ALTCOINS, or alternatives to Bitcoin including Ethereum and Cardano, could be a future alternative to the iconic cryptocurrency.
Meanwhile, Solana prices have skyrocketed more than 13,000percent this year as fans rush to Burnt Finance.
Solana reached an all-time high of $214.36 last night as the cryptocurrency’s blockchain continues to generate visibility, according to Forbes.
Also, a financial regulator called out Kim Kardashian over her Instagram promotion of cryptocurrency Ethereum Max.
Charles Randell, chair of the Financial Conduct Authority, concerned about the lack of regulations for online promotions, said “But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.”
The price of Bitcoin dramatically dropped more than 10 percent on Tuesday as El Salvador suffered problems in the rollout of the cryptocurrency as its legal tender.
Read our cryptocurrency live blog for the latest news and updates…
WHAT HAS MONEY EXPERT MARTIN LEWIS SAID ABOUT CRYPTOCURRENCY, CONTINUED
Lewis added of cryptocurrency, “There are adverts on Facebook at the moment with my face on them for Bitcoin Code and Bitcoin Trader – these are scams I do not do adverts, I never do adverts, every time you see an advert with my face on, it is not with my permission.”
“These two are vicious scams that want to take your money.”
WHAT HAS MONEY EXPERT MARTIN LEWIS SAID ABOUT CRYPTOCURRENCY?
Money expert Martin Lewis believes that when it comes to cryptocurrency, “if you can’t afford to lose the money you put in, do not invest in it”.
“It’s a gamble like all forms of stocks and shares, like all forms of investment, and putting money in gold,” he said.
“That’s your choice, but if you do it the right way, the investment should work for you – that doesn’t mean you won’t lose money though.”
REGULATOR CALLS OUT KIM KARDASHIAN FOR PROMOTING CRYPTO
A British financial regulator called out Kim Kardashian over her Instagram promotion of cryptocurrency Ethereum Max.
Charles Randell, chair of the Financial Conduct Authority, concerned about the lack of regulations for online promotions, said, “But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.”
“Some influencers promote coins that turn out simply not to exist at all,” he said during a speech to the Cambridge International Symposium on Economic Crime.
WHY HAS THE VALUE OF SOLANA GONE UP?
It’s unclear exactly why the value of Solana has risen recently, but a number of new projects and updates have launched in the past month.
Last week, Mango Markets, a Solana-powered decentralized exchange, announced a successful $70million crowdfund, for instance.
WHAT IS SOLANA?
Solana is a challenger to Ethereum as a blockchain of choice for building decentralized applications.
It is similar to rivals like Cardano, but the project claims to offer a faster and more efficient alternative.
The idea and initial work of Solana began in 2017, but it didn’t officially launch until last year in March of 2020.
WHAT IS POLKADOT, CONTINUED
Jobson added, “To put this into context, developers have a choice from a variety of blockchains to build applications on – each with their own strengths and weaknesses that they have to mull over when deciding where to develop.”
“Polkadot aims to solve that problem by enabling interoperability between chains.”
WHAT IS POLKADOT?
The Polkadot project was founded in 2017, but the cryptocurrency only launched in May last year.
It allows cross-chain transfers of any type of data or asset, not just tokens, making a number of blockchains interoperable with each other.
In essence, it’s an interchange and translator between multiple blockchains – most of which weren’t built to communicate with others, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.
CONCERNS OF HASTY ADOPTION OF CRYPTO IN EL SALVADOR
Experts expressed concern about the hasty adoption of the new currency on a national scale in June, according to the New York Times.
But others said that the change in price was to be expected.
“When this move was first announced, it didn’t have nearly as big of an impact on price as some may have expected it might, possibly because El Salvador’s population is less than New York City’s, but also because the announcement was light on details and people were on the fence about how this was going to be implemented,” Leah Wald, CEO at Valkryie Investments, told CNBC.
“Transaction fees, processing times, and other hurdles also make this feel more like a beta test rather than a solution to many of the problems plaguing the country’s poor,” she added.
FACEBOOK TO LAUNCH VIRTUAL CRYPTO WALLET
In an interview with The Information, David Marcus said that company leaders “feel pretty committed” to launch the tool called Novi this year.
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
PRESIDENT OF EL SALVADOR ON POSITIVES OF ADOPTING BITCOIN
The president of El Salvador had pitched the idea of adopting Bitcoin as a way to bring more Salvadorans, about 70 percent of whom don’t have bank accounts, into the formal economy.
He argued that it would make it faster and cheaper to receive money from family living abroad.
The nation also uses the US dollar as legal tender which it adopted in 2001.
EL SALVADOR ADOPTS CRYPTOCURRENCY
El Salvador announced that it would be the first country to adopt the world’s largest cryptocurrency as legal tender.
From this week, businesses will be required to accept bitcoin for goods and services in the country.
Those who aren’t technologically able will be exempt, however.
RISKS OF INVESTING IN BITCOIN
There are some risks to investing in bitcoin.
- 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.
IS PARAGUAY NEXT TO ADOPT BITCOIN, CONTINUED
Rejala also said that the country’s low electricity, costs, and the fact it sources most of its power from renewable energy, is a key advantage regarding concerns about the environmental impact of crypto mining.
Should the bill pass, Rejala previously suggested he’d seek to present another bill to make Bitcoin legal tender later this year.
IS PARAGUAY NEXT TO ADOPT BITCOIN?
Paraguay is viewed by many as the next likely candidate for Bitcoin adoption.
That belief may be a response to local congressman Carlos Rejala drafting legislation to make the nation more attractive to the crypto market.
Rejala’s plans will allow crypto firms to finance their operations in Paraguay using digital currency, as well as remit dividends abroad and capitalize any crypto profits into local banks, ProactiveInvestments.com reports.
WHAT IS ALCHEMY PAY?
The cryptocurrency Alchemy Pay was co-founded by payments industry veterans Molly Zheng, Shawn Shi, and John Tan.
Trading for Alchemy Pay first began in September 2020.
According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.
Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.
SEC REPORTEDLY THREATENED TO SUE COINBASE
Coinbase announced on Wednesday that the SEC threatened to sue the company if it launched Lend, according to Vox.
Coinbase claimed it wanted formal guidance from the SEC on how it was using old Supreme Court cases to determine if Lend was a security, but the SEC didn’t provide it.
WHAT IS TETHER?
It’s described as a “stablecoin;” a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros, or the Chinese yuan.
The price of Tether has stayed stable after it hit a 2021 high in mid-April.
WHAT IS BABY DOGE?
Baby Doge launched on June 1 this year.
It is a “deflationary coin” set to become more scarce over time, according to its website.
It features a mascot that looks like a puppy version of its “father” – the Shiba Inu dog that is the face of Dogecoin, which first launched as a joke in 2013, but has since shot up in value.
Baby Doge was started by fans and members of the Dogecoin community, and it is one of many cryptocurrencies that incentivize holding on to it by charging a transaction fee.
Investors who sell the crypto are hit with a 10 percent fee, of which 5 percent is redistributed to existing holders of Baby Doge.
CAN YOU TRADE CRYPTO ON ROBINHOOD?
Robinhood offers 24/7 crypto trading on its platform.
Crypto investors can buy or sell with a market order, which means it’s executed at the current market price, on the platform.
Alternatively, you can do limit orders, which are only executed at your specific limit price or cheaper.
PRICE VOLATILITY ONE DOWNSIDE OF CRYPTO
Price volatility is one of the risks of investing in cryptocurrency.
Significant price volatility in cryptoassets, along with the inherent difficulties of valuing cryptoassets reliably, can place consumers at a high risk of losses.
WHAT IS CRYPTOZOO?
Logan Paul has described his new project, Cryptozoo, as an autonomous ecosystem where zoo owners can breed, collect, and trade exotic hybrid animals as NFTs (non-fungible tokens).
Cryptozoo claims that it will allow its users to make hybrid NFT animals that can yield tokens and in return, yield them profit.
Users can use the crytocurrency’s native token, $ZOO, and wETH to purchase “NFT eggs” needed for breeding new animals, which would be considered the NFTs.
Paul says he and his team have invested $1million to ensure the success of this new endeavor.
IS IT SAFE TO INVEST IN CRYPTOCURRENCY?
Anyone thinking of investing in Bitcoin or another cryptocurrency should be careful.
Their values are volatile, with the ability to drop quickly.
Investors are also often targeted by hackers and other criminals who seek to steal their crypto-cash online.
Be especially careful if you are using direct, peer-to-peer platforms to sell or buy cryptocurrencies.
ATHLETES LIKE TOM BRADY INVEST IN CRYPTO
In the ad, the couple calls New York Jets superfan Fireman Ed to invest.
FTX announced on Tuesday that Steph Curry would also be joining and serving as a brand ambassador.
‘LEAVE BRITNEY ALONE’ VIDEO RECENTLY SOLD AS NFT
Cara Cunningham, the personality behind the “Leave Britney Alone” video, sold the original clip as an NFT back in April.
It sold to an anonymous buyer online for 18.69 ether, which is about $41,000, according to NME.