Cryptocurrency price LIVE – Shiba Inu, Metaverse, and Ethereum prices revealed as Matt Damon stars in Crypto.com ad

China stopped its crypto exchanges

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 ‘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 crackdowns on crypto

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.

The previous statement by the central bank sent the strongest yet signal that China is closed to crypto.

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.

China’s statement on cryptocurrency

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 cryptocurrencies

Investing in cryptocurrencies is one strategy for making money, but it comes with a lot of associated risks.

The first is consumer protection.

Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.

What is the Metaverse, continued

Meta’s VR boss Andrew Bosworth said: “The metaverse is a set of virtual 3D spaces where you can share immersive experiences with each other when you can’t be together.”

“What comes after the internet? Instead of looking at a screen, you get to be in the experiences.

“You don’t have to experience it in VR. Most people initially will experience it on screens they already have.”

Facebook’s Mark Zuckerberg called it “the next version of the internet,” and predicted the true metaverse will be ready within the decade.

What is the Metaverse?

The Metaverse has a broad definition. It is an internet, but it is immersive – so users live within it.

The platform will have games, social networks, videos, shopping, health and fitness and more.

Elon Musk says Dogecoin is best for transactions

The CEO of Tesla and SpaceX says Dogecoin is the best cryptocurrency for transactions.

Elon Musk told Time Magazine that the meme coin is better suited to transact with over Bitcoin for two reasons.

He said the transaction volume of Bitcoin is low and the cost per transaction is high.

Musk said he believes Bitcoin is more suitable as a store of value while Dogecoin “encourages people to spend, rather than sort of hoard.”

Russia considers crypto ban, part two

The proposed ban on cryptocurrency investments comes as Russia was said to be working on its own ruble-backed digital currency.

Roughly $5billion in crypto transactions take place in the country annually, and nearly 12 percent of the population may already own crypto, according to Fortune.

That was compared with a little more than 8 percent of the US population that owns crypto.

Russia also reportedly invested in crypto in 2019 to limit the impact of sanctions over meddling in the 2016 US Election, Fortune reported.

Russia considers crypto investing ban

Russia’s central bank is reportedly looking to ban cryptocurrency investments amid its longtime skepticism of digital currency.

The ban by the country’s financial authority would prevent future transactions, Fortune reported, but it wouldn’t require current holders to divest their portfolio.

The central bank gave digital currencies legal status in 2020 but did not authorize their use as a means of payment, according to Fortune.

Risks of Robinhood, part three

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, 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.

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

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 choose Robinhood to 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.

Robinhood prepares to launch cryptocurrency wallet

Robinhood announced a new partnership with a blockchain data analytics platform ahead of its planned cryptocurrency wallet launch.

Robinhood will use Chainalysis’ data, analytics, and software to meet compliance requirements and provide secure crypto transactions, Motley Fool reported.

The partnership comes ahead of the planned 2022 launch of Robinhood’s crypto wallet.

More than 1.6million people are on a waitlist for the new feature, according to Motley Fool.

Can you trade crypto on Robinhood?

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? Continued

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

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

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.

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.”

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.