Bitcoin Price Falls Below $4,000 for First Time Since September 2017

Siamak Masnavi

On Saturday (24 November 2018), Bitcoin's price dropped below the $4,000 support level for the first time since September 2017.

In fact, things are even worse than that. According to data from CryptoCompare, at 21:20 UTC, the Bitcoin price dropped to $3,978, and by 22:50 UTC, it had reached an even lower low at $3,761:

BTC One Day Chart For 25 Nov 2018.png

At press time (00:30 on 25 November 2018), BTC is trading at $3,825, down 13.56% in the past 24-hour period.

The other cryptocurrencies in the top 10 (except stablecoin Tether) are also suffering double-digit percentage losses for the same period, with XRP at $0.3632 (down 13.81%), Ether (ETH) at $112.54 (down 11.51%), EOS at $3.26 (down 12.60%), and Stellar (XLM) at $0.1508 (down 18.09%).

With so much recent negativity about Bitcoin in the mainstream financial media (one of the latest examples being Forbes, which declared on November 24th that "Bitcoin - Stick A Fork In It - It's Done"), perhaps it is not surprising to see the price of Bitcoin drop below $4K.

So, where to next for the Bitcoin price? Is the "Black Friday Sale" over? According to some experts, such as Anthony Pompliano (Founder & Partner at Morgan Creek Digital), we may not see the Bitcoin price bottom until we reach "true capitulation", but for many/most of those who are believers in the long-term fundamentals of Bitcoin, one bitcoin is still one bitcoin, and there is no reason to panic sell. 

In case you think that Pompliano is being overly bearish on Bitcoin, it is worth pointing out a tweet he sent out on November 21st (when the Bitcoin price was around $4,367):

 

Featured Image Credit: Photo via Unsplash.com

Rng Security Camera Hackers Start Demanding Bitcoin Payments From Victims

The owners of a Ring doorbell security camera in Texas have been targeted by a bitcoin extortion attempt, which they managed to thwart simply by removing the device’s batteries to shut it off. The case, nevertheless, shows Ring security camera hackers are now demanding cryptocurrency payments.

According to a report published by WFAA, spotted by Gizmodo, 28-year-old Tania Amador revealed her Ring security system was hacked by hackers looking to cash in on their access to the device, by demanding a ransom of 50 bitcoin, equivalent to around $360,000.

Speaking to WFAA Amador stated:

I was asleep and our Ring alarm was going off like an intruder had entered our home. Then we heard a voice coming from our camera.

The voice initially started claiming to be from Ring’s support team, notifying the homeowner her account had been terminated by a hacker. It soon added that if the didn’t pay the 50 bitcoin ransom, she would be terminated as well.

The situation appeared to turn worse for Amador and her partners, as the hackers managed to make it look like they were just outside her door after compromising the security camera, adding to the pressure of the situation. Their response was to reach the device and remove its batteries.

Without their batteries, the hijacked cameras simply went off and the bitcoin extortion attempt ended. Ring has notably been at the center of a controversy after various reports pf its doorbell cameras being hacked started emerging. A report by Motherboard showed that on hacking forums, software used to hack these devices is being sold for as little as $6.

This type of software is often sold on the dark web, where vendors even list Black Friday deals to appeal to their customers. Speaking to WFAA, a home security firm claimed that these security breaches were a result of third-party data breaches that include Ring account details, and not a security flaw within Ring’s security system itself.

Featured image via Unsplash.