New York Attorney General Cautions Investors Against Cryptocurrency Investments

3AC Transfers $90M FTT on KuCoin
  • According to James, the crypto market is “extremely unpredictable.”
  • Bitcoin is now trading at under $30k at the time of this writing.

On Thursday, New York Attorney General Letitia James issued a warning concerning cryptocurrency investments. Attorney General (AG) reiterated the view taken by other U.S. government authorities, including Attorney General Eric Schneiderman (A.G.). According to James, the crypto market is “extremely unpredictable” and has seen “record lows” that have resulted in “hundreds of billions of dollars” in losses for investors.

The New York Attorney General tweeted:

“The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions.”

Multiple Warnings From Across the Globe

Last year, James shut down the cryptocurrency trading website Coinseed. And she went after two more cryptocurrency lending platforms. New York Attorney General Eric Schneiderman issued a warning after a long period of crypto declines. Twitter users, however, were skeptical of her assertion that the crypto market had hit a record low. After trading primarily in the red for an extended period, bitcoin is now trading at under $30k at the time of this writing.

Following the recent sell-off in the cryptocurrency market, many nations have issued warnings to citizens against placing their money in digital currency. Also, in May, the value of cryptocurrencies terra (LUNA) and terrausd (UST) crashed, losing almost all of their worth.

The head of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned that many crypto tokens will fail after the fall of the two cryptocurrencies. According to Singapore’s deputy prime minister this week, cryptocurrencies should be avoided by individual investors. After the recent disasters, an official statement from the Reserve Bank of India (RBI) has also warned against cryptocurrencies. According to Bank of England Governor Andrew Bailey, bitcoin has no intrinsic value and is not a valid payment method. He issued the warning last week.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.