THREE of the biggest cryptocurrencies were all down on Monday and
BITCOIN, Ethereum and Shiba Inu are “tanking” after Telsa founder and CEO Elon Musk mentioned Dogecoin in a Twitter meme.
“Tesla will make some merchandise buyable with Doge & see how it goes,” the billionaire said early Tuesday morning.
Immediately after it was posted, Dogecoin price went up 24 percent.
Meanwhile, Shiba Inu‘s value was down 6.78 percent over the past week as of 9am ET on Tuesday, according to CoinBase.
At the same time, Bitcoin‘s price had dipped 2.43percent in just the past 24 hours, according to CoinBase.
As for Ethereum, it’s down 4.51 percent over the last day as of Tuesday morning on Coinbase.
Musk is also celebrating being named TIME Magazine’s Person of the Year for 2021.
Musk has previously backed Shiba Inu coin, as well as a number of other crypto tokens, including DogeCoin.
Read our cryptocurrency live blog for the very latest news and updates…
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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 on Cryptocurrency
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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What are Shiboshi NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”
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Can Shiba Ibu hit $1?
Shiba Inu has soared in value recently, hitting several new all-time highs.
On November 12, 2021, cryptocurrency exchange CoinDCX listed Shiba Inu on its mobile trading app.
Up until then, it was only available on the platform in trade-only mode on CoinDCX Pro.
Shiba Inu being traded on CoinDCX follows the company announcing it is the first cryptocurrency firm in India to reach a valuation of over $1billion, giving it unicorn status.
On October 28, Shiba hit an all-time high of $0.00008845.
However, the coin has taken a dip in recent weeks, along with other major crypto coins. I
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Will Shiba Inu’s price rise?
For Shiba in particular, there has been a fair share of volatility this year despite the surge in the past month.
For example, up until October 28, the token hit its last record high of $0.00003641 on May 11.
It’s difficult to predict how Shiba Inu’s price will change in the future, due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, comments by high-profile individuals such as Musk, and other developments.
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Shiba Inu Coin, continued
Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.
Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
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RIP Mr Goxx: ‘He fell asleep peacefully’
“Mr. Goxx showed no signs of serious illness, besides having some kidney issues as a cause of a professional mite treatment in his early days,” the sad announcement continued.
“While having normal amounts of food until Sunday, he then suddenly refused eating and fell asleep peacefully on Monday morning.”
“For us humans behind Goxx Capital, the situation is hard to grasp and questions about a possible continuance of the project are not relevant to us at the moment (for now, we will leave everything as is),” the statement added.
“Thank you and rest in peace, Max (a.k.a Mr. Goxx). You will be missed, and your memory will live forever on the blockchain.”
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R.I.P. Mr Goxx, the crypto-trading hamster
Sadly, Mr Goxx, the crypto-trading hamster, passed away on November 23.
The tragic news was shared on Mr Goxx’s official Twitter account.
“We feared this day like no other and are truly shocked for it to happen just now,” Mr Goxx’s Twitter account tweeted on Wednesday.
“In deep sorrow, we have to announce the loss of our beloved furry friend.”
The account continued: “Being with us as a pet for quite a while, he became famous out of nowhere. Mr. Goxx has brought joy to people all across the globe and reminded us not to take life too seriously.
“He shed light into dark moments of pandemic, inflation and many kinds of trouble.”
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Goxx’s creators
Speaking to the BBC, the two 30-something German men behind Mr Goxx the crypto-trading hamster 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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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 cryptocurrencies
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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Microstrategy spends $414 million on Bitcoin
The business intelligence company led by Michael Saylor revealed in a November 29 Securities and Exchange Commission filing that it bought 7,002 bitcoins between October 1 and November 29.
MicroStrategy reportedly spent $414million on the coins.
The company now has a reported stockpile of 121,044 bitcoin tokens.
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GYEN price predictions, continued
Wallet Investor expects the price of GYEN to add another zero and fall to $0.00845 in a year’s time.
Meanwhile, Digitalcoin expects GYEN to gain to around $0.022 in 2021.
Furthermore, Goldman Sachs expert Andrew Lokenauth is even more bullish on GYEN.
“From my prior experience, I feel it will be included on other exchanges due to demand,” he told The Sun.
“Also, due to current hype and mentions of GYEN on Reddit and Twitter, this can easily reach 10 cents.”
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GYEN price predictions
The price of GYEN has jumped thanks to becoming available to Coinbase pro members.
Where the price will wind up in the future is tough to predict – and it is yet to be included on other major exchanges like Robinhood.
Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, told The Sun that stablecoins aren’t exactly supposed to surge in trading like this.
“It looks like the demand is so high that the peg has failed to hold,” she said.
“A good stablecoin shouldn’t surge or fail under scrutiny.”
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What is NuCypher, continued
This allows users to share private data with a number of others in a secure way.
Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.
Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.
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What is NuCypher?
NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network was launched.
NuCypher specifically operates as a decentralized key management system that uses blockchain technology.
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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.
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Value of the crypto market
Roughly, the entire crypto market is currently worth around $2.6trillion.
The value of the market going forward is likely to fluctuate, as it greatly depends on what cryptos decide to do next.
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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 are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
