BTC/USD analyse graph

The cryptocurrency market has undergone a revolution across the world. But something is quite evident is the fact the assets have amassed hundreds of billions of dollars in less than a decade. Significantly, 2017 was a very fruitful year in the history of digital assets where ICOs raked billions of shillings. The hype about the cryptos has not died down this year, however, fraud is also on the rise in the space. This year along, $1.1 billion in virtual currencies has been stolen.

A cybersecurity firm, Carbon Black based in Massachusetts has said that stealing the crypto has been an easy task. Rick McElroy, the strategist at the firm said in a comment:

“It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware. It’s not always these large nefarious groups, it’s in anybody’s hands.” McElroy added “You just have to able to log in and be able to buy the thing, you can call customer support and they’ll give you tips.”

A Tweet from Carbon Black Inc. reads:

“In Today's News: $1.1 billion in cryptocurrency has been stolen this year, and it was apparently easy to do; Cryptocurrency theft malware is now an economy worth millions; & Cryptocurrencies spark cybercrime gold rush.”

Bitcoin price analysis

Bitcoin price is trading marginally above $7,500, while it is still trading below the multi-week descending trendline. There is a bearish trend in progress threatening to push for more declines. The bulls are battling for higher corrections but the 100 SMA if offering immediate resistance at $7,600. The short-term 50 SMA, on the other hand has crossed to the upper side of the 100 SMA to signal the heavy presence of selling pressure in the near term. There is a short-term support at $7,500, but $7,400 will continue offering stronger support as the weekend session approaches.