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Popular Crypto Analyst Warns Bitcoin (BTC) Poised To Trap Bulls, Updates Outlook on Ethereum (ETH) – The Daily Hodl

A closely followed crypto strategist believes that Bitcoin (BTC) is setting up bulls to believe that the $20,000 area could be the bear market bottom.

Pseudonymous analyst Pentoshi warns his 600,100 Twitter followers that Bitcoin has touched support around $20,000 three times in span of about a month.

Things that look safe, but arent Can we go up? Yes. Will these almost certainly get run and or lead into a nuke. Also yes. These almost always setup as a trap for longs that build over time thinking its titanium support'

In technical analysis, bouncing off a support level multiple times suggests that a breakdown is in sight as demand at that particular price area gets exhausted.

Pentoshi also says that retail traders likely bought Bitcoin near the top of BTCs recent rally, indicating more downside risk as those who got in late prepare to cut their losses.

Its interesting to note that despite people claiming they bought the bottom, most BTC changed hands at $24,000 where spot was distributed.

The crypto strategist also highlights that Bitcoin is now trading below the 200-week moving average, an indicator that has marked the bottom for BTC during its previous bear cycles.

BTC weekly 200 moving average enjoyooorrsss.

At time of writing, BTC is swapping hands for $21,400 while the 200-week moving average is hovering above $23,000.

As for Ethereum (ETH), the crypto analyst warns that the leading smart contract platform just respected a crucial resistance level, suggesting that the downtrend is very much intact.

The story writes itself. ETH.

At time of writing, ETH is trading at $1,642, below Pentoshis marked resistance at $2,000.

Featured Image: Shutterstock/klyaksun

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Heres How Many Wallets Is Needed For Bitcoin To Be An Inflation Hedge | Bitcoinist.com – Bitcoinist

One of bitcoins main selling points has been the fact that its return has often put it ahead of the inflation rate. Due to this, it has gained notoriety as the digital gold as a good portion of the community put forward that the digital asset is a better inflation hedge than any asset. However, not every single proponent of bitcoin believes that bitcoin is an inflation hedge, at least not yet. One of those is the CEO of Skybridge Capital, Anthony Scaramuccci. Heres what he thinks.

Now, bitcoin has grown tremendously since being launched over a decade ago. It is why it is impressive that the digital asset is being compared to counterparts that have been around for much longer. One of those is gold, which has previously proven to be the inflation hedge of choice for investors.

However, with BTCs increasing popularity, it has been able to register as a potential inflation hedge. But despite so many believing that the digital asset qualifies as a good inflation hedge, Anthony Scaramucci does not believe so, and it mainly comes down to the adoption of the cryptocurrency,

Scaramucci explained during an interview with CNBCs Squawk Box that while bitcoin has the potential to be an inflation hedge, it is nowhere near being one. According to the CEO, it is because the number of BTC wallets is still lower than 1 billion.

Presently, there are about 300 million bitcoin wallets, but Scaramucci says that until BTC wallets are above the 1 billion mark, they cannot be considered an inflation hedge.

Having been around for only about 13 years at this point, bitcoin is still no doubt a very young asset. Add in the fact that it is a digital asset, and the cryptocurrency gets another added layer of uncertainty around it. And this immaturity is one thing that Scaramucci points to.

He explained that one thing that goes against BTC being an inflation hedge is its immaturity as a technical asset. However, this does not completely dismiss the cryptocurrency when it comes to its potential.

The limited supply of bitcoin has been a big pull for investors, and even Scaramucci has pointed to this as one of the key arguments for BTC, which he believes, given enough time, will come to rival and even beat gold, which is thousands of years old, mainly because bitcoin can be easily moved and easily stored.

Presently, it is said that less than 5% of the worlds population holds bitcoin. ARK Invest CEO has previously said in the past that if 5% of institutional money were to be moved into bitcoin, the digital asset is likely to reach as high as $500,000.

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Now Might Be One of the Best Times to Buy Bitcoin – The Motley Fool

Ever since the Great Financial Crisis in 2008 and 2009, major central banks have adopted an incredibly accommodative stance toward monetary policy in order to boost the economy, a strategy that was exacerbated by the coronavirus pandemic. While it was previously not an issue, today we are experiencing surging prices across the U.S. economy as a direct result of the money printing.

And now, to curb soaring inflation for everything from groceries and gas to rent and used cars, interest rates are ticking up. But the Federal Reserve's recent hawkish stance could flip and turn dovish in the not-too-distant future, and this would be an extremely bullish situation for one asset in particular -- Bitcoin (BTC 0.58%).

To be clear, as long as the central bank continues hiking interest rates in order to slow down inflation that's at 40-year highs, I see Bitcoin remaining under pressure. This is because in this environment, investors lean toward safer assets, like Treasury bonds and even cash instead of more speculative financial instruments like growth tech stocks or cryptocurrencies. It helps explain why the Nasdaq Composite, a tech-heavy stock index, has lost 17% in 2022, about double the S&P 500's drop (as of this writing).

A prolonged period of weak crypto prices is known as a crypto winter. During this time, money usually flows out of the space as investor interest wanes. Like bubbles that burst in traditional financial markets, this is when faulty, scam-like, and unsustainable projects and companies get shaken out, and the strongest teams and enterprises will survive. In crypto specifically, developer activity should continue to remain strong regardless of what prices are doing.

Consequently, for someone who has cash sitting on the sidelines that they're ready to put to work, buying Bitcoin, which has fallen 65% from its all-time high last November and is in a major bear market, might be a sound financial decision right now. That's because not only is its long-term potential absolutely massive, but within the next 12 months or so, we could see more favorable monetary policy.

The Federal Reserve's intended objective is to pump the brakes on inflation without bringing the economy into a recession, with what is known as a "soft landing." But some investors don't believe that this is a realistic scenario. The U.S. economy has shrunk for two consecutive quarters, which technically means that we're already in a recession. The Biden administration, on the other hand, has come out with a statement saying how the U.S. is not in a recession, but I think this was done so the public wouldn't panic.

Central bankers point to the strong labor market and 3.5% unemployment rate, but this can be misleading. According to a survey by small-business insurance marketplace Insuranks, 44% of Americans have taken on side hustles to earn extra money. And there are more Americans today who have two full-time jobs than in February 2020, before the pandemic struck down the economy. What's more, consumer confidence is at a record low.

What this means is that as the Federal Reserve keeps setting higher interest rates to stop inflation, it will inevitably lead to a full-blown recession that wouldn't be debated. And at this point, the central bank will probably have to change course and begin cutting interest rates again because they would need to stimulate economic growth. As a result, liquidity will once again be pumped into the financial system to encourage lending by banks and borrowing and spending by consumers.

And when this happens, the investment case for owning Bitcoin will become strikingly clear. Governments around the world need to keep the money printer going, and keep interest rates low, in order to support their colossal debt burdens, again creating an environment for elevated inflation to come back. If only there was a scarce digital store of value that was absolutely finite with no central bank controlling it. Luckily, there is. It's called Bitcoin.

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Bitcoin mining to cost less than 0.5% of global energy if BTC hits $2M: Arcane – Cointelegraph

Bitcoin (BTC), the worlds most-valued cryptocurrency, has the potential to be a significant energy consumer in the future, but only if it reaches several million dollars, according to new estimates by Arcane Research.

Crypto research and analytics firm Arcane Research on Monday released a report estimating the development in Bitcoins energy usage toward 2040.

Authored by Arcane Research analyst Jaran Mellerud, the report points out that Bitcoins future energy consumption differs massively depending on the future Bitcoin price alongside factors like transaction fees, electricity prices and others.

If the BTC price hits $2 million in 17 years, Bitcoin may consume 894 Terawatt-hours (TWh) per year, surging 10 times from todays level, the report suggests. Despite huge growth, such energy consumption would only account for 0.36% of the estimated global energy consumption in 2040, increasing from Bitcoins 0.05% share today, the analyst estimated.

Currently, based on their energy consumption of 88 TWh and an average energy price of $50 per MWh, Bitcoin miners spend around 50% of their income on energy, Mellerud noted.

Bitcoins future energy consumption would be much lower in less bullish scenarios. BTC price would need to reach $500,000 by 2040 for Bitcoin to consume 223 TWh per year. If Bitcoin trades at $100,000 in 17 years, BTC mining would consume just 45 TWh per year, the report notes.

The analyst went on to mention the significant impact of the Bitcoin halving, a quadrennial event implying a 50% reduction in miners block reward. According to the report, the BTC price must be rising at a tremendous pace due to the halving, while halvings mitigating effect can be offset by growing transaction fees in the future. Such an increase will only happen if there is a significant demand for using Bitcoin as a payment system, Mellerud wrote, adding:

As a store of value and a medium of exchange make up two of the most important functions of money, the report also suggests that Bitcoins energy consumption will only reach a significant level if Bitcoin succeeds as money.

Related: What happens when 21 million Bitcoin are fully mined? Expert answers

As many BTC skeptics believe that such a scenario is hardly possible, they should not worry about Bitcoins energy consumption, Mellerud hinted, stating:

The Bitcoin mining industry has suffered a major decline in 2022 amid the ongoing cryptocurrency winter, with many big crypto miners opting to sell their BTC holdings to continue operating. Mining companies in the United States have also faced pressure from regulators, with U.S. lawmakers requesting energy consumption data from four major BTC mining firms.

Despite the increasingly bearish climate, many Bitcoin miners are still optimistic about Bitcoins short and long-term price perspective. According to Canaan senior vice president Edward Lu, the mining industry is a healthy and profitable business in the long term.

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Bitcoin ETFs: Passive investing in the worlds premier cryptocurrency – Moneycontrol

For traditional market investors, cryptocurrencies can be overwhelming on account of the volatility in their prices and fast-changing sentiments that can result in swift profits or losses.

However, given the rising levels of crypto adoption and the importance of cryptocurrencies in a Web3 future, an increasing number of investors are raring to participate in this asset class.

Exchange traded funds (ETFs), which track a particular index, sector, commodity, or other asset, offer the best of both worlds. A few Bitcoin ETFs that have cropped up allow access to cryptocurrencies without the hassle of storing or securing crypto tokens through an online or hardware wallet.

The concept was introduced by ProShares Bitcoin Strategy ETF (BITO) in October 2021 and attracted investments of almost $1 billion in the first few days.

Actively traded on the New York Stock Exchange Arca network, investors can buy BITO shares through a brokerage or directly from ProShares.

With more than $800 million in assets under management, BITO is by far the largest actively managed BTC ETF that invests in BTC futures contracts, treasury securities and cash.

Shorting approach

The latest addition to the BTC ETF space is ProShares Short Bitcoin ETF (BITI), which was launched in June 2022. BITI adopts a shorting approach by trading in a cash-settled futures market to mimic the inverse of BTCs daily performance. With assets of $62 million, BITI is gaining traction among investors who are more interested in profiting from a decline in BTC prices.

Apart from these two offerings, investors can invest in shares of Valkyrie Bitcoin Strategy ETF (BTF), VanEck Bitcoin Strategy ETF (XBTF), AdvisorShares Managed Bitcoin Strategy ETF (CRYP) or Global X Blockchain & Bitcoin Strategy ETF (BITS).

BTF aims to invest close to all of its capital in BTC futures and currently has AUM of $22 million. Both BTF and BITO are trading at about 70 percent below their listing prices, suffering from an almost equivalent decline in BTCs price from its all-time high of $68,890 in November 2021.

XBTF is structured as a C Corporation, a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.Long-term capital gains or dividends are reinvested into the fund, thereby reducing the tax outgo arising from taxable distributions for some investors.

Boasting of a lower expense ratio, XBTF is similar in size to BTF and has performed slightly better than BITO and BTF.

BITS splits its assets between Bitcoin futures contracts and indirect holdings in blockchain companies that are well-positioned to benefit from increasing adoption of the technology. The fund assumes long positions in BTC futures with the purpose of achieving long-term capital appreciation for its investors.

BITS has AUM of $8.4 million and holds more than 50 percent of its assets in Global X Blockchain ETF (BKCH).

The CRYP ETF has exposure to BTC via BTC futures ETFs, BTC futures contracts, short duration fixed income securities, and cash or cash equivalents. It is the smallest among the six BTC ETFs, with AUM of $172,000 and has only 10,000 outstanding shares available for trading.

Apart from the six BTC ETFs, there are more proposals awaiting approvals from the US Securities and Exchange Commission, which could add to the options available in the Bitcoin ETF space.

By choosing any Bitcoin ETF, investors globally can assume exposure to Bitcoin while benefitting from NYSE Arcas fully automated, transparent open and closing auctions in these ETFs.

While none of these Bitcoin ETFs holds BTC directly due to the SECs concerns over BTC being traded on non-secured cryptocurrency exchanges, they do provide investors with exposure to the cryptocurrencys price movements and potentially benefit from its long-term price appreciation.

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Over Half Of Indian Bitcoin, Crypto Investors Say It Is The Future Of Finance: Survey – Bitcoin Magazine

Cryptocurrency exchange KuCoin published a survey titled Into The Cryptoverse showcasing the rising bitcoin and cryptocurrency adoption in India, per a blog post from the company.

Over 115 million investors aged 18 to 60, or 15% of Indias population, reported they currently hold or have traded bitcoin or other cryptocurrencies within the past six months. Another 10% of Indian adults were labeled crypto-curious, as they intend to begin investing in the ecosystem sometime within the next six months.

While over half of the investors surveyed plan to increase their holdings within the next six months, 41% of respondents stated they were unsure which cryptocurrencies to invest in. Similarly, 37% of respondents struggle with risk-management and 21% arent even sure how the assets work.

Therefore, even though there is a large amount of investor interest in India, there are still many informational hurdles hindering wider adoption. Furthermore, 33% of respondents cited government intervention as a concern when deciding if they wanted to invest.

Additionally, 26% of respondents expressed concern about being hacked while another 23% noted worries regarding the loss of funds due to security incidents.

Anxieties paired with the governments levying of a 30% tax on digital asset income are arguably not enough to deter the growing investor class of India. Indeed, 56% of surveyed investors believe that bitcoin and cryptocurrency are the future of finance while only 24% stated hype as the reason they entered the ecosystem.

In addition, Indian investors are growing younger as 39% of those surveyed were aged 18 to 30, which represented a 7% increase in that age group from the previous quarter.

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Why Bitcoin And Ethereum Saw A Spike In Correlation With Asian Equities – NewsBTC

The International Monetary Fund (IMF) published a study on the spike in positive correlation with Bitcoin (BTC), Ethereum (ETH), and Asian equities. The financial organization claims digital assets began an accelerated integration with the region during the pandemic as more people traded them looking to generate yield.

From 2020 to its all-time high in 2021, the crypto total market cap increased by over 20-fold which led Bitcoin and Ethereum into price discovery. As seen in the chart below, the total trading volume for cryptocurrencies rose very close to $900 billion from below $100 billion at its peaked in 2021.

The regions with the highest trading volume are the Americas and Europe. The Middle East and Central Asia, EM Asia, and AE Asia are below other regions. However, the IMF claims adoption of cryptocurrencies in Asia could pose a systematic risk for the financial world.

If the price of Bitcoin and the crypto market reclaim their previous levels, and re-entered price discovery, the financial institution believes that there could be negative consequences. If digital assets were to rise and crash as they did over the past year, contagion could spread through individual or institutional investors.

As cryptocurrencies trend lower these investors would allegedly rebalance their portfolios, possibly causing financial market volatility or even default on traditional liabilities, the IMF said. In that sense, the financial institution shared the chart below to show the contrast between the price of Bitcoin and Asian stock indexes.

From 2020 until 2022, this correlation seems to be trending upward with Thailand and Vietnam showing the highest positive correlation. This has translated into similar price action for Bitcoin and traditional equities in these countries.

In India, the correlation between the price of Bitcoin and local equities has increased by 10-fold with a 3-fold spike in volatility correlations. The financial institution believes that if the price of Bitcoin decreases or increases, there could be spillovers of risk sentiment.

The financial institution suggests that these spillovers are already happening in Asia. Therefore, authorities in the region have been working on implementing a regulatory framework to allegedly mitigate risk.

The financial institution failed to mention that Bitcoin has been showing a positive correlation with the performance of major equities indexes across the world, the phenomenon is not limited to Asia. As seen below, the price of BTC has been moving in tandem with the Nasdaq 100 since the start of 2022.

The positive correlation has been attributed to current macroeconomic conditions. These indexes often move-in tandem with macroeconomic events, such as the one the market has experienced since 2020.

Therefore, the positive correlation between Bitcoin and Asia equities could also be attributed to the cryptocurrency reaching high adoption levels rather than a tale sign of potential financial risk.

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Heres the Worst-Case Scenario for Bitcoin (BTC) in 10 Years, According to Macro Guru Raoul Pal – The Daily Hodl

Real Vision CEO Raoul Pal says that Bitcoin (BTC) can still erupt en route to outperforming other asset classes in the next 10 years even in his worst-case scenario.

In a recent roundtable discussion on the Scott Melker YouTube channel, the former Goldman Sachs executive explains how the more extreme an assets inherent volatility (VOL) is, the higher it could potentially multiply in price compared to less risky investments.

Volatility gives the reward. Because its a 70-vol asset, it gives these 20x, 50, 100x [rewards] depending what time period youre looking at.

People just are not set up for that because they are mean-reversionists. They think the world is cyclical and everything reverts back to where it was, so therefore, every boom has a bust, and every bust brings it back to where it started.

But thats not what happens here. Its in an exponential trend, so every bust is significantly higher. I mean Bitcoin $4,000, Bitcoin $20,000. Thats low to low, thats extraordinary. But people dont see that. Theyre not used to it. They dont know how to deal with it. People are having to learn. All of us did.

Pal goes on to recount his observations of being an early Bitcoin investor when the asset was still valued well below $1,000, noting that he believes BTC will ultimately be worth $100,000 at a minimum and could even go as high as a million dollars.

I never realized how in an exponential trend, buying and holding and adding into the big sell-offs is better. I went back and looked at all the times I traded Bitcoin from 2013 when I first got in at $200.

I rode it up $1,000, so it went up 5x in two months, then went all the way back down 85%. I just held it because I wanted to treat it like an option. I had a 10-year view.

I said its probably going to $100,000 worst case, $1 million best case over the next 10 to 20 years.

Pal concludes by making mention of his other crypto investments, including leading smart contract Ethereum (ETH) and the competing layer-1 protocol Solana (SOL).

I have a few different tokens. My main bets are Ethereum and Solana, but I have no idea whether Solana is going to be something or not. I think it probably is because the network adoption seems to be as high as anything else, but the world can change fast.

Outside of that, I have a basket of equally weighted stuff because I assume Im an idiot and dont know how to choose the right things. Thats why I set up a fund of hedge funds, because Id rather give my money to a bunch of people whose job is to go and find what is the next 100x or 1000x than try and do it myself because its complicated

Just a small basket of stuff just keep my eye on it all, see whats moving, see how it works.

At time of writing, Bitcoin has stabilized from the correction that began back on August 18th, currently down less than a percent and trading for $21,330.

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Security pros are rallying to defend the Twitter whistleblower – The Verge

Peiter Mudge Zatko, the former Twitter security chief who has alleged that the company covered up negligent security practices and lied to regulators about data management, was a credible, capable, and brutally honest security expert, according to peers and colleagues.

The assessment of Zatkos work and character culled from public messages of support and recollections shared directly with The Verge is at odds with statements made by current Twitter CEO Parag Agrawal, who has claimed that Zatko is presenting a false narrative of the inner workings of the company after being terminated for poor performance in January.

In a whistleblower disclosure filed with the SEC and first reported by CNN and The Washington Post, Zatko accused Twitter of numerous severe security lapses and claimed that the executive team frequently misled government regulators and its own board of directors about the extent of vulnerabilities on the platform. The filing also claims that the company violated a privacy agreement made with the FTC that required it to delete the data of any users who decided to cancel their Twitter accounts and that the company intentionally manipulated data on the number of bot accounts on the platform.

In a response provided to CNN language from which was echoed in an email sent by Agrawal to Twitter staff a Twitter spokesperson said that Zatkos allegations were riddled with inconsistencies and inaccuracies and seemed designed to capture attention and inflict harm on Twitter, its customers and its shareholders.

But Twitters fierce pushback against Zatkos criticism prompted a backlash from many leading voices in the field, who spoke out to endorse the security experts credentials and track record. Alec Muffett, an internet security expert and software engineer who worked on Twitters efforts to launch a Tor service, told The Verge that he had known Zatko for decades and trusted the claims made in the SEC disclosure.

Ive known Mudge since the mid 1990s when he and the other members of the L0pht were capable and scrappy hackers, Muffett said. He demonstrated enormous creativity and drive towards improvement of internet security overall ... I have no hesitation about supporting his observations as being both highly credible and concerning.

Zatko first gained prominence as part of the L0pht, a Boston-based hacker collective known as an influential computer security research group in the 1990s. Notably, while the L0pht released software, the group also advised on policy, even giving testimony before the Senate on internet security in 1998. In his earlier hacking days, Zatko was also a member of the notorious hacker group Cult of the Dead Cow, which also counted former presidential candidate (and current Texas gubernatorial candidate) Beto ORourke as a member.

As his profile grew, Zatko took on roles with Defense Advanced Research Projects Agency (DARPA) and Googles Advanced Technologies and Projects research group. He was hired by Twitter in 2020 in the months after a major security incident that saw hackers take over some of the platforms most-followed celebrity accounts. But he stayed only just over a year, being fired by incoming CEO Agrawal in January 2022.

One of Zatkos specific claims that too many employees are given access to critical software within the company seemed to be supported by details shared by Al Sutton, a former software engineer at Twitter. In a tweet, Sutton said that he was still able to commit code in the employee group fo Twitters open-source software repositories on the code hosting website GitHub, despite having left the company 18 months ago.

The tweet linked to Twitters organization page on GitHub, showing that Suttons account was still listed as one of only 34 contributing members. Shortly after The Verge reached out to Twitter for comment, Suttons account was removed as a contributor.

Contacted by The Verge, Sutton declined to comment further on Twitters security posture but said of Zatko, I had very little overlap with Mudge, but from what overlap I did have, and other folk I know who know him pretty well, hes brutally honest and I have zero reason to doubt his claims.

Already, leaders in the security space have rushed to Zatkos public defense. Industrial security specialist Robert M. Lee accused Twitter of a smear campaign, saying Mudges skills and leadership were some of the most beloved and well documented in the community. Prominent cybersecurity journalist Kim Zetter echoed the sentiment, saying there was probably no security exec with more ethics, more credibility than Mudge.

The Verge reached out to Mudge for comment but did not receive a response. A statement sent from Whistleblower Aid, a nonprofit organization that supports whistleblowers and is representing Zatko, said that legal obligations prevent Mudge and Whistleblower Aid from discussing events during Mudges time at Twitter, except through lawful, properly authorized disclosures including subpoenas to testify which he would of course honor.

Twitter did not provide a comment by time of publication.

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Advisory Board Sends Critical Infrastructure Cyber Recommendations to the White House – Nextgov

Members on the National Security Telecommunications Advisory Committee voted on Tuesday to send a new information technology impact report to President Joe Biden and reiterated its mission commitments to security compliance and fortified critical infrastructure.

The report, which focuses on the security risks involved in the convergence of operational technology and information technology across digital systems, was ultimately approved unanimously to head to the executive branch.

As information and communications technologies become ever more critical to our daily lives, how we set security requirements, through compliance with those requirements, and communicate that proof to users and regulators, is of great concern, NSTAC Vice Chair Scott Charney said during a press call on Tuesday.

ITOT systems are becoming more commonplace as connection to the internet expands. Formerly independent operations, such as water treatment processes and electrical grid operations, are now able to connect with IT devices like routers and servers. This increased connectivity facilitates daily business for some industries, but creates more room for disruptive cyberattacks throughout an organization.

Jack Huffard, NSTAC member and chair of the Information Technology and Operational Technology subcommittee within the advisory group, spearheaded the study that focused on ITOT convergence networks and their potential system vulnerabilities, as well as mitigation advice.

Huffard said the report looked to stakeholders in the private and public sectors, including cybersecurity and cloud vendors, as well as federal policymakers to gauge the threat landscape within ITOT interoperable systems.

Ultimately, the report found that many organizations in critical industries lack sufficient visibility into their OT environments as well as in their supply chain networks.

The convergence of IT and OT systems is not a new issue, Huffard said. It has been happening for decades. The convergence of IT and OT has created clear and present cyber exposure challenges [that] require attention. We have the technology and knowledge to secure these systems. But we have not prioritized the resources required to implement appropriate solutions.

The group included in the report 15 recommendations to help fortify ITOT digital networks. Three of these recommendations, however, were singled out by Huffard as being critically important. One recommends having the Cybersecurity and Infrastructure Security Agency issue a directive requiring executive civilian branch agencies to take inventory and interconnectivity of their internet of things, or IOT, devices to improve IT and cybersecurity needs.

The final two recommendations mandate CISA to update guidance in procurement language to require risk-informed cybersecurity capabilities for products contracted to support ITOT converged environments, and ask that CISA further work with the National Security Council and the Office of the National Cybersecurity Director to develop information and data sharing mechanisms that facilitate the protection of the countrys critical infrastructure from ransomware hackers.

These three recommendations, coupled with the other important recommendations in the report, can greatly improve our nation's critical infrastructure cybersecurity posture, Huffard said.

Improving U.S. networks cybersecurity is a pillar in the Biden administrations broader plan to improve infrastructure. His executive order on the matter spurred federal agencies into investigating gaps in digital security in order to improve the nations digital security.

The NSTAC, which was formed in 1982, has most recently issued other overview reports on 5G broadband network security and focuses on advocating on federal technological investment through a information and communications technology lens.

Prior to the most recent report on ITOT security, the NSTAC published other cybersecurity reviews for zero trust architecture and supply chain software as part of its multi-phase investigations within the overarching Enhancing Internet Resilience in 2021 and Beyond initiative at NSTAC.

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