FEDERAL Reserve chair Jerome Powell announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 per cent.
Meanwhile, in El Salvador, the country has made its first forays into Bitcoin mining using power generated by a volcano, according to a video released by state-owned geothermal electric company, LaGeo SA de CV.
The first Bitcoin mining rigs have been installed in an energy factory there, where weeks ago, President Nayib Bukele made the cryptocurrency legal tender.
Bitcoin was up to a price of $47,974.84 on Coinbase on Saturday morning, and the overall cryptocurrency market cap jumped back above the $2 trillion mark.
Plus, Bitcoin and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.
S&P Bitcoin Index, S&P Ethereum Index, and S&P Crypto Mega Cap Index will measure the performance of digital assets linked to them on trading floors, according to Money Control.
Meanwhile, mayor of Miami is pushing the Florida city as a “cryptocurrency innovation hub,” and Bitcoin is up today on Coinbase.
Ever since CityCoins revealed “MiamiCoin” in August, “the protocol has sent about $7.1 million to Miami,” The Washington Post reported Thursday.
Read our cryptocurrency live blog for the latest news and updates…
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DOW JONES EXPERT ON TRADING CRYPTO ON WALL STREET
Some cryptocurrencies will be brought to the trading floors of Wall Street, Money Control reported.
“Traditional financial markets and digital assets are no longer mutually exclusive markets,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.
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WHAT WILL MEASURE THE PERFORMANCE OF BITCOIN ON WALL STREET?
S&P Bitcoin Index, S&P Ethereum Index, and S&P Crypto Mega Cap Index will measure the performance of digital assets linked to them now that digital currencies including Bitcoin and Ethereum will be traded on Wall Street, according to Money Control.
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SHARES IN CRYPTO FIRMS FALL AFTER CHINA ANNOUNCEMENT
Shares of cryptocurrency-related firms Coinbase Global, MicroStrategy Inc, Riot Blockchain, and Marathon Patent Group fell after China’s central bank put a ban on crypto trading and mining.
“It’s been a very volatile week to say the least, so I think going into the last week of September the volatility is likely to continue especially with the end-of-the-quarter window dressing,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Investors are also looking for signs of progress on President Joe Biden’s spending and budget bills.
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RISKS OF INVESTING IN CRYPTOS, PART FIVE
Finally, the truth in marketing materials is a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
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RISKS OF INVESTING IN CRYPTOS, PART FOUR
Another risk of investing are the 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.
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RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is 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.
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RISKS OF INVESTING IN CRYPTOS, PART TWO
Another risk of investing is price volatility.
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
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RISKS OF INVESTING IN CRYPTOS
We rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
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AUDIUS VALUE SOARS
After its deal with TikTok, the price of Audius has soared by 109% over the past 24 hours at the time of writing, according to CoinMarketCap.
It’s price now stands at $3.55, up from $1.88.
However, it’s not a record-breaking high for the coin – in March, Audio spiked to $4.18, up from $2.50 just a day before as the platform’s profile began to build.
However, it plummeted soon after, and despite a rise in May, has fallen since until the end of July.
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A CRYPTO-TRADING HAMSTER OUTPERFORMS MARKET
A hamster in Germany is trading in cryptocurrencies and currently outperforming the S&P 500.
The furry animal, called Mr Goxx, has been busy working since June, thanks to a specially adapted cage.
He determines which currencies to buy or sell by running on his wheel or walking through one of two tunnels.
Mr Goxx, started trading on June 12 this year and on Friday he was 24 per cent up on the S&P 500, according to his Twitter page @mrgoxx.
The site states that the page is just for fun and does not offer financial advice.
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CRYPTOCURRENCY EXCHANGE HUOBI STOPS TAKING NEW MAINLAND CUSTOMERS
Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.
China’s regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.
Huobi Global said in a statement it will conduct an orderly exit of its existing mainland clients on the premise that safety of their assets is guaranteed.
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PYTH CAUSES HUGE BITCOIN DROP
According to Bloomberg, an error on Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.
That would have represented a catastrophic drop from around $50,000 earlier this month.
A number of Bitcoin fanatics sounded the alarm online, but it turned out they had nothing to worry about.
Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.
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TEZOS’ DIFFERENCES
Tezos makes itself distinct from other major cryptocurrencies including Bitcoin and Ethereum, which uses proof-of-work blockchain in a few key ways
According to Tezos, its proof-of-stake algorithm not only costs less but is also more eco-friendly.
“The apparent growth of non-fungible tokens (NFTs) has helped to propel cryptos like Tezos from the niches of the cryptocurrency space,” Myron Jobson, a personal finance campaigner, and interactive investor told The Sun.
He adds that “more some investors have turned to other less established players like Tezos to experiment at lower costs.”
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CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES, PART TWO
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of bitcoin miners.
Thursday’s statement by the central bank sent the strongest yet signal that China is closed to crypto.
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CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES
It’s not Beijing’s first move against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
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THE ‘MUSK’ EFFECT ON CRYPTO
Elon Musk has once again been linked to activity in the crypto markets.
Earlier this week, the Telsa CEO tweeted about the arrival of his new Shiba Inu pup, Floki.
Just days later, the price of Shiba Inu coin was skyrocketing.
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KRAKEN STAFFER TWEETS ABOUT CRYPTO
Dan Held, who’s behind Growth for Kraken Exchange, which allows users to buy bitcoin and other cryptocurrencies, tweeted about crypto on Monday.
“I put my savings into Bitcoin because I am risk averse,” he wrote.
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CHINA’S STATEMENT, CONTINUED
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
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CHINA’S STATEMENT
The PBOC said it will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order”.
It said that trading of virtual currencies had become “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”
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SHARES IN CRYPTO FIRMS ALSO FALL
Shares of cryptocurrency-related firms Coinbase Global, MicroStrategy Inc, Riot Blockchain, and Marathon Patent Group fell after China’s central bank put a ban on crypto trading and mining.
“It’s been a very volatile week to say the least, so I think going into the last week of September the volatility is likely to continue especially with the end-of-the-quarter window dressing,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Investors are also looking for signs of progress on President Joe Biden’s spending and budget bills.
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CHINA’S CRACKDOWN ON CRYPTO IS ‘BIG OPPORTUNITY’ FOR US
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
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WILL CHAINLINK RISE TO $35?
Crypto investor Justin Bennett sees Chainlink rising to $35.
He told The Daily Hodl: “The $27.50 area could attract a few sellers as it’s the 50% retracement of the correction.
“That said, a daily close above $25 should flip the area to support.
“If Chainlink can get above the $27.50 area, there isn’t much stopping a run at $35.”
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ENERGY EFFICIENT CONTINUED
“Proof-of-stake blockchains like Hedra inherently consumes energy to function – there is no getting around it.
“The effectiveness of carbon offset is difficult for the lay investor to gauge based on the publicly available information.
Mt Jobson adds: “Hedera Hashgraph still has a long way to go in proving its concept. The usual warnings over risk and volatility applies here.”
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HELIUM ON THE RISE
Helium crypto price predictions have soared and may be the next cryptocurrency to explode in 2022.
Experts have predicted it will be a lucrative investment in the crypto space. as price predictions heated up before the big launch this week because the network connects people through shared hot spots.
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FAKE WEBSITES
Another widespread scamming technique is websites that appear to be a new cryptocurrency mining operation or investment opportunity.
These sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.
But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.
