SHIBA Inu coin continued to climb on Wednesday as a banking giant announced it created a new multi-coin wallet capable of storing NFTs.
Shiba Inu’s value was at $0.00003520 on Wednesday, a 6.73% increase over 24 hours, according to Coinbase price charts.
Bitcoin sat at $48,448.89 after seeing a 113.31% increase since the start of the year.
Also on Wednesday, South Korean banking giant Kookmin Bank (KB) announced it developed a new multi-coin wallet capable of storing NFTs and other tokens.
It uses Klaytn blockchain protocol, which was developed by web powerhouse and chat app operator Kakao, Crypto News reported.
Crypto currency and wallets are a popular choice for holiday gifts this year, with a new list by CNET detailing which are best for each level of investor.
The crypto market tumbled on Friday for some of the leading coins, with Forbes estimating almost $1trillion had been lost since the peak in November.
On Tuesday morning, Bitcoin, Shiba Inu, and Ethereum were among big coins that had bounced back.
Read our cryptocurrency live blog for the very latest news and updates…
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Gifting NFTs and digital assets, part two
Some young investors are looking forward to gifting friends their first digital asset this year.
A San Francisco-based 26-year-old told CNBC that she plans to gift close friends and family digital assets like Ethereum Name Service (ENS) domains and NFTs.
A domain for the Ethereum blockchain represents an investor’s cryptocurrency address, appearing like “YourName.eth”.
It’s personalized rather than the random string of letters and numbers that typically signifies a user’s wallet.
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Gifting NFTs and other digital assets
Young investors told CNBC that they plan to gift cryptocurrency, NFTs and other digital assets this holiday season.
A 23-year-old from San Antonio, Texas, said she will get her sister and parents an NFT of a digital land lot to share in the metaverse.
She also plans to buy collectible NFTs from projects that aim to empower women, like World of Women and Crypto Coven.
The digital gifts could cost thousands of dollars depending on factors like metaverse game, demand, and size, CNBC reported.
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What is fiat?
If you’ve ever seen the word fiat used in the cryptocurrency world, know that it was not in relation to the car brand.
Fiat is a term used to refer to government-issued currency.
Cryptocurrency, or virtual money like Bitcoin, is not backed by governments or standards typically associated with fiat, which is why investors warn of crypto’s volatility.
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What is a crypto ‘fan token’?
Fan tokens are a cryptocurrency that is sweeping the football landscape.
They’ve been launched or are under consideration by 24 football clubs across the five major European leagues, according to BBC News.
Some involve real-world perks for the buyer, like a say in which slogans appear on a trophy or what song should be played for a team’s entrance.
Critics say the benefits are insignificant, and the value of fan tokens rises and falls based on supply and demand.
Arsenal, Barcelona, Juventus, Inter Milan, Real Madrid, Manchester City, and PSG have all jumped on board with the craze.
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UK regulator bans two football club ads
The Advertising Standards Authority, the UK’s advertising regulator, has banned two “fan token” promotions by Arsenal Football Club.
The ASA said the club was “taking advantage of consumers’ inexperience or credulity, trivialising investment in crypto assets, misleading consumers over the risk of investment and not making it clear the ‘token’ was a crypto asset,” The Guardian reported.
Arsenal told the news outlet that it would seek an independent review of the ruling “to seek greater clarity on the ASA’s current position”.
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Celebrities and NFTs, continued
NFL superstar Tom Brady launched a sports NFT platform that sells signed NFTs in retro 8-bit style.
Comedian Jimmy Fallon said he is a big fan of the Bored Ape Yacht Club NFT.
Kings of Leon released its latest album as an NFT that included exclusive artwork and gig tickets, according to crypto website Cointelegraph.
John Cena called his attempt to sell a series of 500 NFTs for $1000 each a “catastrophic failure” and only ended up selling 37.
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Celebrities and NFTs
Fashion brands, sports leagues, and celebrities have all turned to the NFT trend, which exploded in popularity in 2021.
People like Paris Hilton and Grimes launched a series of NFTs that quickly sold out.
Grimes has also raised $6million by selling several pieces of digital artwork at auction through NFT marketplace Nifty.
Snoop Dogg revealed he is a fabled white whale known in the NFT world and has amassed well over $17million in NFT items.
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Crypto wealth and luxury goods
Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.
The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.
The group, comprised of people under 35, is said to be increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.
While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.
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Crypto investor death mystery, continued
Cotton took with him to the grave the keys that allowed access to a digital vault containing cash investors ploughed into Quadriga CX.
Jilted investors have demanded his corpse be exhumed and tests run to confirm its his body.
Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as “crypto’s biggest mystery”.
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Crypto investor death mystery
A new documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumors he may have faked his death.
Cotton’s sudden death from complications of Crohn’s disease at age 30 shocked the crypto world – but many believe he may have faked his death in an elaborate “exit scam”.
One source in the documentary goes as far as to claim Cotton may have used a substance known as “Haitian zombie powder” to fake his death.
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Crypto investments top $30billion
Investors contributed a record $30billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that reportedly showed $7.2billion came from investors based in the United States.
The $30billion is almost four times the $8billion that investors spent with companies in the crypto industry in 2018, Fortune reported.
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US cities embrace cryptocurrency, part two
The mayor of Miami is also working to expand cryptocurrency options in the Florida city.
Mayor Francis Suarez said he would take his paychecks in Bitcoin and wants residents to be able to pay fees and taxes in the cryptocurrency.
Miami launched a token earlier this year called MiamiCoin, which generated $30million in revenue over three months, Suarez told Bloomberg News.
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US city embraces cryptocurrency
A Tennessee city hopes to become the first in the nation to offer its employees cryptocurrency as a payroll conversion option.
The Jackson Sun reports that a request for proposal (RFP) has been opened, allowing third party platforms to apply to be the city’s cryptocurrency converter.
“We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options?” the mayor told the news outlet.
He said the move will diversify ways city employees can receive payment and allow the city to pay contractors in Bitcoin.
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Melania Trump launches NFT platform
Former First Lady Melania Trump got in on the NFT craze in December.
She launched a platform for fans to purchase NFTs, including a drawing of her eyes, with a portion of proceeds said to be going to children in foster care.
Mrs Trump plans on releasing NFTs in intervals on her website titled “Melania’s Vision” with the project backed by the free-speech social network Parler.
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Russia considers crypto ban, part two
The proposed ban on cryptocurrency investments comes as Russia was said to be working on its own ruble-backed digital currency.
Roughly $5billion in crypto transactions take place in the country annually, and nearly 12 percent of the population may already own crypto, according to Fortune.
That was compared with a little more than 8 percent of the US population that owns crypto.
Russia also reportedly invested in crypto in 2019 to limit the impact of sanctions over meddling in the 2016 US Election, Fortune reported.
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Russia considers crypto investing ban
Russia’s central bank is reportedly looking to ban cryptocurrency investments amid its longtime skepticism of digital currency.
The ban by the country’s financial authority would prevent future transactions, Fortune reported, but it wouldn’t require current holders to divest their portfolio.
The central bank gave digital currencies legal status in 2020 but did not authorize their use as a means of payment, according to Fortune.
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Man loses $1.6million, part three
The app demanded $1.5million from the victim and threatened to freeze his account if he didn’t pay.
“I go look on the FBI site and lo and behold, there’s this public alert about this type of scam,” he told the news outlet. “I’m 52, my entire life savings, gone in a matter of a month.”
The common scam, which involves meeting someone on a dating app, depositing money into a fake investment app (which is constantly changed, renamed or deleted) then losing it all, is called the “Pig Butchering Scam,” KMGH-TV detailed.
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Man loses $1.6million, part two
The man said he successfully deposited funds into the account, including money from his retirement accounts.
He was reportedly able to withdraw cryptocurrency too, until he attempted to take out more.
A “customer service agent” with the app told him “you need to repay the loan before you can withdraw cash from your account,” KMGH-TV reported.
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Man loses $1.6million in scam
A man says he lost his life savings in a scheme dubbed the “Pig Butchering Scam.”
The 52-year-old told Denver ABC affiliate KMGH-TV that he met a woman on a dating app who appeared to have similar interests to him.
The conversation turned to cryptocurrency, something he’d made about $70,000 on in a few years.
The man told the news outlet that the woman he fell for online convinced him to invest on a mobile and web app that seemed legitimate to the software engineer.
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Risks of Robinhood, part three
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.
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Risks of Robinhood, part two
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.
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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.
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What to do about the Robinhood breach
If you’re a Robinhood user and have not already, you shoul change your password and make sure it’s a unique one.
Users should also turn on two-factor authentication if they haven’t already done so.
This makes it so anyone accessing your account will also have to provide a one-time code even if they have your email and password.
You should also look out for an email from Robinhood as the company is reaching out to people affected.
It’s unclear if the company will reach out to everyone but it’s important to remain vigilant.
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What was the Robinhood data breach?
Users were warned after a security breach at Robinhood leaked sensitive information.
The breach occurred on November 3 when an “unauthorized third party” gained access to information from a number of users.
The data affected by the leak includes email addresses for about 5 million users. The full names of 2 million users were also leaked.
However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes.
