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USB Stick Saves World’s Largest Bank, ICBC, In Cyber Crisis

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  • ICBC, the world’s largest bank, experienced a significant cyberattack, disrupting its ability to clear U.S. Treasury trades and forcing it to use a USB stick for critical data transfer.
  • The attack, suspected to be from the ransomware group Lockbit with Russian ties, caused widespread disruption in financial markets, prompting urgent security reviews and responses.

The Industrial & Commercial Bank of China Ltd. (ICBC) was the victim of a recent cyberattack. This isn’t just any disturbance; it’s a major setback for the world’s largest bank. 

According to Bloomberg, the attack rendered the bank’s ability to clear US Treasury deals inoperable, resulting in an unusual situation in which important financial data was transferred across Manhattan on a USB stick. While unorthodox, this strategy emphasizes the severity of the attack and the lengths to which the bank had to go to limit the impact.

The ICBC hack had rapid consequences, causing substantial disruptions in the financial industry. Brokerages, banks, and market makers were forced to hustle to reroute deals, with no idea when normal operations would return. 

Lockbit, a well-known criminal gang with Russian ties, is suspected of being behind this upheaval. This gang is no new to high-profile strikes, having previously targeted Boeing and the Royal Mail of the United Kingdom.

Read Also: Hackers Force ICBC To Rely on USB Stick to Settle Trades

Cybersecurity Concerns Heightened

The ICBC incident highlighted the financial industry’s rising worry about cybersecurity. The prospect of a cyberattack damaging a vital component of the financial system is a nightmare scenario for bank executives and government regulators around the world. 

Marcus Murray, the founder of the Swedish cybersecurity firm Truesec, stressed the tsunami this incident has sent through the financial community, encouraging banks worldwide to swiftly beef up their defenses.

As a result of the incident, ICBC’s Beijing headquarters had urgent talks with its US division and notified regulators. They are even considering enlisting the assistance of China’s Ministry of State Security. 

The bank confirmed the ransomware attack in a statement and guaranteed that the impacted systems had been isolated. The unit targeted by the attack, ICBC Financial Services, is a major player in the financial market, with $23.5 billion in assets as of the end of 2022.

This event is part of a troubling trend of increased ransomware attacks in the financial industry. According to Sophos, a cybersecurity organization, such attacks have increased significantly in recent years, notably in financial industries. In 2023, 64% of financial institutions will encounter ransomware attacks, a significant increase from prior years. 

Read Also: China’s Largest Bank’s US Branch Suffers Ransomware LockBit Attack

Attacks in the sector grew from 55% in the 2022 report to 64% in this year’s study, nearly doubling the 34% reported in the 2021 report. Despite the increased attack rate, it remained lower than the sector average of 66%. 

According to the cybersecurity firm, several financial institutions are expanding their efforts to reduce cyber threats.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.

The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.


Understanding Bitcoin’s STH Cost Basis

The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:

  • Price Momentum: Indicates the health of recent buyer confidence.
  • Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.

At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.


The Role of the URPD Metric

Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:

1. Minimal Volume Below $88K

  • Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.

2. Vulnerability to Downside Pressure

  • A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.

Why $88K Is Critical for Bitcoin

1. Psychological Benchmark

  • Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.

2. Technical Relevance

  • The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.

3. Momentum Indicator

  • Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.

Potential Scenarios Based on $88K Level

1. Holding Above $88K

  • Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
  • Positive macroeconomic news or institutional support could bolster price stability.

2. Breaching $88K

  • A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
  • Traders may target $85,000 or lower as the next critical support zone.

Market Sentiment and Influences

1. Institutional Activity

  • Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.

2. Broader Economic Factors

  • Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.

3. Short-Term Trader Behavior

  • As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.

How Traders Can Respond

1. Monitor Key Levels

  • Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.

2. Set Stop Losses and Alerts

  • Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.

3. Consider Accumulation Opportunities

  • If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.

FAQs

1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.

2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.

3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.

4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.

5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.


Conclusion

The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.

Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































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