Cryptocurrency

Dogecoin co-creator Jackson Palmer has labeled the cryptocurrency industry a right-wing, hyper-capitalistic technology. Palmer dropped the bombshell on social media in a lengthy Twitter post. He said that he would never return to cryptocurrency, a powerful cartel of wealthy figures. He added that crypto is created fundamentally to amplify the wealth of the rich by extracting money from the financially desperate and naïve. Palmer is not usually active on social media. As a matter of fact, in 2019, he had…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,304 trillion. Bitcoin is down by more than 6% but still trades above $30,000 Ethereum has decreased by over 7% over the past seven days to trade below $2,000. XRP records a 6% value loss over the week. Dogecoin, Polkadot, and Cardano have registered significant value drops in the past week. The DeFi sector…

The Government of Nayib Bukele plans to create a national cryptocurrency currently referenced as the Colon dollar. According to El Faro newspaper, which cites videos of private meetings between cryptocurrency investors, officials, and two of the president's brothers, the currency would be tied to the value of a fiat currency like the dollar. The development, which is targeted soon, would restore an essential element of monetary policy that the country lost when it adopted the U.S. Dollar in 2001: issuing…

In operation known as “Coin Breaker,” the Hong Kong authorities arrested four men in a suspected cryptocurrency laundering scheme worth $155 million (HK$1.2 billion). According to the South China Morning Post, these men aged between 24-36 years have been in operation from February 2020 to May 2021. How they Managed the Scheme The authorities believe that the syndicate operated in various bank accounts where they made transactions through virtual currency exchanges. According to the Syndicates Crime Investigation Bureau of Custom…

China has for some time now been in the development of a digital version of its native currency, the Digital Yuan. Possibly, the country could be the first to introduce a Central bank digital currency that could be adopted globally if the country allows.  One problem, however, is the regulating authorities all over the world, which have different regulations on crypto/digital currency-related activities. If China allows the coin to operate cross border, it would mean that investors will use it…

The bulls and bears are embroiled in an ongoing fight for domination of the cryptocurrency market. At the start of the week, top digital assets such as ETH and LTC attempted to make headwinds in what seemed like a bitcoin-led upswing. Instead, however, the crypto space mirrored the persistent weak trend in the traditional markets and shed nearly 7% off its combined market capitalization on July 8. Bitcoin fell 6% on the day as major global equity indices crashed, while…

Mexico’s Central Bank, via a statement, warned all commercial institutions from offering services or trading with the public in cryptocurrencies such as Bitcoin. This was a joint statement between Banxico, Mexico’s Central Bank, the National Banking and Securities Commission, and the finance secretary. Cryptocurrencies’ Classification  It also claimed that cryptocurrencies are neither currencies under the present legal framework nor legal tender assets. They also warned against the inherent risks of using cryptocurrencies. This warning comes just a day after Mexican…

Bitcoin and Ethereum are considered the safest cryptocurrencies to invest in in the volatile market of the crypto space. However, let's face it, they're unlikely to pull off that legendary 100x growth move, given their massive market caps. This is why many investors seek "gems," new and underrated projects with massive growth potential.  Unfortunately, the current wild west of the market is much more frequently inhabited by "sh*tcoins" instead. So what is a sh*tcoin? Read more to find out. Sh*tcoin…

For a long time, precious metals have been a haven for many investors. Gold, for instance, presents an anti-inflationary store of wealth and investment option since it's deemed to be always appreciating. Well, that's inarguably true, but the real problem is the accessibility and handling of the precious metal. Its high value raises significant security concerns, plus intermediaries in conventional markets always skyrocket the cost an investor has to pay for a gold bar. Luckily, blockchain technology is carving a…