THE US Federal Reserve revealed Monday that all federal banks are going to use the ISO 20022 system for Fedwire Funds Service, and rumors ran rampant the Robinhood may start listing Shiba Inu coin.
“The Fed Board asks the public to comment on its plan to enable the FFS to start running on ISO 20022,” U.Today reported.
Meanwhile, Shiba Inu coin saw more gains today after unconfirmed rumors that Robinhood might begin listing it spread, according to Stockhead.
Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.
Meanwhile, in El Salvador, the country has made its first forays into Bitcoin mining using power generated by a volcano, according to a video released by state-owned geothermal electric company, LaGeo SA de CV.
The first Bitcoin mining rigs have been installed in an energy factory there, where weeks ago, President Nayib Bukele made the cryptocurrency legal tender.
Plus, Bitcoin and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.
Read our cryptocurrency live blog for the latest news and updates…
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.”
WILL CHAINLINK RISE TO $35?
Crypto investor Justin Bennett sees Chainlink rising to $35.
He told The Daily Hodl: “The $27.50 area could attract a few sellers as it’s the 50% retracement of the correction.
“That said, a daily close above $25 should flip the area to support.
“If Chainlink can get above the $27.50 area, there isn’t much stopping a run at $35.”
HELIUM ON THE RISE
Helium crypto price predictions have soared and may be the next cryptocurrency to explode in 2022.
Experts have predicted it will be a lucrative investment in the crypto space. as price predictions heated up before the big launch this week because the network connects people through shared hot spots.
Crypto commentator Jonathan Marriott said NFTs provide a legitimate way of verifying ownership and tracking the origins of an item.
He said: “An NFT lets you record where and when something is made and track the whole process to verify that it is legitimate.
“The public blockchain element makes it irrefutable. No-one can fake it.”
WHAT IS AN NFT?
NFTs digitize a piece of work and get stored on the blockchain.That means it cannot be replicated and is unique to whoever owns it.
FACEBOOK LAUNCH CONTINUED
“In theory, Novi could launch before Diem,” Marcus told The Information.
“But it would mean launching without Diem and that’s not necessarily something that we want to do.
“It all depends on how long it’s going to take for Diem to actually go live and that’s not something I’m personally looking after.”
FACEBOOK LAUNCHING VIRTUAL CRYPTO WALLET
In an interview with The Information, David Marcus said that company leaders “feel pretty committed” to launch the tool called Novi this year.
Marcus, head of Facebook’s crypto unit, said he would have preferred to release the digital wallet alongside Diem.
Diem is a digital currency tied to the dollar that the California company is also developing.
Marcus said the controversial crypto’s timing was uncertain, leading Facebook to launch Novi separately.
DIGITAL WALLET CONTINUED
As with other cryptocurrencies, people will be able to buy and sell libras on exchanges for traditional currencies.
Facebook said that its alternative currency paves the way for smoother transactions and payments online.
The project however faced regulatory resistance over concerns about security and reliability.
In December 2020, Libra changed its name to Diem and moved its operations from Switzerland to the US as part of a “strategic shift.”
WHAT IS A DIGITAL WALLET?
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
RISKS OF ROBINHOOD CONTINUED
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 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
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.
Since then, the crypto spaced has endured volatility.
Alternatively, you can do limit orders, which are only executed at your specific limit price or cheaper.
Users can also buy or sell cryptocurrencies at fractional amounts, meaning they don’t buy a full coin, and place orders on their watch lists.
You can see the estimated buy or sell price for a cryptocurrency online or through the app.
CAN YOU DAY TRADE CRYPTO ON ROBINHOOD?
Yes, unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.
Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.
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.
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
LITECOIN PRICE PREDICTIONS CONTINUED
In 12 months’ time, the price of Litecoin could trade around $250, according to Wallet Investor.
It isn’t until the end of 2026 when the price is predicted to break $500.
Then there are more bearish cases from others such as LongForecast, which projects the price of Litecoin to range from just $85 to $106 at the end of 2024.
LITECOIN PRICE PREDICTIONS
In early May, Litecoin hit an all-time high of $412.96 – the closest it has ever gotten to the $500 mark.
Now, however, Litecoin trades around just $175.
For some, if the crypto space is able to keep up the momentum (as seen in the past month), it might just be a matter of when.
The most bullish forecast comes from PrimeXBT, which made a bold prediction in July for 2021: “If support can hold, after some sideways price action Litecoin could explode to around $3,000 per coin.”
But others aren’t as sanguine on the cryptocurrency surpassing the $500 mark by the end of 2021.
Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.
While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.
Currently, Bitcoin commands a market capitalization of more than $900 billion, while Litecoin’s sits under $12 billion.
WHAT IS LITECOIN?
As the name indicates, the cryptocurrency is small.
But Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.
Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”
The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.
CRYPTO VALUES HIT HIGH THIS YEAR
Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.
Values can be volatile though and regulators have warned that investors could lose all their money.
‘MILESTONE SCABILITY TEST’
Solana is on the rise following a “milestone scalability test” last month.
It hosted the “Degenerate Ape Academy”, a collection of digital artworks (NFT) on Solanart, a marketplace on the Solana network.
Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun: “The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the SOL token.”
He added that “there’s a sentiment among crypto evangelist that Solana has strengthened its status as credible challenger to Ethereum as the blockchain of choice for building decentralized applications”.
HACKERS STEAL $600MILLION
Hackers recently stole $600 million in a daring cryptocurrency heist after spotting a “vulnerability” in a blockchain site.
In one of the world’s biggest ever thefts, the cyber criminals exploited a weakness in Poly Network, a platform that looks to connect different blockchains so that they can work together.
The site said the hackers have taken thousands of digital tokens such as Ether.
WHAT IS SOLANA?
Solana is a challenger to Ethereum as the blockchain of choice for building decentralized applications.
Similar to rivals such as Cardano, the project claims to offer a faster and more efficient alternative.
The idea and initial work of Solana began in 2017, but it didn’t officially launch until March 2020.
The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.
Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.
All of the data is rigged to a computer that makes the transactions in real time on Goxx’s behalf.
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.”
WHAT IS HASHGRAPH?
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.