Bitcoin Price Today Slips as a Wave of Investor Angst Saps Global Markets

The gloom enveloping global markets pushed cryptocurrencies including Bitcoin price lower today.

| Updated on: Sep 28 2022, 11:22 IST
This malicious Firefox add-on stole thousands of dollars in cryptocurrency
1/6 A particular malicious add-on for Firefox, that goes by the name Safepal Wallet, has managed to scam users by stealing money from them and managed to live on the Mozilla add-ons store for seven months before getting detected and removed. (Pixabay)
image caption
2/6 Safepal is essentially a cryptocurrency wallet application that is capable of holding more than 10,000 types of assets, including Ethereum, Bitcoin, Litecoin, etc. However, Safepal is an official smartphone app that is available for Apple and Android both. There are no known “authentic” Safepal browser extensions. (BleepingComputer)
image caption
3/6 According to a post shared by a user who goes by the name Cali on the Mozilla Support forum, within a few hours of installing and logging in to the Safepal Wallet extension with their real Safepal credentials, they saw their wallet balance drop to $0 from $4,000.  (Mozilla Support Forum )
image caption
4/6 While investigating Safepal Wallet, BleepingComputer came across the phishing domain used by the add-on and this webpage was also listed as the "support site" link on the fake add-on's home page: WHOIS records indicate the this phishing site was registered in January this year via Namecheap. And BleepingComputer reported that at the time of them filing this report, the webpage is still live and it instructs people to key in their "12-word Backup Phrase in the correct order to pair your SafePal Wallet". (BleepingComputer )
image caption
5/6 Once the recovery phrase is entered and the form is submitted, the page refreshes without any noticeable response and the recovery phrase is sent to the attacker. A stolen recovery phrase can give attackers control over your wallet along with the ability to access and transfer funds. (Pixabay)
image caption
6/6 Five days after Cali publicly reported the incident, a Mozilla spokesperson responded to say that they were investigating the issue and the page for Safepal Wallet has since been removed by Mozilla. The Mozilla add-ons store now has one-star reviews posted by some users that are warning others to not download “Safepal Wallet”. (BleepingComputer )
View all Images
Cryptocurrencies like Bitcoin suffered another fall amid global market slowdown.  (REUTERS)

The gloom enveloping global markets pushed cryptocurrencies including Bitcoin price lower on today.

The largest token fell as much as 3.1% to a near one-week low and was trading around $18,700 as of 12:45 p.m. in Tokyo. Ether and most other major coins also posted losses.

Stocks, bonds and commodities are swooning under a noxious mix of sharp interest-rate hikes, high inflation and a dim economic outlook. A dollar gauge is at a record amid demand for a haven from the maelstrom.

If there's any consolation for crypto investors, it's that other assets are breaching major markers whereas Bitcoin is still roughly 6% above June lows.

For instance, Asian stocks are at levels last seen during the pandemic's onset, the US 10-year Treasury yield hit 4% for the first time since 2010 and the pound is around a record low against the greenback.

Conversely, if crypto takes out the June floor, that could sour sentiment not just for digital tokens but riskier investments more generally.

“You want to talk about Bitcoin, you want to talk about Netflix stock or you want to talk about the British pound?” Jack Mallers, founder of Bitcoin money-transfer startup Strike, said on Bloomberg Television. The macro environment “is a little bit of a mess” but he contended that Bitcoin has time on its side given its fixed supply.

The MVIS CryptoCompare Digital Assets 100 Index has plunged 60% this year in a crypto rout that toppled brokers, lenders and a major hedge fund focused on the sector. Bitcoin has shed some $50,000 since its peak in November 2021.

Still, the fact the cryptocurrency is holding above its June low, despite the intense pressure on world markets, is leading to some speculation that its currently tight correlation with stocks could shift.

“Followers of the ecosystem have been excited to see correlations with risk-assets begin to break, meaning the ‘fast-money' speculative crowd may be losing their influence on the space,” said Stephane Ouellette, chief executive of FRNT Financial Inc.

Follow HT Tech for the latest tech news and reviews , also keep up with us on Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 28 Sep, 11:22 IST
keep up with tech