Cryptocurrency price live – Bitcoin and Ethereum to be traded on Wall Street as Coinbase allows users to deposit crypto

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.

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.”

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.

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.

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.

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.

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.

BLOCKCHAIN SCAMS

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.

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.

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.

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.

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.

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.”

NO GUARANTEED RETURNS

There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.

There is no way to eliminate 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.

HOT TIPS FROM ‘FRIENDS’

Multi-level marketing scammers will often use the language of cryptocurrencies to entice people to join as “members.”

Cryptocurrencies do not have members, they have investors.

Avoid taking investing tips from friends and family; instead turn to price-tracking websites like CoinMarketCap, CoinGecko, or CoinPaprika, and always do your research before investing.

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.

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.

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.

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.

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.

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.”

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.

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.

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.”

BLOCKCHAIN SCAMS

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.