GOOGLE has warned that crypto miners have been hacking cloud accounts as Bitcoin’s price has dropped 10 percent in just a month.
The company’s cybersecurity team published details about the security breach in a report on Wednesday.
Meanwhile, VVS Finance, which only started trading a few days ago, has continued to rise, hitting an all-time-high above $0.00014 on November 24.
But the cryptocurrency market saw huge value dips on Saturday amid investor fears about the Covid-19 Omicron variant, with Bitcoin, Ether, XPR and Doegecoin prices dropping.
The price of Bitcoin, the biggest cryptocurrency on the market, is now trading at $54,900 after hitting a record high of more than $69,000 earlier this month.
XPR saw a 1.40 percent drop to $0.0233.
Dogecoin and Etheruem are down 7 percent and 4.44 percent respectively today.
The news comes in the midst of a sudden stock market crash that has some investors concerned.
Alongside plummeting crypto prices, the Dow Jones saw a 2.8 percent loss, the S&P 500 dropped 2.3 percent, and the Nasdaq Composite saw a similar drop at 2.2 percent.
Yahoo! Finance reports that a “new and more transmissible variant of COVID-19” identified in South Africa may have something to do with the market drop.
These concerns all come after Tokyo plans to repay creditors of Mt Gox after losing half a billion dollars in Bitcoin, in 2014.
“Selling pressure has been quite constant,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.
Read our cryptocurrency live blog for the latest news and updates…
NEW CRYPTOCURRENCIES RELEASED IN 2021: SAFEMOON
SafeMoon launched in March and attracted a lot of attention after its price rocketed in April.
It technically isn’t a cryptocurrency but a DeFi token, according to its website.
DeFi stands for decentralized finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
Like Bitcoin, they use a complicated method called blockchain technology.
SafeMoon claims it will reward people who buy and hold on to the cryptocurrency, while those who sell the currency will be slapped with a penalty.
NEW CRYPTOCURRENCIES RELEASED IN 2021: BITCLOUT
BitClout is an open-source cryptocurrency project and social media platform.
Users are able to buy and sell “creator coins” based on their reputations.
For example, when they do something positive, the coin gains value.
When the coin hit the market in June, it started trading at £129.
NEW CRYPTOCURRENCIES RELEASED IN 2021: LANDSHARE
Landshare coin premiered on August 2, 2021.
It was initially priced just over £2.60.
The market cap is now more than £2million.
Landshare is a DeFi platform on the Binance Smart Chain.
It offers a hassle-free alternative to traditional real estate investments.
NEW CRYPTOCURRENCIES RELEASED IN 2021: ORICA
As the cryptocurrency’s website states: “Orica is built for first-time cryptocurrency users.”
“Orica is built for those who have a personal appreciation for creativity and are on the lookout for great art.”
NEW CRYPTOCURRENCIES RELEASED IN 2021: RED SHIBA
Red Shiba is a BSC token available on PancakeSwap.
It is described as “a token of the Red universe, it aims to strengthen the ecosystem that the Red Team is designing, a universe without Rug, Fair-play and beneficial to all fans of memes tokens”.
It was inspired by the highly successful Shiba Inu Token.
EXPERT COMMENTS ON TETHER’S VALUE
Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted in May.
She told The Sun: “It has also been criticized for a lack of transparency, has had to settle US lawsuits, and trading in the currency is banned in the state of New York.”
WHAT IS TETHER?
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
Tether claims to keep values steady by holding reserves in that currency in a bank.
WHO FOUNDED CRYPTO.COM?
Bobby Bao is a co-founder and managing director of Crypto.com, which was formerly known as Monaco.
Gary Or is another co-founder and is the head of technology at Foris – a universal money app, according to topionetwork.com.
The other co-founder is Rafael Melo, who, according to Topio Network, has 15 years’ experience in finance.
CRYPTO.COM COIN PRICE PREDICTION
The Crypto.com Coin cryptocurrency hit a record high on November 15, reaching $0.52 at its peak, according to CoinMarketCap.
In comparison, it was sitting at just $0.05966 on January 1 this year.
The Crypto.com token has increased in value thanks to a number of factors.
For example, it has secured several high profile sponsorship deals in 2021 including the UFC, Formula One Racing and Matt Damon’s Water.org.
From December, the Staples Center – home to the Lakers and Clippers – will also be called Crypto.com Arena.
Whether the Crypto.Com Coin continues to soar in value remains to be seen, but plenty of crypto fans have still made predictions.
For example, Wallet Investor expects the token to hit a value of $0.538 in one year and $0.8023 in five years.
Meanwhile, Digital Coin Price has set a 2021 forecast of $0.7036, a 2023 value of $0.9636 and it expects a 2028 price of $2.09.
CRYPTO.COM COIN, CONTINUED
Crypto.com itself is one of the fastest growing cryptocurrency businesses in the world.
Keegan Francis, crypto editor and expert of Finder, told The Sun the coin has many uses, but most notably is that it can be used to stake crypto on the mobile app in order to get the Crypto.com Visa debit card.
He added: “Staking higher amounts of CRO across the platforms rewards users with more features and rewards.
“Investors need to keep in mind that the token itself is tied directly to the success of the Crypto.com ecosystem.
“That being said, Crypto.com has taken the initiative to decentralize CRO by building it into their own decentralized blockchain called Crypto.org.
“This is a good step for them to take in order to ensure the longevity of their token.
“It creates less dependence on the company itself, and begins to build out an independent community of developers, and market participants.”
WHAT IS CRYPTO.COM COIN?
The Crypto.com Coin is the native token of the Crypto.com and Crypto.Org ecosystems.
Also known as CRO, it launched at the end of 2018.
The Crypto.com chain was created to build a network of crypto projects and to develop merchants’ ability to accept crypto as a form of payment, according to its website.
Businesses can use Crypto.com pay checkout and/or invoice to allow customers to pay for goods and services with crypto using the wallet app.
The firms then receive their payments in CRO, stable coins or in fiat currency, which is government-issued money like dollars or pounds.
WHAT IS THE ENTIRE CRYPTO MARKET WORTH?
Roughly, the entire crypto market is currently worth around $2.6trillion.
The value of the market going forward is likely to fluctuate, as it greatly depends on what cryptos decide to do next.
THE MAJOR MEME COINS, PART TWO
Another dog meme that has picked up traction this year has been Saitama inu, whose logo appears to feature a wolf surrounding a human face.
“Tokens like Shiba Inu, Dogecoin and newest gainer Saitama are all a part of the evolution of digital finance in their own unique way,” Chris Kline, chief operating officer and co-founder of Bitcoin IRA, recently told The Sun.
Separately, Tiger King is a meme coin that has picked up strong momentum off the past month, which is based on the popular Netflix series.
THE MAJOR MEME COINS
The surge of the meme coins this year all started with Dogecoin.
That was then followed by Shiba Inu, which both feature the same dog breed in their logos.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow.”
Both Shiba and Dogecoin have been popular dog meme coins this year.
BIGGEST CRYPTO RISKS: TRUTH IN MARKETING MATERIALS
Finally, the truth in marketing materials is a risk when investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
BIGGEST CRYPTO RISKS: CONSUMER PROTECTION
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
BIGGEST CRYPTO RISKS: 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.
BIGGEST CRYPTO RISKS: PRICE VOLATILITY
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
BIGGEST CRYPTO RISKS: 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.
HOW THE INFRASTRUCTURE BILL COULD IMPACT CRYPTO, PART TWO
Additionally, the nature of the transaction and other information needs to be shared and reported to the government within 15 days.
Zachary Greene, founder of Greenery Financial told The Sun: “Cryptocurrency taxes are already incredibly burdensome and require lots of manual reporting, and this isn’t going to help.
“If the administration want to improve tax-compliance amongst cryptocurrency investors, I’d argue their first step should be getting cryptocurrency exchanges to provide adequate tax-documents like traditional stock brokerages do, as this would make the process way easier and manageable for investors.”
Some who oppose this feel it would be impossible to apply this to cryptocurrencies and digital assets, like NFTs (non-fungible tokens).
HOW THE INFRASTRUCTURE BILL COULD IMPACT CRYPTO
The infrastructure bill included new definitions of a broker for Internal Revenue Service reporting.
The bill would require all brokers to reports transactions under the current tax code.
Those who oppose this provision feel the definition is too broad including those as miners and others who do not assist with transactions.
Another provision in the bill opposed by the crypto industry requires recipients of transactions over $10,000 to verify the sender’s personal information and record his or her Social Security number.
BANKS MAY REGULATE CRYPTO, CONTINUED
Jelena McWilliams, chair of the Federal Deposit Insurance Corporation, told Reuters in an interview that US bank regulators are looking for a way to have banks exchange with crypto assets.
“I think that we need to allow banks in this space, while appropriately managing and mitigating risk,” she said.
“If we don’t bring this activity inside the banks, it is going to develop outside of the banks. … The federal regulators won’t be able to regulate it.”
BANKS MAY REGULATE CRYPTO
US officials are reportedly exploring how banks could hold cryptocurrencies, in an effort to regulate the the asset.
Crypto is fast-growing, and if it continues to develop outside of banks, federal regulators will not be able to control it.
RISKS OF ROBINHOOD, PART TWO
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.
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.