Crypto Industry News:
Chainalysis, an American intelligence company, claims that 64% of ransomware attack strategies are money laundering through cryptocurrency exchanges. The data was revealed during the Chainalysis webinar.
The ransomware attack includes a malware infection target and a ransom demand - often referred to in cryptocurrencies. Payment is required in exchange for allegedly providing a decryption tool that can help victims regain access to their data.
Chainalysis - which provides blockchain analytics tools that enable companies, governments, and law enforcement agencies to monitor blockchain transactions and track suspicious illegal activities - claims that 64% of ransomware attackers use them to launder dishonest funds through cryptocurrency exchanges.
Chainalysis allegedly identified 38 exchanges - without disclosing their names - which directly received funds from the address associated with the ransomware attack.
Among other analyzed ransomware attacks strategies, 12% were involved in mixing services and 6% in peer-to-peer networks, while others went through commercial service providers or dark Internet markets. 9% of revenues from ransomware are reportedly unleased.
The analysis also showed that ransomware attacks usually involve fewer complex networks compared to cryptographic exchange hooks. Chainalysis argued that this is because the hack often involves a large amount of money leaving the well-known stock exchange, often attracting high media popularity and requiring hackers to hide better the flow of funds.
Ransomware campaigns, on the other hand, usually include smaller discreet sums for multiple addresses and are allegedly less publicized, thus avoiding intensive immediate control.
Technical Market Overview:
The ETH/USD pair has moved lower as anticipated to continue the wave C of the correction. The spike down has violated the technical support at the level of $239.03 and made a new low at the level of $234.96. This move down is still a part of the wave 4 which is a corrective cycle. It might terminate around the level of $228.89 and then it will be labeled as three waves correction ABC or it can continue to evolve into an ABCDE Triangle pattern.
Weekly Pivot Points:
WR3 - $337.31
WR2 - $312.54
WR1 - $290.33
Weekly Pivot - $263.28
WS1 - $241.64
WS2 - $214.59
WS3 - $190.10
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still up. All the local bounces and correction should be treated as another opportunity to open the buy orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal.
