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Should you be staying away from crypto?

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Major investment banking firm, Goldman Sachs has warned its consumers to stay away from cryptocurrencies as the price of Bitcoin soars above USD$40,000 for the first time in weeks.

In a report released by the Sachs’ Wealth Management Division, the company says digital coins are “not a viable investment”

Goldman Sachs cites high energy consumption associated with mining coins as a reason to avoid the sector.

The report also details the possibility of technological advances which may make blockchain technology redundant and the risk of greater regulatory oversight.

The report says “after analysing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are not a viable investment for our clients’ diversified portfolios.”

“Musk sends one tweet and moves the dial entirely”

Meanwhile, Market Strategist Daniel Weiner joined Ticker News earlier and spoke about Elon Musk’s latest tweet that sent Bitcoin soaring.

More than four million Australians will invest in Crypto in the next four months.

Looking at the number’s, cryptocurrencies are on the rise.

That’s the consensus of a new survey of 1,027 Australians by global researcher YouGov, published by The AFR.

More than four million Australians are likely to buy crypto currencies like Bitcoin in the next 12 months, according to the published research.

One in five Australians “have owned cryptocurrency at some point”, and some 14 per cent currently holding an exposure in their portfolio.

Where is Crypto sitting in the markets?

Bitcoin tests $40K levels following positive comments from Tesla’s CEO Elon Musk and hedge fund manager Paul Tudor Jones.

The world’s largest cryptocurrency by market capitalisation is up about 20 per cent over the past e seven days.

Meanwhile, the S&P 500 rose 0.2% to a record high as of 4:03 p.m. New York time and the Nasdaq 100 rose 0.9% to a record high.

The Australian sharemarket has shot higher at the open, soaring to a new intraday record high during the opening minutes of trading.

Financials dropped as JPMorgan Chase Chief Executive Officer Jamie Dimon suggested Wall Street’s pandemic-era trading boom could be drawing to a close.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly ticker Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Crypto

FBI offers reward for the Bulgarian ‘crypto queen’

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A woman has been dubbed the ‘crypto queen’ after raising billions of dollars in a fraudulent currency scheme

In 2014, Ruja Ignatova launched ‘OneCoin’ which sought to replace Bitcoin as the world’s top digital currency.

The coin was marketed to friends and family in exchange for their own payouts, which added up to over USD $3 billion.

The entrepreneur had previously told investors she had created the “Bitcoin killer”.

“This network was created to become and to fuel the growth of OneCoin,” she told a packed London event in 2016.

But once the scheme was uncovered, reports emerged the woman had disappeared in Greece. That was five years ago, and she has not been seen since.

The 42-year-old has made it onto the FBI’s top 10 most wanted list, with a USD $100,000 reward on offer.

“She timed her scheme perfectly, capitalising on the frenzied speculation of the early days of cryptocurrency.”

Damian Williams, a U.S. prosecutor

The FBI says Ignatova may have travelled to the United Arab Emirates, Bulgaria, Germany, Russia, or other eastern European nations on a German passport.

“[It’s] one of the largest Ponzi schemes in history,” Williams said.

Her own brother was arrested in Los Angeles two years ago, and later pleaded guilty to wire a fraud in a deal with U.S. authorities.

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North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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