Cryptocurrency price news – ISO 20022 to be implemented by all federal banks as Shiba Inu coin ‘could be on RobinHood’

FINANCIAL RISKS OF ADOPTING BITCOIN

Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

Critics, however, have derided it as little more than a publicity stunt by Bukele.

More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

EL SALVADOR ADOPTS BITCOIN CONTINUED

However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.

The US dollar and Bitcoin are now the country’s official currencies.

It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.

EL SALVADOR ADOPTS BITCOIN

The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.

The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.

Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”

NFT’S CONTINUED

Crypto commentator Jonathan Marriott said NFTs provide a legitimate way of verifying ownership and tracking the origins of an item.

He said: “An NFT lets you record where and when something is made and track the whole process to verify that it is legitimate.

“The public blockchain element makes it irrefutable. No-one can fake it.”

WHAT IS AN NFT?

An NFT is an asset purchased with online cryptocurrency.

Owning an NFT means possessing an original work posted to the internet, which can include memes, art, or photos.

NFTs digitize a piece of work and get stored on the blockchain.

That means it cannot be replicated and is unique to whoever owns it.

RISKY BUSINESS

Remember that buying cryptocurrencies is always a risky business, and you should only invest what you can afford to lose.

They are extremely volatile, and your cash can fall as well as rise in the blink of an eye.

It’s important to only invest in things you understand, and some products and cryptocurrency services can be very complex.

Before investing you should do your research as cryptocurrency firms aren’t regulated like other financial companies.

This means that you won’t have any protection if things go wrong and you could lose all of your money.

WHAT IS LOGAN PAUL’S CRYPTOZOO PROJECT?

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 its success.

WHAT ARE THE MOST VALUABLE COINS?

Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.

The most valuable coins are Bitcoin and Ethereum but there are lots of alternatives or altcoins aiming to benefit from crypto interest.

Values can be volatile though and regulators have warned that investors could lose all their money.

WHAT COULD CONTRIBUTE TO SHIBA INU’S VALUE?

In May, the value of Shiba Inu soared after Binance announced it would list the coins on the crypto platform.

Its value rose again on September 17 after it began trading on Coinbase.

It means the price could rise once again if it’s successful in listing on other recognized platforms such as eToro.

WHAT IS HBAR CRYPTO?

Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

HBAR is the cryptocurrency of the Hedera Hashgraph.

The company itself expalins: “HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.”

EXPERTS DIFFER PREDICTING SHIBA INU’S VALUE

Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.

For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.

Meanwhile, Coin Price Forecast expects it to hit a value of $0.00002336 by the middle of next year.

It then expects it to end the year at a slightly higher level of $0.00003037.

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.

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.

EXPERTS PREDICT POLYGON’S GROWTH

How the price of Ethereum will change in the future is impossible to know for certain.

However, experts and investors have made some predictions.

Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”

“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”

WHAT IS POLYGON?

Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.

It was originally known as the Matic Network when it first launched back in 2017.

Polygon hit its highest ever level on May 18 when it rocketed to $2.4544.
The price has soared by around 9,200% this year – up from $0.01781 on January 1.

SWISS REGULATOR APPROVES FIRST CRYPTO FUND

Switzerland’s Financial Market Supervisory Authority has approved the first Swiss crypto fund, Bitcoin.com reported Wednesday.

FINMA revealed the fund is called “Crypto Market Index Fund.”

It noted that it is “an investment fund according to Swiss law belonging to the category ‘other funds for alternative investments’ with particular risks.”

LITECOIN PRICE PREDICTIONS CONTINUED

In 12 months’ time, the price of Litecoin could trade around $250, according to Wallet Investor.

It isn’t until the end of 2026 when the price is predicted to break $500.

Then there are more bearish cases from others such as LongForecast, which projects the price of Litecoin to range from just $85 to $106 at the end of 2024.

LITECOIN PRICE PREDICTIONS

In early May, Litecoin hit an all-time high of $412.96 – the closest it has ever gotten to the $500 mark.

Now, however, Litecoin trades around just $175.

For some, if the crypto space is able to keep up the momentum (as seen in the past month), it might just be a matter of when.

The most bullish forecast comes from PrimeXBT, which made a bold prediction in July for 2021: “If support can hold, after some sideways price action Litecoin could explode to around $3,000 per coin.”

But others aren’t as sanguine on the cryptocurrency surpassing the $500 mark by the end of 2021.

LITECOIN CONTINUED

Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.

While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.

Currently, Bitcoin commands a market capitalization of more than $900 billion, while Litecoin’s sits under $12 billion.  

WHAT IS LITECOIN?

As the name indicates, the cryptocurrency is small.

But Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

RISKS OF ROBINHOOD CONTINUED

For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.

Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.

In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.

In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.

If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others. 

RISKS OF ROBINHOOD

When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.

If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.

Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.

For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.

Since then, the crypto spaced has endured volatility.

LIMIT ORDERS

Alternatively, you can do limit orders, which are only executed at your specific limit price or cheaper.

Users can also buy or sell cryptocurrencies at fractional amounts, meaning they don’t buy a full coin, and place orders on their watch lists.

You can see the estimated buy or sell price for a cryptocurrency online or through the app.

CAN YOU DAY TRADE CRYPTO ON ROBINHOOD?

Yes, unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.

That means you’ll have access to trade major cryptocurrencies including, Dogecoin, Ethereum, and Bitcoin.

Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.

WHAT IS ROBINHOOD?

The Robinhood platform operates as a discounted brokerage that offers commission-free trading.

Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.

You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.

Unlike many discounted brokers, the company does not offer individual retirement accounts.

The bulk of Robinhood’s revenue comes from order flow.