NY Attorney General Warns About Investing in Crypto Market — Says It’s Extremely Unpredictable, Unstable

New York Attorney General Letitia James has issued a warning about investing in cryptocurrency. She mentioned the crypto market is “extraordinarily unpredictable” and “unstable,” noting that the market “reached file lows” final month.

NY Attorney General Warns About Cryptocurrency

New York Attorney General Letitia James issued a warning about investing in cryptocurrencies Thursday. The official Twitter account of the New York Attorney General’s Office tweeted:

The cryptocurrency market is extraordinarily unpredictable. Just final month, the market reached file lows and buyers misplaced a whole bunch of billions.

James added: “New Yorkers must be cautious and suppose twice earlier than placing their hard-earned cash into this unstable market.”

Last 12 months, James shut down cryptocurrency buying and selling platform Coinseed. She additionally took motion in opposition to two crypto lending platforms.

The New York legal professional basic’s warning adopted weeks of cryptocurrency sell-off. However, many individuals on Twitter disputed her declare that the crypto market reached file lows final month. At the time of writing, bitcoin is buying and selling at $30,505.32, up over 3% previously seven days however down 21% over the previous 30 days.

Several nations have additionally warned about investing in cryptocurrencies following the crypto market sell-off. In addition, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed in May, shedding nearly all of their values.

Following the collapse of the 2 cryptocurrencies, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that a lot of crypto tokens will fail.

This week, Singapore’s deputy prime minister advised retail buyers to avoid cryptocurrencies. The governor of India’s central financial institution, the Reserve Bank of India (RBI), additionally issued a warning about cryptocurrency following the LUNA and UST disaster.

Bank of England Governor Andrew Bailey warned final week that bitcoin has no intrinsic worth and isn’t a sensible technique of cost.

What do you consider New York Attorney General Letitia James’ warning? Let us know within the feedback part beneath.