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New York Attorney General Says Crypto Market Is Unstable

On Thursday this week, General Letitia James, the New York Attorney General, opined on the cryptocurrencies. She issued a warning to the general public that the crypto market is unstable and unpredictable. She stated that investors lost hundreds of billions of dollars due to the crypto crash gloom.

She further stated that the New Yorkers had earned their money through hard work. Therefore, they must think twice before investing in this risky and unstable market. 

James has always acted accordingly to the statement released on Thursday. The Attorney General shut down Coinseed, which was a cryptocurrency trading platform, even last year. Moreover, actions against two leading crypto lending platforms were also taken under her command. 

James issued the warning after weeks of the crypto crash gloom that affected almost every cryptocurrency. Due to the crash, bitcoin plunged to a price 30% less than what it was before the crash. At the time of the writing, the price of bitcoin is at $29,931.45. 

It is also worth mentioning that numerous people believe that the price of bitcoin is improving now. Over the last seven days, bitcoin experienced an increase of 3%. 

On the contrary, warnings regarding investing in the crypto market are not out of the blue. Several countries have warned their general public in this regard. Singapore’s deputy prime minister also stated that the crypto market is unstable and highly risky investing in it. 

Last month, two leading cryptocurrencies, LUNA and Terrausd (UST), plunged to zero. Investors lost tons of money following the crash. 

Similarly, Gary Gensler, the chairman of the Securities and Exchange Commission (SEC) of the United States of America, stated that most crypto tokens would fail. Moreover, India’s Central Bank governor also warned about the crypto industry during the LUNA and TerraUSD fiasco. 

Furthermore, Andrew Bailey, the Governor of the Bank of England, reportedly opined on cryptocurrencies last week. He believed that bitcoin has no intrinsic value. He further added that investing in bitcoin is risky, and cryptocurrencies are not a practical means of payment.