Today, for the first time since June 2024, the price of bitcoin (BTC) has surpassed the $70,000 mark and is pushing $71,000. Analysts anticipate the rally will continue, and past data indicates that scammers become increasingly active during market surges.
At the time of writing, BTC is up nearly 4% in a day, boosting its monthly gains to 8% and its year-to-date performance to 68%. Other major cryptoassets have also risen today.
BTC price in a year:
Prices are climbing, driven by macroeconomic and political catalysts, without any particularly notable news. Investors in the BTC options market signal expectations that prices could exceed $80,000 in November.
CryptoQuant analysts suggest that the rally is being strongly influenced by large investors on the Binance exchange and an increase in flows into BTC exchange-traded funds (ETF). Yesterday, ETF inflows exceeded Friday's levels, bringing in $479 million as the week began.
There is also speculation that BTC’s rise is partially fueled by hopes of Donald Trump’s victory in the US presidential election. However, this narrative is believed to be less influential on further price gains. Nonetheless, a reminder remains – prices could dip post-election as traders often adopt a sell-the-news strategy. In December, some investors might also sell BTC if Microsoft shareholders vote against the proposal to invest company funds in BTC.
In any case, history shows that crypto scammers intensify their activities when BTC and the crypto market rally.
For example, blockchain analysis firms like Chainalysis note that scams follow market cycles.
According to Chainalysis, "scamming is most successful when markets are up, exuberance is high, and people feel they’re missing out on an opportunity to get rich quickly."
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