The Crypto world is driving the stock market with greater energy. But, unfortunately, the force is out of control. Recently, the crypto market crossed the $3 trillion mark in digital coins rallied. Ethereum and bitcoin are at the top of the ladder with almost 80% in popularity.
According to the Coin Metrics, a single bitcoin goes at $64,143 while etherereum is sold at $4,611. So investors are under pressure to either choose between the two or diversify their investment plans. But it is always wise to invest your money in a variety of businesses to void season loss.
The US President, Joe Biden, signed bipartisan infrastructure into a law worth $1.2 trillion. Unfortunately, this included some tax being applied on cryptocurrency businesses.
7 Million customers affected by Robinhood data breach
Robinhood is an online brokerage based in the United States. In early November, the company announced a breach of their data which exposed the information of around 7 million users. CNBC magazine aired the news a few hours after complaints from several clients.
When subdivided into different groups. 2 million customers had their names revealed and sold to other companies. Another group of 5 million users complained about their emails being accessed by unknown people. The zip code, username, and date of birth of about 310 users were exposed in the limelight. Only 10 people received bad harm as their data was fully exposed. However, they lost almost everything as the breach exposed, even their passwords.
The company came out clearly to alert the affected people of any false information. They were warned against falls emailing, calls, or even personal approaches, which may expose them more. The investigation is still under process. The good thing is that debit card numbers, bank accounts, and social security numbers were never exposed.
Hackers are always ahead when it comes to such operations. They can decide to sell the emails or numbers to other companies in exchange for money. It is always risky when they go ahead to conduct social engineering. They might take much data from the user unknowingly by pretending to be Robinhood agents.
Such activities require users to be keen. Robinhood customers must ensure they don’t reply to any new unknown emails or text messages. They are prone to social engineering. The company has requested maximum time to continue with the investigation.
In relation to cryptocurrency, Robinhood has been a central place for the exchange of currencies. It has served as a stock market zone for millions of people. So such breach has a negative influence on the general crypto market.
Launching of Crypto service by Ripple for financial companies
The CEO of Ripple announced the launch of Liquidity Hub, which is a crypto product. This service will include a free market for financial firms to give their customers access to various cryptocurrencies. Customers will have the freedom to choose the best crypto they are interested in.
The fintech company from San Francisco will provide currencies like Ethereum, Bitcoin, XRP, Litecoin, and Ethereum classics. They are just among the few but popular currencies. The launch will change how people operate in the crypto market.
The fintech startup will launch the product in early January 2022.
Ripple is working hard to be in control of the US security exchange Commission. They want to outdo XRP, which they almost relate to. Recently, there has been a confidential report about an SEC company that sued Ripple over its unregistered securities. All the executives were taken to court over the issue of raising funds without registering the process. It’s illegal, but Ripple has gone out strong to defend their matter in court.
The company has many dreams to expand its market in 2022. The pandemic has affected almost every business, but everyone is struggling to gain their economic status. New inventions and business ideas will give hope to Ripple’s startup. Several investors have also shown interest in the fintech company.
“I own Cryptocurrency”, Tim Cook
Tim Cook, most of the time, will escape questions about cryptocurrency. But interviewers have been very anxious about his crypto investment. During a meeting with the CNBC Make It, Apple’s Chief Executive Officer admitted that he owns either bitcoin or Ethereum.
Tim Cook had a few words to say about crypto technology during the Andrew Ross Sorkin show with the New York Times DealBook conference. “I think it’s reasonable to own it as part of a diversified portfolio.” However, when told to give people investment advice, he said he doesn’t own that power. “I’m not giving anyone investment advice by the way.”
The CEO believes that each person has the knowledge to read a variety of books to know the best investment plan he can venture into. What might work for me might not be good for the other party. It’s useful to be mind open, especially while still young. Explore every investment plan available and stop complaining about market fluctuations.
Cook said he has been in the cryptocurrency field for almost a decade. His interest in crypto developed when blockchain technology became famous. However, the Apple CEO did not disclose much about his whereabouts. He believes private life is important, especially when it comes to financial and business status.
The CEO made it clear that his company doesn’t accept any cryptocurrency exchange form on crypto matters concerning Apple. The company has no plans to diversify its tech company into buying and selling cryptocurrencies. It’s the best business now, but it doesn’t fit among the products offered by the Apple company.
Despite that, he still does his business in crypto. He has invested a lot, and his business is always out of the company. He struggles a lot to make sure he doesn’t associate his CEO job with the crypto business. Since he is among the richest tycoons, he has a great influence on the crypto market.
Third-quarter drop in revenue affects Coinbase
The third-quarter stock market has been the worst, as referred by analysts. Many businesses and companies made huge losses. Even the bitcoin price went down. The stock market dropped by almost 13% of the normal trading moments. Coinbase missed a lot of funds during the market. They made a huge loss within three weeks. This effect will run into the first quarter of the crypto market in 2022.
The statistics from the crypto administration showed the industry earned a total of $8.8 million during the second quarter. However, in the recent stock market, the company transaction decreased to about 7.4 million in the third quarter. This is a negative impulse of almost 1.4 million within a short period. That means even the investors made a huge loss.
Furthermore, the trading volume became $327 billion in the third-quarter results. When compared to the second quarter, the volume had fallen by almost $135 billion across the world. Investors must be aware of such actuation. Digital money is always very volatile. Being observant as you analyze the graph might help you. Having prior knowledge and prediction analyst could help your saving plans.
Bitcoin upgrade activated
This is the moment millions of bitcoin traders have been eager about. Finally, the newly anticipated upgrade is now on the market. The company activated the block; Taproot, valued at $709,632.
Since 2017, the company has been making minor changes to increase the value of its currency. Experts have predicted a positive impact on blockchain technology with this upgrade.
Taproot came along with Schnorr’s signatures. This will help bitcoiners to transact currency in a private session. It will be less expensive and very efficient for everyone. In addition, traders can now execute smart contracts from blockchain technology for better investment plans.
The law of bipartisan Infrastructure
The United America president Joe Biden has agreed to sign a bipartisan infrastructure bill worth $1.2 trillion. Unfortunately, it includes tax which will affect the digital market by a huge percentage. Cryptocurrency assets and non-fungible tokens will have to pay a tax percentage on any transaction within the country. This will negatively affect the crypto market for US traders.
The bill has been in discussion for almost a year now. The opposition senators were furious about the law because some of them had invested a lot in cryptocurrency.
The law demands that all brokers involved will have to disclose their customers according to the 1099 form. All those businesses using crypto will have to submit their report any moment they receive an amount above $10,000. The government must be aware of their business to calculate an equal amount of tax.
A lot of cryptocurrency businesses have operated for almost 10 years without tax. It’s now a perfect moment for the US government to expand its sources of revenue. Any exchange surpassing $10,000 will have to release its report to the government to track its shares.
Economic experts have said ‘brokers’ are required for any business to expand its roots. The lobbyists in the industry have not come into agreement with what the government wants to do. They are complaining on how the state wants to engage in their private transaction and business. Many of them refer to it as invading other people’s privacy.
Bonus
Before investing in crypto, be aware of the changes and stay updated. A lot is going on behind the scenes that affect the stock market. So get more knowledge and even hire an analyst to guide you.
MORE:
- TOP 10 CRYPTOCURRENCIES PROMISING IN 2022
- 5 BEST AND FAMOUS INVESTORS IN BITCOIN CRYPTOCURRENCY
