New York Attorney General Letitia James has issued a warning about investing in cryptocurrency. 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
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 extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions.
James added: “New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.”
Last year, James shut down cryptocurrency trading platform Coinseed. She also took action against two crypto lending platforms.
The New York attorney general’s warning followed weeks of cryptocurrency sell-off. However, many people on Twitter disputed her claim that the crypto market reached record lows last month. At the time of writing, bitcoin is trading at $30,505.32, up over 3% in the past seven days but down 21% over the past 30 days.
Several countries have also warned about investing in cryptocurrencies following the crypto market sell-off. In addition, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed in May, losing almost all of their values.
Following the collapse of the two 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 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.
Bank of England Governor Andrew Bailey warned last week that bitcoin has no intrinsic value and is not a practical means of payment.
What do you think about New York Attorney General Letitia James’ warning? Let us know in the comments section below.
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