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Top DeFi Token YFI Crashed 20% But Analysts Remain Bullish

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The top DeFi token YFI has crashed by 20% after the long parabolic run over the past few weeks. The Ethereum-based asset traded at $4,200 a week ago and yesterday it hit $16,500 which is a gain of more than 300% in seven days. However, the asset started to reverse so let’s find out more in the altcoin news today.

The top Defi token YFI is down by 20% over the past 24 hours as the market believes the asset enters the overbought or overvalued territory. In the past 24hours, YFI dropped by 20% and is now trading at $12,000 which is $4500 lower than the highs seen on Thursday. This comes as the rest of the market including other Defi tokens started dropping to the downside as well. Bitcoin is down by 2.5% over the past day while Ethereum posted a 6.2% loss. Bitcoin’s performance over ETH and YFI shows that the market is still investing in it as a safe-haven asset.

yfi chart
Chart of YFI’s price action over the past few days from TradingView.com

One analyst noted that the technicals of the asset remain in a good spot so the analyst in question noted that the Elliot Wave looks favorable for YFI, and that it could move towards $20,000 in the upcoming days. Elliot Wave is a form of technical analysis that suggests the markets move in predictable waves that are created by the psychology of the investors. The fundamentals are also bullish for the cryptocurrency.

yearn finance chart
Chart of YFI’s price action over the past few days with analysis by trader SmartContracter. Chart from TradingView.com

The total value of the tokens locked in DeFi hit $1 billion recently for the first time ever which is higher than it was a day ago. YFI was benefiting from the launch of the Curve’s CRV token which is pushing more capital to be deposited in the exchange along with the launch of more products by Yearn.Finance’s founder.

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Speaking of which, Over the past few weeks, the YFI community members were driven by the price surge of the asset and the hopes to hit new highs came true after the coin surged to new highs of $12,000 before facing a huge influx of selling pressure that caused it to dip as low as $9000. The high price per unit was looked upon as a feature that benefited the price action as it has allowed it to stand apart from the rest of the tokens with more “standard prices.” However, there’s a growing movement among the governance participants to conduct a token split.

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Source: https://www.dcforecasts.com/altcoin-news/top-defi-token-yfi-crashed-20-but-analysts-remain-bullish/

Blockchain

Man saves Canadians from Bitcoin ATM scams

TL:DR Breakdown: A store owner in North Delta saved Canadians from sending thousands of dollars to Bitcoin ATM scammers. This scam has been on the rise in the country, as many people aren’t aware of the Canadian law. Scammers are increasingly pestering residents in Canada with lots of Bitcoin ATM scams, where they impersonate certain […]

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TL:DR Breakdown:

  • A store owner in North Delta saved Canadians from sending thousands of dollars to Bitcoin ATM scammers.
  • This scam has been on the rise in the country, as many people aren’t aware of the Canadian law.

Scammers are increasingly pestering residents in Canada with lots of Bitcoin ATM scams, where they impersonate certain government agencies to steal money from unsuspecting people. As the law enforcement authorities go out to inform/warn citizens about the frauds, a British Columbia (B.C) convenience store owner, Ravi Patel, and his wife learned and was able to convince many people from sending thousands of dollars to the scammers via the Bitcoin ATM.

Canadians are losing thousands in Bitcoin ATM scams 

Patel was informed about the rising Bitcoin ATM scams by the local police, who moved around the community to alert the residents who may be unfamiliar with Canadian laws. The B.C. convenience store owner took things a bit further by posting warning signs about the scam on the Bitcoin ATM in his store. The warning was written in both English and Hindi, according to the report.

The store owner mentioned that they had stopped more than eight persons from making crypto transfers to the scammers. Per the report, they recently halted a man from transferring about $5,500 to the scammers via the Bitcoin machine. Also, they were able to intercept a girl’s transaction with the scammers. According to them, she had $7,000 and already sent $3,700 to them. “My wife and I both rushed to her, grabbed her hand, and then we stopped her.”

Scammers impersonate gov’t agencies to defraud people

As reported, the scammers pose as Canadian government agencies when reaching out to the potential victims. The fraudster would claim that these people defaulted on a thing or the other and also ask them to send a certain amount of money via the Bitcoin ATM in order to correct the issue. However, the police made it known that the government would demand any payment or tax from the residents via Bitcoin.

“The government does not demand any payment in Bitcoin. If any Canadian government agency demands you pay your bills, your taxes in Bitcoin, it’s a sure sign it’s a scam,” said Cris Leykauf, who is the public affairs manager for North Delta police. 

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Hackers Demand 200 Bitcoin Ransomware After Compromising Leading Israeli Insurance Company’s Sensitive Data

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A notorious hackers’ group called The Black Shadow has compromised one of the largest insurance companies in Israel – Shirbit. The attackers have already released sensitive client documents and have demanded a ransom in bitcoin, which could rise to $4 million by the end of the week.

Israeli Insurance Company Hacked

According to a local media outlet, the first confirmation of the hack came on Monday evening. Representatives of The Black Shadow group posted an initial batch of compromised documents on a Telegram channel.

Shirbit had contacted the National Cyber Directorate and Capital Market Authority to open an investigation. Shortly after, the organizations confirmed the breach and indicated that the hackers have also leaked numerous insurance details, alongside the initial documents.

According to the report, Shirbit has many high-profile customers, including government employees. Company CEO Zvi Leibushor said that the safety of its clients is Shirbit’s top priority.

“Shirbit has invested millions of shekels in securing databases and protecting against cyber-attacks and meets all the stringent regulatory requirements in this area.” He added that the firm has invested “all resources and efforts needed for an effective safe and rapid solution to this cyber-attack, whose real goal is to try to harm the Israeli economy.”

Demand Requested In Bitcoin

After releasing a small part of the compromised documents, The Black Shadow reps have contacted the victims to request 50 bitcoins (about $960,000 with today’s prices).

However, in case Shirbit failed to pay the attackers within the first 24 hours, the demand would double to 100 bitcoins. The procedure will repeat and double to 200 bitcoins if another 24 hours pass without payment.

Furthermore, the hackers threatened the insurance company that if it fails to transfer the funds by the end of this week, they will sell all compromised data to other bidders.

It’s worth noting that numerous other Israeli companies and high-profile individuals have recently become victims of similar hacks and demands.

CryptoPotato recently reported that 20 Israeli crypto executives, all clients of the local telecommunications giant Partner, were hacked by stealing their SMS messages.

Another coverage informed that a new type of ransomware attacked called Pay2Key has been executed against several Israeli companies in the second part of 2020. The perpetrators had requested the demand in bitcoins, similarly to the Shirbit hack.

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Source: https://cryptopotato.com/hackers-demand-200-bitcoin-ransomware-after-compromising-leading-israeli-insurance-companys-sensitive-data/

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Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey

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From what happened in the last couple of weeks, it appears that the crypto bull market is upon us. Bitcoin has been consistent with its volatility-induced rallies, and this is infusing confidence in investors.

So much, so that VIP clients in Kraken’s latest Crypto Sentiment Survey say that BTC will skyrocket to about $36,000 in 2021. They also feel that ETH could revisit its previous highs of $1500.

Bitcoin And ETH To Trade At Average Prices Of $15K and $549 By 2020 End

The latest Kraken Crypto Sentiment Survey covers investor sentiment for the second half of 2020. The exchange had already conducted a similar survey back in March this year. But then investors were way more optimistic about BTC and ETH price growth by December.

Now, the same respondents have retracted their bullish calls for bitcoin and ether (ETH) this year. According to the latest numbers,

The average bitcoin price target among 309 responses fell -35% surveyover-survey to $14,866, well below February’s average of $22,866. The median price target also retraced -28% from $19,424 to $14,000, and the most commonly cited price target was $15,000, down -25% from $20,000.

With respect to ether (ETH), the average price target among 289 responses was $549, off -32% from the previous survey’s average of $810. The median price target was unchanged at $500 and the most frequently cited price target was $500, up +66% from $300.

At 72 percent, traders and investors (down from 81 percent when the survey was conducted in March) comprised a majority of the survey responses. 18 percent of responses came from Institutions (broker, custodian, family office, hedge fund, lender, market maker, private equity firm, proprietary trading firm, or venture capitalist).

And the rest 4 percent – from crypto service providers (ATM, exchange, lender, payment processor) and miners. As compared to March, the researchers at Kraken anticipated a lower price growth optimism from the said respondents since the year is so close to its end.

The Outlook For 2021 Remains Super Bullish

When asked about how they see bitcoin and ether prices in the next year, respondents didn’t shy away from expressing their mega bullish calls. Survey participants called for an average bitcoin price target of $36,602 in 2021. Some put the median bitcoin price target at $25,000, but a lot of folks (approximately 61 percent) felt if not anything else, BTC will at least hit $20,000.

A small section of respondents reported hopium-induced ultra bullish calls.

Approximately, 8% of respondents provided a price target greater-than-or-equal-to $100,000, roughly 20% of respondents reported a price target greater-than-or-equal-to $50,000…

Survey participants were very optimistic about ETH’s outlook as well in the next year. This sentiment came from the discussions around Ethereum’s network upgrade and the growing popularity of the DeFi ecosystem. Respondents think ETH will trade at an average price of $1454 in 2021. Also, at the same time:

Close to 59% believe that ether will, at least, hit $800. Additionally, 22% of respondents see ether surpassing its previous all-time high of $1,595 set in early-January 2018 and just under 92% see ether, at the very least, trading higher than current price in 2021.

What becomes evident from the aforementioned numbers is that participants in a price prediction survey tend to project bullish figures for a longer-term.

Will Bitcoin(BTC) and ether (ETH) hit the above price targets in 2021? That still remains to be seen.

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Source: https://cryptopotato.com/bitcoin-price-to-hit-36000-in-2021-kraken-crypto-sentiment-survey/

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