Crypto: $50M Loss, BTC Bottom Warning
Crypto Market Not Fearful Enough for Bottom: Santiment
Cryptocurrency traders are displaying insufficient fear across social media platforms to signal a true market bottom, according to insights from a leading crypto analytics firm. Santiment founder Maksim Balashevich noted in a recent YouTube video that while Bitcoin’s price hovers around $88,350, there’s still notable optimism online suggesting the downtrend might soon reverse. This level of confidence is atypical for genuine market lows. He anticipates Bitcoin could potentially drop further to approximately $75,000, representing about a 14.77% decline from current levels, as per data from CoinMarketCap.
Bitcoin Outshines Gold as Long-Term Store of Value: Analyst
A prominent Bitcoin advocate and market analyst, Matthew Kratter, cautions holders against exchanging their BTC for gold, despite the precious metal reaching record highs above $4,300 per ounce. Kratter emphasizes Bitcoin’s superior monetary attributes, such as its strictly limited supply of 21 million coins, enhanced portability, divisibility to nine decimal places, and straightforward verifiability. In contrast, he points out that gold’s supply has been expanding by 1-2% annually for decades or even centuries, causing its total stock to double roughly every 47 years. These factors position Bitcoin as a more robust long-term store of value, even as BTC trades below $90,000 and faces the risk of losing all 2025 gains, while gold surges over 67% in the past year.
Bitcoin’s price performance, illustrated in orange, compared to gold’s traditional price candles. Source: TradingView
$50M USDT Loss from Copy-Paste Error in Address Poisoning Scam
In one of the most substantial on-chain losses of the year, a user suffered a devastating setback by transferring nearly $50 million in USDT due to a simple copy-paste blunder involving a tainted wallet address. On-chain security firm Web3 Antivirus reported that the victim lost 49,999,950 USDT after inadvertently selecting a malicious address from their transaction history. These address poisoning attacks work by scammers sending tiny amounts from addresses that closely mimic legitimate ones, polluting the victim’s history. Later, when copying an address for a large transfer, users might accidentally pick the fraudulent one. Data reveals the victim first executed a small test transaction to the legitimate recipient, but shortly afterward dispatched the entire $50 million to the scammer’s lookalike address.
User falls victim to address poisoning scam. Source: Web3 Antivirus
The cryptocurrency market continues to grapple with volatility, as participants await clearer signals of a bottom amid ongoing Bitcoin price pressures and heightened scam risks. Key stories today highlight persistent trader optimism, Bitcoin’s edge over traditional assets like gold, and the critical need for vigilance in transaction handling to avoid massive losses from common errors.
