BITCOIN and Ethereum are going to be traded on Wall Street and Coinbase now allows user deposits to its accounts.
The 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 in the trading rooms, according to Money control.
Meanwhile, Coinbase will allow its users to deposit paychecks directly to their accounts online, according to CNBC.
Bitcoin and other cryptocurrencies are now on the rise despite falling after China’s central bank announced that all cryptocurrency trading is illegal in the country and that token mining is banned.
Bitcoin fell 5.5% and Ethereum dipped about six percent on Friday, according to Coinmarketcap.
But on Monday, the price of bitcoin rose nearly five percent from Sunday and Ethereum rose to 12 percent, Forbes reported.
Read our live cryptocurrency blog for the latest news and updates …
RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is product complexity.
The complexity of some crypto-asset related products and services can prevent consumers from understanding the risks.
There is no guarantee that cryptoassets can be converted back to cash.
The conversion of a crypto-asset into cash depends on the demand and the supply existing in the market.
RISKS OF INVESTING IN CRYPTOS, PART II
Another investment risk is price volatility.
The high volatility of crypto-asset prices, combined with the difficulties inherent in a reliable valuation of crypto-assets, puts consumers at high risk of loss.
RISKS OF INVESTING IN CRYPTOs
We have rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Certain investments showing high returns based on crypto assets may not be subject to regulation beyond anti-money laundering requirements.
A HAMSTER CRYPTO-TRADING MARKET OUTPUTS THE MARKET
A hamster in Germany trades cryptocurrencies and is currently outperforming the S&P 500.
The furry animal, called Mr Goxx, has been 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 the two tunnels.
Mr Goxx started trading on June 12 of this year and on Friday he was up 24% on the S&P 500, according to his Twitter page. @mrgoxx.
The site states that the page is for fun and does not offer financial advice.
CRYPTOCURRENCY EXCHANGE HUOBI STOPPING NEW CONTINENTAL CUSTOMERS, CONTINUED
Chinese regulators stepped up the crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that foreign exchanges are not allowed to provide services to mainland investors via the internet.
Huobi Global said in a statement that it will proceed with an orderly exit of its existing mainland customers on the assumption that the security of their assets is guaranteed.
HUOBI CRYPTOCURRENCY EXCHANGE STOP TAKING NEW CONTINENTAL CUSTOMERS
Chinese cryptocurrency exchange Huobi Global said on Sunday that it stopped taking new clients from the mainland as of Friday.
It terminates contracts with mainland customers by the end of the year to comply with local regulations.
THE DIFFERENCES OF TEZOS, CONTINUED
âThe apparent growth of non-fungible tokens (NFTs) has helped propel cryptos like Tezos out of niches in the cryptocurrency space,â Myron Jobson, personal finance activist and interactive investor, told The Sun.
He adds that “more some investors have turned to other less established players like Tezos to experiment at a lower cost.”
THE DIFFERENCES OF TEZOS
Tezos sets itself apart from other major cryptocurrencies, including Bitcoin and Ethereum, which use the proof-of-work blockchain in several key ways.
According to Tezos, its proof-of-stake algorithm not only costs less, but is also more environmentally friendly.
HOT TIPS FROM “FRIENDS”
Multilevel marketing scammers will often use the language of cryptocurrencies to trick people into joining as ‘members’.
Cryptocurrencies don’t have members, they have investors.
Avoid receiving investment advice from friends and family; Instead, turn to price tracking websites like CoinMarketCap, CoinGecko, or CoinPaprika, and always do your research before investing.
Dating app scams and crypto
Some cryptocurrency fraudulent operations have started using dating apps to attract potential targets.
In some reports, the crooks are said to present themselves as a long-distance love interest sharing a new cryptocurrency opportunity.
About 20% of the money that was reportedly lost to dating scams over the past year was in cryptocurrency.
Cryptocurrencies operate on blockchain networks.
Scammers often claim their blockchain is ‘in development’ or ‘about to be released’, but all legitimate cryptos will have an accompanying website to verify the currency.
Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it exists.
EXPERTS PREDICT POLYGON GROWTH
It is impossible to know for sure how the price of Ethereum will change in the future.
However, experts and investors have made some predictions.
Charlie Barton, investment specialist at comparison site Finder, warned in mid-May: âPolygon’s performance has been extremely strong recently, reaching 10,000% growth last year. “
“It’s easy to get carried away, but it’s very unlikely that such aggressive growth will continue indefinitely.”
WHAT IS POLYGON?
Polygon is an Ethereum token that powers the Polygon network, which aims to provide faster transactions on the Ethereum blockchain.
It was originally known as the Matic Network when it launched in 2017.
Polygon hit its all-time high on May 18 when it climbed to $ 2.4544.
The price has climbed about 9200% this year, from $ 0.01781 on Jan. 1.
cryptocurrency gift scams
In gift scams, scammers often pose as celebrities or well-known personalities and ask victims to send Bitcoin, promising to return a much larger amount.
Many ad scams are marketed on social media, attempting to connect through Facebook, Twitter or Instagram.
For example, victims said they sent over $ 2 million to crooks posing as Elon Musk.
CHINA PREVIOUSLY CLOSED TRADE IN CRYPTO, PART II
While the creation and trading of crypto has been illegal in China since 2019, new crackdowns this year by Beijing have warned banks to suspend related transactions and shut down much of the country’s vast network of bitcoin miners.
Thursday’s statement from the central bank sent the strongest signal yet that China is closed to crypto.
CHINA PREVIOUSLY CLOSED TRADE IN CRYPTO
The recent crypto shutdown was not Beijing’s first step against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines fuel nearly 80% of the global cryptocurrency trade.
THE ‘MUSK’ EFFECT ON THE CRYPTO
Elon Musk has once again been linked with activity in the crypto markets.
Earlier this week, Telsa’s CEO tweeted about the arrival of his new Shiba Inu puppy, Floki.
A few days later, the price of the Shiba Inu coin skyrocketed.
ALEXIS OHANIAN ON THE CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, PART THREE
“I have never been so excited about the potential of the Internet”, Ohanian added.
“And that’s in large part thanks to Vitalik Buterin.”
Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.
ALEXIS OHANIAN ON ETHEREUM CO-FOUNDER, VITALIK BUTERIN, CONTINUED
âNo one could have imagined all the uses of Ethereum, but it took a person’s idea to launch it,â Ohanian added of Buterin.
âFrom there, a new world opened up and spawned new ways to harness blockchain technology, some of which I have invested in.
“Whether it was startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would have existed without the creation of Vitalik.”
ALEXIS OHANIAN ON THE CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN
âThanks to Reddit’s r / Ethereum community, I had the privilege of following Vitalik Buterin’s career from the start, which is why I took some pride in seeing his legacy grow,â Ohanian wrote from the programmer.
âOf course, we can talk about the value he created as a co-founder of the platform, including Ethereum’s impressive market capitalization of around $ 400 billion, the dazzling world of apps. decentralized and this year’s boom in the NFT trade. “
“What makes Vitalik so special is that he is a builder of builders.”
ONE OF ETHEREUM’S CO-FOUNDERS NAMED AT TIME 100 MOST INFLUENTIAL PERSON
One of Ethereum’s co-founders, Vitalik Buterin, has been named one of the 100 most influential people of 2021.
Former Reddit executive chairman Alexis Ohanian praised him in a post for the article.
PYTH CAUSES HUGE BITCOIN FALL
According to Bloomberg, an error on Monday caused the Pyth platform to incorrectly show that the price of Bitcoin had fallen to around $ 5,400.
That would have been a catastrophic drop from around $ 50,000 earlier this month.
A number of Bitcoin fanatics have sounded the alarm bells online, but it turns out they have nothing to fear.
Pyth, who provides financial data to a number of large investment firms, confirmed in a tweet Monday that a glitch was at the root of the problem.
NO RETURN GUARANTEED
There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns”, they are often scammers.
There is no way to remove the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.
Check out these other ways to spot scammers in the crypto space.
DOW JONES EXPERT ON THE WALL STREET CRYPTO TRADE
Some cryptocurrencies will be brought into the Wall Street trading rooms, Money control reported.
âTraditional financial markets and digital assets are no longer mutually exclusive markets,â said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.
WHAT WILL BITCOIN’S PERFORMANCE MEASURE ON WALL STREET?
The 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.