Crypto investors beware! All earnings may sink, warns of European regulators

- Posted by One India, last updated on


Business

By-Vivek Singh

,

Published: Saturday, March 19, 2022, 16:16 [IST]

London, 19 March.
Cryptocurrency investors beware. The European Union’s securities, banking and insurance regulators issued a warning in a joint statement, saying all money invested in cryptocurrencies could be sunk and investors could fall prey to scams.

Bitcoin

“Consumers may run the risk of losing all of their invested money buying these properties,” three EU officials said in a statement. Officials have issued a direct warning to consumers that consumers have no legal protection or recourse for compensation under current EU financial services law.

The European regulator has expressed concern that more consumers are buying 17,000 cryptocurrencies without being aware of the risk. Among them are bitcoin and ether, which account for 60 percent of the market.

In recent days, big business personalities have shown interest in cryptocurrencies and have made a lot of statements in support of it. This has also been cautioned in the statement. “Consumers should be alert to the risks of deceptive advertising, including on social media and influencers. Consumers especially need to be wary of promises of higher and faster returns in the short run. Especially those who see it,” the statement said. I look very attractive.”

Consumers should also be aware that the energy consumption required to create certain cryptocurrencies is high and has adverse environmental impacts, the statement said.

Cryptocurrency market condition
The cryptocurrency’s global market cap rose 3.64 percent to $1.88 trillion on Saturday, while trading volume rose 25.63 to $97.58 billion in the past 24 hours. The number of stablecoins stood at $77.40 billion which is 79.32 percent of the total crypto market cap in the last 24 hours.

Bitcoin, the world’s largest cryptocurrency, was trading at $41,749 on Saturday morning and dominated at 42.12 per cent, down 0.26 per cent.

Story first published: Saturday, March 19, 2022, 16:16 [IST]



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