The world of cryptocurrencies can be extremely volatile, and each day could bring an unforeseen turn of events. TheWealthMatrix is always excitement present when cryptocurrencies are a part of the conversation. This flashiness of these digital currencies has given them quite a name in the market.
These currencies offer a high risk and high rewards scheme. If you are not careful, you can endure big losses, but there is also a chance of extreme success and profit. We have seen how bitcoin rose from literally nothing to thousands of dollars in a few years.
Lets take a look at the world of cryptocurrencies:
- Bitcoin is back in the green: when the Russia-Ukraine started, markets all over the world saw big crashes, and the same could be said about the market of cryptocurrencies. However, in no time, cryptocurrencies such as bitcoin and Ethereum surged back. This was a positive and much-needed sign from the cryptocurrency. Bitcoin, these days, is known to be the largest cryptocurrency in the world.
- UAE crypto push: UAE is well on its way to establishing itself as a virtual sector for many future companies and assets. The country has constantly been pushing to attract new futuristic companies. This is being done to have new forms of business in the country. Major cryptocurrency exchanges such as Bybit and Crypto.com announced the opening of their new offices in the city of Dubai.
- NFT museum of war: the country of Ukraine is at war with Russia. In order to gain financial aid, the country is exploring various methods. One such method was seen in the form of an NFT collection called the museum of war. The collection saw unique pictures and images, each set marking a particular day in the conflict between the two countries.
- The US expects 11 billion USD from crypto taxes: the administration under Joe Biden is said to be expecting over 11 billion USD from crypto trading taxes which are appliable to each legal trade in America. The tax imposed by the country on cryptocurrencies was done in order to raise funding for the country.
- RBI’s digital rupee: the digital rupee, which is a central bank’s digital currency, can prove to be a boon for the economy of India. Digital currency would make help in reducing the cost of cash. The reserve bank of India is using blockchain technology to come out with a digital currency that would be centralized in nature. Their effort is made to speed up transactions throughout the country and to reduce the cost of cash in the economy.
- As per the research reports, the RBI deputy governor has appealed for the ban of cryptocurrencies. As per his statement, cryptocurrencies should be banned as there seem to be many many Ponzi schemes out there. He further stated that cryptocurrencies were made to not be regulated by the world’s governments, and that is enough reason to be wary about all of them.
- Crypto money laundering rose by 30% in the year 2021: cybercriminals have been taking advantage of the cryptocurrencies’ anonymity and have laundered over 30 billion US dollars already. The previous year saw a 30% increase in laundering activities all around the globe. Cybercriminals have also been reported to use decentralized platforms to launder much of their money.
Cryptocurrencies came to light when bitcoin saw its success. Even still today’s date, out of many other forms of cyrptocurrencies, Bitcoin is known to be one of the largest cryptocurrencies in the world. Other coins, such as Ethereum, are challenging the king of cryptos, but bitcoin has firmly established its grounds. Choosing a crypto trading platform can often be confusing. You can opt for secure and reliable platforms such as the Bitcoin Era, which is trusted by many traders and investors.
The world of these digital currencies is full of action, and each day we witness some change in their world. Cryptocurrencies are highly volatile in nature, and there is always a risk factor involved when trading in crypto coins. Almost every Bitcoin investor has to face this common risk factor.. Cryptocurrencies surprised many financial institutions and investors with their major success.