Major cryptocurrencies gaining back losses, Bitcoin below $40,000
Bitcoin down nearly 9% in last week, down almost 5.5% for month
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Cryptocurrency prices were regaining some of the losses from over the weekend, which saw Bitcoin dip below $40,000.
Early Monday, Bitcoin was trading at approximately $39,290 (+1.26%), while rivals Ethereum and Dogecoin were trading at $2,744 (+3.45%) and 13.96 cents (2.07%), respectively, Coindesk reported.
CURRENCY MARKETS NERVOUSLY EYE UKRAINE HEADLINES, TAKE HEART FROM POSSIBLE SUMMIT
Cyber thieves targeting crypto and traditional bank accounts stepped up their illegal activities last year, resulting in a significant increase in the number of reported SIM-card crimes.
The Federal Bureau of Investigation received more than 1,600 SIM-swap complaints in 2021, the agency said, resulting in estimated losses of as much as $68 million. In the three years prior, the FBI received a combined 320 complaints, totaling an estimated $12 million in losses, it said.
Cryptocurrency prices were regaining some of the losses from over the weekend which saw Bitcoin dip below $40,000. (iStock)
The jump is due in part to cyber thieves finding a way around the increased security of multifactor authentication protections that rely on a text message or code sent to a customer’s phone to confirm their identity.
In other cryptocurrency news, Coindesk Friday reported that Bitcoin fell 5.6% to a two-week low price of $39,661, while Ethereum dropped 6.3% to a two-week low price of $2,801.
Economists said Friday they were unsure how far cryptocurrencies could fall if there is a war between Russia and Ukraine.
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"A further escalation between Russia and Ukraine would keep risky assets under pressure," Capital Economics economists say. "But it is difficult to say how far they could fall."