At Cointelegraph, we are chronicling the ongoing story of cryptocurrency and the rise of a borderless, permissionless financial system. How will industry stakeholders work to make crypto a mainstay in people’s lives? How will crypto investments change the paradigm of the current financial system? And will incumbent and legacy systems accept or fight this change?
The CFPB names more specific risks that consumers should be prepared for, including volatile exchange rates, potential high fees on exchange platforms, and fraud risk. If your funds are lost or stolen, they can be especially difficult to recover, thanks to the decentralized nature of blockchain and lack of any governmental oversight.
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Unlike the money you save in a bank insured by the Federal Deposit Insurance Corporation (FDIC), “If a virtual currency company fails – and many have – the government will not cover the loss,” the Consumer Financial Protection Bureau warned in a 2014 notice about cryptocurrency (its most recent guidance).
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
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Cryptocurrency prices continued to tumble Friday with Bitcoin leading the charge, with prices for the internet currency dipping below $50,000 for the first time since early March.
— Ivelisse Porroa-Garcia is now director of government affairs at Ferox Strategies. She previously was policy director for the Congressional Hispanic Caucus.
Cryptocurrencies are the tokens used to convey value and pay for transactions within blockchain networks and offer network incentives. Furthermore, you might think of them as a blockchain tool that can be used to serve as a resource or service or even to digitize asset ownership.
Despite the concerning news and slight pullback in traditional markets, BTC and ETH prices rose, a dynamic that analysts such as Anthony Pompliano refer to as “asymmetric price action” where investors see a red hot stock market and unsustainable central bank monetary policymaking risk-on assets like Bitcoin as attractive investments and hedges against gold, the dollar and inflation.
The Fibonacci retracement indicator, measured from the Oct. 17 swing low at $3,640 to the Oct. 21 swing high at $4,375, suggests that Ethereum is sitting on stable support. The combination of the 50% Fibonacci retracement level with the 50 four-hour moving average at $3,922 is the most significant interest area underneath ETH.
This data is not stored on our server, it is fetched directly from the network. All values are estimates and may or may not be accurate.
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The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn.
Facebook’s closely guarded Libra project could be the first true cryptocurrency alternative to fiat currencies, although its growing pains suggest that true parity remains well in the future.
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