KEYTAKEAWAYS
- Police warn of rise in SMS scams targeting crypto users
- Matrixport: Overall market leverage levels remain low
- Decrease in on-chain transaction volume since mid-January
CONTENT
POLICE WARN OF RISE IN SMS SCAMS TARGETING CRYPTO USERS
The Cyber Crime Department of the Cyprus Police warned on Tuesday that the number of SMS scams targeting cryptocurrency investors has surged. The alert showed that scammers are impersonating Binance employees and tricking users into revealing their login credentials. Once these details are obtained, scammers can access accounts and steal funds.
These scam messages usually appear to come from legitimate sources, claiming unauthorized login attempts from foreign locations. The recipient is then asked to call a phone number to resolve the issue, which could lead to the leakage of login credentials.
Analysis:
With the growth of the cryptocurrency market, such scams are likely to become more varied and harder to detect. Investors should stay vigilant and take security precautions to protect their assets. For example, avoid clicking on links in unfamiliar SMS messages, especially those that seem to demand immediate action.
MATRIXPORT: OVERALL MARKET LEVERAGE LEVELS REMAIN LOW
Matrixport released an analysis highlighting an important trend in the current crypto market: leverage levels are relatively low this time around, and traders are more confident but cautious. Compared to the previous bull market, even though there have been liquidations of up to $600 million in Bitcoin and Ethereum, the market has reacted more calmly, with prices not experiencing large drops.
Analysis:
Low leverage means that traders are not over-borrowing, making the market less susceptible to large-scale liquidations. In the last bull market, leveraged trading led to frequent and sharp price swings, especially during liquidations. However, market participants today are more rational and have avoided large leverage risks.
DECREASE IN ON-CHAIN TRANSACTION VOLUME SINCE MID-JANUARY
According to data from DefiLlama, the weekly on-chain transaction volume has been shrinking since mid-January, falling from $173 billion to around $90 billion last week. Solana saw the biggest drop in weekly transaction volume during this period.
From January 11 to 17, DEX trading volume hit a record high of $173 billion per week, with Solana being the main driver, contributing over $97 billion in on-chain activity.
Analysis:
Over time, the hype around meme tokens has cooled, especially when they lack real utility or technological backing. When the market lacks significant news or updates, interest in meme tokens drops, which directly affects Solana’s transaction volume.
