Jury Finds Mango Markets Exploiter Guilty After Hours of Deliberations
During the trial, Eisenberg’s defense team argued that their client is not a criminal.
Hong Kong Police Arrest 72 JPEX Exchange Rug pull Suspects
Hong Kong authorities have arrested at least 70 suspects in connection to the JPEX Exchange rug pull, a scandal that is turning out to be the city’s biggest financial fraud case to date. According to a recent report by local media South China Morning Post, the platform allegedly operated without a license and defrauded investors of over HK$1.6 billion. The case first came to light in September 2023 after Bitrace, a blockchain analytics firm, flagged JPEX exchange for potential rug pull activities. Since then, Hong Kong police has continued to arrest several people linked with the exchange. As of Thursday, however, Hong Kong police confirmed that the number of arrests have now hit 72. Among those arrested, so far, are prominent social media influencers and an internet celebrity who endorsed the exchange, in what is a common but yet deceptive use of public figures to lure unsuspecting investors. Hong Kong Intensifies Efforts to Combat Rug Pulls The term ‘rug pull’ refers to a scenario where developers abruptly abandon a project, making away with investors’ funds and leaving them with worthless assets. This type of scam has become so rampant that it led to the loss of over $2.8 billion worth of cryptocurrency in 2021 alone. However, just as rug pulls continue to ravage the crypto industry, regulatory bodies and law enforcement agencies are also stepping up their efforts to protect investors. Hong Kong, for instance, has tightened its regulatory framework for digital assets. Now, virtual asset trading platforms must be licensed by the Securities and Futures Commission (SFC) to operate in the region. Despite these efforts by global regulators, it might be important to note that investors also have a role to play to avoid falling victim to these scams. According to experts, they must carry out due diligence before putting their funds into any DeFi project. That includes evaluating smart contract codes and audits, background history checks, and generally maintaining a healthy level of skepticism towards projects, especially those promising unusually high returns. The JPEX Exchange scandal once again highlights the risks associated with crypto. However, the swift and decisive action taken by Hong Kong authorities in the case is a positive step towards deterring similar frauds that may want to occur in the future.
15 Best Cryptocurrency Day Trading Strategies
Cryptocurrencies are digital assets on a special online network called a blockchain. They’re the hot new thing in finance, and their prices can swing wildly up one minute, and down the next. Cryptocurrency day trading involves buying and selling cryptocurrencies within the same trading day. The process of day trading requires time, knowledge, discipline, reliable strategies, effort, and a healthy dose of risk tolerance. However, it could be the secret to increasing your portfolio if you’re excited by the challenge and love learning new things. Key Takeaways Crypto Day Trading 101 Cryptocurrency day trading is an exciting and fast-paced endeavour that involves buying and selling digital assets within the same trading day. Unlike long-term investing, day trading focuses on short timeframes. Traders aim to capitalize on intraday price fluctuations. They rely on technical indicators, chart patterns, and market data to make informed decisions. Day trading involves risk, and managing it effectively is essential. The following are the benefits of day trading: Here are some drawbacks of crypto day trading: “Around 95% of day traders lose money, with some sources suggesting even higher failure rates in the crypto market due to its volatility.” How to Choose Cryptocurrencies for Day Trading Not all cryptos are created equal, especially when it comes to day trading. So, what makes a good day trading crypto? Factors Determining Crypto Price Movements Beyond mere speculation, various elements shape the prices of cryptocurrencies. Understanding what these factors are and how they work is necessary for anyone looking to begin day trading. How to Choose Crypto for Day Trading “Successful day trading requires significant dedication. Studies suggest that 40% of day traders only trade for a month, and only 7% remain after five years.” 16 Best Cryptocurrency Day Trading Strategies When it comes to crypto day trading, having a solid strategy is essential. It is in your best interest to stick to tried-and-true approaches that can help you maximize your gains and minimize risks. Note, however, that while these strategies can be powerful, they also come with risks. Always practice risk management and adapt your approach based on market conditions. 1. Scalping Scalping involves rapid-fire trades to profit from small price fluctuations. Traders execute numerous transactions within minutes or even seconds. The goal is to capture tiny price differentials. While individual gains may seem insignificant, they accumulate over multiple trades. To succeed in scalping, set tight stop-loss orders, closely monitor the market, and be prepared for swift decision-making. 2. Momentum Trading Momentum trading revolves around riding price trends. Traders identify strong upward or downward momentum and jump into trades accordingly. The key is to enter when momentum confirms a trend and exit before it reverses. Moving averages, the Moving Average Convergence Divergence (MACD), and the Relative Strength Index (RSI) help gauge momentum. Be cautious, as momentum can fizzle out unexpectedly. 3. Arbitrage Trading Arbitrage seeks to exploit price discrepancies between different exchanges. Traders spot coins trading at lower prices on one exchange and higher prices on another. By buying low and selling high, they pocket the difference. However, market inefficiencies can close gaps rapidly. Automated bots excel at arbitrage due to their speed. 4. Reversal Trading Reversal trading is all about trying to anticipate when a price trend is about to reverse. This strategy capitalizes on price reversals after significant moves. Traders look for overbought or oversold conditions. When the trend shows signs of reversing, they enter positions. Reversals can be tricky, so use indicators like the RSI, stochastic oscillators, and candlestick patterns for confirmation. 5. High-Frequency Trading (HFT) HFT involves ultra-fast, automated trades. Algorithms execute thousands of transactions per second. HFT relies on high liquidity and tight spreads. However, technical glitches or sudden market shifts can lead to losses. While lucrative, HFT requires serious programming skills and significant capital, making it more suited for tech-savvy traders. Typically, institutional traders use HFT strategies. 6. Breakout Trading Breakout trading targets price movements after a breakout from support or resistance levels. Traders wait for significant price breaks and then trade in the breakout direction. Be cautious of false breakouts. Volume and price action validate genuine breakouts. 7. Range Trading This strategy capitalizes on the predictable price movements within a specific range. Range trading occurs within specific price channels. Traders identify support and resistance levels. They buy near support and sell near resistance. Patience is crucial, as sideways markets can be challenging. Wait for clear signals within the range. 8. Technical Indicators Technical indicators are mathematical formulas that analyze price charts and historical data to generate trade signals. They provide insights into market conditions. The Relative Strength Index (RSI) measures overbought or oversold conditions. The Money Flow Index (MFI) gauges buying and selling pressure. Moving averages smooth out price data to identify trends. Bollinger bands depict volatility by visually highlighting price movements relative to a standard deviation from a moving average. The Moving Average Convergence Divergence (MACD) indicator combines two moving averages and a MACD histogram to identify trend strength and potential reversals. Finally, a stochastic oscillator measures price momentum by comparing the closing price to the price range over a specific period. 9. Volatility Trading This strategy focuses on profiting from the frequent price swings inherent in volatile crypto markets. Volatility trading thrives on price fluctuations. Choose assets with significant swings. Leverage options or futures to capitalize on volatility. Set stop-loss orders to limit downside risk. 10. Moving Average Crossovers Moving average crossovers use two moving averages (short-term and long-term) to identify trend changes. They are like the bread and butter of technical analysis—they’re simple, they’re effective, and they’re so satisfying when they work. When the short-term average crosses above the long-term average, it signals a potential uptrend, and vice versa. Pay attention to crossovers for timely entries and exits. 11. Relative Strength Index (RSI) The RSI measures the strength and speed of price movements. It ranges from 0 to 100. An RSI above 70 indicates overbought conditions (potential reversal), while an RSI below 30 suggests oversold conditions (potential bounce).
JPMorgan Set to Incorporate AI into All Banking Processes
JPMorgan Chase & Co. is so keen on artificial intelligence (AI) that the bank is currently investing heavily in the technology. That is according to recent commentaries from the bank’s CEO Jamie Dimon. Speaking in a new season of the Bloomberg Originals series “The Circuit,” Dimon shared that JPMorgan is seeking to expand AI across all banking operations, including trading, equity hedging, and customer service. For what it’s worth, Jamie Dimon has been vocal about the transformative potential of AI, referencing major historical breakthroughs such as the steam engine and the internet. However, the bank’s aggressive investment in AI signals its ambition to not just hop on an ongoing trend, but be at the very forefront of the digital banking revolution. JPMorgan Hints at ChatJPM During the interview, Dimon shared one of the most anticipated AI developments as far as JPMorgan is concerned. He revealed that the bank is working on an advanced AI chatbot “ChatJPM,” which is designed to assist customers with long-term financial planning. According to him, the technology leverages natural language processing and machine learning algorithms to provide personalized recommendations. That is, from using user data and historical successes, the technology could mirror the expertise of a seasoned financial advisor. Meanwhile, despite JPMorgan’s resolve to incorporate AI technology into virtually all aspects of its business operations, there is a little setback. The bank is fully aware of the implications AI has on the workforce. To this end, the bank is implementing upskilling programs to ensure that employees remain relevant in an increasingly digital environment. Essentially, JPMorgan would attempt to use these initiatives to boost productivity and employee satisfaction while also mitigating the impact of job displacement. More Revenues It’s worth noting that JPMorgan’s AI journey may already be bearing good dividends. According to Dimon, over 400 AI use cases have been identified that promise to revolutionize areas such as fraud detection, risk management, and customer service. These applications are not only improving operational efficiency but are also unlocking new revenue streams, further showing the immense benefits of AI in banking. As JPMorgan continues to push the boundaries of what’s possible with AI, the world waits in full anticipation of what the future of banking holds.
