Crypto Scoop: Bitcoin Struggles In A Sea Of Red!

As the month of September draws closer to a close, here are the highlights of this week’s crypto scoop:

• Bitcoin Struggles in a sea of red
• Crypto holders Sue Apple over Fake Wallet Scams
• Twitter launches new exciting crypto features

Bitcoin Struggles in a Sea of Red

The month of September has indeed held a lot of uncertainties when it comes to predicting price fluctuations. Bitcoin had begun the month on a bullish run but soon fell into a red streak. However, bitcoin was soon able to bounce back, even closing in on $50,000. Yet again, the bearish tide seems to have returned, drowning bitcoin in its wake. However, this may be traced to the crypto crackdown from China on mining. Bitcoin price had experienced a decline bringing it as low as $41k. 

Crypto analysts remain positive as it allows crypto enthusiasts to “buy the dip,”  just as El Salvador had done when it adopted bitcoin as a legal tender. It is unclear whether the next significant price fluctuations would be bearish or bullish. Yet, Crypto exchange, Deribit reports that Bitcoin is most likely to rally after September options expire, according to its Twitter poll. With crypto adoption policies and projects being undertaken across the globe, one can only look forward to more breakthroughs for bitcoin.

Crypto holders sue Apple over Fake Wallet scams.

A lawsuit has been put forth alleging Apple of being responsible for a fake wallet app that was used to cheat its customers of over $5million in crypto trading. The plaintiff, Hadona Diep, accused Apple of “authorizing a malicious application” that cost Diep 474 XRP tokens worth about $507. The phishing app, Toast Plus a dubious replicant of the legitimate app Toast Wallet, was used to steal the seed phase and tokens contained in the fake wallet of Diep. Diep, a full-time cyber-security IT professional, notes that hundreds or even thousands of users were victims of the App, and over $5 million in cryptocurrency was stolen. 

Apple adopts a “walled garden” approach to safeguard its users from downloading scams and viruses. The “wall garden approach” is also a concern for Diep, who questioned Apple for its “near-monopolistic application market.” Diep noted that Apple needed to “ take reasonable precautions to ensure that the goods it provides are reasonably safe and secure.” Scammers are taking on sophisticated tactics to defraud crypto users by creating dubious apps. It is crucial for crypto users to be extra cautious in safeguarding their crypto assets.

Read also: How To Keep Your Crypto Assets Secure

Twitter launches new exciting crypto features

Twitter launched Tip, which went live on iOS immediately. Tips allow Apple Twitter users to connect third-party tipping services to their profile directly on social media. Users would be able to link both their bitcoin addresses and Lightning Network addresses to their profile on social media. Individuals or fans who wish to support a person can easily tap on the tip icon and send funds through the third payment service or platform included. 

That is not all! Twitter would be introducing a non-fungible token (NFT) feature to its social media platform. The launch time for the NFT feature was not announced,, but it is an evolutionary initiative to promote the trend for unique arts and collections. It is expected that the Tips feature will be rolled out on Android systems soonest. However, there was no mention of if the functionality would extend to Twitter web. Different payment options and tipping services would be made available and Twitter “won’t take a percentage of the tipping proceed.” Crawford speaking on behalf of Twitter notes, “ Bitcoin represents one of the best options. We know not everyone around the world transacts with bitcoin yet, but we think it’s one of the better solutions.” These initiative of Twitter is anticipated to foster crypto adoption across the globe. 

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