BITCOIN and Ethereum have taken a tumble after China announced a further crackdown on cryptocurrencies.
The country has banned financial institutions from offering crypto related transactions, and warned investors against speculative trading in them.
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China has previously banned crypto exchanges and initial coin offerings but it hasn’t stopped individuals from holding cryptocurrencies.
Buying cryptocurrencies, like any investment, is a very risky business and making money is never guaranteed.
You should make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in.
Cryptocurrencies are highly volatile, so the value of your investments can go down as well as up in the blink of an eye.
Some products and cryptocurrency services are very complex to understand.
You should only invest in things you understand.
Cryptocurrencies are a speculative investment, with limited track records and a lack of reliable basis.
There is no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.
Fees and charges may also be higher than with regulated investment products.
We know that crypto firms may also overstate the returns or understate the risks. Be careful.
What is Bitcoin’s price today, May, 23?
The price of Bitcoin is currently sitting at $34,398.16 (£24,305.36), down from its all-time high of $64,621 on April 14 (£45,616).
At the time of writing, it’s down by 5.98% per cent in the last 24 hours.
It comes after the cryptocurrency plunged last week as Elon Musk said Tesla would no longer accept Bitcoin payments to buy cars.
The founder cited the harmful effects to the environment that comes with mining the cryptocurrency, which is a hugely energy-intensive process.
The price of Bitcoin dropped last month as Turkey banned cryptocurrency payments.
Its value also plummeted when the coronavirus crisis first hit last month.
People considering investing in Bitcoin or shares and stocks have been warned over “risky” tips being shared on TikTok.
What is Ethereum’s price today, May, 23?
The value of Ethereum has dived from $4,260 (£1,007) on May 12 to $2,043.81 (£1,446.32) today.
At the time of writing, it’s down by 13.17% per cent in the last 24 hours.
Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.
It was founded by eight people, one of which is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.
He recently became the world’s youngest crypto billionaire as Ethereum soared in value.
Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.
What is Ripple’s (XRP) price today, May, 23?
The value of Ripple (XRP) has dived down to $0.798331(£0.56).
At the time of writing, it’s down by 12.99% per cent in the last 24 hours.
XRP is a form of digital currency that can be used on the Ripple network.
It can either be transferred between individuals or banks.
For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.
The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.
The founders of Ripple created XPR before the company Ripple existed.
What cryptocurrencies have increased the most in value today, May, 23?
- SHIBA INU – £0.0000056 – Up by 10.44 per cent in 24 hours
- XinFin Network – £0.035- Up by 1.83 per cent in 24 hours
- Theta Fuel – £0.17 – Up by 0.45 per cent in 24 hours
- Dai – £0.71 – Up by 0.17 per cent in 24 hours
- THETA – £4.29 – Up by 0.04 per cent in 24 hours
New crypto coins – a warning
EXPERTS warn investors should ace with “extreme caution
The price swings can be wild and there is a real risk investors could get burned.
This is due to the lack of data in which you can base your investment risk on and the increased possibility of scams.
Cryptocurrency firms aren’t regulated in the way that other financial firms are. This means that you won’t have any protection if things go wrong
What cryptocurrencies have decreased the most in value today, May, 23?
- Solana – £16.90 – Down by 33.69 per cent in 24 hours
- Polygon – £0.67 – Down by 29.72 per cent in 24 hours
- Fantom – £0.16 Down by 29.04 per cent in 24 hours
- Terra – £3.86 – Down by 25.86 per cent in 24 hours
- PancakeSwap – £8.40 – Down by 23.88 per cent in 24 hours
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