Letitia James of New York has warned about cryptocurrency investing. She said the crypto market is “extremely unpredictable” and “unstable,” noting that the market “reached record lows” last month.
NY Attorney General warns about cryptocurrency
Letitia James, New York’s Attorney General, issued an advisory Thursday about cryptocurrency investments. The official Twitter account of the New York Attorney General’s Office tweeted:
Extremely unpredictable is the market for cryptocurrency. The market hit record lows last month and investors lost hundreds upon billions.
James added: “New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.”
James shut down Coinseed’s cryptocurrency trading platform last year. Two crypto-lending platforms were also shut down by James.
The New York attorney general’s warning followed weeks of cryptocurrency sell-off. Many on Twitter refuted her claims that the cryptocurrency market had reached new lows. As of the writing time, bitcoin was trading at $30.505.32, an increase over 3% for the past seven and 21% for the past thirty days.
Many countries are also warning about cryptocurrency investments following the market crash. It was also reported that cryptocurrency terra and stablecoin Terrausd (UST) both collapsed in May with almost all their value.
Gary Gensler (chairman of U.S. Securities and Exchange Commission) warned of the possibility of many crypto tokens failing after the crash of two cryptocurrency.
This week, Singapore’s deputy prime minister advised retail investors to steer clear of cryptocurrencies. The governor of India’s central bank, the Reserve Bank of India (RBI), also issued a warning about cryptocurrency following the LUNA and UST catastrophe.
Andrew Bailey, Governor of the Bank of England, warned that bitcoin does not have an intrinsic value and cannot be used as a payment method.
What do you think about New York Attorney General Letitia James’ warning? Comment below.
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