control. The user may just copy paste the faulty address and
send a principal sum to the hackers.
Jordan
Fish, aka Cobie, has recently “entertained” the notion that the public had
initiated a rumour that Binance CEO, Changpeng Zhao, had been named in an
Interpol Red Notice. Some media outlets took the bait and published the news,
forcing a closure of some high-margin trades to be closed at Binance. Crypto
exchange officials have swiftly confuted the roumours. Cobie has now stated
that the spread of the rumours was unintentional and has apologised for his
role in the incident. He also noted that his Twitter is full of “shit news” and
could be hardly considered as a trusted source of information. This raises a
clear statement that not everything published on “news” websites should be
trusted as many are not performing any fact check procedures.