COINBASE started allowing Gyen cryptocurrency on its platform on Tuesday, as Gala crypto surges following Bitcoin’s plummeting.
The platform started letting pro members add Gyen to their accounts, making analysts wonder how this will affect the cryptocurrency’s value.
Gala, on its part, has continued rising and staying close to its all-time-high on Tuesday, when it was trading at $0.1335.
Meanwhile Bitcoin fell by nine percent to $60,000 as China issued a warning to cryptocurrency miners.
This, as President Joe Biden signed a sweeping infrastructure bill into law that includes cryptocurrency tax regulations.
The drop in Bitcoin also dragged down the price of Ether and Dogecoin.
Shibu Inu received a boost on Tuesday, however, with the news that AMC will accept the coin in the coming months.
Read our cryptocurrency live blog for the latest news and updates…
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CRYPTO-TRADING HAMSTER, CONTINUED
The four-legged financial fiend is not completing transactions himself, of course.
Instead, Goxx’s trading decisions are made inside a camera-rigged “office” attached to his regular cage.
Every day, when he enters the office, a stream is started on Twitch and a tweet is sent out to his followers notifying them that trading has begun.
The hamster then runs on an “intention wheel” that chooses one of 30 different cryptocurrencies to trade.
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A CRYPTO-TRADING HAMSTER OUTPERFORMS MARKET
A hamster in Germany is trading in cryptocurrencies and has consistently been 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.
The site states that the page is just for fun and does not offer financial advice.
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‘DECISION TUNNELS’
The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.
Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.
All of the data is rigged to a computer that makes the transactions in real-time on Goxx’s behalf.
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GOXX’S CREATORS
Speaking to the BBC, the two 30-something German men behind the channel explained that the idea started as a joke.
“We felt that everything keeps getting more expensive these days and building savings is super-hard to achieve with high rents to pay,” they said.
“It seems like most people from our generation see no other chance than throwing a lot of their savings on the crypto market, without having a clue what’s going on there.
“We were joking about whether my hamster would be able to make smarter investment decisions than we humans do.”
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AMC WILL TAKE SHIBA INU PAYMENT
The AMC theatre CEO reportedly accept the Shiba Inu coin as a form of payment.
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WHAT ARE RED FLAGS OF SCAMS?
Gizmodo shared that other red flags of the SQUID coin being illegitimate was that the website that the creators launched was filled with spelling and grammatical errors.
The crypto’s telegram channel also did not allow comments from outsiders, and its Twitter account did not allow users to reply to posts, which Gizmodo flagged as suspicious.
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WAS THE SQUID SCAM OBVIOUS?
Gizmodo warned of the scam on Friday, but the warning did not reach everyone.
The site revealed that the largest red flag was that investors could invest in the coin, but not sell it.
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SQUID CRYPTO SCAMMERS RUN OFF WITH $2.1MILLION
Just a week after the SQUID coin launched, its creators pulled the rug on the project, and cashed in the coins for real money.
Investors who fell victim to the scam lost an estimated $2.1million.
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BIGGEST CRYPTO RISKS: 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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BIGGEST CRYPTO RISKS: MARKETING MATERIALS
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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BIGGEST CRYPTO RISKS: 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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BIGGEST CRYPTO RISKS: 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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BIGGEST CRYPTO RISKS: 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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BANKS EMBRACE CRYPTOCURRENCY, CONTINUED
Executives at large banks are beginning to hop on the cryptocurrency train as some invest their time in learning about the new payment method.
A Bank of America spokesman, Mark Pipitone told the New York Times, “The bank sees potential in blockchain, and we’re currently a leading patent holder in the space with more than 160 patents. But we still haven’t found a use at scale to make the financial lives of customers and clients better.”
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BANKS EMBRACE CRYPTOCURRENCY
Banks are paying for slowly catching on to the future of cryptocurrency as they struggle to benefit and profit.
As cryptocurrency start-ups explode, they are starting to offer credit cards and loans while banks are left in the dust.
According to the New York Times, “Bank of America’s chief executive, Brian Moynihan, barred the giant company’s wealth managers from putting any client money into cryptocurrency-related investments.”
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APPLE HAS ‘NO IMMEDIATE PLANS’ WITH CRYPTO
Cook continued Tuesday by saying that although Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”
An Apple Pay executive said in 2019 that the company sees “long-term potential” in cryptocurrency.
But it seems like crypto fans shouldn’t get excited, because even if Apple does introduce cryptocurrency products or services in the future, it doesn’t seem like it will happen anytime soon.
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APPLE CEO TIM COOK OWNS CRYPTO
Apple CEO Tim Cook recently revealed he owns cryptocurrency.
At the New York Times DealBook conference, Cook was asked if he owns Bitcoin or Ethereum and said, “I do. I think it’s reasonable to own it as part of a diversified portfolio,” according to CNBC.
“I’m not giving anyone investment advice by the way,” he noted.
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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.
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WHAT TO DO IF YOU’RE WORRIED ABOUT THE ROBINHOOD BREACH
If you’re a Robinhood user, you should definitely be changing your password and make sure it’s a unique one.
Users should also turn on two-factor authentication if they haven’t already done so.
This makes it so anyone accessing your account will also have to provide a one-time code even if they have your email and password.
You should also look out for an email from Robinhood as the company is reaching out to people affected.
It’s unclear if the company will reach out to everyone but it’s important to remain vigilant.
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WHAT IS THE ROBINHOOD DATA BREACH?
Users are being warned after a security breach at Robinhood has leaked sensitive information.
The breach occurred on November 3 when an “unauthorized third party” gained access to information from a number of users.
The data affected by the leak includes email addresses for about 5 million users. The full names of 2 million users were also leaked.
However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes.
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RISKS OF ROBINHOOD, PART THREE
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
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RISKS OF ROBINHOOD, PART TWO
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.
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RISKS OF ROBINHOOD
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
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WHAT IS ROBINHOOD? CONTINUED
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
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WHAT IS ROBINHOOD?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
