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…
EXPERTS DIFFER PREDICTING SHIBA INU’S VALUE
Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.
For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.
Meanwhile, Coin Price Forecast expects it to hit a value of $0.00002336 by the middle of next year.
It then expects it to end the year at a slightly higher level of $0.00003037.
WHAT COULD CONTRIBUTE TO SHIBA INU’S VALUE?
In May, the value of Shiba Inu soared after Binance announced it would list the coins on the crypto platform.
Its value rose again on September 17 after it began trading on Coinbase.
It means the price could rise once again if it’s successful in listing on other recognized platforms such as eToro.
EXPERTS WEIGH IN ON ALCHEMY PAY AND BINANCE
Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.
And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one its partners Binance, which is the largest crypto exchange by trading volume globally.
Heng said: “The partnership with Binance is most definitely a good sign of validation for the project.”
WHAT ARE THE MOST VALUABLE COINS?
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.
The most valuable coins are Bitcoin and Ethereum but there are lots of alternatives or altcoins aiming to benefit from crypto interest.
Values can be volatile though and regulators have warned that investors could lose all their money.
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 fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.
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.
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?
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.
COINBASE BRINGING IN ASSETS
According to MarketWatch, Coinbase has been attempting to increase activity and trading revenue by bringing on assets like Shiba Inu.
The platform only recently added Dogecoin as well.
The moves come after a number of rival exchange platforms added the popular cryptocurrencies to their rosters.
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.
WHAT IS LOGAN PAUL’S CRYPTOZOO PROJECT?
Logan Paul has described his new project, Cryptozoo, as an autonomous ecosystem where zoo owners can breed, collect, and trade exotic hybrid animals as NFTs (non-fungible tokens).
Cryptozoo claims that it will allow its users to make hybrid NFT animals that can yield tokens and in return, yield them profit.
Users can use the crytocurrency’s native token, $ZOO, and wETH to purchase “NFT eggs” needed for breeding new animals, which would be considered the NFts.
Paul says he and his team have invested $1million to ensure its success.
PAYPAL LAUNCHES CRYPTO SERVICE IN UK
PayPal recently launched its cryptocurrency service in the UK.
UK users are now able to buy, hold and sell digital currencies.
Crypto operations began in the US last October.
PREDICTING ETHEREUM PRICE CHANGES
How the price of Ethereum will change in the future is impossible to know for certain, but experts and investors have still made predictions.
According to a panel of 42 cryptocurrency experts by comparison site Finder, Ethereum could be worth $4,596 by the end of 2021.
It could then soar above $10,000 later on to hit $17,810 by the end of 2025 and $71,763 by the end of 2030.
WILL ETHEREUM OVERTAKE BITCOIN?
It’s difficult to say for certain, but it’s possible Ethereum one day overtakes Bitcoin as the dominant crypto, according to Goldman Sachs.
Last month, the bank said Ether “looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications,” reports Business Insider.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, added to The Sun: “Bitcoin may boast the strongest brand in the crypto world but it doesn’t provide the same opportunities as a launch pad for decentralised apps.”
Ethereum (ETH) was released in 2015 and is currently the second-largest cryptocurrency behind Bitcoin, which launched in 2009.
As well as being used as a cryptocurrency, developers can also build applications and run smart contracts on Ethereum.
The upgrade is technically called Ethereum Improvement Protocol 1559, or EIP-1559, but it has also been named the “London hard fork.”
WHERE DOES COINBASE REVENUE COME FROM?
The majority of Coinbase’s revenues come from Bitcoin and Ether on the Ethereum blockchain.
They are currently the number one and number two cryptocurrencies on the market, according to MarketWatch.
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?
An NFT is an asset purchased with online cryptocurrency.
Owning an NFT means possessing an original work posted to the internet, which can include memes, art, or photos.
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
Remember that buying cryptocurrencies is always a risky business, and you should only invest what you can afford to lose.
They are extremely volatile, and your cash can fall as well as rise in the blink of an eye.
It’s important to only invest in things you understand, and some products and cryptocurrency services can be very complex.
Before investing you should do your research as cryptocurrency firms aren’t regulated like other financial companies.
This means that you won’t have any protection if things go wrong and you could lose all of your money.
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