2024-05-07 10:31:44
Bitcoin could soar to $1 million. Ukraine and Germany will supervise the crypto market together. Musk warned about the depreciation of the US dollar. A trader lost $68 million due to a spam attack on the cryptocurrency wallet
Not less than $1 million: Analyst named a “fair” price of Bitcoin for 2035
The Bitcoin rate will grow to $1 million by 2035. Well-known crypto analyst and co-founder of the venture fund CMCC Crest Willy Woo shared the corresponding forecast.
The expert emphasized that $1 million is a “fair” price, that is, it is not about peak quotes, which BTC can reach in the conditions of the bullish market hype.
When making the forecast, Willy Woo analyzed the growth rate of Bitcoin users. The analyst recalled that in the first years of its existence, the cryptocurrency did not have a price. The situation changed when the first 1,000 individuals purchased BTC. By the summer of 2011, several trading platforms appeared in the digital industry, allowing for a more or less objective assessment of the first cryptocurrency. After 2012, the BTC exchange rate was mainly driven by the growth in the number of users.
As of Tuesday, May 7, Bitcoin is trading at $63,457. Former BitMEX service head Arthur Hayes believes the coin will reach $70,000 by the end of the summer.
Ukraine and Germany have concluded a memorandum on supervising the crypto market
The National Securities and Stock Market Commission of Ukraine (NSSMC) and the German Federal Financial Supervisory Authority (BaFin) have agreed on information exchange and mutual assistance in conducting investigations on financial markets.
The countries will cooperate in areas related to virtual assets, financial reporting, activities of investment, alternative and private pension funds, and fraud prevention.
The NSSMC believes such cooperation will contribute to the growth of the capital market of Ukraine.
Let us remind you that by the end of 2024, Ukraine should present an updated version of legislation on cryptocurrency market regulation. It is a requirement of the International Monetary Fund and is included in the list of reforms for €50 billion to be implemented in the country.
Elon Musk predicts the depreciation of the US dollar
Famous businessman and billionaire Elon Musk believes that the dollar “will be worth nothing” if the US government debt continues to grow so rapidly. He shared his concerns on X.
International experts also call on the US to reduce the rate of borrowing because the increase in the national debt accelerates the growth of inflation, reduces living standards, and puts in question the ability to pay interest on it.
As of May 2024, the size of the US national debt is a record $34.4 trillion. The IMF warns that by the end of this year, the amount may exceed 123% of the country’s GDP, and by the end of 2029 — 133.9%.
In mid-February, the US Court of Accounts predicted that at current levels of revenues and expenditures, the national debt will grow faster than the country’s economy. By 2050, its amount could exceed the US GDP by 200%.
User forfeited $68 million due to address spoofing scam: How does it work?
An unknown trader sent 1,155 WBTC ($68 million) to the address of fraudsters, becoming the victim of a spam attack with “poisoning” of the cryptocurrency wallet. The first to record the incident were the specialists of Cyvers service, using their AI system. Let us remind you that Wrapped Bitcoin is used to perform transactions with it in the Ethereum network.
How does the spam scheme work?
- Scammers research the history of active users using blockchain explorers.
- With specialized software, hackers create wallets with addresses identical to those to which a person regularly makes transfers (the first and last characters are the same).
- Several zero or insignificant transfers in crypto are made from the new addresses to the victim’s wallet.
- Performing the next transaction, the user unsuspectingly copies the address from the wallet history and sends their money to fraudsters.
You cannot get your money back after such an attack, so experts advise you to carefully check wallet addresses when making transactions.
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