BITCOIN and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.
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 on trading floors, according to Money Control.
Meanwhile, Coinbase will allow its users to deposit paychecks right into their online accounts, according to CNBC.
Bitcoin and other cryptocurrencies are now on the rise despite falling after China’s central bank announcing that all cryptocurrency trading is illegal in the country and mining the tokens is banned.
But as of Monday, the bitcoin price grew to nearly five percent since Sunday and Ethereum rose to 12 percent, Forbes reported.
Read our cryptocurrency live blog for the latest news and updates…
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES
The recent crypto shutdown was 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.
ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, PART THREE
“I’ve never been more excited about the potential of the Internet,” Ohanian added.
“And that’s largely thanks to Vitalik Buterin.”
Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.
ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, CONTINUED
“No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” Ohanian added about Buterin.
“From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology—some of which I’ve invested in.”
“Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”
ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN
“Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow,” Ohanian wrote of the programmer.
“Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs.”
“What makes Vitalik so special, though, is that he is a builder’s builder.”
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.
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.
DOW JONES EXPERT ON TRADING CRYPTO ON WALL STREET
Some cryptocurrencies will be brought to the trading floors of Wall Street, Money Control reported.
“Traditional financial markets and digital assets are no longer mutually exclusive markets,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.
WHAT WILL MEASURE THE PERFORMANCE OF BITCOIN ON WALL STREET?
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.
HELIUM ON THE RISE
Helium crypto price predictions have soared and may be the next cryptocurrency to explode in 2022.
Experts have predicted it will be a lucrative investment in the crypto space. as price predictions heated up before the big launch this week because the network connects people through shared hot spots.
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.”
SHARES IN CRYPTO FIRMS FALL AFTER CHINA ANNOUNCEMENT
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.
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 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.
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.
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.
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.