Cryptocurrency stock news LIVE – Solana prices rocketed more than 13,000% this year as crypto fans rush to Burnt Finance

WHY IS THE VALUE OF SOLANA GOING UP CONTINUED

Myron Jobson, personal finance campaigner of Interactive Investor, said: “The tipping point for cryptos more broadly will be if and when they can be used more effectively on a transactional basis.

“In the meantime, the crypto marketplace remains highly volatile and speculative.

“There may be scope to take advantage of price volatility and speculate, but for most investors, the wild price swings are simply too much to stomach.

“As such only invest what you can afford to lose remains the prevailing sentiment.”

WHY IS THE VALUE OF SOLANA GOING UP?

It’s difficult to say exactly why the value of Solana has risen recently, but a number of new projects and updates have launched in the past month.

Last week, Mango Markets, a Solana-powered decentralized exchnage, announced a successful $70million crowdfund.

Solana has also benefited from other positive updates, such as the launch of the so-called Wormhole on August 9.

This is a communication protocol between Solana and other decentralized finance projects, including Terra, Ethereum and Binance Smart Chain.

WHAT IS SOLANA?

Solana is a challenger to Ethereum as the blockchain of choice for building decentralized applications.

Similar to rivals such as Cardano, the project claims to offer a faster and more efficient alternative.

The idea and initial work of Solana began in 2017, but it didn’t officially launch until March 2020.

SOLANA ALGORITHM

Anatoly Yakovenko, founder and CEO of Solana, wrote a blog post explaining the swift rise in the cryptocurrency.

“On current iterations of the Solana Testnet, a network of 200 physically distinct nodes supports a sustained throughput of more than 50,000 transactions per second when running with GPUs,” he stated.

“Achieving as such requires the implementation of several optimizations and new technologies, and the result is a breakthrough in network capacity that signals a new phase in blockchain development.”

Solana uses a consensus algorithm called proof-of-history, which “creates a historical record that proves that an event has occurred at a specific moment in time.”

SOLANA REACHES RECORD HEIGHTS

Solana prices have skyrocketed more than 13,000percent this year as fans rush to Burnt Finance.

Solana reached an all-time high of $214.36 last night as the cryptocurrency’s blockchain continues to generate visibility, according to Forbes.

WHAT IS ALCHEMY PAY?

The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.

Trading for Alchemy Pay first began in September 2020.

According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.

Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.

WHAT IS AN NFT?

An NFT is an asset purchased with online cryptocurrency.

Owning an NFT means possessing an original work posted to the internet, which can include memes, art, or photos.

NFTs digitize a piece of work and get stored on the blockchain.

That means it cannot be replicated and is unique to whoever owns it.

REGULATOR CALLS OUT KIM KARDASHIAN

A British financial regulator called out Kim Kardashian over her Instagram promotion of cryptocurrency Ethereum Max.

Charles Randell, chair of the Financial Conduct Authority, concerned about the lack of regulations for online promotions, said “But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.”

“Some influencers promote coins that turn out simply not to exist at all,” he continued during a speech to the Cambridge International Symposium on Economic Crime.

MEXICO COULD SWITCH TO BITCOIN NEXT

Meanwhile, Mexico has previously held discussions regarding the adoption of some form of digital currency.

El Salvador’s decision could ultimately shift favor towards Bitcoin rather than alternative crypto or a Central Bank Digital Currency (CBDC).

Earlier this week, Grupo Elektra, a leading banking and retail company in Mexico, threw its support behind Bitcoin by introducing the Bitcoin Lightning Network as a payment method.

But Mexico’s central bank quickly shot down the plans, warning: “The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP.”

Many of the country’s lawmakers remain opposed to Bitcoin, despite grappling with high inflation rates due to the continued devaluation of its currency.

PANAMA CONSIDERING CURRENCY SWITCH

When it comes to Central America, Mexico and Panama are considered potential Bitcoin adopters in the near future.

If Panama were to adopt the currency, it could have global implications considering its status as a critical shipping lane.

Like Paraguay, Panama has introduced a bill to regulate the use of Bitcoin within the nation. The bill would recognize Bitcoin as a national alternative payment method.

Panamanian Congressman Gabriel Silva, who authored the bill, tweeted on Tuesday: “Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet.

“This has the potential to create thousands of jobs, attract investment and make the government transparent.”

VENEZUELA IS A LIKELY CANDIDATE

Venezuela is another likely candidate. The country unveiled its own cryptocurrency – the Petro – back in 2018 but efforts to get the currency off the ground have stalled.

That’s partly due to ongoing US sanctions against the oil-rich, but volatile country.

Bitcoin may be adopted by the country as a stable alternative to Petro, as it’s already a widely accepted and proven blockchain payments network.

IS PARAGUAY NEXT?

Paraguay is viewed by many as the next likely candidate for Bitcoin adoption.

That belief comes, in part, as a response to local congressman Carlos Rejala drafting legislation to make the nation more attractive to the crypto market.

Rejala’s plans will allow crypto firms to finance their operations in Paraguay using digital currency, as well as remit dividends abroad and capitalize any crypto profits into local banks, ProactiveInvestments.com reports.

Rejala also said that the country’s low electricity, costs, and the fact it sources most of its power from renewable energy, is a key advantage amid concerns about the environmental impact of crypto mining.

Should the bill pass, Rejala previously suggested he’d seek to present another bill to make Bitcoin legal tender later this year.

FINANCIAL RISKS OF ADOPTING BITCOIN

Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

Critics, however, have derided it as little more than a publicity stunt by Bukele.

More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

But Bukele has argued that adopting Bitcoin will allow more Salvadorians, about 70 percent of whom don’t have bank accounts, into the formal economy. 

“Who’d be against something that helps the people and doesn’t do any harm?” he said of his critics. “They’re probably politically motivated.”

He also argued that it would make it faster and cheaper to receive money from family living abroad.

IS IT SAFE TO INVEST IN CRYPTOCURRENCY?

Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful.

Their values are volatile, with the ability to plummet as quickly as they shoot up.

On January 9, 2018, Bitcoin and other major currencies hit the floor after major monitoring platform Coinmarketcap decided to leave out the trading prices from South Korea — a major market whose absence spooked already jittery investors.

Prices fell by around 20 percent across the cryptocurrency market as a result of the move.

Investors are also frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.

Be especially careful if you are using direct, peer-to-peer platforms to sell and buy cryptocurrencies.

These are the equivalent of something like Gumtree for Bitcoin – you never know who you might be dealing with.

WHAT IS CARDANO?

Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.

It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.

The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

WHAT IS THE SAFEST WAY TO BUY CYRPTOCURRENCY?

The most common and safe way to buy the currency is to download a broker app such as Coinbase and Blockchain.

These allow users to use a credit or debit cards to exchange pounds for Bitcoin.

Users do not have to buy whole Bitcoins and can purchase a small percentage that matches the value of their cash investment.

Once a request has been made, online “miners” will decide whether to approve the transaction.

If approved, the money will be taken from a user’s account in exchange for Bitcoin.

When selling, users can use the same app to sell their Bitcoin in return for its cash value.

ATHLETES INVEST

Tom Brady and Gisele Bundchen have teamed up with cryptocurrency agency FTX and other athletes are getting their stake.

In the ad, the couple call New York Jets superfan Fireman Ed to invest.

FTX announced on Tuesday that Steph Curry would also be joining and serving as a brand ambassador.

The company also earned a naming rights deal for the stadium where the Miami Heat play, now called FTX Arena.

Additionally, it has become the cyptocurrency exchange of the MLB with umpires wearing FTX logos on their uniforms.

EXPERT TAKE ON BITCOIN’S FUTURE

Maggie Wu, the CEO of blockchain venture capital firm Krypital Group, says challenges in Bitcoin adoption do exist, however told Forbes she’s optimistic about its future.

“I believe that Bitcoin adoption is conceivable, especially in the relatively small developing countries with inadequate monetary systems where the recognition of digital currencies there is relatively high,” she said.

“The blockchain-related infrastructure that can carry digital currencies in most Central and South American countries and regions is not complete, including wallets, exchanges, etc. This is also the direction of our investment focus. We think there is huge potential and value here for fostering crypto adoption throughout the region.

“El Salvador’s adoption of Bitcoin has brought concern from officials in developed nations as well as from international NGOs who often describe Bitcoin as having few redeeming public interest attributes.”

WHAT IS POLKADOT?

The Polkadot project was founded in 2017, but the cryptocurrency only launched in May last year.

It allows cross-chain transfers of any type of data or asset, not just tokens, making a number of blockchains interoperable with each other.

In essence, it’s an interchange and translator between multiple blockchains – most of which weren’t built to communicate with others, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.

He added: “To put this into context, developers have a choice from a variety of blockchains to build applications on – each with their own strengths and weaknesses that they have to mull over when deciding where to develop.

“Polkadot aims to solve that problem by enabling interoperability between chains.”

CRYPTO IS HIGHLY VOLATILE

Before you invest money, if anything at all, keep in mind that cryptos are very risky and you may lose all the cash you put in.

This is due to their high volatility. You should never put cash into anything you don’t understand either.

Newer cryptocurrencies are also riskier than those that have been around for a while, such as Bitcoin, and make you more open to scams.

Plus, there’s scant regulation for cryptocurrency firms, so you’ll struggle to get help if and when things go wrong.

FACEBOOK TO LAUNCH ‘CRYPTO WALLET’ FEATURE

In an interview with The Information, David Marcus said that company leaders “feel pretty committed” to launch the tool called Novi this year.

Marcus, head of Facebook’s crypto unit, said he would have preferred to release the digital wallet alongside Diem.

Diem is a digital currency tied to the dollar that the California company is also developing.

EL SALVADOR MAKES BITCOIN LEGAL CURRENCY

Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

Critics, however, have derided it as little more than a publicity stunt by Bukele.

More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

‘CRYPTOZOO’

Logan Paul has described his new project, Cryptozoo, as an autonomous ecosystem where zoo owners can breed, collect, and trade exotic hybrid animals as NFTs (non-fungible tokens).

Cryptozoo claims that it will allow its users to make hybrid NFT animals that can yield tokens and in return, yield them profit. 

Users can use the crytocurrency’s native token, $ZOO, and wETH to purchase “NFT eggs” needed for breeding new animals, which would be considered the NFts.

Paul says he and his team have invested $1million to ensure its success.

RISKS OF INVESTING IN BITCOIN

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

CAN YOU TRADE CRYPTO ON ROBINHOOD?

Unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.

That means you’ll have access to trade major cryptocurrencies including, Dogecoin, Ethereum, and Bitcoin.

Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.

Alternatively, you can do limit orders, which are only executed at your specific limit price or cheaper.