- 0:30 ET, Sep 28 2021
- Updated: 0:30 ET, Sep 28 2021
CYBER Safety leader NortonLifeLock has been allowing users to mine cryptocurrency for months as Bitcoin’s worth comes back up after China’s ban news.
Back in June, a Norton Crypto feature was created to allow consumers to “safely and easily mine cryptocurrency through its trusted Norton™ 360 platform.”
“Norton Crypto delivers a secure, reliable way for consumers to mine for Ethereum without opening themselves and their devices up to these pitfalls,” Norton said in a press release.
“Once cryptocurrency has been earned, customers can track and transfer earnings into their Norton Crypto Wallet, which is stored in the cloud so it cannot be lost due to hard drive failure.”
Bitcoin and other cryptocurrencies are now on the rise despite falling after China’s central bank announcing that all cryptocurrency trading is illegal in the country and mining the tokens is banned.
But as of Monday, the bitcoin price grew to nearly five percent since Sunday and Ethereum rose to 12 percent, Forbes reported.
Read our cryptocurrency live blog for the latest news and updates…
BIDEN ADMINISTRATION SANCTIONS CRYPTO EXCHANGE
The Biden administration last Tuesday revealed sanctions against a cryptocurrency exchange in regards to its alleged role in enabling illegal payments from ransomware attacks, according to officials and Reuters.
It’s reportedly “part of a broader crackdown on the growing threat.”
CRYPTOCURRENCY: VOLATILE PRICES AND DEMAND
Myron Jobson, personal finance campaigner of Interactive Investor, recently told The Sun: “It is difficult to predict the price of a something that has an intrinsic value of zero.”
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.”
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
SOME PEOPLE DON’T BELIVE SNOOP DOGG IS BEHIND CRYPTO TWITTER
But not everyone believed it was actually Snoop behind the account.
“It’s not Snoop guys, come on,” someone replied to the CozomoMedici tweets.
“I have a hard time accepting that this account is Snoop Dogg,” someone else responded.
“Like seriously Snoop Dogg muted his livestream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using opensea. Would love that to be true but I cant believe it.”
IS SNOOP DOGG BEHIND CRYPTO TWITTER ACCOUNT?
The rapper claimed he is behind the Twitter account Cozomo Medici, which shares insights into the world of NFT’s, last Monday.
The other account claimed on the same day that he was going to “dox from my personal account” and reveal the user’s identity.
SNOOP DOGG ANNOUNCES HE IS BEHIND CRYPTO TWITTER
Rapper Snoop Dogg claimed he is behind the Twitter account Cozomo Medici.
It shares insights into the world of NFT’s.
WHO FOUNDED ALCHEMY PAY?
The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.
Trading for Alchemy Pay first began in September 2020.
According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.
Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.
RISKS OF INVESTING IN CRYPTOS, PART FIVE
Finally, the truth in marketing materials is a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
RISKS OF INVESTING IN CRYPTOS, PART FOUR
Another risk of investing are the 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.
RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is 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.
RISKS OF INVESTING IN CRYPTOS, PART TWO
Another risk of investing is price volatility.
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
RISKS OF INVESTING IN CRYPTOS
We rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
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.”
ETHEREUM BACK UP TO $3,000 ON SUNDAY
Ethereum’s token Ether staged a recovery Sunday after a dramatic decline earlier in the week.
The ETH/USD exchange rate rose 3.63 per cent to hit an intraday high of $3,030, Coin Telegraph reports.
Ether had a bumpy ride during the week, mainly due to issues in China.
The People’s Bank of China reiterated that crypto transactions are illegal Friday, causing a ripple effect in the cryptocurrency markets.
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. It was created by Baird along with Mance Harmon.
HBAR is the cryptocurrency of the Hedera Hashgraph.
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.
THE ‘MUSK’ EFFECT ON CRYPTO
Elon Musk has once again been linked to activity in the crypto markets.
Earlier this week, the Telsa CEO tweeted about the arrival of his new Shiba Inu pup, Floki.
Just days later, the price of Shiba Inu coin was skyrocketing.
KRAKEN STAFFER TWEETS ABOUT CRYPTO
Dan Held, who’s behind Growth for Kraken Exchange, which allows users to buy bitcoin and other cryptocurrencies, tweeted about crypto on Monday.
“I put my savings into Bitcoin because I am risk averse,” he wrote.
I put my savings into Bitcoin because I am risk averse.
Few understand this.
— Dan Held (@danheld) September 27, 2021
“Few understand this.”
SHARES IN CRYPTO FIRMS ALSO FALL
Shares of cryptocurrency-related firms Coinbase Global, MicroStrategy Inc, Riot Blockchain, and Marathon Patent Group fell after China’s central bank put a ban on crypto trading and mining.
“It’s been a very volatile week to say the least, so I think going into the last week of September the volatility is likely to continue especially with the end-of-the-quarter window dressing,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Investors are also looking for signs of progress on President Joe Biden’s spending and budget bills.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES, PART TWO
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of bitcoin miners.
Thursday’s statement by the central bank sent the strongest yet signal that China is closed to crypto.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES
It’s not Beijing’s first move against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
CHINA’S STATEMENT, CONTINUED
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
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.”
CHINA MAKES CRYPTO TRADING ILLEGAL
The People’s Bank of China (PBOC) said: “Virtual currency-related business activities are illegal financial activities.”
The country previously banned financial institutions from offering crypto related transactions, and warned investors against speculative trading in them.
WHO IS BEHIND ALGORAND?
The Algorand Foundation based in Singapore is behind the project.
Algorand claims that it speeds up transactions and improves efficiency when compared to bitcoin and other blockchains.