EU Financial Regulators Warn Consumers Of Crypto Asset Risks; Bitcoin Rises

EU regulators warn against promises of high returns, especially on social media platforms. The price of Bitcoin rose 2.84 per cent in the last 24 hours; Ethereum was up 4.93 per cent
EU Financial Regulators Warn Consumers Of Crypto Asset Risks; Bitcoin Rises

The European Supervisory Authorities (European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority—the ESAs) warn consumers that many crypto assets are highly risky and speculative. In a statement, the ESAs stated, "These (crypto assets) are not suited for most retail consumers as an investment or as a means of payment or exchange. Consumers face the very real possibility of losing all their invested money if they buy these assets. " 

The organisations further noted that consumers should be alert to the risks of misleading advertisements, including those via social media and influencers. They warned against promises of fast or high returns, "especially those that look too good to be true."

As the Russia-Ukraine conflict continues, US Senator Elizabeth Warren has proposed a new bill (the Digital Asset Sanctions Compliance Enhancement Act of 2022) to increase and expand sanctions against Russia, its entities, and individuals, specifically when it comes to the use of cryptocurrency. The Bill enhances US President Joe Biden’s and the government’s powers to take action against exchanges that transact with Russian addresses, among other provisions, reported. 

Meme Coins 

Among meme coins, Dogecoin was up by 5.08 per cent and was trading at $0.121 at 4:00 pm on Rival Shiba Inu was up by 3.63 per cent in the last 24 hours and was trading at $0.00002272. Dogelon Mars was up 2.80% and trading at $0.0000007142 in the last 24 hours, while Samoyedcoin was up 1.63% and trading at $0.01704.

Overall Scenario

The global crypto market cap was at $1.88 trillion, registering an increase of 3.56 percent in the last 24 hours, while the total crypto market volume was $91.28 billion, up by 10.44 percent, as per

Titi Financial (TITI) became the biggest gainer, recording a rise of 649.53 per cent. It was trading at $0.000000001279 at 4:00 pm, as per Coinmarketcap data. In contrast, the Londex (LDX) witnessed the maximum loss, falling 100.00 per cent. It was trading at $0.00000004205. 

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