Dogecoin rival Shiba Inu coin spikes in value Market on eToro booms Cryptocurrency News!

SHIBA INU IS THE SECOND-LARGEST ‘MEME’ COIN

DogeCoin’s rival Shiba Inu has risen in value this week as DogeCoin has gone down.

Shiba Inu is currently swapping for $0.00000824 per unit, and it has 657,335 holders as well as 3,540,457 lifetimes SHIB transfers, according to Bitcoin.com.

Its market capitalization is a staggering $3.6billion, but Dogecoin remains the most popular meme coin.

EL SALVADOR’S BITCOIN ADOPTION HAS ‘IMMEDIATE NEGATIVE IMPLICATIONS’

Credit rating agency S&P Global has said El Salvador’s adoption of Bitcoin as a national currency has risks that out-weight its potential benefits.

This decision could discourage the Central American nation to participate in International Monetary Fund support programs.

It could also increase financial vulnerabilities and harm banks by generating currency mismatches when they look to loan money, according to a Reuters report.

SOCIAL NETWORK ‘MINDS’ PUTS 25% OF BALANCE SHEET IN CRYPTO

Minds, a social network focused on crypto that lets its users use digital coins for transactions has converted 25 percent of its balance sheet into cryptocurrencies.

That’s about $2.5million – a quarter of the $10 million Series B funding the company raised in June, as reported by Fortune.

This startup joins Square and Tesla, which have also invested some of their money in crypto.

DOGECOIN FANS ANGRY AMC WON’T ACCEPT IT AS PAYMENT

After AMC CEO Adam Aron announced the movie theater franchise will accept bitcoin as payment, but not Dogecoin, he was inundated with messages from DogeCoin fans.

AMC WILL ACCEPT ETHEREUM AND LITECOIN BY THE END OF THE YEAR

Movie theater chain AMC announced on Thursday it will start accepting Bitcoin and other cryptocurrencies for online ticket sales and concession payments by the end of the year.

According to CEO Adam Aron, they will also accept Ethereum and Litecoin.

Dogecoin, among other popular cryptos, will not be allowed to be used as payment at the chain.

EL SALVADOR’S BONDS TUMBLE AS INVESTORS ANALYZE BITCOIN USE

EL Salvador’s bonds tumbled as investors eye the nation’s Bitcoin use and whether it will get a $1billion loan from the International Monetary Fund.

The Central American nation’s government’s bonds spread to comparable U.S. Treasuries hit a record high on Thursday, as investors are also concerned the nation’s Bitcoin use will produce negative credit implications, as reported by Reuters.

DALIO: GOVERNMENTS WILL KILL BITCOIN IF IT’S TOO SUCCESSFUL

The world’s largest hedge fund manager Ray Dalio has said regulators will kill bitcoin if it becomes too successful.

“If it’s successful, governments don’t want to have it. At the end of the day, if it is really successful, they will kill it and they have ways of killing it,” Dalio told CNBC.

“That does not mean it does not have value. Of course, it does not have intrinsic value,” He added.

SALVADORIANS SMASH BITCOIN ATM IN PROTEST

Thousands of Salvadorians went out to protest the presidency of Nayib Bukele on Wednesday, and many took issue with the government’s rollout of Bitcoin as a national currency.

Protestors wore “NO To Bitcoin” shirts and signs with the bitcoin logo crossed out.

While most were protesting peacefully, a group of anti-Bukele protestors smashed and torched at least one bitcoin ATM.

ALTERNATIVE CRYPTOCURRENCIES OVERSHADOW BITCOIN

Less-known cryptocurrencies such as Avalanche’s AVAX token are attracting investors, as Bitcoin dipped below $48,000 on Thursday.

For example, the AVAX token was up around 20% in the last 24 hours.

“BTC dominance could easily pick up again, but certainly Defi could continue – we see it on the front line in terms of client interest,” head of research at crypto trading platform BeQuant told CoinDesk.

WHAT HAS MARTIN LEWIS, a Money Expert, SAID ABOUT CRYPTOCURRENCY

Money expert Martin Lewis believes that when it comes to cryptocurrency, “if you can’t afford to lose the money you put in, do not invest in it”.

“It’s a gamble like all forms of stocks and shares, like all forms of investment, and putting money in gold,” He said.

“That’s your choice, but if you do it the right way, the investment should work for you – that doesn’t mean you won’t lose money though.”

EL SALVADOR USES ALGORAND

Algorand will be used by the government of El Salvador to develop blockchain infrastructure including Chivo, the nation’s bitcoin wallet according to Forbes.

This country was the first to legalize bitcoin.

Algorand has also come into the mainstream, signing a deal to sponsor the Drone Racing League, CNBC reports.

SkyBridge Capital, the hedge fund run by Anthony Scaramucci who was fired as Director of Communications by Donald Trump’s White House, recently announced that it will be using Algorand to convince institutions to use blockchain.

HOW HAS ELON MUSK INFLUENCED CRYPTOCURRENCY, PART 2

Posting to his personal Twitter account, Musk wrote at the time: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Bitcoin then started plummeting within minutes.

Many other cryptocurrencies followed suit, with many of the major coins experiencing a dramatic drop in value.

HOW HAS THE ELON MUSK INFLUENCED CRYPTOCURRENCY

The first signs of trouble for the crypto market came in May when Elon Musk released a statement saying Tesla would no longer accept Bitcoin for purchasing vehicles.

In press releases and tweets, Tesla founder Elon Musk has caused currencies to rise in value before.

HOW ARE GOVERNMENTS CRACKING DOWN ON CRYPTO-MINING, CONTINUED

Authorities in China’s southwest province of Sichuan ordered crypto-mining projects to close earlier this summer.

This was in response to Beijing declaring war on Bitcoin mining and trade as part of a number of measures to reduce financial risk.

WHAT ARE THE GOVERNMENTS DOING TO CRYPTO MINING?

Many of the crypto-mining areas in China are drastically reducing their operations.

Miners create new cryptocurrencies using complex computer code in a complex process, which is highly energy-intensive and requires a lot of computer power.

ETHEREUM CO-FOUNDER NAMED A TIME MAGAZINE INFLUENTIAL PERSON

Vitalik Buterin was named one of Time Magazine’s Most Influential People of 2021.

He is also one of the cofounders of Ethereum.

HOW TO EARN BTRST

The website breaks down how to use the new crypto.

“It’s easy. Today you can earn tokens by:

• Inviting other freelancers to the network
• Inviting employers to hire talent on the network
• Completing peer-to-peer vetting
• Additional token rewards will be added over time. Keep checking back for updates.

HOW TO USE BRAINTRUST COIN

The Braintrust or BTRST website describes how to use the crypto saying “Redeem tokens for special perks created exclusively for the Braintrust community such as free and discounted software, products, career resources, and community parks.

“And we’re continually adding new ways for Talent to use BTRST, so you’ll always have options.”

WHAT IS BRAINTRUST?

The new coin describes itself as “the first decentralized talent network that connects highly skilled technical freelancers with the world’s most reputable brands like Nestle, Porsche, Atlassian, Goldman Sachs, and Nike.

“Braintrust’s unique business model allows talent to retain 100% of their earnings and enables organizations to spin up flexible, skilled teams on-demand at a fraction of the cost of traditional staffing firms.

“This new business model that limits fee extraction and enables community ownership is uniquely enabled by a blockchain token.”

SEC CHAIRMAN ADDRESSES CONGRESS

It comes after, US Securities and Exchange Commission Chairman Gary Gensler testified before the Senate Banking Committee this week on cryptocurrency.

Gensler is seeking greater protection for crypto trading, lending, and finance, and plans to discuss the environmental risk associated with such currencies.

AMC TO ACCEPT CRYPT

AMC Entertainment CEO Adam Aron said on Wednesday that AMC Theatres will accept Bitcoin and another crypto for online ticket and concession payments.

Aron also stated that other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash would be accepted.

He tweeted: “Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin, and Bitcoin Cash.”

INTERACTIVE BROKERS ADDS TOOL

Interactive Brokers Group announced on Monday that they launched low-fee cryptocurrency trading on their platform.

According to Reuters, “U.S. clients of the brokerage will now be able to trade and custody bitcoin, ethereum, litecoin and bitcoin cash alongside stocks, options, futures, bonds, mutual funds, and exchange-traded funds.”

RISKS OF CRYPTOCURRENCIES

Below we round up five risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on crypto assets may not be subject to regulation beyond anti-money laundering requirements.
• Price volatility: Significant price volatility in crypto assets, combined with the inherent difficulties of valuing crypto assets reliably, places consumers at a high risk of losses.
• Product complexity: The complexity of some products and services relating to crypto assets can make it hard for consumers to understand the risks. It is not possible to convert crypto assets back into cash. The market demand and supply will determine whether a crypto asset can be converted back into cash.
• 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.
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

EXPERTS ON HBAR

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.

“Proof-of-stake blockchains like Hedra inherently consume energy to function – there is no getting around it.

The public information is not sufficient to determine the effectiveness of carbon offsets.

Mt Jobson adds: “Hedera Hashgraph still has a long way to go in proving its concept. The usual warnings over risk and volatility apply here.”

WHAT IS THE BAR WORTH?

You can buy and sell HBAR on some crypto exchanges and is currently trading at $0.3987 at the time of writing.

The HBAR has increased nearly 5% over the last 24 hours and is down just more than 10% from its March record of $0.4495.