TLDR

• Crypto scammers have targeted Trezor and Ledger users with fraudulent letters aimed at stealing recovery phrases.
• The fake letters include QR codes that lead users to phishing websites designed to steal sensitive wallet information.
• Cybersecurity expert Dmitry Smilyanets was among the first to report the phishing scam involving Trezor.
• Ledger and Trezor never ask users to share recovery phrases through emails, physical mail, or websites.
• These phishing attempts are part of ongoing scams exploiting data breaches from 2020 and 2024.

Users of cryptocurrency hardware wallets, including Ledger and Trezor, have again reported receiving fraudulent letters aimed at stealing their recovery seed phrases. These scams have been ongoing for several years, fueled by leaks from major data breaches. The latest wave of attacks, targeting wallet owners, involves fake letters with QR codes that lead victims to phishing websites.

Scammers Use Holograms and Fake Letters to Lure Victims

Cybersecurity expert Dmitry Smilyanets was among the first to report the latest scam, receiving a letter from Trezor on February 13. The letter, which warns users to complete an “Authentication Check” by February 15, contains a fake hologram and a QR code. Smilyanets shared that the QR code leads to a fraudulent website that mimics official Trezor and Ledger setup pages.

The letter claims to be signed by Matěj Žák, who is actually the CEO of Trezor, but the letter falsely attributes this to Ledger. The scam urges users to act quickly, creating a sense of urgency that often leads to poor decisions. This type of social engineering tactic is common in phishing attacks designed to steal sensitive information.

Ledger Users Targeted with Similar Phishing Tactics

This scam isn’t new for Ledger users. In October of 2022, a Ledger user reported receiving a similar letter, which instructed them to complete a “Transaction Check” process. Like the Trezor phishing attempt, the letter included a QR code that led victims to a fraudulent site designed to steal wallet recovery phrases.

Legitimate hardware wallet providers like Ledger and Trezor never ask users to share their recovery phrases via email, phone, or physical mail. Both companies have repeatedly warned users against entering sensitive information on suspicious websites or following unsolicited communication. Despite these warnings, phishing scams continue to adapt and evolve, successfully tricking some users into revealing their private details.

Phishing Websites Harvest Recovery Phrases for Theft

Upon scanning the malicious QR code, users are directed to a fake site where they are prompted to enter their wallet recovery phrases. Once entered, the recovery phrase is transmitted to the attackers, who can then steal the user’s funds. The scam’s clever design tricks even experienced users into entering critical information.

Legitimate wallets never request recovery phrases over the internet or through any communication channels outside of the user’s direct control. The rise of these scams highlights the importance of vigilance among cryptocurrency users, particularly during times of heightened anxiety such as market downturns.

These phishing attempts are part of a broader trend, with data breaches from 2020 and 2024 leading to the exposure of customer information. Trezor’s January 2024 breach, which leaked nearly 66,000 customer details, illustrates the ongoing challenges users face in protecting their assets. Despite security measures, opportunistic attacks are frequent and sophisticated, making it more important than ever to remain cautious and informed.

Scammers Continue to Exploit User Vulnerabilities

Cybersecurity experts have warned that scammers will likely continue to exploit vulnerabilities in the cryptocurrency ecosystem. Deddy Lavid, CEO of cybersecurity firm Cyvers, explained that scams tend to evolve, especially in times of market instability. While scams may slow in times of low market speculation, fear-based tactics, such as fake compliance alerts, become more effective.

Crypto hardware wallet users are encouraged to report any suspicious communications immediately and verify the authenticity of any requests they receive. Both Ledger and Trezor have detailed security guidelines on their websites to help users recognize potential scams.

PI has returned to the top 50 alts by market cap, while M has exploded by double digits.

Bitcoin was stopped once again at the coveted $70,000 resistance yesterday, and the asset slipped by over two grand in the following hours, currently struggling below $68,000.

Most larger-cap alts have continued their sluggish business week performance, with XRP well below $1.50 and DOGE dipping below $0.10.

BTC Below $68K Again

The primary cryptocurrency reacted well to the price drop on February 6 when it plunged to its lowest position since October 2024 at $60,000. After losing $30,000 in just over a week, the asset went on the offensive and almost immediately rocketed to $72,000.

It faced resistance at that point and spent the following days trading between $68,000 and $72,000. The lower boundary gave in last Friday, but the bulls quickly intercepted the move and didn’t allow further declines.

Just the opposite; BTC started to recover some ground over the weekend and neared $71,000 on a couple of occasions. It couldn’t continue north, though, and the subsequent rejections pushed it south to under $68,000 yesterday after another unsuccessful breakout attempt.

Bitcoin continues to trade below that level as of press time, with its market cap declining further to $1.355 trillion on CG. Its dominance over the alts has also been hit and is now below 56.5%.

PI Back in Top 50

Ethereum has failed at reclaiming the $2,000 resistance after another minor daily decline. XRP has lost the $1.50 support following a 2.3% drop since yesterday. The OG meme coin is beneath $0.10 as it nearly erased all gains posted during the weekend. SOL, ADA, HYPE, and LINK are also slightly in the red, while BNB and TRX have posted insignificant gains.

Pi Network’s native token has turned green daily, jumping to almost $0.18. Recall that the asset went through a wild ride in the past week, from an all-time low of $0.1312 to a local peak of over $0.20 before it settled now. Nevertheless, it has returned to the top 50 alts by market cap as its own is at $1.6 billion.

The other big gainers from the top 100 alts are STABLE (15%), M (14%), and NEXO (8%). The total crypto market cap, though, has slipped back down to $2.4 trillion on CG.

The market is increasingly turning against the US dollar, with short positions at their highest level since January 2012, according to Bank of America’s foreign exchange and rates sentiment survey.

This shift in sentiment comes as the US Dollar Index, which tracks the value of the greenback against a weighted basket of six major currencies, has declined 1.3% year to date.

Sponsored

Record Bearish Positioning Reflects Deep Skepticism About the Dollar 

The latest Bank of America survey finds dollar positioning in February reached its most negative level in more than 14 years. Moreover, overall dollar exposure has fallen below the lows of April 2025, signaling continued loss of confidence among fund managers.

Despite efforts to restore confidence in the Federal Reserve, skepticism remains. President Trump’s January 2026 nomination of Kevin Warsh as Fed Chair aimed to reassure investors in US monetary policy. Nevertheless, this move has not lifted dollar demand.

“Survey respondents see further signs of US labor market weakness as the main risk for a lower dollar,” WSJ reported.

Meanwhile, the bearish sentiment comes amid a substantial slide in the US Dollar Index. In 2025, the index fell 9.4%, with declines continuing this year.

On January 27, DXY fell to 95.5, its lowest level since February 2022. At the time of writing, DXY recovered to reach 97.08.

Sponsored

DXY at Crossroads as Traders Debate Breakdown Versus Bottom 

Market analysts are increasingly pointing to technical signals that point to further downside for the US dollar. Trader Donny forecasted that the index could decline below the 96 level.

“I’m seeing another bearish leg forming on the DXY,” he wrote.

Other analysts are looking even further out. The Long Investor highlighted longer-term charts that, in his view, outline a much deeper structural decline. He suggested that bearish targets could extend into the 52–60 range over the 2030s.

Sponsored

The Bitcoin vs. gold debate has heated up over the past few months as investors reassess inflation risks and the future direction of monetary policy. 

Yet according to one market strategist, the divide now extends beyond portfolio hedging. In his view, it reflects something far larger: a wager on the trajectory of the American economy itself.

Sponsored

Sponsored

Bitcoin vs Gold: Two Assets, Two Visions of America’s Path 

In a recent post, James E. Thorne, Chief Market Strategist at Wellington-Altus, framed the two assets as opposing bets on the trajectory of the US economy. 

“For the record. Bitcoin Is a Bet on Trump’s Success. Gold Is a Bet on America’s Failure,” Thorne wrote.

The strategist explained that gold, in his view, has become what he described as a “verdict.” Rather than simply protecting against inflation or volatility, he argued that rising demand for gold reflects a growing lack of confidence in “Trump’s economic revolution” and the ability of policymakers to reform an economy burdened by excessive debt.

According to Thorne, investors piling into gold are effectively betting that the US will continue down a path of monetary expansion, debt accumulation, and currency debasement. 

“It is the old guard’s confession that they see only one way out of excessive leverage: print, debase, and hope the music doesn’t stop,” he remarked. “Trump, Bessent, and Warsh argue there is another path: reform the Fed, end the subsidy to idle reserves, stop paying banks to sit on cash, and force capital out of sterile Treasury holdings and back into the productive economy where it belongs.”

By contrast, Thorne positioned Bitcoin as a “speculative flag of success.” He suggested that it is a digital bet that regulatory clarity for the crypto sector, including measures such as the proposed CLARITY Act, alongside broader policy shifts, would position the US as a global crypto hub.

Sponsored

Sponsored

In this “split-screen” vision of the future, gold signals doubt that America can grow its way out of mounting fiscal pressures, while Bitcoin reflects confidence that reform-driven growth can reduce the real burden of debt.

“If Trump’s program works, if growth, deregulation, and redirected capital start to shrink the real burden of debt instead of inflating it away, Wall Street will have to rediscover its purpose: generating credit for builders, not rent for bondholders. Then those who rushed into gold as a monument to decline will face a brutal reckoning: their ‘safe haven’ will stand as a shiny, inert tribute to one vast miscalculation — that America would fail just as its leaders chose to make it succeed,” Thorne mentioned.

Bitcoin’s Safe-Haven Narrative Faces Scrutiny

The remarks come at a time when gold has surged amid macroeconomic uncertainty despite volatility. On the other hand, Bitcoin has experienced notable drawdowns, reigniting debate over its store-of-value narrative.

Trader Ran Neuner recently raised concerns over Bitcoin’s response amid periods of genuine market stress and uncertainty.

“For the first time in 12 years, I’m questioning Bitcoin’s thesis,” he said. “We fought for ETF approval. We fought for institutional access. We wanted it inside the system. Now it is. There is nothing to fight for anymore.”

Neuner argued that episodes marked by tariff disputes, currency tensions, and fiscal instability presented a real-world test for Bitcoin’s safe-haven narrative. During those periods, however, investor flows appeared to favor gold over digital assets.

With exchange-traded funds approved and institutional channels widely available, access to Bitcoin is no longer a structural constraint. This removes a longstanding explanation for muted performance during stress events.

He also pointed to subdued retail engagement and weaker speculative momentum compared to prior cycles. While this does not imply a structural breakdown for Bitcoin, he suggested it raises questions about whether its investment thesis remains as clear-cut as it once appeared.

Binance logs three straight months of heavy stablecoin outflows, erasing $9B in reserves and signaling a sustained liquidity squeeze across crypto markets.

Binance has recorded three consecutive months of negative stablecoin netflows, marking a sustained contraction in crypto market liquidity, according to data shared by CryptoQuant.

The outflows represent the longest comparable stretch since the 2023 bear market, the data showed.

Monthly figures indicate an acceleration in the trend. December saw approximately $1.8 billion in net stablecoin outflows, followed by nearly $2.9 billion in January, according to the data. February outflows have reached close to $3 billion despite the month being only halfway complete.

Binance’s stablecoin reserves have declined from approximately $50.9 billion in November to $41.8 billion, representing a contraction of nearly $9 billion, the data indicated.

Stablecoin outflows from major exchanges typically indicate capital leaving the exchange ecosystem rather than being redeployed into other crypto assets, according to market analysts. Stablecoins serve as readily deployable capital in cryptocurrency markets, and declining balances reduce the capacity to absorb price volatility.

The outflows occur amid elevated global uncertainty and geopolitical tensions, factors that market observers say may be influencing investor behavior toward more defensive positioning.

The trend has continued without signs of stabilization, according to the latest available data from CryptoQuant.

Bitcoin has plunged nearly 50% from its all-time highs, but investor and entrepreneur Kevin O’Leary says the real story goes far beyond price action.

In a recent post, O’Leary argued that while sharp drawdowns are nothing new for Bitcoin (BTC), institutional behavior is evolving and a new technological threat is entering the conversation: quantum computing.

“Bitcoin just took another brutal correction… but something bigger is happening underneath,” O’Leary wrote. He pointed to the October market meltdown, when Bitcoin tumbled and much of the broader crypto market collapsed 80–90%, with many tokens never recovering.

According to O’Leary, institutions have since become more selective.

“If you want 90% of the upside and volatility in crypto, you only need Bitcoin and Ethereum,” he said, dismissing smaller tokens as “worthless” in the eyes of large capital allocators.

O’Leary maintains he is still long Bitcoin. However, he says institutional investors are hesitating due to rising concerns that future quantum computers could theoretically break cryptographic security underpinning blockchain networks. While such a threat remains speculative and likely years away, he argues it is enough to cap institutional exposure at around 3% allocations until there is greater clarity.

“They’ll stay cautious, they’ll stay disciplined, and they’ll wait,” O’Leary noted, suggesting the next major leg higher may depend as much on technological reassurance as macro conditions.

Bitcoin price analysis: Weak momentum, key levels in focus

Meanwhile, the daily BTC/USDT chart shows Bitcoin trading around $68,100 after a sharp cascade from the mid-$90,000 region earlier this year.

A capitulation wick near the $60,000 zone marked a local bottom, followed by a modest relief bounce. However, price action has since stalled, moving sideways just below the $70,000 psychological level.

The Balance of Power indicator sits at -0.58, signaling sellers retain short-term control. Meanwhile, the Chaikin Money Flow (20) remains slightly negative at -0.06, indicating weak capital inflows and a lack of strong accumulation.

Immediate resistance lies near $70,000–$72,000, where recent candles have repeatedly rejected upside attempts. A break above that zone could open the door toward $75,000.

On the downside, $65,000 stands as initial support, with the $60,000 capitulation low acting as a critical structural floor. A loss of that level would likely intensify bearish pressure.

XRP is attempting to regain upward momentum after weeks of consolidation. Recent price action suggests a potential breakout from a bullish triangle pattern.

Market conditions remain critical for confirmation. While volatility persists across the broader cryptocurrency market, XRP’s structure indicates building pressure.

Sponsored

Sponsored

XRP Holders Support The Breakout

On-chain data shows steady support from long-term XRP holders. The HODLer Net Position Change metric currently reflects consistent accumulation. Green bars on the indicator signal capital inflows into long-term wallets.

This pattern suggests conviction among experienced investors. Long-term holders tend to accumulate during consolidation phases. Their support can stabilize the price during uncertainty. Sustained inflows strengthen the probability of a breakout by reducing available supply on exchanges.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Another key indicator, the Spent Output Profit Ratio, or SOPR, provides further insight. SOPR measures whether investors are selling at a profit or a loss. A reading below 1.0 signals realized losses, while a reading above it reflects profitable selling.

XRP’s SOPR has climbed back above 1.0. This shift indicates investors are no longer capitulating at losses. Instead, they are transacting at profit levels. Improving profitability often restores confidence and encourages healthier capital rotation, which can support upward price movement.

Sponsored

Sponsored

XRP Price Levels To Watch

XRP is currently forming a symmetrical triangle pattern. Technical analysis projects a potential 33% breakout if resistance levels are breached. For now, confirmation requires a sustained move above $1.70. Without this breakout, the price remains within the consolidation boundaries.

A move past $1.58 would signal early breakout momentum. Strong investor support could then help XRP flip $1.70 into a new support level. If sustained buying pressure continues, the altcoin may advance beyond $1.80, reinforcing bullish technical structure.

However, resistance remains a concern. The CBD Heatmap indicates notable supply concentration between $1.76 and $1.78. Many investors accumulated XRP in this range. As price revisits these levels, some may sell to offset losses, potentially limiting upward momentum.

If bullish momentum fails entirely, downside risk increases. A rejection could push XRP below the $1.47 support level. Such a move may lead to renewed consolidation above $1.37, similar to patterns observed in early February. This scenario would invalidate the near-term bullish thesis.

Bitcoin BTC$68,131.79 is struggling to build any upward momentum, even as the key panic gauge pulls back from its early-month high and hints at renewed stability.

Bitcoin’s 30-day implied volatility, the fear or panic gauge, which reflects investors’ expectations for price swings over 4 weeks, has dropped to an annualised 52%, according to data source Volmex. The decline has reversed the early-month spike, which saw the index rise from roughly 48% to nearly 100% as bitcoin crashed to nearly $60,000.

The receding volatility suggests that panic has ebbed and that investors are no longer chasing options or hedging instruments as frantically as during the crash.

Options are derivative contracts offering insurance against price swings. A call option allows you to profit from upside price volatility in BTC, while a put option protects against price slides. Demand for options influences implied volatility.

“Implied volatility has dropped, and deleveraging is running out of steam, analysts at Bitfinex said in an email to CoinDesk, noting the newfound stability and ebbing of panic.

Still, bitcoin’s price remains under pressure, trading just under $68,000 at press time, a 1.2% drop over the past 24 hours, per CoinDesk data. The early-month sell-off fizzled near $60,000 on Feb. 6, sparking a recovery, but prices haven’t sustainably moved above $70,000 since.

That’s telling of weak demand.

“Funding rates have yet to show appetite for aggressive re-leveraging and derivatives markets support the view of a stabilization rather than renewed buying,” Bitfinex analysts explained.

Perpetual funding rates are periodic payments exchanged between long and short traders in crypto perpetual futures contracts to keep the contract price anchored to the spot price. A positive rate implies that longs (buyers betting on price rises) pay shorts (sellers betting on drops), signaling more bullish positioning in the market. A negative rate suggests a bias for short positions.

While the implied volatility has receded sharply, funding rates in BTC perpetuals remain just above zero, a sign of mild bullish leanings among traders, but nothing aggressive yet.

Institutional appetite hasn’t been great either. The U.S.-listed spot bitcoin exchange-traded funds have registered a net outflow of $677.98 million this month, extending a three-month streak of redemptions, according to data source SoSoValue.

Macro offers hope

Battered bulls can pin their hopes on the dwindling U.S. inflation and lower real yields, which could offer a tailwind to risk assets and non-yielding assets like bitcoin.

Data released last week showed the consumer price index (CPI) slowed to 2.4% year-on-year in January from 2.7% in December, strengthening hopes for at least two 25 basis-point rate cuts by the Fed this year.

The real or inflation-adjusted yield on the U.S. 10-year Treasury note fell to 1.8%, the lowest since Dec. 1. A decline in real yield typically prompts investors to increase exposure to assets like bitcoin.

“Lower real yields reduce the relative carry disadvantage of non-yielding assets such as Bitcoin, while a softer dollar supports global liquidity conditions,” Bitfinex analysts noted.

Bitcoin’s long-held narrative as a safe haven and digital gold is under scrutiny, as veteran analyst Ran Neuner, among others, questions the pioneer crypto’s future.

Experts outline why Bitcoin may no longer serve the role it once claimed, and why the broader crypto ecosystem could be on the brink of a new era.

Sponsored

Bitcoin’s Store-of-Value Thesis Faces Crisis as Crypto Evolves

Despite a weakening US Dollar and mounting global uncertainty, Bitcoin underperformed expectations as a hedge against fiat debasement.

The US Dollar Index (DXY) fell roughly 9% in 2025, and another 2% year-to-date in 2026, yet Bitcoin declined 20–22% YTD, trading for $68,255 as of this writing. Gold, by contrast, surged, proving resilient in risk-off scenarios.

“When tariffs, currency tension, and fiscal instability hit, this was the moment Bitcoin was supposed to behave like a store of value. Instead, capital ran to gold,” wrote analyst Ran Neuner.

Analysts, including Willy Woo and Henrik Zeberg, reinforce this view, highlighting that Bitcoin behaves as a high-beta, risk-on asset rather than a safe haven.

Bitcoin’s ideological allure appears to be fading. Retail participation has reached multi-year lows, and early evangelists have largely exited the market.

Sponsored

“We fought for ETF approval. We fought for institutional access. We wanted it inside the system. Now it is. There is nothing to fight for anymore…If it’s not used as cash, and it didn’t meaningfully absorb the stress bid, then what exactly is the narrative?” Neuner said, describing the post-ETF era as a turning point.

Institutional Access Achieved, But at a Cost

With 11 spot Bitcoin ETFs approved, corporate treasuries holding large allocations, and pro-crypto regulatory frameworks in place, Bitcoin has fully integrated into TradFi systems.

Michael Burry warned that this shift exposes companies holding BTC to significant value erosion if markets continue to correct:

Sponsored

“BTC has failed as a safe haven like gold and behaves more like a volatile stock tied to the S&P 500,” SwanDesk reported, citing Burry.

Crypto’s Next Phase: AI and Machine-Native Finance Amid Narrative Shift

Neuner sees the future not in Bitcoin’s store-of-value thesis, but in the emerging economy powered by AI agents.

Trillions of autonomous microtransactions will require instant, programmable settlement rails, a need that blockchain networks are uniquely positioned to serve.

“AI agents won’t use banks. They won’t use credit cards. They’ll need instant, programmable settlement rails. That’s crypto,” he said.

Sponsored

While Bitcoin struggles to retain its original purpose, broader crypto infrastructure could become the foundation for the next digital economy.

Analysts suggest that even if Bitcoin bled to death, decentralized networks, altcoins, and blockchain-based solutions may capture real utility and revenue models in the AI-driven era.

Neuner’s assessment highlights a critical turning point for crypto. Bitcoin may no longer be the ideological engine it once was, but the industry’s potential extends far beyond a single token.

XRP holds above $1.40. Can it reclaim $1.60 next before another rally?

XRP went through some intense volatility during the weekend, spiking above $$1.65 before it was rejected and pushed south to $1.40. What levels should investors watch before the next move?

Ripple (XRP) Price Predictions: Analysis

Key support levels: $1.40, $1.00
Key resistance levels: $1.60

1. XRP Finds Support at $1.4

Buyers returned to XRP at the $1.40 support and managed to hold the price above this key level for more than a week. This opens up the possibility for this cryptocurrency to rally all the way to $1.60 before sellers return.

2. Momentum Remains Bearish

Even if XRP managed to find support, the overall momentum remains bearish. To turn this downtrend around, buyers will have to break above the $1.60 resistance as well. If they are successful there, then the $2.00 target becomes realistic.

3. Daily RSI Leaves Oversold Area

The daily RSI bounced out of the oversold area, but has still not managed to move above $0.50. As long as it remains under this level, sellers have the advantage. Nevertheless, XRP has a real chance here to continue higher if buyers don’t vanish this week.