Another week full of uncertainty and fluctuations, with Bitcoin refusing to go back to the $7,000 USD mark. At the moment of writing this article the market total capitalization was $204.98 billion USD, a downward trend that translated into a $25.37 billion loss in just seven days.
Six of the first 10 cryptocurrencies recorded profits of nearly 1%, with the exception of Ethereum, which was close to two percentage points. Unfortunately, Bitcoin was not able to reach the green tone showing a 0.51 % loss, but Stellar was even worse, losing 3.22% of its value. Unexpectedly, Monero got back in the Top 10 of the list.
Last week we mentioned that if the BTC price dropped under $6,050 USD, it was possible that it could go down to $5,500; even though that happened, the losses were not significant, and by Wednesday morning the price was back up to $6,400. It's expected that in the next few days the world's most popular digital coin stays on the $6,000 range.
Something to consider as a factor that hurts the growing of the crypto world are scams. The digital economy, being decentralized, tend to be the object of recurrent scams against people that are new to the market, an even some not so new, like some renowned Exchanges.
Hackers use a strategy known as phishing, which pretty much is the identity theft. Phishing is a slang word used to describe the abuse that occurs when someone gains access to confidential information in a fraudulent way (like using a password, or detailed information from a credit card).
Cyber-criminals, also known as phishers, impersonate somebody in an apparent official digital communication, frequently an e-mail or some type of electronic chat, or even using phone calls.
The company Kaspersky Lab revealed that in the second quarter of 2018, the anti-phishing system prevented 58,000 users from entering fraudulent sites, pretending to be e-Wallets where cryptocurrencies are kept, as well as hacking websites.
When a user enters any fraudulent site, what the hackers achieve is access to all of the accounts and private information of their victims. The criminals are even capable of making the victims send them the cryptocurrencies themselves.
Unfortunately, fraudsters use other means to gain access such as Initial Coin Offerings (ICO's). They create platforms and impersonate an ICO with a phishing website before the official one opens to the market.
These fraudulent operations have reached a number of over $2.33 billion USD until last July.
The illicit activities hurt the market in different ways. First, investors lose confidence in the sector, and second, the criminals that steal large amounts of digital assets hurt the market instantly with that capital intake.
By Omar Cortés
Graphics: Coin Market Cap
Source: www.securelist.lat (Kaspersky Lab)