Cryptocurrency prices were climbing on Monday with the cryptocurrency parody coin Shiba Inu reaching a record high over the weekend before losing ground.
The recent Shiba Inu surge appears to be linked to unconfirmed rumors that the coin will soon be listed on the popular Robinhood stock trading app. (HOOD) – Get the Robinhood Report, according to Fortune.
Robinhood chief executive Vlad Tenev told CNBC last week that its cryptocurrency wallet, which will launch early next year, already had more than one million customers on its waiting list. .
Shiba Inu coins traded at a record $ 0.0000455 at 7:20 a.m. EST. This topped the previous record of $ 0.0000388 on May 10, Coindesk reported, citing data from Messari. It is currently trading at $ 0.000039.
Some market watchers said the currency started to fall after Tesla (TSLA) – Get the Tesla Inc report CEO Elon Musk, famous for rocking crypto markets around the world, tweeted on Sunday that he doesn’t own the cryptocurrency.
“Don’t bet the farm on crypto,” Musk tweeted. “The real value is building products and providing services to your fellow human beings, not money in any form.”
Bitcoin, the number one cryptocurrency by market cap, rose 4.1% to $ 63,022, according to CoinDesk. Ethereum rose 2.2% to $ 4,137 and Dogecoin rose 1.7% to 26 cents.
Regulation remains a factor in the cryptocurrency world.
David Lesperance, Managing Partner of Immigration and Tax Advisor Lesperance & Associates, said that “exchanges around the world are rushing to try and stay ahead of governments that have focused on the crypto space.”
This global regulatory effort, he said, includes:
– “[The] US Congress Predictably Plans To Impose Standard Financial Industry Know Your Client and Internal Revenue Service Reporting Requirements
– “[The] UK warns against investor protection
– [The] The EU clamps down on money laundering “, and,
– “China is clearing the ground for the introduction of the digital yuan.”
Lesperance said the crypto world of 2021 and 2022 will be fundamentally different from the past and those who can adapt and comply will thrive, “while those who can’t or won’t will be crushed.” .
“Smart crypto enthusiasts assess the trading landscape as well as the valuation of specific cryptocurrencies,” he said. “Even a good choice in the latter will be wasted if the former is not taken into account.”
Winston Ma, former managing director and head of North America at China Investment Corp., said Chinese regulators are stepping up their oversight of NFTs, “as regulators take a weary look at this new asset market. virtual as a potentially huge bubble ”.
“They spoke to Big Tech companies in this market, according to a tweet posted Saturday by Colin Wu, an influential blogger,” said Ma, author of “The Digital War – How China’s Tech Power Shapes the Future of AI, Blockchain and cyberspace. ”
Chinese tech giants Alibaba Group said on Monday. (BABA) – Get the ADR report sponsored by Alibaba Group Holding Ltd. and Tencent Holdings have both renamed their non-fungible token offerings “digital collectibles”.
The rebranding actions taken by Alibaba and Tencent reflect their efforts to avoid any potential conflict with regulators of China’s digital economy, Ma said.
The country’s authorities have launched a broad campaign to “prevent the irrational expansion of capital” and combat the “barbaric growth” of China’s tech sector, he said.