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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) On Demand, ATM Double Spending Scare

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin prices stable along the 20-day MA
  • Calgary based Bitcoin ATMs post huge losses after double-spending attacks
  • Transaction volumes low averaging 7.3k by Mar 12 close

Thieves steal $200k worth of Bitcoin in ATMs across seven Canadian cities. Nonetheless, prices are stable and above $3,500 meaning Bitcoin (BTC) buyers have a chance for $6,000.

Bitcoin Price Analysis

Fundamentals

By substituting speed and convenience over security and fund safety, four scammers-who clearly had requisite technical expertise to pull off such a heist-found a gap and made away with $200k worth of Bitcoin from several Bitcoin ATMs spread across seven Canadian cities. Redeemed for cash, police are now on their trail.

The theft is an indication of how malicious elements are maturing, increasing in sophistication and keeping up with new trends. At the same time, it’s a sounding alarm of why ATM manufacturers like Genesis and CoinSource should step up, implement appropriate solutions that tackle risks associated with zero-confirmation transactions thereby shielding ordinary enthusiasts keen on exploring and even experimenting on Bitcoin.

Note that a small percentage knows what Bitcoin is and the number of those who know how they operate is even lower.  Although zero-confirm transactions are fast and accepted by some merchants, it can be disastrous for a merchant’s balance sheet if these transactions are reversed in an RBF or via double spending with higher fees. In this case, what is unsettling is the ease execution reported to be in days across seven cities.

Candlestick Arrangement

Bitcoin

At the time of writing, Bitcoin (BTC) is trending along last week’s close with no visible gains thus far. Even though we are bullish on the coin, the failure of bulls to close above $4,000 points to underlying weakness.

All the same, we shall maintain an upbeat overview. In a breakout pattern, aggressive traders should be fine-tuning entries in lower time frames as long as prices are trading above $3,500.

Meanwhile, we shall interpret recent consolidation as bullish. Consequently, we expect confirmation of Mar 4-5 double bar bull reversal pattern as prices rally towards $4,500.

Technical Indicators

On average, participation levels are low, averaging 7.3k by yesterday’s close. As mentioned above, buyers will be in control if there is a confirmation of buy pressure of Mar4-5. For control, there should be high transaction levels– printing above 10k of Mar 5 and if possible—and ideal—above 40k, helping draw demand helping bulls push prices higher.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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