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The Finnish Population Register Centre is coordinating a simulated ransomware cyberattack on more than 200 Finnish cities and public organizations.

On Nov. 22, Finnish news outlet Yle reported that participating cities and organizations are rehearsing how to respond when a group of hackers demands the participants pay ransomware during a series of simulated cyberattacks.

As part of the operation, 235 public organizations were faced with an activist hacker group that threatened to carry out cyberattacks unless it was paid a ransom fee in Bitcoin (BTC) by a certain date.

According to the organizers, the aim of the exercise is to strengthen the cities’ and organizations’ abilities to handle a cyber attack more effectively. The Population Register Centre, which operates under the Ministry of Finance, already organized two such practice days, with the third scheduled for next week.

Crypto-ransomware is still the most prominent cyber attack

In October, the European Union Agency for Law Enforcement Cooperation (Europol) released its 2019 Internet Organized Crime Threat Assessment (IOCTA) report, in which it painted a troublesome picture showing that cryptocurrency-ransomware remains the most prominent cyber attack that European cybercrime investigators are confronted with. According to Europol, cybercrime must be approached in a holistic sense, saying:

“Countering cybercrime is as much about its present forms as it is about future projections. New threats do not only arise from new technologies but, as is often demonstrated, come from known vulnerabilities in existing technologies.”

Ransomware attacks up 118%

In August, Cybersecurity company McAfee Labs released its August 2019 threat report, which noted a significant increase in ransomware attacks in Q1 2019. McAfee Labs explained that one of these ransomware campaigns used the Ryuk malware family, which broke out early on in the first quarter of 2019 and proceeded to halt newspaper printing in the United States.

Cointelegraph By Joeri Cant , 2019-11-22 22:30:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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