THE new “Let’s Go Brandon” meme saw a price spike following the announcement of its launch on Thursday.
It comes as Bitcoin braces for a $ 6 million earthquake after Ethereum, BNB, Solana, Cardano and XRP were hit by a crypto price crash this week.
NASCAR driver Brandon Brown revealed his partnership with LGB coin after he became the inspiration behind the anti-Joe Biden meme earlier this year.
The partnership means he’ll drive a Chevrolet Camaro decked out in red, white and blue and covered with the same part name for the season ahead.
“To have the financial support of LGBcoin is amazing, especially at such a crucial time in the growth of our team as we work to take the competition to the next level,” said Brown.
More than $ 200 billion worth was wiped off the combined crypto market this week as prices fell.
The price of Bitcoin has fallen 6% since Monday.
Read our live cryptocurrency blog for the latest news and updates …
What is Robinhood?
The Robinhood platform operates as a discount brokerage firm that offers commission-free transactions.
Specifically, users can trade in exchange traded funds (ETFs), individual stocks (including US custodian stocks), and options.
You can also trade Robinhood’s shares through the company’s IPO at a valuation of $ 1.2 billion.
El Salvador adopts Bitcoin, continued
However, those who do not have access to technologies that can perform Bitcoin are excluded from the obligation to accept it.
The US dollar and Bitcoin are now the country’s official currencies.
This is the first time that Bitcoin has been adopted as legal tender in a sovereign country.
El Salvador adopts Bitcoin
The country’s president, Nayib Bukele, passed a bill in June stating that starting September 7, Bitcoin can be used in any transaction and that all businesses must accept electronic money as a form of payment.
The law also states that tax contributions can be paid via Bitcoin and that trading in the cryptocurrency will not be subject to capital gains tax.
Under the new law, El Salvador “will promote the training and mechanisms necessary for the population to access [Bitcoin] transactions.”
China’s statement, continued
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crackdown on crypto opens the doors for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
China’s statement on cryptocurrency
The PBOC said it would “resolutely crack down on virtual currency speculation, and related financial activities and behavior in order to protect people’s property and maintain economic, financial and social order.”
He said trading in virtual currencies has become “widespread, disrupting the economic and financial order, giving rise to money laundering, illegal fundraising, fraud, pyramid schemes and other activities. illegal and criminal ”.
China has shut down crypto trading
In 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines fuel nearly 80% of the global cryptocurrency trade.
Crypto losses and tax benefits
Investors can claim deductions on cryptocurrency losses that may reduce tax obligations or result in a refund, according to Counter.
Any loss can be used to offset capital gains, and if you have no gain, you can claim a deduction.
Coindesk’s article explains the IRS code and other ways to exploit cryptocurrency losses.
More than 50 countries impose bans
51 countries have banned cryptocurrencies, according to one report of the Global Legal Research Branch of the Law Library of Congress.
To date, nine countries have a total ban and 42 have an implied ban. The implicit ban prohibits financial institutions from using crypto.
The number of banned countries has more than doubled since the first research in 2018, according to Market insider.
Mystery of the death of crypto investors, continued
Cotton took with him to the grave the keys that provided access to a digital safe containing cash investors invested in Quadriga CX.
Abandoned investors have demanded that his body be exhumed and that tests be carried out to confirm that it is indeed his body.
Criminal investigations continue by Royal Canadian Mounted Police and FBI as leading digital investment publication Counter called his death “crypto’s biggest mystery.”
Mystery of the death of the crypto investor
A new documentary about rogue crypto trader Gerald Cotton, who took up to $ 215 million in Bitcoin and other digital currencies to his grave, has sparked rumors he could have faked his death.
Cotton’s sudden death from complications from Crohn’s disease at the age of 30 shocked the crypto world – but some believe it may have been part of an elaborate ‘exit scam’.
A source in the documentary goes so far as to claim that Cotton may have used a substance known as “Haitian zombie powder” to fake his death.
Robinhood prepares to launch cryptocurrency wallet
Robinhood announced a new partnership with a blockchain data analytics platform ahead of the planned launch of its cryptocurrency wallet.
Robinhood will use Chainalysis data, analytics and software to meet compliance requirements and provide secure cryptographic transactions, Motley fool reported.
The partnership precedes the planned 2022 launch of Robinhood’s crypto wallet.
More than 1.6 million people are on a waiting list for the new feature, according to Motley Fool.
Crypto investments exceed $ 30 billion
Investors contributed a record $ 30 billion to the cryptocurrency industry in 2021, according to Fortune.
The media quoted data from Bloomberg News which would have shown that $ 7.2 billion came from investors based in the United States.
The $ 30 billion is nearly four times the $ 8 billion investors spent on crypto companies in 2018, Fortune reported.
Banks Embrace Crypto, continued
Executives at the big banks are starting to get on the cryptocurrency bandwagon as some invest their time learning about the new payment method.
Bank of America spokesperson Mark Pipitone told the New York Times: “The bank sees potential in blockchain, and we are currently one of the largest patent holders in the space with over 160 patents. . But we still haven’t found a large-scale use to improve the financial lives of clients and customers. “
Banks embrace crypto
Banks are paying to slowly own the future of cryptocurrency as they struggle to profit from it.
As cryptocurrency startups explode, they begin to offer credit cards and loans while banks are being left behind.
According to the New York Times, “Bank of America chief executive Brian Moynihan has banned the giant firm’s wealth managers from placing their clients’ money in cryptocurrency-related investments.”
Play to win, part two
The new game-to-win model that rewards players with cryptocurrency for playing is not technically free.
Players might have to spend $ 1,000 or more to start making money in the Axie Infinity Universe, according to Forbes.
The popular gaming platform to win requires beginners to have three “Axies,” which are available for purchase from the game’s site. Market dashboard.
Participants can then earn cryptocurrency by selling potions, breeding rare Axies, and playing various games.
What is a blockchain?
A blockchain is where encrypted data can be transferred securely, making duplication or forgery nearly impossible.
This ledger is the foundation of any cryptocurrency transaction.
Cryptocurrency allows people to trade currencies or assets digitally outside of any government or bank.
What is gambling for making money?
A unique model called play-to-earn gaming is driving the growth of non-fungible tokens (NFTs) and cryptocurrencies, Forbes reported.
Axie Infinity is the most popular platform for winning games right now.
It allows users to create a collection of “Axies” that players can use in their game world.
The company then uses Blockchain to reward players who gamble, according to Forbes.
All digital assets earned by participants can be sold on the platform or traded outside of the Axie Infinity universe.
What are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: “They are building on the success of bitcoin by slightly changing the rules, economics or use cases to attract different users.”
“Altcoins vary widely in their use cases and practical applications. They usually have some form of technology that they underpin or provide a liquidity solution to a product or service.
What are Altcoins?
Altcoin stands for alternative coin, a type of virtual currency that uses blockchain to enable secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are over 900 different altcoins available.
Risks of Robinhoodpart three
In July, the platform was also ordered to pay nearly $ 70 million in fines and compensation for deceitful customers and outages.
If you are looking for a discount broker and want to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
Risks of Robinhood, Part 2
To invest in individual stocks, be sure to check company reports, Securities and Exchange Commission (SEC) records, broker notes, and press releases so you can make the best decisions for your business. silver.
Another risk when choosing Robinhood with other brokers is that they may restrict trading in the event of unusual activity.
In fact, Robinhood faced some outrage earlier this year when it restricted trading in meme stocks, most notably GameStop and AMC.
Risks of Robinhood
When it comes to risk, investing alone is one because you are not guaranteed to generate a profit and the value of your assets could drop.
If you choose Robinhood to be able to trade stocks and cryptocurrencies, the game becomes even riskier.
Cryptocurrencies are not only difficult to understand, but even more difficult to predict when downtrends in the market will occur.
For example, cryptocurrency was booming this year until Elon Musk said Tesla was suspending acceptance of Bitcoin payments.