Monday, October 18, 2021

New York consumers’ time of the year: Paying attention to cryptocurrencies

Garden state investors have put their money where their consciences are. On Thursday, New York state’s Attorney General issued a warning to public companies in the wake of the market crash last week, encouraging them to stop encouraging followers of a Twitter account that encourages price manipulation. Attorney General Barbara D. Underwood said in a statement, “Significant corporate wrongdoing can erode public confidence and the integrity of our financial markets.” But New York’s consumers found a haven on the other side of the Wall Street pie. In New York state, the 21st century equivalent of stamp collecting, the investment in cryptocurrency became so popular, it looked like the smart thing to do to invest in an online flower delivery service.

The investment hot potato is in bloom in new York. A report from Bloomberg said that the price of bitcoin soared as high as $20,000 in the early hours of Thursday, only to later drop to around $16,000 — while the New York real estate share market is trading above $7,000 today. Bitcoin is on the rise as a result of investor emotions: The bad week forced some investors out of their digital wallets, and many others will be picking up their coins following the rout. The massive rally has been welcomed by some who feel the technology’s potential is more far-reaching than anticipated. But others feel the bubble is far from bursting. Earlier this month, the U.S. trade deficit grew to the largest amount in eight months, rising by $6.3 billion to $61.2 billion in January, largely because of rising imports of goods from China. Unsurprisingly, the climb in import-export trade was halted by a rally in Chinese products.

This investment activity is unprecedented, but there are risks. Earlier this week, a Ford executive resigned after it was reported that he’d been sending private messages to an escort. And it was the promise of economic growth that propelled women to get involved in speculative digital market investing. The New York Times pointed out that women have been called “paper dolls,” “goldmines,” and even “dead bodies.” “With these kinds of messages out there, they might as well go straight to bitcoin exchanges,” said Arthur Horwich, who runs the BBJ Legal Research Institute. “People are committing adultery with bitcoin, and that seems kind of gross.”

Read the full story at CNN.

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