KEY BITCOIN TAKEAWAYS
- Bitcoin formed a bearish cross earlier this week as it underwent a major sell-off.
- But the cryptocurrency counterbalanced fears of a further downside correction after the Federal Reserve’s policy update.
- The US central bank announced that it would keep near-zero interest rates steady.
Earlier this week, a death cross formed on the Bitcoin charts, threatening to extend the benchmark cryptocurrency’s decline as it corrected lower after setting up a record high above $61,000 last week.
But a policy update from Federal Reserve late Wednesday reversed Bitcoin’s interim bearish bias. About 18 of the US central bank governors said they expect to hold its short-term interest rates near zero through 2023. Meanwhile, seven anticipated that they would hike lending rates in 2022 or 2023, up from five in December.
BITCOIN RETESTS $60,000
If there is no path to verification, then I'm considering leaving Twitter. It seems to be the only way to resolve the impersonation issues. I'm disappointed with @Twitter they just don't seem to care about fraud, scams, and impersonation.
— Charles Hoskinson (@IOHK_Charles) March 16, 2021
Charles Hoskinson is only disappointed regarding giveaway scams
The CEO of IOG further elaborated how these cunning culprits make a fake account and then proceed to get a blue tick mark, signifying verified official accounts, to fool the gullible public. Pretending to be some well-established personality of the crypto-space, like Elon Musk, Vitalik Buterin, Adam Back or Charles Hoskinson, they first draw from the safety of their screens out believable giveaway announcements. Under the pretence of ‘the more you invest, the larger amount you’ll get in return, get the unaware responder to transfer their crypto to some foreign address as ‘profitable investment’ and then vanish.
Charles Hoskinson believes such scams could have easily been avoided had the major social media platforms taken steps to ensure a dependable verification process. The blunt responsibility of the fact that today anyone can get a blue tick by following just a few steps wholly falls on the ignorance of these platforms.
Immediate Actions Required on hacks and scams
The existence of several Twitter hacks, and giveaway scams via accounts verifying Barack Obama, Bill Gates, and Joe Biden conducted at the national scale undoubtedly point that Twitter was aware of such issues, yet it chose to overlook them. The Colorado-based technology entrepreneur further added, since no action is being taken to resolve the issue to him, leaving Twitter seems like the only reasonable option. He then contemplates leaving all the social media platforms, enabling them to rule out the rest of the accounts claiming to be him as fake.