Bonjour mes amis,I hope I find you all well and glad to have Monday out of the way!

The markets seem indecisive so far today, I wonder what they will look like at the end of the day?Regardless of what happens on the charts, we’ll keep you up to date with some spicy bitesize treats.

• BingChatGPT Honeypots; Not so Sweet!

• Bitcoin Hits 25k, Where Next?

• Hong Kong Crypto Plans Are Good to Go!

BingChatGPT Honeypots; Not So Sweet!

There are a lot of scmamers out there, so many in fact, that even the most secruity conscious of us can get tricked into losing our assets.

Word of warning; If you read that and thought, “not me, I’m too clever to be scammed”, you’ve already let your guard down. 

(Did you notice the deliberate typos? Easy to be tricked, isn’t it?)

Why the above warning, well there’s a new type of scam that’s running riot right now.According to Blockchain security outfit, PeckShield, there has been an explosion of tokens launched recently with names that suggest they are or are related to, AI projects which have been in the news lately.

Peckshield recently reported on multiple “BingChatGPT” tokens, most of which showed signatures of scam tokens, three of which appeared to them as part of “Honeypot” schemes.Honeypot scams themselves aren’t new, but they are sneaky. In short: 

• The scammer sets up a smart contract that has an obvious weakness and loads it with funds to entice the victim.

• The victim attempts to exploit the weakness (usually by sending a predetermined amount to the smark contract).

• A hidden trapdoor is activated by the victim's transfer, draining all funds back to the scammer.

Remember, folks, if it looks too good to be true…it probably is!

Bitcoin Bounces Around 25k, What Way Will It Break?

I’ll preface this by saying none of this is financial advice, always do your own research. This is just my take on things.Bitcoin has put in a 50% move to the upside since the beginning of the year and has found strong support at around $24,000.The $25,000 level seems to be offering very strong resistance, Bitcoin has been trying to break through it for the last 6 days but to no avail.I’m not going to tempt fate and talk about levels that it won’t go below again. Who knows what could be around the corner in the macro global economic arena?

On the daily Bitcoin chart (above), we can see the next levels of resistance on the way up (the blue lines).If we break $25k and flip it from resistance to support, there isn’t much in the way all the way up to a little over $28,500 (+14.5% from $25,000). This price has previously given strong support, as resistance, it might be tricky to get through it.Should we flip $28,500, the next port of call seems to be around $31,600 ish.Please understand, that while we can see levels of support and resistance on the charts, they may mean absolutely nothing or everything. 

Prior performance does not always indicate future action.

Hong Kong Crypto Plans, a Done Deal?

More regulation news, this time from the former British colony of Hong Kong.Now a Special Administrative area of China, Hong Kong plans to set itself up as a crypto stronghold.

The Securities and Futures Commission of Hong Kong (SFC) has called for public feedback on their new crypto exchange licensing proposals, which are due to come into force in June this year.The proposals require all centralized crypto trading platforms operating in Hong Kong to be licensed. The public consultation will be focussed on whether to allow licensed exchanges to provide services to retail investors and what is required to provide “robust investor protection measures.”SFC CEO Julia Leung shared this statement:“As has been our philosophy since 2018, our proposed requirements for virtual asset trading platforms include robust measures to protect investors, following the ‘same business, same risks, same rules’ principle.”This action comes as a direct response to the recent collapses of platforms like FTX, Leung cites ”investor protection” as her main concern.Regulation is essential if crypto is going to become mainstream and attract big players such as global banks and governments.Some countries just seem to be doing it better than others.

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Tuesday...done!

It's hump day tomorrow, the weekend will be in sight.

For now, there's always more on 

our website

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See you on soon!