Complex Made Simple

Bitcoin is top target for criminals as crypto seeks $1000 FOMO price jump in May

Being a top performer among crypto currencies, Bitcoin (BTC) is favourite target for cyber criminals. Illicit activity will pick up as BTC regains momentum and pushes above $6000 in May.   

BTC top Hack dog

Fortune says that though more than 2000 cryptocurrencies are in existence, the vast majority of criminals still prefer Bitcoin, currently trading in the $5400 range, for illicit activity.

“Bitcoin is by far the favorite,” Jonathan Levin, co-founder and COO of Chainalysis, tells Fortune.”

Bitcoin, he says is responsible for 95% of the cryptocurrency cases law enforcement agencies investigate.

Chainalysis makes software that helps cryptocurrency firms and law enforcement trace the public ledger of transactions recorded on 10 different blockchains.

Strange BTC movements happening

In the last 24 hours, some of the biggest Bitcoin holders in existence moved a total of 76,519 BTC worth $415 million, according to crypto site DailyHodl.

“The mass crypto movements began soon after the leading crypto asset shed $2 billion in market cap, dropping from $5,622 to $5,492 in less than an hour, according to CoinMarketCap,” the site said.

“The single biggest transfer of 19,000 BTC worth $102 million happened between two wallets of unknown origin.

BTC whales have a big impact on prices with mass moves like this. The exact reason for the transfers remains unknown.

…before the expected jump

BTC was unable to hold support at $5,600, and has since fallen into the $5,400 region, according to crypto site NEWS BTC.

The dip is one reason why investors are bullish and ready to buy especially if BTC falls into the $5,300 region.

BTC is closely hugging an ascending trend-line since April.

The cryptocurrency is may still be able to surge into the $6,000 region before incurring any significant selling pressure.

Popular crypto analyst on Twitter Josh Rager, an advisor to exchange startup Level, explained that BTC may climb as high as $6,400 before retracing.

 “Bitcoin continues to make its way up to the peak interest area at $6400+. Lots of historical volume at this level and would create peak FOMO. This is where people who bought previously at $6k have the opportunity sell to FOMO buyers before a retrace,” he said.

 According to  Rager backed his call by looking to the fact that over the past three months, BTC has continually established higher lows without fail, likely indicating that bears are losing grip on this market. 

In a recent interview with trade publication CCN, Naeem Aslam, the Chief Market Analyst at ThinkMarkets, explained that “technicals are fully supportive” of bulls, meaning that Bitcoin could see $6,000 “or even touch $6,500” in the near future.

Helping this is Nasdaq hinting that it is on the verge of launching Bitcoin and cryptocurrency futures.

Crypto social security

CNBC reported that the US social security will be insolvent by 2035 making crypto-based assets potential long-term investments for retirement purposes.

“US millennials may turn to crypto for their retirement as they become largely distrustful of the US government,” FXstreet.

But other non-US retirees are thinking in similar terms.

Morgan Steckler, cryptocurrency retirement fund expert and CSO of iTrust Capital, also feels that the concept of retirement has changed as well. In an email to Finance Magnates, he said:

“According to some reports, many people under 40 believe they will never retire. If these assets have the [same potential for profits that] they have shown over the past number of years–the fall in prices included–it could still lead to life-changing returns and give those people that option to retire if they so choose.”

Evercoin exchange founder Miko Matsumura also believes that crypto-based assets can be a good option as a potential long-term investment for retirement:

“Japan, as the first country to legalize bitcoin, is a great example of how the aging population is diversifying into cryptographic assets to hedge against currency devaluation and trade imbalances.”