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Whited35

Newcomers in the Crypto world? How to remain anonymous and be safe from the new tricks of scammers?

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On 8/31/2020 at 1:00 PM, Ridam said:

Actually I have joined in some AirDrop which behave as same as you have mentioned. But I have joined through the temporary email address and never sent any amount to get their bad tokens. And they were acting just like you said launching round 2, asking users to deposit eth to get their tokens, asking gas fee for sending their tokens. And the worst thing is that they made promises like if you pay gas fee we will use our funds to get listed in better exchanges. I have suspected them earlier and it's confirmed now.

I have to make some corrections too, you have learned about how airdrops can be a scam. But, some will not even request you to pay certain amount of gas, some on my want you to visit a link they packed with malware. Some want you to just give out your personal information which can lead to subsequent phishing attack.  

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On 9/3/2020 at 5:15 AM, Whited35 said:

Now scammers have found another techniques i.e. recommending users to install malware infected browser extensions by showing some attractive offers. Once user install such extension then malware starts to work for cryptojacking purpose. 

Scammers are using the same old techniques, they mostly work by luring people to invest in scam scheme, or making people to download malware. Experienced people that know this still find ways to avoid scammers. That is why my wallets and exchanges accounts are on devices I used for only such purposes only and no other purposes.  

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On 9/9/2020 at 9:41 AM, BitcryptoHan said:

Scammers are using the same old techniques, they mostly work by luring people to invest in scam scheme, or making people to download malware.

Last time, Google removed 49 malicious malware from the Chrome webstore but it was too late, so many users already lost a huge amounts from phishing attack by using extensions. Reports suggest, mostly VPN and Torrent related extensions are dangerous. 

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This is a good guide for newcomers. When I was inexperienced in cryptocurrency I lose some money 2 times,  I sent ETH to airdrop and thought that I will receive more in back, but nothing happened and I just lost it. It`s a pity that many newbies don`t  know how to avoid such situations. All experienced people should tell less experienced users what we know, such way crypto community growth will be faster

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1 hour ago, nykas said:

I sent ETH to airdrop and thought that I will receive more in back, but nothing happened and I just lost it.

@nykas Was that a Selfdrop ? I detected so many victims before creating this tutorial. Now, I think so many people are aware of this sort of common scamming tricks by using airdrop. Simply, I want to save all newcomers by letting them know how scammers play the games behind the scene.  

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I have fall into many of their trap due to being naive,I still have those useless token in my wallet worthless,what I will advise people interested in airdrops can still participate in any airdrops because no one knows which one is going to be worthful,but no one should never invest by buying their token to earn more token better still participate in their refferal campaign to earn token.

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18 hours ago, Whited35 said:

Last time, Google removed 49 malicious malware from the Chrome webstore but it was too late, so many users already lost a huge amounts from phishing attack by using extensions. Reports suggest, mostly VPN and Torrent related extensions are dangerous. 

Paid VPN is still better, but most people like what is free, free VPN display ads, few of the ads can be from hackers and having malware. About torrent files download, the pirated ones can contain malware, many report has been made malware is downloaded using the bittorent. 

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5 hours ago, BitcryptoHan said:

Paid VPN is still better, but most people like what is free, free VPN display ads, few of the ads can be from hackers and having malware. About torrent files download, the pirated ones can contain malware, many report has been made malware is downloaded using the bittorent. 

I will like to ask you this question and appreciate if you can answer. What about the paid VPN you commented about, is there no risk of also using them to connect? What about tor also? 

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5 hours ago, BitcryptoHan said:

Paid VPN is still better, but most people like what is free, free VPN display ads, few of the ads can be from hackers and having malware. About torrent files download, the pirated ones can contain malware, many report has been made malware is downloaded using the bittorent. 

@BitcryptoHan You are correct but I was citing VPN related browser extensions. Such extensions are able to read the system log files and collect the data from the user activities. So many reports suggests, members sensitive data were compromised due to such extensions. 

Edited by Whited35
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On 9/11/2020 at 10:47 AM, DiamondBit said:

I will like to ask you this question and appreciate if you can answer. What about the paid VPN you commented about, is there no risk of also using them to connect? What about tor also? 

Paid VPN are well rated but if they want to access your files on your browser, they can possibly. But also know that normal proxy can be able to do this too. Nothing is secure about that than to use a trustworthy data provider or VPN. 

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On 9/3/2020 at 5:15 AM, Whited35 said:

Now scammers have found another techniques i.e. recommending users to install malware infected browser extensions by showing some attractive offers. Once user install such extension then malware starts to work for cryptojacking purpose. 

There are new ways scammers do scam, but all require scam malware installation like you have commented about it. But also, scammers makes use of other ways to scam, like fake giveaways and many others that are airdrop related which may not even require malware. 

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As a newbie to the world of cryptocurrencies, I really appreciate you creating this post. I admit that I am entering this area very cautiously, I learned about this from a couple of relatives who started working with bitcoins and unfortunately, they fell for a little scam, they have warned me to think twice before diving in.

 

I really hope to learn a lot from the forum to avoid the same thing happening to me.

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9 hours ago, juanitos! said:

they fell for a little scam, they have warned me to think twice before diving in.

I really hope to learn a lot from the forum to avoid the same thing happening to me.

@juanitos! So keep visiting this forum. Guys are discussing about so many serious issues on this forum. Suspicious activities from some project, airdrop, software etc are being discussed on this forum to save so many visitors from crypto cyber criminals. 

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36 minutes ago, Whited35 said:

@juanitos! So keep visiting this forum. Guys are discussing about so many serious issues on this forum. Suspicious activities from some project, airdrop, software etc are being discussed on this forum to save so many visitors from crypto cyber criminals. 

You can be sure that I will, I love the topic of cryptocurrencies and trading, but the truth is that I do worry a lot about being a victim of some scam. There are many online frauds as you say, and the worst thing is that thieves are always managing to make them more credible.

 

Luckily, guys with more experience are willing to help, tomorrow we novices can do the same. Regards. 🙂

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4 hours ago, juanitos! said:

You can be sure that I will, I love the topic of cryptocurrencies and trading, but the truth is that I do worry a lot about being a victim of some scam. There are many online frauds as you say, and the worst thing is that thieves are always managing to make them more credible.

 

Do not be greedy, be patient, avoid investing. The legit ways to avoid scam are 

1. Seed holding as your way of investing, trust only you and your wallet.

2. Avoid airdrops

3. Use your device mainly for wallet, exchange account and banking purposes only. Have another phone to access the internet for other stuffs. 

4. Avoid pH sing scams. 

Scammers ate only using the old ways to scam, there is nothing to be afraid about. Be careful and treat your computer in a good way by safe browsing. 

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The way you have explained  the system it seems that there is every9 jut scamming people  and there is no safe and secure genuine project. It is difficult  to join them like that. 

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On 9/16/2020 at 1:41 PM, BitcryptoHan said:

Do not be greedy, be patient, avoid investing. The legit ways to avoid scam are 

@BitcryptoHan Thanks for updating the excellent points. It surely help newcomers to get rid off scam projects. 

 

On 9/16/2020 at 2:58 PM, BraveHeart01 said:

The way you have explained  the system it seems that there is every9 jut scamming people  and there is no safe and secure genuine project. It is difficult  to join them like that. 

I did not get your point correctly sir, can you specify it properly. Some projects are real and paying. Scam projects have some common behaviors that I have mentioned in my above topic. 

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Just use a cold wallet. I personally backup my wallets onto a physical media, like a miniCD. It won't get stolen, no one needs such a thing. And avoid interacting with people online, cherry on top of sundae.

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Your post is very helpful, I do not have personal experiences with Airdrops but some colleagues do and in fact they were scammed due to misinformation

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On 5/31/2020 at 11:46 AM, Whited35 said:

26233418_my-visual_46997651(1).thumb.png.50a8f1704013e9fb52b74c6ff8c22b86.png

 

 

After having so many awful experiences in the crypto world, I decided to write this topic to save so many innocent users from new tricks from scammers even on this Cryptotalk forum. 
Myself, I am not an expert but I try my best to elaborate according to my pure experiences.Everything will be straight forward and I hope you might say aH-Ha at the end😉! Due to increasing craze in the cryptocurrency, so many people are entering in crypto world everyday.  Scammers are finding Airdrop and any sort of giveaway options are the best way to cheat newcomers. Let's see I am uncovering the scammer's tricks.

First of all, they promote their so-called airdrops, bounty programs, and giveaway programs on airdrop notifier different sites and channels like telegram channels, airdroprating.io, airdropalert.com ,medium page etc. Average people including newcomers are always looking for free cryptocurrency and scammers have clearly understood this fact so they create the attractive fake schemes first.Since participating in the most airdrops is not so hard, which includes completing some social media tasks like;

  • Twitter follow and retweet,
  • Facebook page Like, follow and share,
  • Telegram/Discord group/channel join,
  • LinkedIn/Medium follow,
  • YouTube channel subscribe and,
  • Website registrations and KYC verification

After getting so many followers on their social media networks, they list their useless currency on lower ranked cryptocurrency exchange sites with extremely lower 24 hours trading volumes or zero in some cases where you can not find any potential buyers. Now it's time to widespread their fake schemes by highlighting like their coins/tokens are already listed on some exchange sites.This is a turning point, not only newcomers, even some experienced players might fall in this trap because cryptocurrency which is already listed on exchange sites(most of the people do not care about quality of exchange for the very first time) can drop our attentions.

Now let's see their scamming trick step-wise.

 

  1. To claim the airdrop, they ask for fee in ETH or BTC and you have to fill the separate Google form to reclaim no matter where you have initially filled the form for airdrop like on telegram bot or even on their own separate form.In the google form they may ask following things to spot your bank account;

    -Primary email address

    -Phone numbers

    -KYC document ID 

    A reason behind asking information via google form is to spot your Gmail id. So what benefits will they get from your Gmail id?If you are chrome browser user on both Android Smartphone and PC, you have to login Google to enable sync feature.On android device, one Gmail id can work for all existing applications like PlayStore, YouTube, Chrome Browser, Gmail app etc.They start to attack by sending malicious links to your Gmail inbox.Some of their email may also contain attractive offers according to your interests. So how they detect the things that you love the most? As per their Airdrop requirements, you should already have to subscribe their YouTube channel. They track your watch history,liked videos, and subscriptions to detect which contents you love the most on YouTube(It is advised, always keep your YouTube account in private mode).There will be the greatest chances of clicking on the links which you have received in your mailbox along with attractive offers. So how dangerous will it be if you wrongly click on such malicious links?

  2. They may send you coins/tokens in your personal wallet and immediately launch the another serious of Airdrop say "Round 2 Airdrop", reason behind to do so is, they want to show continuous effort for project so that participants are not leaving their trap so early.

  3. They start to show hopes like they are going to list their tokens/coins on some bigger exchange and keep encouraging participants to participate in their selfdrop by depositing ETH, BTC,LTC etc so that they are getting enough funds to cover listing fees.

    (Note:-Selfdrop is a type of offer where participant has to deposit certain amounts of cryptocurrencies to expect tokens/coins as a return from some projects)

  4. When their promised listing date comes very closer, now they create announcements, they are about to cancel agreements with their mentioned bigger exchange's listing by showing the fake reasons like;

    -the exchange is not working according to their favor,and
    -their partner has cheated them to harm their project by grabbing away most of the tokens and coins.

  5. After that, they ask participants for token swap and fee again for swapping purpose by accusing the reasons, their earlier token has become bad performer and they are about to create another unique tokens. At this stage, again participants can not leave their trap because they would have already invested the amounts in their selfdrp programs to expect huge profits and again they will be compelled to pay fee for token swapping purpose.

 

At the end, neither they list their coins/ Tokens on the exchange nor they return collected funds from the users.They rush away by closing everything like telegram group/channel, Facebook/Twitter etc. 

So for free airdrop you are not just expecting free crypto but also you are opening your entire secrets to scammers according to their needs.

 

HERE ARE TIPS TO AVOID BOUNTY AND AIRDROP SCAMS

  • Never pay the amounts to participate in the airdrop.If some project is repeatedly asking for deposit from any types of offers like selfdrop,token/coin swap etc, never trust them. If they are begging money every time, how can you be sure for their project's continuity in the future? 
  • Since the real projects work very hard to create their website and contents for social media platforms, check if there are poorly managed official website or social media channels.Always do not forget to check following details,
    -Team behind the project and company registration number, official location, contact details etc.Some website may show a fake team information and photos, try to use search engines properly to find stock photos or other's random photos if they are being used. You can use these search engines YandexGoogle , and Bing where you can upload photo to get details about that.
    -Uniqueness/vision of project and their white paper( Do not forget to check if contents on white paper are copied from external sources. There are so many online free tools to detect copied content)
  • Never share your all real personal information including sensitive KYC documents, Primary emails, Phone number and permanent address
  • For participating any types of airdrop, I advise you to use brand new cryptocurrency wallet address not an address from your main account and also do not share private key.
  • Never response to spam email, if you reply them, they will be able to track your real IP address and always use good quality premium antivirus software.
  • If you see any of symptoms which resemble above mentioned cases, get away from them. 

Thank You!

Stay Safe 😍

A very useful guide. Scam protection is very useful these days, as spam can harm you quite well. But in any case, sometimes you just need to defend yourself. I advise beginners to read this guide.

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Yes, I was a victim one day and was scammed in a failed project. I gave them Ethereum and took $ 0 cryptocurrencies from them.

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12 hours ago, Switchback said:

A very useful guide. Scam protection is very useful these days, as spam can harm you quite well. But in any case, sometimes you just need to defend yourself. I advise beginners to read this guide.

@Switchback Scammers are finding airdrop as the best way to cheat innocent people. They have introduced so many tricks specially they are still available on their Telegram spam bot. I just want to save so many innocent people from that type of scam. 

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I am not so much interested in airdrops.

 I check on my reliable sources to confirm any airdrop before putting in for it and I avoid airdrop with KYC.
There are scam projects that demand to download wallets or apps. There are many cases of viruses inside such apps.

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On 5/31/2020 at 7:46 AM, Whited35 said:

26233418_my-visual_46997651(1).thumb.png.50a8f1704013e9fb52b74c6ff8c22b86.png

 

 

After having so many awful experiences in the crypto world, I decided to write this topic to save so many innocent users from new tricks from scammers even on this Cryptotalk forum. 
Myself, I am not an expert but I try my best to elaborate according to my pure experiences.Everything will be straight forward and I hope you might say aH-Ha at the end😉! Due to increasing craze in the cryptocurrency, so many people are entering in crypto world everyday.  Scammers are finding Airdrop and any sort of giveaway options are the best way to cheat newcomers. Let's see I am uncovering the scammer's tricks.

First of all, they promote their so-called airdrops, bounty programs, and giveaway programs on airdrop notifier different sites and channels like telegram channels, airdroprating.io, airdropalert.com ,medium page etc. Average people including newcomers are always looking for free cryptocurrency and scammers have clearly understood this fact so they create the attractive fake schemes first.Since participating in the most airdrops is not so hard, which includes completing some social media tasks like;

  • Twitter follow and retweet,
  • Facebook page Like, follow and share,
  • Telegram/Discord group/channel join,
  • LinkedIn/Medium follow,
  • YouTube channel subscribe and,
  • Website registrations and KYC verification

After getting so many followers on their social media networks, they list their useless currency on lower ranked cryptocurrency exchange sites with extremely lower 24 hours trading volumes or zero in some cases where you can not find any potential buyers. Now it's time to widespread their fake schemes by highlighting like their coins/tokens are already listed on some exchange sites.This is a turning point, not only newcomers, even some experienced players might fall in this trap because cryptocurrency which is already listed on exchange sites(most of the people do not care about quality of exchange for the very first time) can drop our attentions.

Now let's see their scamming trick step-wise.

 

  1. To claim the airdrop, they ask for fee in ETH or BTC and you have to fill the separate Google form to reclaim no matter where you have initially filled the form for airdrop like on telegram bot or even on their own separate form.In the google form they may ask following things to spot your bank account;

    -Primary email address

    -Phone numbers

    -KYC document ID 

    A reason behind asking information via google form is to spot your Gmail id. So what benefits will they get from your Gmail id?If you are chrome browser user on both Android Smartphone and PC, you have to login Google to enable sync feature.On android device, one Gmail id can work for all existing applications like PlayStore, YouTube, Chrome Browser, Gmail app etc.They start to attack by sending malicious links to your Gmail inbox.Some of their email may also contain attractive offers according to your interests. So how they detect the things that you love the most? As per their Airdrop requirements, you should already have to subscribe their YouTube channel. They track your watch history,liked videos, and subscriptions to detect which contents you love the most on YouTube(It is advised, always keep your YouTube account in private mode).There will be the greatest chances of clicking on the links which you have received in your mailbox along with attractive offers. So how dangerous will it be if you wrongly click on such malicious links?

  2. They may send you coins/tokens in your personal wallet and immediately launch the another serious of Airdrop say "Round 2 Airdrop", reason behind to do so is, they want to show continuous effort for project so that participants are not leaving their trap so early.

  3. They start to show hopes like they are going to list their tokens/coins on some bigger exchange and keep encouraging participants to participate in their selfdrop by depositing ETH, BTC,LTC etc so that they are getting enough funds to cover listing fees.

    (Note:-Selfdrop is a type of offer where participant has to deposit certain amounts of cryptocurrencies to expect tokens/coins as a return from some projects)

  4. When their promised listing date comes very closer, now they create announcements, they are about to cancel agreements with their mentioned bigger exchange's listing by showing the fake reasons like;

    -the exchange is not working according to their favor,and
    -their partner has cheated them to harm their project by grabbing away most of the tokens and coins.

  5. After that, they ask participants for token swap and fee again for swapping purpose by accusing the reasons, their earlier token has become bad performer and they are about to create another unique tokens. At this stage, again participants can not leave their trap because they would have already invested the amounts in their selfdrp programs to expect huge profits and again they will be compelled to pay fee for token swapping purpose.

 

At the end, neither they list their coins/ Tokens on the exchange nor they return collected funds from the users.They rush away by closing everything like telegram group/channel, Facebook/Twitter etc. 

So for free airdrop you are not just expecting free crypto but also you are opening your entire secrets to scammers according to their needs.

 

HERE ARE TIPS TO AVOID BOUNTY AND AIRDROP SCAMS

  • Never pay the amounts to participate in the airdrop.If some project is repeatedly asking for deposit from any types of offers like selfdrop,token/coin swap etc, never trust them. If they are begging money every time, how can you be sure for their project's continuity in the future? 
  • Since the real projects work very hard to create their website and contents for social media platforms, check if there are poorly managed official website or social media channels.Always do not forget to check following details,
    -Team behind the project and company registration number, official location, contact details etc.Some website may show a fake team information and photos, try to use search engines properly to find stock photos or other's random photos if they are being used. You can use these search engines YandexGoogle , and Bing where you can upload photo to get details about that.
    -Uniqueness/vision of project and their white paper( Do not forget to check if contents on white paper are copied from external sources. There are so many online free tools to detect copied content)
  • Never share your all real personal information including sensitive KYC documents, Primary emails, Phone number and permanent address
  • For participating any types of airdrop, I advise you to use brand new cryptocurrency wallet address not an address from your main account and also do not share private key.
  • Never response to spam email, if you reply them, they will be able to track your real IP address and always use good quality premium antivirus software.
  • If you see any of symptoms which resemble above mentioned cases, get away from them. 

Thank You!

Stay Safe 😍

Yes, right now the aH-Ha effect comes to me. I've done a lot of airdrops where you had to do a lot of tasks to get the drop. Either nothing came up or only useless token. However, where I have my phone number. or KYC, I did NOT do it. That is also the reason why I hardly ever take part in an airdrop.

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Nice article my brother @Whited35 but why don't you write articles like this in Readcash and boost them at least for $1 ?? Am sure you will help a lot of members and you will earn good income as well! It's VERY easy to earn in Readcash if you right meaningful articles like this.

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Time is the ultimate weapon!

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    • Forex and Cryptocurrency Forecast for 10 – 14 June 2024 EUR/USD: Who Controls the Financial Market   It is clear that interest rates rule the markets, not only in terms of actual changes but also regarding expectations about the timing and magnitude of future changes. From spring 2022 to mid-2023, the focus was on raising rates; now, the expectation has shifted towards their reduction. Traders are still uncertain about the Federal Reserve's decisions and timing, leading them to scrutinize macroeconomic statistics primarily for their impact on the likelihood of monetary policy easing by the regulator.   At the beginning of last week, the dollar was under pressure due to weak data on business activity (PMI) in the US manufacturing sector. On Monday, 3 June, the Institute for Supply Management (ISM) reported that manufacturing activity in the country decreased in May from 49.2 to 48.7 points (forecast 49.6). As the index remained in contraction territory (below 50), there was renewed speculation among traders and investors about a possible Fed rate cut in September.   The US currency received some support from business activity data in the services sector. This time, the PMI was 53.8 points, higher than both the previous value of 49.4 and the forecast of 50.8, which slightly pleased the dollar bulls.   Thursday, 6 June, was relatively calm. The European Central Bank's Governing Council lowered the interest rate by 25 basis points (bps) to 4.25%, as expected. This step fully aligned with forecasts and was already factored into EUR/USD  quotes. Notably, the ECB had not lowered rates since 2019, began raising them in July 2022, and kept them unchanged at the same level during the last five meetings. Since September 2023, inflation in the Eurozone has decreased by more than 2.5%, allowing the regulator to take this step for the first time in a long while. The ECB's statement following the meeting indicated that despite the rate cut, its monetary policy remains restrictive. The regulator forecasts that inflation will likely remain above the 2.0% target this year and next.   Therefore, interest rates will remain at restrictive levels as long as necessary to achieve the inflation goal. The ECB raised its forecast for inflation, now expecting CPI to average 2.5% in 2024, 2.2% in 2025, and 1.9% in 2026м. As mentioned, the ECB's current decision was fully anticipated by the market, as predicted by all 82 economists surveyed by Reuters at the end of May. The more intriguing aspect is what will happen next. More than two-thirds of Reuters respondents (55 out of 82) believe that the ECB's Governing Council will cut the rate twice more this year – in September and December. This figure has increased compared to the April survey, where just over half of the economists made such a prediction.   A local triumph for the dollar bulls occurred on Friday, 7 June, when the US Department of Labour report was released. The number of new jobs in the non-farm sector (NFP) was 272K in May, compared to the expected 185K. This result was significantly higher than the revised April figure of 165K. The data also showed a more substantial than expected increase in the average hourly earnings, an inflationary indicator, which grew by 0.4%, double the previous value of 0.2% and one and a half times higher than the forecast of 0.3%. The only slight negative was the unemployment rate, which unexpectedly rose from 3.9% to 4.0%. However, overall, this data benefited the dollar, and the EUR/USD pair, having bounced off the upper boundary of the 3.5-week sideways channel at 1.0900, ended the five-day period at its lower boundary of 1.0800.   Regarding the analysts' forecast for the near future, as of the evening of 7 June, it is quite vague: 40% of experts voted for the pair's growth, and an equal number (40%) for its fall, with the remaining 20% maintaining neutrality. Technical analysis also provides no clear guidance. Among trend indicators on D1, 25% are green and 75% are red. Among oscillators, 25% are green, 15% neutral-grey, and 60% red, though a third of them signal the pair is oversold. The nearest support levels are 1.0785, then 1.0725-1.0740, 1.0665-1.0680, and 1.0600-1.0620. Resistance zones are at 1.0865-1.0895, then 1.0925-1.0940, 1.0980-1.1010, 1.1050, and 1.1100-1.1140.   The upcoming week also promises to be quite interesting. The key day will be Wednesday, 12 June. On this day, consumer inflation (CPI) data for Germany and the United States will be released, followed by the FOMC (Federal Open Market Committee) meeting of the US Fed. It is expected that the regulator will keep the key interest rate unchanged at 5.50%. Therefore, market participants will be more focused on the FOMC's Economic Projections Summary and the subsequent press conference by the Fed leadership. The next day, Thursday, 13 June, will see the release of US Producer Price Index (PPI) data and initial jobless claims numbers. At the end of the week, on Friday, 14 June, the Fed's Monetary Policy Report will be available for review.   USD/JPY: Finance Minister Responds to Questions   A week ago, we wrote that Japanese financial authorities had not confirmed whether they conducted intensive yen purchases on 29 April and 1 May to support its exchange rate. Bloomberg estimated that around ¥9.4 trillion ($60 billion) might have been spent on these currency interventions, setting a new monthly record for such financial operations. We questioned the long-term or even medium-term effectiveness of this expenditure. It seems that Japan's Finance Minister, Shunichi Suzuki, read our review, as he hastened to provide answers to the questions posed. In his statement, he first confirmed that (quote): "the decline in Japan's foreign reserves at the end of May partially reflects currency interventions." This suggests that yen purchases indeed took place. Additionally, the minister noted, "the effectiveness of such interventions should be considered," indicating his doubts about their feasibility.   Suzuki refrained from commenting on the size of the intervention funds but mentioned that while there is no limit on funds for currency interventions, their use would be limited.   As previously mentioned, besides interventions (and the fear of them), another way to support the national currency is through tightening the monetary policy of the Bank of Japan (BoJ). Early last week, yen received support from rumours that the BoJ is considering reducing the volume of its quantitative easing (QE) programme. Such a decision could decrease demand for Japanese government bonds (JGBs), increase their yields (which inversely correlates with prices), and positively impact the yen's exchange rate. The Bank of Japan is expected to discuss reducing bond purchases at its meeting next Friday, 14 June.   On Tuesday, 4 June, BoJ Deputy Governor Ryozo Himino confirmed concerns that a weak yen could negatively impact the economy and cause inflation to rise. According to him, a low national currency rate increases the cost of imported goods and reduces consumption, as people delay purchases due to high prices. However, Ryozo Himino stated that the Bank of Japan would prefer inflation driven by wage growth, as this would lead to increased household spending and consumption.   The yen received another blow from the dollar after the publication of US labour market data on 7 June. The USD/JPY pair surged as wage growth in the US sharply contrasted with the 25th consecutive month of declining wages in Japan in April.   As the saying goes, hope dies last. Investors remain hopeful that the regulator will actively combat the yen's depreciation, creating long-term factors for USD/JPY to decline. For now, it ended the week at 156.74. The median forecast of analysts for the near term is as follows: 75% voted for the pair's decline and yen strengthening ahead of the BoJ meeting, while the remaining 25% took a neutral stance. None favoured the pair's upward movement. Technical analysis, however, presents a different picture: 100% of trend indicators on D1 are green. Among oscillators, 35% are green, 55% neutral-grey, and only 10% red. The nearest support level is around 156.00-156.25, followed by zones and levels at 155.45, 154.50-154.70, 153.10-153.60, 151.85-152.35, 150.80-151.00, 149.70-150.00, 148.40, and 147.30-147.60, with 146.50 being the furthest. The closest resistance is in the zone of 157.05-157.15, then 157.70-158.00, 158.60, and 160.00-160.20.   Noteworthy events in the coming week include Monday, 10 June, when Japan's Q1 2024 GDP data will be released, and, of course, Friday, 14 June, when the Bank of Japan's Governing Council will make decisions on future monetary policy. However, like the Fed, the yen interest rate is likely to remain unchanged.   CRYPTOCURRENCIES: What Drives and Will Drive Bitcoin Upwards     The launch of spot bitcoin ETFs in January caused an explosive price increase for the leading cryptocurrency. On 12 March, inflows into these funds reached $1 billion, and by 13 March, BTC/USD set a new all-time high, rising to $73,743. Then came a lull, followed by a post-halving correction, and finally, growth resumed in May. Early last week, net inflows into BTC-ETFs amounted to $887 million, the second largest in these funds' history. As a result, BTC/USD broke the $70,000 level and recorded a local high at $71,922.   Young whales (holding over 1,000 BTC) demonstrated noticeable accumulation, adding $1 billion daily to their wallets. CryptoQuant's head, Ki Young Ju, notes that their current behaviour resembles 2020. At that time, consolidation around $10,000 lasted about six months, after which the price increased 2.5 times in three months. Key representatives of these young whales include major institutional investors from the US, who accounted for a third of all capital inflows into spot BTC-ETFs in Q1 (about $4 billion) from companies with over $100 million in assets under management.   Besides BTC-ETFs, the recent growth was significantly influenced by April's halving. The Hash Ribbons indicator is giving an "optimal signal" to buy digital gold in the coming weeks, indicating a resumption of the asset's rally, according to Capriole Investments founder Charles Edwards. The metric shows miner capitulation that began two weeks ago. This period occurs when the 30-day moving average of the hash rate falls below the 60-day rate. According to Edwards, miner capitulation happens roughly once a year, typically due to operational halts, bankruptcies, takeovers, or, as in this case, halving. The halving of the block reward makes equipment unprofitable, leading to its shutdown and hash rate decline. The last miner capitulation was in September 2023, when bitcoin traded around $25,000.   In the event of a new growth impulse, Edwards predicts the next medium-term target will be $100,000. However, he warns that summer traditionally sees a lull in financial markets, so the upward impulse might be delayed. Wall Street legend and Factor LLC head Peter Brandt highlights the "remarkable symmetry" of market cycles, with halving halving the weeks between the bottom and the peak. If Brandt's model is correct, BTC should reach a peak between $130,000-160,000 by September next year.   Venture investor Chamath Palihapitiya offers a much more optimistic forecast. Analysing bitcoin's post-halving dynamics, he notes the cryptocurrency achieved its greatest growth 12-18 months after the event. Palihapitiya predicts that if the growth trajectory after the third halving is repeated, bitcoin's price could reach $500,000 by October 2025. Using the average figures of the last two cycles, the target is $1.14 million.   For the coming weeks, analyst Rekt Capital believes digital gold will need to confidently overcome the $72,000-$73,000 resistance zone to enter a "parabolic growth phase." Popular cryptocurrency expert Ali Martinez forecasts BTC will likely test the $79,600 price range. AI PricePredictions suggests that bitcoin could not only firmly establish above the critical $70,000 mark but also continue growing, reaching $75,245 by the end of June. This prediction is based on technical analysis indicators like the Relative Strength Index (RSI), Bollinger Bands (BB), and Moving Average Convergence Divergence (MACD).   Two catalysts could drive the upcoming growth of the crypto market: the launch of spot exchange-traded funds based on Ethereum after SEC approval of S-1 applications, and the US presidential elections. According to Bloomberg exchange analyst James Seyffart, the SEC might approve the applications by mid-June, although it could take "weeks or months." JPMorgan experts believe the SEC's decision on ETH-ETFs was politically motivated ahead of the US presidential elections. These elections themselves are the second catalyst for a bull rally.   A recent Harris Poll survey, sponsored by BTC-ETF issuer Grayscale, found that geopolitical tensions and inflation are prompting more American voters to consider bitcoin. The survey, which included over 1,700 potential US voters, revealed that 77% believe presidential candidates should at least have some understanding of cryptocurrencies. Additionally, 47% plan to include cryptocurrencies in their investment portfolios, up from 40% last year. Notably, 9% of elderly voters reported increased interest in bitcoin and other crypto assets following BTC-ETF approval. According to NYDIG, the total cryptocurrency community in the US currently numbers over 46 million citizens, or 22% of the adult population.   Evaluating this situation, Wences Casares, Argentine entrepreneur and CEO of venture company Xapo, believes the US could be one of the first to adopt a dual currency system. In this case, the dollar would be used for transactions with everyday goods and services, while cryptocurrency would be a store of value.   At the time of writing, the evening of Friday, 7 June, BTC/USD trades at $69,220. The total crypto market capitalisation stands at $2.54 trillion ($2.53 trillion a week ago). The Crypto Fear & Greed Index rose from 73 to 77 points over the week, moving from the Greed zone to the Extreme Greed zone.   In conclusion, the forecast for the next potential candidate for a spot ETF launch in the US after bitcoin and Ethereum. Galaxy Digital CEO Mike Novogratz believes it will be Solana, which showed impressive results over the past year. At the end of 2023, SOL was around $21 but exceeded $200 by March 2024, showing nearly tenfold growth. Currently, SOL is around $172 and ranks fifth in market capitalisation. Given Solana's current position, Novogratz is confident this altcoin has a good chance of being included in the pool of spot ETFs. Recently, BKCM investment company CEO Brian Kelly expressed a similar view. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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