Cryptocurrency frenzy
Wild investment into the cryptocurrency market mirrors the record sum paid for the world's most expensive painting last month, according to the creator of Ethereum. The cryptocurrency market has seen an unprecedented level of interest from investors this year. Bitcoin, the world's largest digital currency, has risen more than 1, percent since the start of , with major derivatives exchange Cboe debuting the first futures contracts for the asset Sunday. Buterin highlighted an emerging trend in the market — a Pokemon-like game called "CryptoKitties. The phenomenon allows users to breed, buy and sell virtual kittens using ether, the digital token of the Ethereum blockchain. At one point, the game was so popular that it pushed the blockchain network to its limits, resulting in a backlog of transactions.
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- Amid Bitcoin Frenzy, SEC Warns Against Risky Cryptocurrency Products
- Bitcoin’s Price Has Soared. What Comes Next?
- Cryptocurrency mania gripping India: All you need to know
- Bitcoin price hits record all-time high amid crypto market frenzy
- The ongoing Bitcoin frenzy
- Coinbase sizzles in market debut amid cryptocurrency frenzy
- Bitcoin frenzy settles down as big players muscle into market
- Exbibyte frenzy: How mining for Chia crypto turned me into a storage junkie
- Dogecoin’s value is soaring. Here’s why people are investing in the cryptocurrency
- Regulators urge caution amid Bitcoin frenzy
Amid Bitcoin Frenzy, SEC Warns Against Risky Cryptocurrency Products
The Securities and Exchange Commission is warning investors about the potential for volatility and fraud in new cryptocurrency products. If you're tempted to join the cryptocurrency bandwagon, regulators say you should take a pause before you click "buy. In January, Kodak saw its shares rise on the announcement of its "KodakCoin" digital currency. Even Venezuela is making moves into digital money, with President Nicolas Maduro announcing the development of a "petro cryptocurrency" backed by the country's oil and gas reserves.
But where some see opportunity, regulators are preaching caution. Last week, the Securities and Exchange Commission shot down proposals from two exchange-traded funds seeking to offer investors a way to trade in cryptocurrencies on more traditional exchanges. ETFs have exploded in popularity in recent years and offer a simple way for individuals to diversify their investments.
The funds hold a basket of investments, and investors can then buy and sell the ETFs like normal stocks. In this case, the two funds proposed investing in cryptocurrencies. They would allow investors to trade shares of the funds, with fund managers handling the selection and purchase of the underlying crypto assets in their portfolios. Cryptocurrency markets feature "substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation," SEC Chairman Jay Clayton said in December.
For the SEC, cryptocurrencies are still too new and poorly understood to allow them onto more conventional exchanges. But the agency's reluctance to allow crypto trading on stock exchanges has done little to curb investor enthusiasm. Aspiring investors can still trade bitcoin and other currencies on a host of online exchanges. Investors can also participate in "initial coin offerings," where new coin developers sell their digital coins in exchange for startup capital.
The SEC is not so sure. Crypto investors do not need to look far to see what the SEC is warning about. Last week, BitConnect , an online platform that guaranteed returns of up to 40 percent per month, collapsed. BitConnect failed shortly after receiving cease-and-desist orders from authorities in North Carolina and Texas.
Some prominent figures in cryptocurrency, including Ethereum co-founder Vitalik Buterin and hedge fund manager-turned-crypto-investor Michael Novogratz, called this "too-good-to-be-true" venture a Ponzi scheme. Over the course of a few days, BitConnect's coin lost more than 90 percent of its value.
Investors were left with no way to withdraw their funds as the platform announced that it was shutting down. Those who could found that their investments had shriveled to a fraction of their initial value. The problem isn't limited to BitConnect.
These attacks exploit flaws in the code of new cryptocurrencies, many of which are rushed to market without meaningful review. It's often impossible to recover stolen funds because blockchain transactions are irreversible. Despite the risks, investors continue to flock to ICOs and projects that utilize blockchain technology. As for BitConnect, representatives of the company have not responded to multiple NPR requests for comment.
But they have announced that they are still going forward with an ICO for a new project, BitconnectX. Whether any investor will still trust them remains to be seen. Accessibility links Skip to main content Keyboard shortcuts for audio player. NPR Shop. Regulators warn of potential "fraud and manipulation" in proposed funds.
Facebook Twitter Flipboard Email. January 25, PM ET. Ian Wren. Enlarge this image. South Korea Wants To Know.
Bitcoin’s Price Has Soared. What Comes Next?
Ethereum, a decentralized network inspired by bitcoin that can support financial transactions as well as other types of apps, is ascendent. Ethereum is, at its most basic, a blockchain-based cryptocurrency that includes a scripting element. Think of it kind of like this: bitcoin keeps track of transaction data, ethereum keeps track of that and computer programs. The market price of ether seems to be fueled by hype, speculation, and fear of missing out on another bitcoin-like boom, which made many early adopters unexpectedly rich.
Cryptocurrency mania gripping India: All you need to know
Don't overlook traditional mutual funds Some of the year's best-performing mutual funds are still losing customers at a record pace, said Michael McDonald and Annie Massa at Bloomberg. Buying a car without the dealer hassle "It took a pandemic to drag the car-buying process into the 21st century," said Joann Muller at Axios. For years, purchasing an automobile had remained "stubbornly low-tech," thanks to car dealerships protected by state franchise laws and worried about missing opportunities to upsell customers. Many have added software that allows customers to "browse inventory, apply for credit, and choose a payment schedule. Surprisingly, dealerships have been "more profitable than ever. Investors have tapped Bitcoin as a "safe-haven asset" and hedge against inflation concerns "as governments around the world embark on large-scale fiscal stimulus programs. This article was first published in the latest issue of The Week magazine.
Bitcoin price hits record all-time high amid crypto market frenzy
After bouncing up, falling down and keeping investors on the edges of their seats, bitcoin may be maturing into a period of relatively boring stability, experts say. A worldwide wave of regulation has led to a collapse in trading volumes. Cryptocurrency advertisements are disappearing from top internet pages, and bitcoin no longer dominates Google searches. As investors try to figure out what bitcoin wants to be when it grows up, the best-known cryptocurrency is going through somewhat of an existential crisis.
The ongoing Bitcoin frenzy
Photo Courtesy of Ayush Kumar, senior in Engineering, previously used Bitcoin to purchase drugs and fake IDs on the dark web. Now he, along with a swarm of other student hopefuls, are Bitcoin investors hoping to ride the wave of popularity that has increased its price by a factor of 15 since the beginning of Bitcoin, a digital currency without the backing of a central authority or government, was released in by a creator using the pseudonym Satoshi Nakamoto. Once a popular, anonymous way to buy illicit materials on the dark web, the recent meteoric rise in popularity of Bitcoin and other cryptocurrencies has pushed it closer to the mainstream. Although Bitcoin trader experts say that mining has grown so difficult that only large companies with access to specialized hardware and cheap electricity can turn a profit, the trend of speculation trading in a high-risk asset that could lose all initial value due to an expectation in a substantial future outcome may only be beginning.
Coinbase sizzles in market debut amid cryptocurrency frenzy
Bitcoin explained: all you need to know about the crypto frenzy. Keep up to date with the latest coronavirus news via our live blog. Follow our live blog. The Sydney-based tech consultant says it's mainly because of her painful experiences growing up in Brazil in the s, as it transitioned from military dictatorship to democracy. Hyperinflation was in full swing as food, electronics and all types of consumer goods shot up more than 2, per cent each year. Shopkeepers were lifting their prices every week or even several times a week. For that reason, Ms Belotti regards bitcoin as "digital gold" — or an asset to protect her from the debilitating experience of watching her hard-earned money lose all its value almost instantly. Although Ms Belotti acknowledged this was a "very high risk strategy", she has no regrets because her overall investment has tripled in value since buying her first bitcoin years ago.
Bitcoin frenzy settles down as big players muscle into market
The more mainstream bitcoin becomes, the greater the risk is of a sudden price fall. Credit: Bloomberg. To bitcoin's faithful, this is a ludicrous statement. They ask: How can an asset enjoying a parabolic rise be a dumb investment, especially as it is increasingly accepted by major financial institutions?
Exbibyte frenzy: How mining for Chia crypto turned me into a storage junkie
RELATED VIDEO: Line Goes Up – The Problem With NFTsCryptocurrency scams have soared in recent months, new figures reveal, as victims report losing millions every week to criminals seeking to capitalise on the bitcoin craze. As the value of bitcoin rallies, the findings have prompted warnings that the get-rich-quick frenzy is leaving new investors vulnerable to scammers, potentially overwhelming authorities with far more cases than they can deal with. Sign in Register. Join our community of smart investors Subscribe. Victims report losing millions every week as fraudsters lure them with fake investments.
Dogecoin’s value is soaring. Here’s why people are investing in the cryptocurrency
Hello, Market Wrap readers! Over a series of eight posts starting on Dec. For the latest crypto prices and news headlines, please scroll down. Retail traders piled in, while some institutional investors started to raise concerns about rampant speculation. And Ruffer was not alone in its concern about market exuberance.
Regulators urge caution amid Bitcoin frenzy
Jason Cipriani has been covering technology news and reviewing the latest gadgets as a freelance journalist for the past 13 years. For the last few years, I've had a group of friends who tried to convince me to start mining Ethereum. I have access to a few gaming computers and the required GPUs to mine to make a passive income. I resisted for as long as I could, only because it seemed like a somewhat intimidating project to tackle.
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