Cryptos Firm Above $1 Trillion
Cryptocurrency market capitalization remains firm above the $1 trillion level, but market trends among the various cryptos varied in magnitude and direction. While market leader Bitcoin struggled to maintain the levels a day earlier, Ethereum traded predominantly in the green zone, rallying more than 5 percent on an overnight basis.
Bitcoin traded between $22,795.04 and $21,487.54 in the past 24 hours, but dropped in dominance to 41.1 percent. It is currently trading at $22,255.66, a mere 0.40 percent gain from the levels a day earlier.
Ethereum traded between $1,607.03 and $1,458.47 in the previous 24 hours, surging past the $1,600 level after a gap of more than a month. Ethereum’s dominance increased to 18.4 percent, versus 17.7 percent a day earlier. Ether’s current price is $1,565.59, higher more than 5 percent on an overnight basis.
Ethereum’s rally and the resultant surge in its dominance is attributed to the euphoria surrounding the impending upgrade from the Proof of Work to the Proof of Stake consensus. The Merge is widely expected to take place in mid-September.
Ethereum Classic (ETC), a hard fork from the Ethereum Blockchain that was launched in 2016, surged more than 13 percent in the past 24 hours.
56th ranked Fantom (FTM) is the greatest gainer in the past 24 hours, rallying close to 20 percent. 81st ranked NEM (XEM) also gained more than 19 percent overnight.
67th ranked Waves (WAVES), 90th ranked Nexo (NEXO), 25th ranked NEAR Protocol (NEAR), 53rd ranked THORChain (RUNE), 9th ranked Solana (SOL) and 84th ranked Compound (COMP) have gained more than 10 percent in the past 24 hours.
The other cryptos in the top 10, viz 4th ranked BNB (BNB), 8th ranked Cardano (ADA) and 10th ranked Dogecoin (DOGE) gained between 1 and 2 percent overnight. 6th ranked XRP (XRP) traded almost a percent lower.
The FBI has on Monday issued a warning about cyber criminals creating fraudulent cryptocurrency investment applications (apps) to defraud US investors. The FBI said it has observed cyber criminals contacting U.S. investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps. The FBI has also advised financial institutions and their customers who suspect they have been defrauded through fake cryptocurrency investment apps to contact the FBI via the Internet Crime Complaint Center or the local FBI field office.
In the context of cyber criminals seeking to take advantage of the increased interest in both mobile banking and cryptocurrency investing, the FBI has recommended investors and financial institutions to take necessary precautions.
The FBI recommends investors to be wary of unsolicited requests to download investment applications, especially from individuals the investor has not met in person or whose identity has not been verified. It also advises investors to take steps to verify an individual’s identity before providing them with personal information or relying on their investment advice. Further an app has to be verified whether legitimate before downloading, by confirming the company offering the app actually exists, identifying whether the company or app has a website, and ensuring any financial disclosures or documents are tailored to the app’s purpose and the proposed financial activity. Treating applications with limited and/or broken functionality with skepticism is also recommended to identify fraudulent apps.
The FBI recommends financial institutions to proactively warn customers about this fraudulent activity and to provide steps customers can take to report it. Financial institutions have been advised to inform customers whether it offers cryptocurrency investment services or other related services and methods to identify legitimate communications from the institution to customers. FBI has also asked the institutions to inform customers whether the financial institution has a mobile application. Periodically conducting online searches for the company’s name, logo, or other information to determine if they are associated with fraudulent or unauthorized activity is also listed in the FBI advisory.
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