The CEO of Kraken Advised Traders Not to Rely on Cryptocurrency Exchanges

The CEO of Kraken Advised Traders Not to Rely on Cryptocurrency Exchanges

Jesse Powell, the CEO of Kraken crypto-exchange, informed CNBC on the 13th of February that investors are those who should be responsible for the risks they take on themselves when investing into digital currencies.

In the course of the interview which took place during the International Governmental Summit in Dubai, Powell said that it is people who are responsible for risks assessment when investing:

“I think ultimately consumers need to look out for themselves, look into the fundamentals of any coin and not rely on any particular exchange to protect them from market volatility.”

According to Powell, Kraken makes every effort to verify every added cryptocurrency, but they can not give any “promises about the future of any of the coins, because everything can change when you have the opportunity to get $1 billion in 10 minutes. “

According to CoinMarketCap, Kraken is the eighth currency exchange by the volume of trade, which conducts transactions for a total of $300 million every 24 hours.

Traditional investors often say that cryptocurrencies don’t have intrinsic value, or that their development now resembles a bubble. While speaking about the negative position occupied by many traditional investors, such as Warren Buffett, the head of Blockchain Technologies Corporation, at the summit, Nick Spanos claimed to CNBC that “Warren Buffett is good at renting furniture and other types of business, but we are working in a different sphere.”

Powell’s statement sounds like a warning expressed by various state regulators. On the 12th of February the authorities of some European countries warned consumers one more time, and also expressed their concern that people don’t fully understand what they are investing into by investing money into cryptocurrencies.

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Cryptocurrency Prices: The Rating Is in the Red Zone

Cryptocurrency Prices: The Rating Is in the Red Zone

According to the trading portal Coinmarketcap.com, Bitcoin (BTC) fell by 2.27% in the last 24 hours. The price at the time of writing is $8122.

The prices of cryptocurrencies are jumping again. Only yesterday they were growing, but today the rating is showing red numbers again. Ripple decreased by 3.27%, Monero lost 6.31%, Stellar fell by 5.10%, the price of EOS is also in the red zone – it dropped by 2.76%.

Ethereum is showing a fall by 2.95%. Its value at the time of writing is $682 per coin.

The total market capitalization is $370 billion. Bitcoin accounts for 37.3% of the total amount. It is $138 billion in monetary terms.

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The Japanese bank MUFG Will Launch Its Own Cryptocurrency

The Japanese bank MUFG Will Launch Its Own Cryptocurrency

After loud statements by Buffett and Gates concerning cryptocurrency, it seemed that at least the state institutions of countries would refuse from it, but a Japanese bank Mitsubishi UFJ Financial Group still decided to acquire its own cryptocurrency, MUFG Coin, in 2019.

“Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided,” the bank’s spokesman said in an emailed statement to Reuters. “However we can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a blockchain technology.”

According to NHK Japan, the digital currency MUFG Coin will be tested for suitability in several regions of the country. 100,000 people who are associated with the company will be able to participate.

Representatives of the bank will provide an opportunity for users to use the cryptocurrency as a means to pay for goods and services in shops and institutions. The bank’s digital currency can be transferred to the accounts of those who participate in the project. If the idea is successful, then MUFG will be the first Japanese bank that has its own digital currency.

The MUFG coin can be used exclusively in Japan. In the world market it can be traded in pairs at non-financial currency exchanges instead of USTD (Tether cryptocurrency, tied to the dollar).

Those people who have downloaded and installed an application that automatically converts deposits into MUFG Coin will be able to take part in the test of the new currency. The cost of one coin is equal to one yen.

We remind you that the management of Mitsubishi UFJ Financial Group announced its intention to launch a  cryptocurrency exchange with the national currency, as well as a service with split Bitcoin-accounts.

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