PRESIDENT Biden may crackdown on cryptocurrency after the White House issued a statement drawing attention to potential pitfalls of the currency such as ransomware and other cyber threats.
The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.
“That’s why my administration is marshalling a whole-of-nation effort to confront cyber threats.”
The White House also signaled that the US will gather 30 other countries, including NATO and G7 allies, to discuss responses to cybercrime.
“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.
Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.
Read our cryptocurrency live blog for the latest news and updates…
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SCANT REGULATIONS
In other words, don’t invest more than you can afford to lose or into something you don’t understand.
Cryptocurrencies are also especially volatile, and their values can make large swings at no notice.
There’s scant regulation for crypto firms, so you’ll find yourself without protection if and when things go wrong.
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PRICE OF COTI CONTINUED
Zak Killermann, fintech and crypto expert of Finder, told The Sun: “A Cardano backed investment fund, known as cFund, invested $500,000 in Coti earlier this year — so it should come as no surprise that the two teams are now working closely together.
“Djed aims to be more transparent and liquid than existing stablecoins like USDT and USDC, and will have a double function as both a stablecoin and a transaction coin on the Cardano network.
“This coupling between the two networks might incur more direct price correlations between ADA and COTI, so investors in COTI may want to pay more attention to ADA’s price movements and news down the line.”
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PRICE OF COTI
The price of Coti is currently sitting at $0.5845, down by almost 3% over the past 24 hours, according to CoinMarketCap.
It comes after it soared to its highest ever level on September 25, when it reached $0.6587.
In comparison, it was worth just $0.04576 on January 1 this year.
Coti’s value has rocketed following news on Sunday that Coti will issue a new stablecoin for the Cardano system, known as Djed.
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WHAT IS COTI?
Coti is a blockchain platform with tools that let organizations build their own payment solution.
For example, merchants can create branded stablecoins to boost checkout options for customers.
The platform also has its own token with the same name.
The Coti group first launched in 2017, with “Coti” being an acronym for “currency of the internet”.
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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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CASPER ON THE RISE
Casper (CSPR) cryptocurrency has skyrocketed today as people ask how to buy the coin while Bitcoin soars on Coinbase.
Over the past 24 hours, CSPR crypto has appreciated 15% in value, according to Investor Place, but crypto sites vary on price predictions for the currently successful coin.
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CRYPTO CITY
The 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.
Mayor Suarez estimates the plan could generate as much as $60 million for the city in the next year.
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WILL BITCOIN REACH $70,000?
Some are wondering how high the price of Bitcoin can reach in 2021 – and that will depend on how it trends for the rest of 2021.
To reach $70,000, Bitcoin would have to surge by 63% in the last three months of the year.
That’s not an impossible task by any means but things would have to start trending the right way.
As things currently stand, many forecasters think Bitcoin will fall short of the $70,000 mark at the end of the year but reach or break that point not too far after.
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SUDDEN DROPS
Although the returns have been favorable in the past year – a potential investment can turn out poorly if bought too high.
For instance, Bitcoin was looking unstoppable when Elon Musk’s Tesla bought $1.5billion worth of the cryptocurrency earlier in the year.
But then the billionaire caused a big sell-off on Bitcoin when he said Tesla would stop accepting payments of the cryptocurrency.
Although Musk has said he thinks there’s a future with Bitcoin and Tesla, he has expressed environmental concerns over the cryptocurrency.
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PYTH CAUSES HUGE BITCOIN DROP
According to Bloomberg, an error last week 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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WHY IS THE PRICE OF EOS DROPPING?
The value of EOS is currently sitting at $3.86, down by around 3% in the past 24 hours, according to CoinMarketCap.
In comparison, it hit a record high in 2021 of $13.83 on May 11.
Meanwhile, it reached an even higher value of more than $20 in April 2018.
It’s difficult to pinpoint exactly why the value of the cryptocurrency has dived recently.
However, any investment typically falls in value if many investors sell off their assets at the same time.
The cryptocurrency markets have also fluctuated wildly in recent weeks, following a crackdown in China and other factors.
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WHAT IS EOS?
EOS is the crypto token of the EOSIO platform, the latter which is designed to allow developers to build decentralized apps.
These are digital applications or programs that exist and run on a blockchain or peer to per network of computers instead of a single one.
The aim is to make it as easy as possible for programmers to embrace blockchain technology.
The technology is a kind of database used to record transactions and is at the heart of cryptocurrencies such as Bitcoin.
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RISKS OF CRYPTO INVESTMENTS
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- 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.
- 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.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
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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.
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SPOT 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.