🧘♂️ALERT. It's Scammer Season.
Market Meditations | March 15, 2021
PROTECT your years of hard work.
We’re starting the week on a rather serious tone ✏️
You work exceptionally hard to make your crypto money ?
? Do NOT allow yourself to be robbed of it ?
As well as the hottest crypto market events ? today’s newsletter will focus on crypto security ? and guarding yourself from scammer season ?
Read, enjoy and share with your network. Let’s protect our wealth together ✅
Crypto. Bitcoin prices have dipped ? today amid weaker buying pressure from institutional investors. More on this later in our article ? NFTs continue to feel the love with the ‘NFT’ search volume on Google hitting all-time highs and to end on a gloomy note, rumours of India’s crypto-ban have been resurfacing.
Legacy. The energy sector has been stealing the show in legacy markets, rallying 80% since early November ? This has been fuelled by a rebound in the price of crude oil ?
Check out the FTX ? Tutorial ? that gives you a step-by-step overview of how to open an account and deposit, withdraw funds, and more ?
By the way, we’ll be funding 2 FTX trading accounts a month with $500 dollars ? and you’ll even get a coaching call with Koroush ?to start your journey. To participate, join our ? Telegram.
LOOK OUT: It’s Scammer Season!
On 24 February, a wallet app “Trezor” was uploaded to the Apple App Store and available to download for iPhone users.?
Whilst all appeared legitimate on the surface, it turns out that the app was not at all associated with the authentic ✔ hardware wallet company “Trezor,” but rather launched as a phishing scam to access seed-phrases and private keys ? of users.
Wait, could this type of scam ⚠️ happen to me? If you’re not careful, yes! ?
Today, we’ll look at what traders and investors should be aware of in order to make sure they protect their profits from scammers ?
Unlike traditional finance ? crypto gives you the opportunity to be your own bank. This benefit of being your own bank, however, can often do more harm ❌ than good if you ignore setting up proper security protocol ?. The biggest thing to remember is that whoever has access to your seed-phrase or private key has complete control over your funds.
A crypto phishing scam is when someone pretends to be a person or company you trust in order to trick you into giving them your seed-phrase or private key. Let’s go over three steps we recommend you take today ? in order to protect yourself and your gains from this sort of scam:
1️⃣Understand basic security
Do not overlook the importance of this step. If you’re unsure what these are, ?Read our FREE ? 9 Step Essential Cryptocurrency Security Guide. This is a one stop shop to level up your cryptocurrency security and we’ll walk you through the process of setting up an effective defence software, password and data storage system, protecting your emails, and more.
2️⃣Be familiar with any technology you’re using and cautious of links ? you click
Many scams take advantage of the fact that beginners are unfamiliar ? with how to set up a trading account, deposit funds, transfer crypto between wallets, or confirm a transaction. Thus, they’ll send a phishing link ? to your email or take advantage of security loopholes to generate popups ?️ on your screen that can wipe your account ? Authenticate the source before clicking ?️
3️⃣Seek out education
History suggests a pattern that during a crypto bull market there is an increase ? in the number of phishing attacks. We know you work incredibly hard ? on your technical analysis and risk management, so please do not let a gap in understanding of crypto security be the reason why you’re robbed of your gains. If you’re wondering where to start, you can ? check out our podcast episode ? #36 Crypto Security: How to Stay Safe with Privacy Expert Jameson Lopp.
?Now, onto the latest crypto news and analysis!
? To BUILD and PROTECT your wealth, join our FREE community. Start getting access to all our crypto market analysis and insights?
The Coinbase Premium
Bitcoin prices dipped today ? falling below $55k compared to highs of over $61k on Saturday. In a helpful tweet, Ki Young Ju states and Coindesk helps explain how the dip is due to weaker buying pressure from institutional investors ?
? The graph conveys a negative Coinbase Premium when BTC price was breaking $60k.
The Coinbase premium simply measures the spread between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair.
✅ This allows us to gauge the degree of institutional demand, because institutional investors prefer to trade via regulated exchanges with over-the-counter desks such as Coinbase. It follows that a positive spread implies increased demand from institutions. The higher the premium, the stronger the spot buying pressure from Coinbase.
❌ However, the premium was negative over the weekend, implying weak institutional demand. It is important to flag that the spread has been significantly higher previously as prices surged above major psychological levels of $20k, $30k, $40k and $50k ?
Whilst we still maintain that the broader outlook is bullish, keeping an eye on institutional activity, particularly through mechanisms such as the Coinbase Premium, is a good indicator of upcoming short term resistance which, when pre-empted, can offer lucrative trading opportunities.
CRYPTO NEWS & ANALYSIS
Crypto In The NBA?
According to the Miami Herald crypto exchange FTX is reportedly close to signing a deal to sponsor the American Airlines arena, the official stadium of the Miami Heat, a professional basketball team ?
Crypto fanatics began speculating ? about a potential partnership after FTX registered the domain “http://ftxarena.com/” and bought the associated social media handles ? If the deal officially goes through, it would make FTX the first cryptocurrency exchange to sponsor a professional sports venue in the U.S ??
Whilst this news may not directly affect traders or investors short-term, if the deal ? does pass it’s likely that there will be implications for crypto markets ? we want you to be aware of.
One of the biggest narratives of 2021 is that of the exchange token, such as $FTT for FTX. If this deal is finalized, this could catalyze another parabolic run for $FTT and other FTX-related coins such as $SRM and $SOL ? as investors and traders alike pour their confidence into the FTX team. This deal could be a slam dunk for Sam and FTX ?
Avoid These Common Money Mistakes ❌
Sometimes, no matter how well our investments are doing, we always seem to be losing money. This is because investing and trading is only one pillar of your financial health. Even if this pillar is wildly successful, poor financial habits can still wreak havoc. ?
Here are 5 common money mistakes you can avoid:
Rushing to buy a home ? Taking on a mortgage is a huge financial obligation and can leave you with very little liquid capital. Wait until you are ready to face long term monthly repayments and until you are able to diversify into other assets.
Going to college unnecessarily ? Unless you know what you want to do and that college boosts your earnings potential, avoid incurring this substantial financial burden.
Not saving for retirement ? Saving for the future allows you to take on more risk when you are young and benefit from tax efficiencies. Start saving as early as possible.
Taking on debt ? Whether this is to purchase a car or crypto, borrowing money so you can buy something otherwise unaffordable is a shortcut to financial ruin.
Failing to plan ? Reaching your financial goals is rarely easy. Make a plan and be deliberate with your actions.
Trading and investing can play a crucial part of building wealth however personal finance also plays a major role. By avoiding these common mistakes, you too will be able to hold on to your hard earned profits.
SCAN THE WEEK
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 15th March
AEX Listing ✅
AEX, a global digital assets integrated service platform with information, community, financial management, will be listing $DAO starting today at 8AM UTC.
Tuesday, 16th March
Live Video AMA w/Sunny Lu ?
Live Video AMA with Sunny Lu, Co-founder and CEO of VeChain, on the Crypto.com YouTube Channel on 16 March at 8 AM EST.
MM Podcast Release #54: Overcoming Adversity with David De Vriesere ?
CryptoMessiah is a veteran crypto investor who has now been active in the space for over 7 years. He has built several successful communities, identified multiple successful projects and is currently working with Hxro.
Wednesday, 17th March aka St Patrick’s Day ?
Stellar (XLM) Test Network Reset ?
The Stellar test network reset is scheduled for 17 March at 9AM UTC. If you would like to read about how Stellar recovers from a test network reset, you may do so ? here
Fed Policy Statement ??
The Fed will release its policy statement and Chair Jerome Powell will take questions. Whilst he has repeatedly brushed off investors’ concerns that a quick economic recovery would lead to inflation, it’s likely the market will be watching closely for clues and signs. As crypto is deemed ‘anti-inflationary’, the impression Powell gives will have implications for us. So you might see some funky movements around 18:00 GMT.
Thursday, 18th March
MM Podcast Release #55: How to Survive Volatile Markets with Koroush AK ?
In this episode, we explore everything you need to know about surviving in volatile markets.
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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.