Bitcoin (BTC) price plummeted to $68,535 and couldn’t sustain above the crucial $71,700 level. This wasn’t surprising as we had hinted at this scenario earlier when BTC was lingering around $71,500. What significant developments have occurred in cryptocurrencies in the last 24 hours?
Crypto Currencies Latest News
One of the day’s most explosive news came from a report published by CertiK. A major security vulnerability in Telegram messenger makes users vulnerable to attacks. Hackers are exploiting a weakness in Telegram that allows remote code execution (RCE) via media processing.
The cybersecurity firm CertiK stated;
“This issue exposes users to malicious attacks through specially crafted media files such as images or videos.”
Users should check their Telegram Desktop configurations and disable the auto-download feature. This feature can be turned off in the Settings/Advanced section.
Arthur Hayes and the Nightmare Scenario
Arthur Hayes, the co-founder of BitMEX, recently liquidated his GMX reserves and is closely followed by many investors. His assessments have the potential to influence investor trends, which is noteworthy. Hayes believes that a selling frenzy will begin after this month’s Bitcoin block reward halving.
In a blog post dated April 8, Hayes thinks that while this event may trigger a rise in the medium term, it could also bring declines in the short term (just before and after).
“The narrative that halving is positive for crypto prices is well-established. When most market participants agree on a certain outcome, usually the opposite happens. Therefore, I believe Bitcoin and overall crypto prices will fall around the halving. This will add fuel to the furious fire of crypto assets.”
Meme Coins and the Crypto Cycle
The greatest benefit of these seemingly useless meme coins is their ability to entertain new investors. Not with caps, social media posts, and others, but by showing new investors to crypto what quick profit opportunities look like and keeping them engaged in the field. Therefore, meme coins see bigger rallies during every bull cycle, especially when the number of new investors increases.
Crypto venture capitalist Andrew Kang believes that memecoins have secured a strong place in the crypto space and could be a significant driving force for profitability in the current market cycle.
“Communities with strong values and identities naturally try to convert others to their beliefs and openly display what they love about their lifestyles. They are inherently viral.”
BOEN, since its launch on March 9, has increased by more than 700,000%, which is a detail sufficient on its own.
