Cryptocurrency latest news – SEC Chairman Gary Gensler testifies before Congress on Bitcoin after Snook coin price drop

Cryptocurrency latest news – SEC Chairman Gary Gensler testifies before Congress on Bitcoin after Snook coin price drop
Cryptocurrency latest news – SEC Chairman Gary Gensler testifies before Congress on Bitcoin after Snook coin price drop

US Securities and Exchange Commission Chairman Gary Gensler will testify before the Senate Banking Committee today on cryptocurrency as the price of Snook coin drops.

According to the New York Times, Gensler wants more protection in crypto trading, lending, and finance and plans to discuss the environmental risk of such currencies, such as Snook coin which has dropped in price today.

Meanwhile, Interactive Brokers Group announced on Monday that they launched low-fee cryptocurrency trading on their platform.

According to Reuters, “U.S. clients of the brokerage will now be able to trade and custody bitcoin, ethereum, litecoin and bitcoin cash alongside stocks, options, futures, bonds, mutual funds and exchange-traded funds.”

Earlier, There was talk of Walmart adopting Litecoin as an acceptable currency at their stores, but the retailer quickly shut the claims down as fake.

The news comes after Bitcoin was legalized by Ukraine after El Salvador adopts it as legal tender.

Read our cryptocurrency live blog for the latest news and updates…

  • 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.”

    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.

  • SEC CHAIRMAN ADDRESSES CONGRESS

    US Securities and Exchange Commission Chairman Gary Gensler will testify before the Senate Banking Committee today on cryptocurrency as the price of Snook coin drops.

    According to the New York Times, Gensler wants more protection in crypto trading, lending, and finance and plans to discuss the environmental risk of such currencies, such as Snook coin which has dropped in price today.

  • RISKS OF ALGORAND CONTINUED

    Here we explain the main risks of buying the Algorand coins and other digital currency.

    • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
    • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
    • 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. 
    • 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.  
    • Marketing materials: Firms may overstate the returns of products or understate the risks involved.
  • WHAT ARE THE RISKS OF ALGORAND?

    Cryptocurrencies are risky and returns are never guaranteed.

    Ms Streeter said: “Algorand is still wracked with volatility and this makes it unreliable as a store of value. 

    “Its price is being driven primarily by future price speculation rather than an underlying use-case.

    “It’s also highly sensitive to any pressure which could erode the earnings of crypto speculators, having fallen in value as members of congress considered changing tax rules which could cream more profits from short term  gains.

    “Traders would still be wise to heed the warnings of the Financial Conduct Authority, that if consumers invest in crypto assets they should be prepared to lose their money, so they should only dabble in crypto at the fringes of their investments.”

  • ALGORAND COULD BE NEXT FAST GROWING CRYPTO

    Susannah Streeter, senior investment an market analyst at Hargreaves Lansdown said: “There is speculation that Algorand could be the next fast growing tree in the crypto forest, with new applications and smart contracts being built on its blockchain branches.

    “It’s still dwarfed in comparison with Ethereum and upcoming rival Solana but it’s gained the spotlight with a deal with Drone Racing Land, to provide blockchain enabled tickets, collectables and other NFT-related products to promote the organisation’s events around the world.

    “However, this is a highly competitive space and there is no guarantee who the eventual winners will be in the smart contract space. 

  • PRICE OF ALGORAND

    The price of Algorand is currently trading at $2.06 at the time of writing.

    It’s up more than 4% over the past 24 hours and down from a seven day high of $2.54.

    Algorand hit an all time high of $3.28 in June 2019.

  • EL SALVADOR TO USE ALGORAND

    Algorand will be used by the government of El Salvador to develop blockchain infrastructure including Chivo, the nation’s bitcoin wallet according to Forbes.

    The country hit headlines as the first in the world to make bitcoin legal tender.

    Algorand has also come into the mainstream, signing a deal to sponsor the Drone Racing League, CNBC reports.

    Hedge fund SkyBridge Capital run by Anthony Scaramucci, the former White House Director of Communications sacked by Donald Trump, recently said it will use Algorand to get institutions to use blockchain.

  • WHAT IS ALGORAND?

    Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.

    It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).

    The computer scientist has also won the Turing Award for his work in the area of cryptography.

    The Algorand Foundation based in Singapore is behind the project.

    Algorand claims that it speeds up transactions and improves efficiency compared to bitcoin and other blockchains.

    There will be 10billion Algorand coins minted (ALGO) by 2030, according to coinmarketcap.

  • INTERACTIVE BROKERS ADDS CRYPTO TRADING TO PLATFORM

    Interactive Brokers Group announced on Monday that they launched low-fee cryptocurrency trading on their platform.

    According to Reuters, “U.S. clients of the brokerage will now be able to trade and custody bitcoin, ethereum, litecoin and bitcoin cash alongside stocks, options, futures, bonds, mutual funds and exchange-traded funds.”

    “As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives,” said Chief Executive Officer Milan Galik.

  • 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.

  • 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

    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.

  • SCAMMERS WILL POSE AS AN AGENCY OR BUSINESS

    As noted by Inverse, Many phishing scams will attempt to impersonate a government agency or business to get your attention.

    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.

  • CYRPTO SCAMS

    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.

    Here are some of the red flags that may signal a Bitcoin scam so you can protect your crypto wallet.

  • WHAT ARE THE RISKS OF HBAR?

    Mt Jobson adds: “Hedera Hashgraph still has a long way to go in proving its concept. The usual warnings over risk and volatility applies here.”

    Below we round up five risks of investing in cryptocurrencies.

    • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
    • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
    • 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. 
    • 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.  
    • Marketing materials: Firms may overstate the returns of products or understate the risks involved.
  • HBAR CONTINUED

    Myron Jobson, Personal Finance Campaigner, interactive investor, says that one of Hedra’s unique selling points is its purported energy efficiency credentials.

    He told The Sun: “Unlike the Bitcoin network which uses more in one year as the country of Argentina, analysis by Cambridge University suggests, Hedra claims to be a low carbon footprint public ledger.”

    “It is part of the InterWork Alliance’s (IWA) Sustainability Business Working Group which aims to aid global efforts on sustainability in the crypto space by in a number of ways, including standardizing carbon offsets.

    “Proof-of-stake blockchains like Hedra inherently consumes energy to function – there is no getting around it.

    “The effectiveness of carbon offset is difficult for the lay investor to gauge based on the publicly available information.

  • WHAT IS HBAR WORTH?

    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 ans is currently trading at $0.3987 at the time of writing.

    HBAR’s up nearly 5% in the past 24 hours and down just over 10% from it’s all time high back in March of $0.4495.

  • 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.”

    It claims to be the third generation public ledger after “Bitcoin pioneered decentralized infrastructure and Ethereum brought programmability”.

  • THE RISKS OF TEZOS CONTINUED

    And particularly with Tezos, you should be aware of the legal trouble it has faced in the past.

    This includes a dispute between president Johann Gevers and the Breitman’s over intellectual property rights and investors launching lawsuits against the company, alleging that its token was an unregistered security.  

    As a result, the Tezos Foundation paid a $25million settlement to investors.

    This was a big reason why the Tezos platform was not launched until 2018.

    So keep that in mind, but Tezos will be an interesting bet to make given its unique proof-of-stake blockchain network.

  • RISKS OF TEZOS

    Like with every cryptocurrency, you need to be cautious before investing. This is because the crypto space comes with extreme volatility – meaning you could lose a lot of money quickly.

    For example, Tezos hit a high of $8.42 in May. But at end of the month, however, Tezos plummeted by nearly three times to under $3.

    Also, cryptocurrencies can be filled with complexity, so you need to understand what you’re investing in.

    Moreover, there’s scant regulation for crypto firms – meaning you’ll likely be without protection something goes wrong.

  • TEZOS CONTINUED

    “The apparent growth of non-fungible tokens (NFTs) has helped to propel cryptos like Tezos from the niches of the cryptocurrency space,” Myron Jobson, a personal finance campaigner, and interactive investor told The Sun.

    He adds that “more some investors have turned to other less established players like Tezos to experiment at lower costs.”

    Another unique element of Tezos is its governance. Instead of relying on mining communities and development teams, Tezos aims to let its users help it make decisions.

    “Users can actively participate by evaluating, proposing, or approving amendments to Tezos,” according to cryptocurrency.

    Moreover, Tezos uses smart contracts with formal verifications, which helps boosts security and reliability.

  • WHAT IS TEZOS?

    Founded by Kathleen and Arthur Breitman in 2014, Tezos operates as an open-source proof-of-stake blockchain network.

    Specifically, it offers peer-to-peer transactions through its digital-linked token tezzie.

    Tezos makes itself distinct from other major cryptocurrencies including Bitcoin and Ethereum, which uses proof-of-work blockchain in a few key ways

    According to Tezos, its proof-of-stake algorithm not only costs less but is also more eco-friendly.

  • IS TETHER STABLE?

    The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.

    It’s described as a “stablecoin;” a type of cryptocurrency that works to keep crypto values stable.

    The price of Tether has indeed stayed stable after it hit a 2021 high in mid-April.

  • WILL PARAGUAY EMBRACE BITCOIN NEXT?

    Congressman Rejala’s plans will allow crypto firms to finance their operations in Paraguay using digital currency, as well as remit dividends abroad and capitalize any crypto profits into local banks, ProactiveInvestments.com reports.

    Rejala also said that the country’s low electricity, costs, and the fact it sources most of its power from renewable energy, is an advantage regarding concerns about the environmental impact of crypto mining.

    Should the bill pass, Rejala previously suggested he’d seek to present another bill to make Bitcoin legal tender in 2021.

  • PARAGUAY MAY EMBRACE BITCOIN NEXT

    Paraguay is viewed by many as the next likely candidate for Bitcoin adoption after El Salvador.

    That belief comes, in part, as a response to local congressman Carlos Rejala drafting legislation to make the nation more attractive to the cryptocurrency market.

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