McDonald's Instagram promotes a rug-pull.

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious till $62,400 is broken 🙏 

• Bitcoin closed the week just below $60,000.

• The 200 Daily Moving Average at $62,400 is now a crucial level to monitor for Bitcoin.

• A rejection from $62,400 with a weekly close below $57,000 would be bearish.

• A breakout from $62,400 with a weekly close above $63,000 would be bullish.

• It is wise to not take any new leveraged positions till this moving average is flipped and prices break the 200 day moving average.

• So far, BTC has been rejecting this level consistently, showing some weakness in price action.

Crypto Hackers Breach McDonald’s Instagram ⚡️ 

Just another day in the wild west of crypto!

Yesterday, crypto hackers who identified themselves as “ndia X Kr3 winfiltrated McDonald’s official Instagram account and executed a rug pull that siphoned over $700,000

They used McDonald’s Instagram to promote a fake meme coin, stealing over $700,000 in a rug pull.

Guillaume Huin, McDonald’s Senior Marketing Director, also seemed to have his social media accounts breached

The GRIMACE token quickly surged to a $25 million market-cap before crashing. The hackers owned 75% of the GRIMACE supply.

The crypto world has lost over $1.19 billion from hacks and scams in just the first seven months of 2024.

Malaysia Destroys Illegal BTC Mining Rigs 🙏 

Malaysian authorities destroyed 985 bitcoin mining machines valued at $452,500 in a crackdown on power theft.

The rigs, seized during operations from 2022 to April 2024, were crushed by a steamroller following a court order.

Last week, seven individuals were arrested for bitcoin mining linked to electricity theft.

As per sources, Malaysian crypto miners have stolen ~$777 million worth of power between 2018 and 2023

📕 Educational

Will BTC soon mean-revert?

The total stable-coin market cap has reached an all-time high of $165 billion. Will BTC prices follow soon?

Historically, there's been a strong positive correlation between the #Stablecoin market cap and Bitcoin prices.

Over the past 365 days, this correlation stood at +0.92, indicating that whenever the stable-coin market cap has increased, BTC prices typically followed suit.

However, in the last 90 days, this correlation has flipped to -0.42. Despite the market cap of USDT (proxy for the stable-coin market) rising from $110 billion to $117 billion during this period, BTC prices have dropped by over 16%.

Given this historical relationship, a mean reversion could be expected, suggesting that BTC prices might soon rebound to realign with the traditional correlation levels.

📊 Resource of the day

📈 Chart of the day

• Confirmed support at re-test of $9.4

• Made a higher high after confirming support

• Broke the 20 D moving average

• RSI & Stochastics in buy-zone

• This is a good DCA level for Link for a spot buy.

• Source : Cointraction

🤣Meme of the day

Accurate 😂 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.