Cryptocurrency price news – Vietnam sees rapid growth in crypto usage sparking surge as Shiba Inu price jumps by 10%

VIETNAM is experiencing a growth in cryptocurrency use despite the International Monetary Fund warning its adoption in emerging markets could threaten stability.

It comes as Shiba Inu experienced a surge of ten percent over the past three days with the price predicted to grow higher.

Federal Reserve chair Jerome Powell announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.

Meanwhile, in El Salvador, the country has made its first forays into Bitcoin mining using power generated by a volcano, according to a video released by state-owned geothermal electric company, LaGeo SA de CV.

The first Bitcoin mining rigs have been installed in an energy factory there, where weeks ago, President Nayib Bukele made the cryptocurrency legal tender.

Bitcoin was up to a price of $47,974.84 on Coinbase on Saturday morning, and the overall cryptocurrency market cap jumped back above the $2 trillion mark.

Plus, Bitcoin and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.

Read our cryptocurrency live blog for the latest news and updates…

• WHAT IS A DIGITAL WALLET?

  A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.

  They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.

  In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.

  The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.

• FACEBOOK LAUNCH CONTINUED

  “In theory, Novi could launch before Diem,” Marcus told The Information.

  “But it would mean launching without Diem and that’s not necessarily something that we want to do.

  “It all depends on how long it’s going to take for Diem to actually go live and that’s not something I’m personally looking after.”

• FACEBOOK LAUNCHING VIRTUAL CRYPTO WALLET

  In an interview with The Information, David Marcus said that company leaders “feel pretty committed” to launch the tool called Novi this year.

  Marcus, head of Facebook’s crypto unit, said he would have preferred to release the digital wallet alongside Diem.

  Diem is a digital currency tied to the dollar that the California company is also developing.

  Marcus said the controversial crypto’s timing was uncertain, leading Facebook to launch Novi separately.

• LITECOIN PRICE PREDICTIONS CONTINUED

  In 12 months’ time, the price of Litecoin could trade around $250, according to Wallet Investor.

  It isn’t until the end of 2026 when the price is predicted to break $500.

  Then there are more bearish cases from others such as LongForecast, which projects the price of Litecoin to range from just $85 to $106 at the end of 2024.

• LITECOIN PRICE PREDICTIONS

  In early May, Litecoin hit an all-time high of $412.96 – the closest it has ever gotten to the $500 mark.

  Now, however, Litecoin trades around just $175.

  For some, if the crypto space is able to keep up the momentum (as seen in the past month), it might just be a matter of when.

  The most bullish forecast comes from PrimeXBT, which made a bold prediction in July for 2021: “If support can hold, after some sideways price action Litecoin could explode to around $3,000 per coin.”

  But others aren’t as sanguine on the cryptocurrency surpassing the $500 mark by the end of 2021.

• LITECOIN CONTINUED

  Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.

  While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.

  Currently, Bitcoin commands a market capitalization of more than $900 billion, while Litecoin’s sits under $12 billion.  

• WHAT IS LITECOIN?

  As the name indicates, the cryptocurrency is small.

  But Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

  Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

  The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

• RISKS OF ROBINHOOD CONTINUED

  For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.

  Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.

  In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.

  In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.

  If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others. 

• RISKS OF ROBINHOOD

  When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.

  If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.

  Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.

  For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.

  Since then, the crypto spaced has endured volatility.

• LIMIT ORDERS

  Alternatively, you can do limit orders, which are only executed at your specific limit price or cheaper.

  Users can also buy or sell cryptocurrencies at fractional amounts, meaning they don’t buy a full coin, and place orders on their watch lists.

  You can see the estimated buy or sell price for a cryptocurrency online or through the app.

• CAN YOU DAY TRADE CRYPTO ON ROBINHOOD?

  Yes, unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.

  That means you’ll have access to trade major cryptocurrencies including, Dogecoin, Ethereum, and Bitcoin.

  Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.

• WHAT IS ROBINHOOD?

  The Robinhood platform operates as a discounted brokerage that offers commission-free trading.

  Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.

  You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.

  Unlike many discounted brokers, the company does not offer individual retirement accounts.

  The bulk of Robinhood’s revenue comes from order flow.

• BABY DOGE PRICE PREDICTIONS CONTINUED

  Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun in July: “Baby Doge is piggybacking on Dogecoin’s popularity to drum up interest.

  “It is still in its infancy and its roadmap appears audacious at best and should be taken with a huge fist of salt.”

  Charlie Barton, investment specialist at comparison site Finder, added: “These are of course risky and volatile projects.

  “Your guess is as good as mine about where this particular project will go next.”

• BABY DOGE PRICE PREDICTIONS

  Plenty of experts and crypto fans have made price predictions for Baby Doge, although they’re nowhere near guaranteed.

  Given it only launched at the beginning of the summer, it’s especially important to take the forecasts with a pinch of salt.

  And fans hoping for a $1 value will likely be waiting a long time given its current price of $0.000000000469.

  For example, Wallet Investor has set a one-year forecast of Baby Doge at $0.000001.

  While DigitalCoinPrice expects the crypto to hit $0.0000000007 this year and $0.0000000021 in 2028.

• PRICE OF BABY DOGE

  Baby Doge is currently worth $0.000000000469, down by 19.49% over the past 24 hours, according to CoinMarketCap.

  In comparison, the crypto was worth a higher $0.0000000188 on July 4 – its highest ever value so far.

  Baby Doge’s value was boosted by attention by Elon Musk, who referenced it using a play on the “Baby Shark” song on Twitter on July 1.

  In comparison, Dogecoin is currently sitting at a value of $0.2418, down by 16.04% over the past 24 hours.

• WHO STARTED BABY DOGE?

  Baby Doge was started by fans and members of the Dogecoin community, but the two aren’t connected.

  It’s one of many cryptocurrencies that incentivize holding on to it by charging a transaction fee.

  Investors who sell the crypto will be hit with a 10% fee, of which 5% is redistributed to existing holders of Baby Doge.

• WHAT IS BABY DOGE COIN?

  Baby Doge launched on June 1 this year and is a “deflationary coin” set to become more scarce over time, according to its website.

  It features a mascot that looks like a puppy version of its “father” – the Shiba Inu dog that is the face of Dogecoin.

  The latter was first launched as a joke in 2013, but has since shot up in value.

• MORE EXPERT OPINIONS

  On the other hand, Nate Tsang, the Founder & CEO of WallStreetZen said Alchemy Pay’s crypto-linked cards could be game-changing.

  However, he added that these could be subject to volatility with fellow cryptocurrencies for the rest of the year.

  He said: “The rollout of the Alchemy Pay card isn’t expected until late 2021, more likely 2022, meaning until then it’s subject to the same volatility a lot of cryptocurrencies face.”

• WHAT DO THE EXPERTS SAY?

  Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.

  And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one its partners Binance, which is the largest crypto exchange by trading volume globally.

  Heng said: “The partnership with Binance is most definitely a good sign of validation for the project.”

• CAN ALCHEMY PAY REACH $1?

  Since the cryptocurrency first began trading nearly 12 months ago, it has skyrocketed by more than 250%, according to Coinbase.

  To hit $1 in a few months, Alchemy Pay would have to rise by around 10 times or 1,000%.

  By the end of the year, Alchemy Pay is expected to hit just $0.10536, according to Coinarbitragebot.

  By 2024, Alchemy Pay is forecast to reach $0.51321, representing a nearly 400% increase from its current levels.

  Meanwhile, Pick A Crypto is a little more bullish and thinks the price of Alchemy Pay can range somewhere between $0.20 and $0.50.

  Then, between 2022 and 2025, Pick A Crypto thinks it can range from $0.80 to $2.50. 

• ALCHEMY PAY PART 3

  It will be accepted by e-commerce platforms of Amazon, eBay, as well as millions of other merchants that take payments through Visa and Mastercard.

  Virtual Cards is expected to fully launch by the end of the year or early 2022.

  Currently, Alchemy Pay operates in 65 countries and regions and has 300 fiat and crypto payment channels.

• ALCHEMY PAY PART 2

  Customers are also rewarded with ACH tokens for each crypto transaction, according to the company.

  An ACH is an Ethereum token that powers Alchemy Pay’s platform.

  Alchemy Pay recently announced it will soon launch “virtual crypto-linked cards,” which aim to speed up cryptocurrency payments.

  The new feature can be connected to the digital wallets of Google Pay and PayPal and supports more than 40 cryptocurrencies.

• WHAT IS ALCEHMY PAY?

  The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.

  Trading for Alchemy Pay first began in September 2020.

  According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.

  Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.

• POLKADOT PRICE PREDICTIONS CONTINUED

  Mr Butler said Polkadot has “the potential to grow significantly” thanks to new projects continuing to join the network.

  However, as with any cryptocurrency, it could also dive, which will generally depend on the success of the wider cryptocurrency market.

  Mr Jobson added: “The mechanics of the network is certainly intriguing, but like all cryptocurrencies, Polkadot’s success is dependent on large scale adoption and the strength of its systems.

  “It still has a long way to go to prove that its model works.”

• POLKADOT PRICE PREDICTIONS

  Plenty of experts and fans have predicted how Polkadot’s price will change in future, but as always, keep in mind that nothing’s guaranteed.

  For example, WalletInvestor has set a one-year forecast of $47.262 and a five-year forecast of $135.288.

  While Coinpriceforecast expects it’ll be until 2023 when the price goes above $50 to hit $58.11.

  The site isn’t as optimistic as WalletInvestor though, and expects the price to be just $86.21 by the end of 2033.

  In comparison, Longforecast expects the crypto to hit a value range of between $97.70 and $121.26 in December 2023.

Load more entries…