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At what times does the world invest in crypto?

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New figures are out on when the most activity on the Bitcoin Network happens

Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.

It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.

Analysts are reporting a drop in the share of activity happening during Asian hours.

It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.

The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.

Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.

Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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New York closes in on Robinhood dodgy crypto arm

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Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules

New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.

It follows several regulatory probes into Robinhood in recent months.

In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.

As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.

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Crypto

Is this the beginning of the end for bitcoin?

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Concerns investors will lose faith in the crypto following Tesla’s sell-off

Tesla’s bitcoin sell-off has analysts concerned, after the company dumped $936 million worth of crypto, or 75% of its total holdings.

Following the news – the crypto’s price dropped and gains seen just last week were brought back down to earth.

So now the world’s biggest EV manufacturer has dropped the majority of its Bitcoin stake, should we all be doing the same?

On an earnings call, Musk said his company dumped its holdings due to the uncertainty around China’s Covid lockdowns.

He noted it’s important for Tesla to maximise its cashposition during this difficult economic period.

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximise our cash position.”

ELON MUSK

But does this really stack up? Or is it just an excuse following a nice rally?

Up until Wednesday, the last week had been good for Bitcoin, gaining 12 per cent in just seven days.

While other cryptos including ethereum and solana surged even more dramatically.

Musk says his company is still open to increasing bitcoin holdings in future.

But some analysts predict other big investors will use Tesla’s bitcoin sale as a justification to offload their own digital coins and send the price even lower.

“We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.”

elon musk

They say like or not Musk can move markets and this is something to be conscious of.

But while the Tesla sell-off caught many off guard, analysts also stress this isn’t game over for Bitcoin and ebbs and flows are all just part of the market.

“The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn.”

ANDREY DIYAKONOV FROM CHOISE.COM SPEAKING TO CNN

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How are crypto scammers getting away with millions? 

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The FBI has revealed that more than 200 victims have lost $42 Million dollars from apps they used for crypto trading. 

There are many ways that people have lost money online including credit card scams, identity theft and through phishing. 

The FBI has revealed that more than 200 victims have lost $42 Million dollars from apps they used for crypto trading. 

There are many ways that people have lost money online including credit card scams, identity theft and through phishing. 

The FBI has issued a stark warning that cybercriminals have been “contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the investors of their cryptocurrency.”

So here’s how the scam works.

The scammer convinces the victim to download an app that uses a logo and name of a legitimate crypto establishment.

Then they ask for their currencies to be deposited into wallets they say is associated with the new account.

After that, game over. The victim is unable to withdraw that money from the wallets as the crooks have now taken full control.

On some occasions the crook even impersonates a celebrity

On an other occasion, the scammers used the name of the company YitBit, which closed down a few years ago.

And with a fake app imitating YitBit, they made more than $5 million dollars from various scammers.

Many more examples like this may be found.

And some say this is because there is no authority.

The FBI has also shared some advice saying, be cautious in “unsolicited requests to download investment applications”.

But do you want to know the real secret to not to getting hacked.

Then watch our explainer.

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