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.
It 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 statement 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…
WILL EOS REACH $20?
Although EOS has been on a slump lately – it can’t be ignored that it has had its moments.
As noted before, the cryptocurrency once surpassed the $20 mark in April 2018 but hasn’t gotten back to that point since.
It is also important to note that EOS skyrocketed to a high of $14.88 on May 12, up from the previous month’s high of $8.73.
To reach $20 again, the price of EOS would have to increase by more than five times.
Currently, there aren’t many bullish on EOS hitting $20 anytime soon.
EOS is noted as a smaller rival to Ethereum, but it has one advantage – speed.
Specifically, EOS can reportedly process 2,800 transactions per second.
In comparison, Ethereum and Bitcoin can only handle 30 and about five transactions per second respectively.
WHAT IS EOS?
Founded in 2017 by Brenden Blumer and Dan Larimer, EOS launched trading in June 2018 after fetching $4.1billion from an initial coin offering.
EOS operates as the crypto token of the EOSIO platform, 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-peer network of computers instead of a single one.
The aim is to make it as easy as possible for programmers to embrace blockchain technology.
Speaking to the BBC, the two 30-something German men behind the channel explained that the idea started as a joke.
“We felt that everything keeps getting more expensive these days and building savings is super-hard to achieve with high rents to pay,” they said.
“It seems like most people from our generation see no other chance than throwing a lot of their savings on the crypto market, without having a clue what’s going on there.
“We were joking about whether my hamster would be able to make smarter investment decisions than we humans do.”
AHEAD OF WARREN BUFFET
Goxx launched his portfolio with the Euro equivalent of $390 in an exchange account. It hit an all-time high of $580 this month.
That puts him ahead of the S&P 500 and Warren Buffet’s Berkshire Hathaway over the same period.
The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.
Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.
All of the data is rigged to a computer that makes the transactions in real time on Goxx’s behalf.
CRYPTO HAMSTER PART 2
The four-legged financial fiend is not completing transactions himself, of course.
Instead, Goxx’s trading decisions are made inside a camera-rigged “office” attached to his regular cage.
Every day, when he enters the office, a stream is started on Twitch and a tweet is sent out to his followers notifying them that trading has begun.
The hamster then runs on an “intention wheel” that chooses one of 30 different cryptocurrencies to trade.
A pet hamster is taking the crypto world by storm by outperforming top traders such as Warren Buffett.
The Germany-based anonymous owner of the furry investor describes him as the “world’s first crypto hamster”.
They post clips of the rodent “choosing” when to buy and sell to streaming platform Twitch under the handle “mr_goxx”.
Since June, the hamster is up by about 20 per cent – beating many professional traders and funds.
DYDX PRICE PREDICTIONS
A separate price prediction from DigitalCoin is a little less bullish but forecasts that dYdX could surpass $50 within the remaining months of the year.
It predicts that the price will reach just $32.19 by the end of the year, before finally hitting $51.10 in 2024.
WILL DYDX REACH $50?
It’s been a wild first few weeks of trading for dYdX and some are wondering what its price will be by the end of 2021.
Will it go as high as $50 by the end of the year? To reach that milestone, the new crypto would have to more than double its price.
While that seems like a tough task, Pick A Crypto thinks dYdX could potentially trade even higher than the $50 mark by the end of the year.
“We think that price could reach somewhere around the $30 to $75 USD mark in the next few months,” it said.
The early success in dYdX lead to Mr Juliano taking a victory lap on Sunday, which outperformed Coinbase in trading volume by 15%.
The surge in trading comes as Chinese users have started to flock to decentralized exchanges and DeFi products, following Beijing’s ban on all cryptocurrency transactions on Friday.
However, Chinese crypto reporter Colin Wu tweeted: “A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase.”
WHAT IS DYDX?
Originally, dYdX was founded in 2017 by former Coinbase software engineer Antonio Juliano.
The cryptocurrency, which operates as decentralized finance (DeFi) platform, supports the following types of trading: perpetual, margin, and spot.
It also supports lending, borrowing, and uses smart contracts on the blockchain of the major cryptocurrency, Ethereum.
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.
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.
Another widespread scamming technique is websites that appear to be a new cryptocurrency mining operation or investment opportunity.
These sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.
But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.
DATING APP SCAMS
Some scam operations have even started using dating apps to reel in potential targets.
In some reports, scammers would pose as a long-distance love interest sharing a hot new crypto opportunity.
About 20 percent of the money reportedly lost through dating scams in around the last year involved cryptocurrency.
Giveaway scams often pose as celebrities or well-known figures and ask victims to send Bitcoin, promising to send back a much larger amount.
Many giveaway scams are marketed over social media, attempting to connect through Facebook, Twitter, or Instagram.
For instance, victims reported sending more than $2million to scammers impersonating Elon Musk.
POSING AS AN AGENCY OR BUSINESS
Some reports to the FTC said victims were contacted by scammers pretending to be the Social Security Administration and asked to deposit money into Bitcoin ATMs.
Other victims lost money to scammers posing as the cryptocurrency company Coinbase.
While the growth of Bitcoin has skyrocketed in some bank accounts, it’s also fueled the growth of crypto-related fraud operations.
The FTC reported that since October of 2020, nearly 7,000 people have reported losses of more than $80million in the US due to cryptocurrency scams.
That number is around 12 times, or 1,000 percent more than reported losses from the period a year earlier.
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.
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.
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.
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.