10x Research sees Market Tipping Point; Trust Wallet Alerts iPhone Users; Fiji Bank Warns Against Crypto
Summary:
Markus Thielen of 10x Research warns of a significant price correction for stock and crypto markets. Trust Wallet advises Apple iPhone users to disable iMessage due to a possible zero-day exploit that could compromise mobile cryptocurrency wallets. The Reserve Bank of Fiji (RBF) issues a warning against using cryptocurrencies for payments or investments, aligning with the International Monetary Fund (IMF)'s advice on the risks related to cryptocurrencies.
Markus Thielen, the man behind 10x Research, has given a pessimistic prediction for the future of risk assets and reports dumping all tech stocks belonging to his firm as expectations turn gloomy. Toddling on a similar path, Trust Wallet is reportedly advising Apple iPhone users to deactivate iMessage in defense against a potential zero-day exploit. In the same light, the central bank in Fiji has voiced its concerns on utilizing cryptocurrencies for investments or payments.
Markus Thielen, the spearhead of 10x Research, suggests a heavy downward correction in the stock and cryptocurrency markets might be upon us as they approach a critical turning point. He reports that the company offloaded all its stocks 'the previous night', pointing towards consistent inflation, dwindling rate cuts, and a surging bond yield as the factors for his bleak forecast. In a research note dated April 16, he stated that the key trigger has been the unforeseen and constant inflation. He believes that the turning point for risk assets might be here as bond markets foretell less than three cuts and 10-year Treasury Yields exceed 4.50%. This gloomy research note followed the 9.3% price drop of Bitcoin, whose price currently hovers above $63,400 as of 9:15 am UTC according to CoinMarketCap data.
Trust Wallet, a provider of Crypto Wallets advised its Apple users to turn off iMessage based on what they called 'reliable intelligence' indicating a zero-day exploit potentially making iPhones vulnerable to hackers. The company emphasized that crypto wallets on iPhones with activated iMessage are exposed to risks where hackers can commandeer the device without the user's knowledge. The wallet's CEO, Eowyn Chen, shared a screenshot of an onion link marketing the iMessage exploit at a whopping $2 million.
However, crypto industry experts cast doubt on Trust Wallet's warning, with Beau, the safety leader of Pudgy Penguin, criticizing it as 'ridiculous', dismissing the 'reliable intelligence' as a mere screenshot of someone claiming to possess an exploit. Notably, Apple, in a bid to fix two iOS zero-day vulnerabilities that were used in attacks on iPhones last month, released emergency security updates on March 26. Moreover, Kaspersky's security researchers have repeatedly highlighted that the company's iMessage app has previously been exploited by hackers.
Moving to the Pacific, The Reserve Bank of Fiji (RBF), Fiji’s central bank, has issued a warning against using cryptocurrencies for payments or investments. The warning and threat of criminal charges against investing in overseas cryptocurrencies using funds from the country appear as a departure from their prime minister's previous stance on digital assets. With a surge in crypto advertisements in the country, the central bank's stern approach seems justified.
The bank, in a statement, acknowledged that there is evidence of individuals or entities promoting cryptocurrency investment schemes in Fiji, particularly on several social media platforms. While there are currently no licensed individuals or entities providing crypto investments in the country, expectations were optimistic after the country's prime minister, Sitiveni Rabuka, seemingly endorsing Bitcoin in December 2022, came into power.
The strict prohibition on cryptocurrencies introduced by the RBF aligns with the advice offered by the International Monetary Fund (IMF) on the topic. In February, the IMF warned the nations of the Pacific Island about the macroeconomic risks carried by cryptocurrencies and their inefficiency as a mode of payment. The article aptly reminds the readership that all investment and trade maneuvers involve inherent risks and encourages everyone to conduct their thorough research before making any decisions. Geraint Price, Sam Bourgi, and Felix Ng contributed additional reporting.
Published At
4/16/2024 3:31:26 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.