AVAX and BCH Prices Increased 200% in 2023 – Will There Be Higher Predictions for 2024?

Audy Castañeda
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AVAX and BCH Prices Increased 200% in 2023 – Will There Be Higher Predictions for 2024?

BCH and AVAX are up 75% and 45% in the last 30 days, respectively. Indicators were bullish on BCH, but thighs could turn bearish for AVAX.

Layer 2 blockchains have gained a lot of popularity in the recent past. However, Layer 1 chains have also achieved some milestones, especially Bitcoin Cash [BCH] and Avalanche [AVAX].

Below is an outlook of the current performance of these coins, considering the market condition.

A Look at the Growth of Bitcoin Cash and Avalanche

While the market has remained somewhat volatile in recent weeks, AVAX and BCH have performed well comparatively. To be precise, according to a recent tweet from a popular crypto influencer, the two aforementioned coins recorded almost 200% growth over the last year in terms of price.

According to CoinMarketCap, Bitcoin Cash is up more than 75% in the last 30 days. At the time of this publication, the coin was trading at $462.81 with a market capitalization of over $9 billion. The good news was that the coin’s trading volume also increased by over 90%, which provided the basis for the bullish rally.

On the other hand, AVAX is up 45% in the last 30 days. At the time of writing, the token was trading at $54.65 with a market capitalization of over $30 billion, making it the 10th largest cryptocurrency.

New Directions

With both tokens posting promising gains over the past year, it is worth looking at their metrics to see which direction they are heading in at the end of the first quarter of 2024.

An analysis of Santiment data revealed that both the weighted sentiment of BCH and AVAX remained in the positive zone. This clearly indicated that bullish sentiment around both tokens was high.

Although sentiments indicated that a new bullish trend is possible, AMBCrypto reviewed the daily charts of both tokens to see what the market indicators were indicating. According to the analysis, BCH’s MACD showed the possibility of a bullish crossover. Its Chaikin Money Flow (CMF) also recorded a strong rally, hinting at a bullish rally.

However, the situation for AVAX was a little more complicated. For example, the MACD showed a bearish crossover. The token price had touched the upper boundary of the Bollinger bands and recovered from there.

Additionally, Avalanche’s CMF also deviated. All of these metrics suggest that the possibility of AVAX losing its wave of gains is high over the next few days.

Avalanche Price Analysis

Buyers have managed to keep Avalanche above the $50 breakout level, suggesting that they are attempting to convert the level into support.

The slightly ascending 20-day EMA ($51) and the RSI in positive territory show that the bulls have the upper hand. The AVAX/USDT pair could gradually rise towards the USD 62 to USD 65 resistance zone. Sellers are expected to protect this zone vigorously. If the price turns back from this area, the pair is likely to consolidate between $50 and $65 for a few more days.

BCH Price Analysis

Bitcoin cash (BCH) had managed to exceed $500, but the joy was short-lived as it then suffered a correction of around 10% in just one day. However, the accumulation of whales could portend an upside potential of 24% revaluation according to Aaryamann Shrivastava at Beincrypto.

In the case of BCH, the Market value to realized value (MVRV) is -10.56%. Since historically an asset is more likely to accumulate around these MVRV indices, this area is known as the “opportunity zone.”

By Audy Castaneda

US Treasury Sanctions Russians and Freezes USDT Addresses for “Disinformation”, plus other News on Regulations

Leonardo Perez
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US Treasury Sanctions Russians and Freezes USDT Addresses for “Disinformation”, plus other News on Regulations

OFAC sanctioned Russian citizens Ilya Andreevich Gambashidze and Nikolai Aleksandrovich Tupikin for spreading disinformation. Estonia reviews cryptocurrency regulation and establishes strict supervision by Financial Supervisory Authority starting in 2026. OKX exits India amid tighter cryptocurrency regulation and advises customers to withdraw funds by the end of April.

The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has sanctioned two Russian citizens for spreading false information. Authorities also froze two USDT addresses on the TRON network. Ilya Andreevich Gambashidze, Nikolai Aleksandrovich Tupikin and their companies were accused by the US government of facilitating and disseminating false information during the electoral processes on behalf of the Kremlin.

According to OFAC, the duo created malicious campaigns around the world to mislead voters and undermine victims’ trust in their governments: “In the fall of 2022, Tupikin and Gambashidze implemented a campaign that posed as scam websites. news, they set up fake videos and accounts on social networks.”

The Office of Terrorism and Financial Intelligence’s Under Secretary, Brian E. Nelson, stated the following:

“We are committed to exposing the government’s extensive Russian deception campaigns that seek to deceive voters and undermine trust in democratic institutions in the United States and around the world. “The United States, together with our allies and partners, remains steadfast in defending our democratic principles and the credibility of our elections.”

Estonia Approves Cryptocurrency Regulation

Estonia has revamped its cryptocurrency regulatory framework, setting a new benchmark for the supervision of digital assets. Starting in 2026, crypto companies will be under the strict surveillance of the Financial Supervisory Authority. This marks a significant change from the previous, more relaxed approach, which focused solely on anti-money laundering.

The new legislation increases operational and reporting standards. In addition, it establishes fines of up to 5 million euros (~$5.4 million), a substantial increase compared to the previous limit of 40,000 euros (~$43,290).

Accordingly, Finance Minister Mart Võrklaev stated that companies must adapt to these strict requirements by 2026 to maintain their operational status:

“If these companies want to continue operating, they will meet the necessary requirements, and I believe that anyone who takes this seriously and wants to provide a service will also be able to obtain a new license from the Financial Supervisory Authority.”

The revision of Estonian regulations represents a proactive approach to digital asset management. The country aims to eliminate bad financial practices and improve the security of its digital economy. As Estonia implements its new rules, the cryptocurrency space in Europe will become more structured and transparent.

OKX Leaves India

OKX, one of the leading cryptocurrency exchanges, has announced its exit from India. This decision comes as the country tightens its control over cryptocurrency operations. OKX advised its Indian clients to withdraw their funds at the end of April, citing local regulatory hurdles.

India integrated cryptocurrencies into its anti-money laundering and anti-terrorism framework in 2023. This integration sparked a reassessment within the cryptocurrency sector. Intensified scrutiny by the Indian government led to the expulsion of several cryptocurrency applications from digital platforms.

Giants like Binance and Kraken were affected, although OKX was not explicitly mentioned by the Financial Intelligence Unit (FIU). India’s strict tax policies on crypto transactions have posed additional challenges, such as a 30% tax on profits and a 1% deduction on each transaction.

The requirement for extensive know-your-customer (KYC) checks has further tested the operational capacity of global cryptocurrency platforms.

By Leonardo Perez

Trezor Addresses Hacking Concerns, Says It’s a ‘Sophisticated Phishing Scam’

Audy Castañeda
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Trezor Addresses Hacking Concerns, Says It’s a ‘Sophisticated Phishing Scam’

A report by Trezor explains the elaborate phishing scam that bypassed the company’s security measures.

On March 19, Trezor’s X account suffered a security breach that exposed its 200,000 followers to a fake crypto pre-sale. After alarms were raised, most cryptocurrency users remained vigilant as the hardware wallet company regained control.

The Trezor team recently released a preliminary report addressing these concerns.

Is Trezor’s “Unbreakable Security” Still Protecting Its Users’ Cryptocurrencies?

After taking control of the account, the hacker posted a fake pre-sale address for a $TRZR token. Disguised as an “initiative” to help the Slerf community, the post offered a “separate bonus airdrop” from a website linked in the post that redirected to a wallet drain.

After Trezor regained control of the account, X users expressed concern about the incident and suggested that the hack was a “bad look” for the security-focused company. However, the company guaranteed that they had “robust security measures.”

The company finally addressed user concerns in a preliminary report. The hack is possible due to a “sophisticated phishing scam” rather than a lack of basic security measures. The company is built on “unwavering security,” the post states; As such, all internal products and systems are unaffected despite the breach.

Trezor has highlighted that the security of all their products “remains unaffected,” and that the incident “has in no way impacted or compromised the security of Trezor hardware wallets or any of [their] other products.”

Sophisticated Phishing Scam Steals Pocket Change

According to Trezor, the ongoing investigation has revealed that “the breach appears to have arisen from a sophisticated and calculated phishing attack that was in the works for weeks.” The calculated scheme began on February 29 after the attacker posed as a “credible entity” from the crypto industry.

So far, the identity of the impersonated figure was not revealed. The attacker contacted Trezor’s PR team through X using a “well-crafted social media presence.” The seemingly genuine contact was aimed at scheduling an interview with the company’s CEO.

According to the report, the attacker and the team had a back-and-forth conversation for several days, making efforts to make a call seem more credible. However, the call agreement led to clicking on the link granting access to Trezor’s X account. The malicious link was disguised as a Calendly invitation that, when clicked, redirected a Trezor team member to a page requesting X login credentials.

The team rescheduled the call when the incident raised red flags. During the rescheduled call, the attacker pretended to have technical issues and urged the Trezor team member to “allow” to join the call. This authorization connected the hacker’s Calendly app to the company’s X account. As a result, the attacker gained access to the account and posted the now-deleted posts.

The hacker only stole $8,100 from the malicious link that redirects to the wallet drain. Surprisingly, only 0.96 SOL (around $162.4) was sent to the fake pre-sale address. Without a doubt, the attack was a calculated and elaborate plan that was intended to become a major robbery. However, the hacker’s attempt was stopped by the vigilance of the crypto community and the suspicious nature of the unauthorized posts.

Trezor claims to have put in place “stringent security protocols, including strong passwords and two-factor authentication.” They further emphasized their commitment to continue the implementation of “enhanced security protocols” for all their external communications channels.

By Audy Castaneda

Google Shows Ethereum Name Service Wallet Data in Searches, and other News

Leonardo Perez
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Google Shows Ethereum Name Service Wallet Data in Searches, and other News

This update allows users to access information about assets stored in wallet addresses directly from search results.

Tech giant Google shows data from Ethereum (ETH) wallets linked to Ethereum Name Service (ENS) domains. The novelty was initially noticed by Brantly Millegan, a former member of the ENS project team, who shared a screenshot on social media.

All data visible in search results is linked to the Etherscan aggregator. This means that by entering an ENS address into Google, any user can view wallet balances, based on the last external transaction recorded.

In this sense, this development raises questions about user privacy. Likewise, it highlights the growing intersection between search technology and the cryptocurrency ecosystem.

Serious Vulnerability in Apple M Series Chips Could Compromise the Security of MacBook Devices

A group of prominent academics has revealed a worrying vulnerability affecting Apple’s M series chips, putting the security of MacBook devices at risk.

According to the report published on March 21 by researchers from several American universities, this vulnerability, identified as a side-channel exploit, could allow malicious actors to access sensitive encryption keys when Apple chips run common cryptographic protocols.

What is alarming about this finding is that, unlike conventional vulnerabilities, they can be corrected through software patches. This threat is rooted in the microarchitectural design of the chips’ own silicon, which means that it is not possible to resolve the issue through direct patches, posing a significant challenge to the security of affected devices.

Montenegrin Supreme Court Delays Extradition of Terraform Labs Co-Founder to South Korea

Montenegro Supreme Court has issued an order to postpone the extradition of Do Kwon, co-founder of Terraform Labs, to South Korea, while it decides on a request by the country’s prosecutors. In a statement issued on March 22, the Council of the Montenegro Supreme Court announced that it will rule on a request for protection of legality related to a previous decision by a lower court that would have allowed Kwon’s extradition.

Prosecutors argued in the request that an appeals court violated procedure by rejecting an appeal filed by Kwon’s legal team, stating that only the Montenegro Supreme Court had the authority to make a legal decision in this matter.

Sovereign Funds: Cautious about Bitcoin as New Investment Frontier

In a financial scenario marked by uncertainty, sovereign funds remain cautious about the possibility of entering the world of cryptocurrencies, specifically Bitcoin. Rumors that recently circulated about Qatar’s sovereign wealth fund’s potential foray into the crypto market sparked a debate about the risks and opportunities that this new asset class represents.

Speculation reached a fever pitch when one of the Emir of Qatar’s private jets landed on the island of Madeira along with Bitcoin, fueling speculation about Qatar’s possible foray into this market.

Some financial experts, such as Anthony Scaramucci, expressed gratitude for the idea that Qatar may have added Bitcoin to its investment portfolio. Meanwhile, others, such as Fadi Aboualfa, head of research at Copper, raise significant doubts about it.

Aboualfa discussed why sovereign wealth funds would invest in BTC rather than the security of five-year bonds that can offer risk-free returns of 5-6% annually. Aboualfa suggested that the country would be better off using its unmined natural gas for Bitcoin mining.

“This would be growth in terms of revenue versus the untapped natural resources they already have and the most expensive part of Bitcoin mining,” he added.

By Leonardo Perez

EU Approves Ban on Crypto Trading with Non-Custodial Wallets

Audy Castañeda
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EU Approves Ban on Crypto Trading with Non-Custodial Wallets

This project is part of a package of measures aimed at combating money laundering (AML) by the authorities.

This week, the European Union parliament overwhelmingly approved a ban on crypto trading through non-custodial wallets. Thus, the old continent completely prohibits trading from this type of wallets in any amount, said parliamentarian Patrick Breyer on X. This legislator is part of the group of opponents of these punitive measures against cryptocurrency users.

In particular, Dr. Breyer is a member of the European Parliament for the Deutsch Piraten Partei and one of the two leaders who opposed this approval. Gunnar Beck was the other parliamentarian who voted against, representing the Alternative for Germany (AfD) party.

In theory, these laws would go into effect three years after approval. However, experts believe that this period could be significantly shortened. In any case, Breyer condemns these measures, considering that they also include the anonymous money payment sector.

Specifically, payments with money from anonymous accounts are limited to €3,000. Meanwhile, any cash payment that exceeds €10,000 will be illegal. Breyer and other parliamentarians consider this measure to be a scandalous violation of people’s financial freedom. Thus, the right to privacy in commercial terms would be seriously damaged, they believe.

The ban on payments made in cryptocurrencies will be specific to unidentified wallets operated by providers (hosted wallets). This includes any self-custody wallets provided by mobile, desktop or browser applications.

Furthermore, the now approved AML package will be applied three years after its entry into force, according to Dillon Eustace. However, the Irish law firm expects these laws to become fully operational before the usual implementation deadline.

Crypto Trading with Privacy Will Be Banned in Europe

According to opponents of these laws recently approved in the European Parliament, they seriously damage privacy. Consequently, the right to make donations, for example, is completely affected. At the same time, they consider that these measures will not have a significant impact on organized crime.

Consequently, people who trade digital currencies will have to abandon the use of any type of anonymous wallet. This group includes mobile application, hardware or browser wallets. “Generally, prohibiting anonymous payments will at best have minimal effects on crime,” comments the aforementioned parliamentarian. He then adds: “but it will deprive innocent citizens of their financial freedom.”

Likewise, he criticizes that, by prohibiting and limiting anonymous payments, they tie people to private financial companies (banks). An element that should not be lost sight of is that money laundering activity has its epicenter mainly in private banking.

Compared to banking crimes, the use of cryptocurrencies occupies a considerably small part. The issue that holders of digital currencies are forced to hand over custody of their money to private companies is not amusing to the community.

From another perspective, the representative of the Piraten Partei pointed out the negative economic and social effects of the ban on sovereign payments.

“This EU war on cash will have unpleasant repercussions! For thousands of years, societies around the world have lived with privacy-protecting cash. With the progressive abolition of cash, there is the threat of negative interest rates and the risk that banks will cut off the money supply at any time. Dependency on banks is increasing at an alarming rate. This type of financial disenfranchisement must end.”

As can be seen, the atmosphere seems to be becoming tense in the EU. Thus, the authorities seem to find a way to domesticate cryptocurrencies in favor of centralized financial entities. Moving forward, it remains to be seen what the impact of this ban on crypto trading from self-custody wallets will be.

By Audy Castaneda

Judge Summons Luis Rubiales to Declare Alleged Rigging and Cryptocurrency Operations

Leonardo Perez
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0
Judge Summons Luis Rubiales to Declare Alleged Rigging and Cryptocurrency Operations

Former president of the Royal Spanish Football Federation (RFEF) captured media attention by immersing himself in the world of NFTs with a project that has generated some controversy.

In the midst of a legal storm, Luis Rubiales – and possibly his cryptocurrencies – are at the center of an investigation for alleged irregular contracts.

The scenario becomes more complex with the recent announcement of his return to Spain on April 6, after a stay in the Dominican Republic.

Last Tuesday, Luis Rubiales could not be arrested during the search of his home in the city of Granada because he had been residing in the Dominican Republic for just over a month. The former president of the RFEF is in the Caribbean country from where he is working after the FIFA sanction where he is prohibited from having any employment relationship with football.

He has declared his innocence from the Dominican Republic, admitting that he never did anything wrong, during an interview for El Español.

Luis Rubiales to Court for Alleged Rigging and Cryptocurrency Operations

The document presented by Rubiales’ lawyer before the judge of the Investigative Court number 4 of Majadahonda reveals the details of his return flight and his total willingness to collaborate with justice.

However, this return occurs in a context marked by the operation of the Central Operational Unit (UCO) of the Civil Guard. Which included searches at his residence in Granada and the federation headquarters.

The accusations Rubiales faces are serious. He is suspected of having participated in the irregular awarding of contracts to the construction company Gruconsa SA. Added to this is an accusation of diverting funds to accounts linked to him and his close circle. On the other hand, it is unknown to what extent cryptocurrencies could have been involved in the contracts.

These operations, according to investigations, could have taken place during his management at the head of the RFEF in the last five years.

The scope of this operation is not limited to Rubiales alone. The arrest of people connected to him, such as his external legal advisor and directors of key services in the Federation, adds an additional layer of complexity to the plot. These arrests suggest an investigation that targets various levels of the Spanish soccer organization.

The shadow of corruption also extends to other sectors, such as the alleged espionage of the president of the soccer players’ union, which involves Ramón Caravaca, administrator of a company related to said illegal act.

Background of Luis Rubiales, Cryptocurrencies and their NFTs

In the past, Luis Rubiales, former president of the Royal Spanish Football Federation (RFEF), captured media attention by diving into the world of NFTs (Non-Fungible Tokens) with a project that generated some controversy.

This project, backed by a prominent technology company from the Republic of Korea, sought to pay tribute to the significant role that Rubiales played in the field of Spanish and global football during his tenure at the RFEF.

However, beyond simply being a foray into the cryptocurrency and blockchain technology market, this project raised eyebrows due to its controversial content. The Korean company expressed its position against what they called “feminist radicalism and extremism,” adding an element of discord to Rubiales’ initiative.

The controversy was no stranger to Rubiales, who was already under judicial scrutiny for alleged irregular contracts during his tenure at the RFEF. Combining this investigation of Luis Rubiales with his foray into the cryptocurrency and NFT market added an additional layer of complexity to his situation.

By Leonardo Perez

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