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…
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ALCHEMY PAY PART 2
Customers are also rewarded with ACH tokens for each crypto transaction, according to the company.
An ACH is an Ethereum token that powers Alchemy Pay’s platform.
Alchemy Pay recently announced it will soon launch “virtual crypto-linked cards,” which aim to speed up cryptocurrency payments.
The new feature can be connected to the digital wallets of Google Pay and PayPal and supports more than 40 cryptocurrencies.
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WHAT IS ALCEHMY PAY?
The cryptocurrency 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.
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HBAR DOWN SLIGHTLY MONDAY MORNING
As of Monday morning ET, HBAR is slightly down in price on CoinMarketCap.
It’s trading at $0.3904, down 3.15 percent.
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HBAR CONTINUED
It claims to be the third generation public ledger after “Bitcoin pioneered decentralized infrastructure and Ethereum brought programmability”.
There is a total HBAR supply of 50billion units and according to Coinmarketcap almost 7billion were in circulation as of January 2021 – around 14% of the total supply.
There is a governing council for Hedrera and members include well-known companies like Google IBM and Boeing.
You can buy and sell HBAR on some cryptoexchanges and it is currently trading at $0.3894 at the time of writing.
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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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EOS PRICE PREDICTIONS
Digitalcoin projects the cryptocurrency reaching $5.67 at the end of the year and does not see long-term upside of $20.
By 2028, Digitalcoin forecasts the price will reach $17.38.
Up until 2026, Coin Price is bullish on gains of up to $18.04. However, it expects some volatility to happen after that.
By the end of 2033, Coin Price sees the EOS just missing the $20 mark at $19.98.
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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.
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EOS CONTINUED
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.
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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.
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GOXX’S CREATORS
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.”
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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.
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DECISION TUNNELS
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.
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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.
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CRYPTO HAMSTER
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.
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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.
We’ve also revealed price predictions for other cryptocurrencies including Ethereum, Dogecoin, Cardano, Litcoin,, Chainlink, and Shiba Inu.
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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.
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DYDX CONTINUED
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.”
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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.
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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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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.
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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.
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FAKE WEBSITES
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.
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