Letitia James, New York Attorney General, has recently issued a warning to the citizens of New York regarding the risks involved in digital assets investing.
A press release published by the New York Attorney General’s Office highlighted that investors have lost hundreds of millions in virtual assets following the instance of a crypto market meltdown. The attorney hence issued a warning against the investments in cryptocurrencies.
The report asserts that the crypto sphere has extreme and unpredictably high price fluctuations, which makes the industry one of the most high-risk investment spaces. The report further signifies the price plunges of the recent month while the crowned crypto-asset fell by over 50% compared to its last November All-time high.
According to James, again and again, the investors are losing billions due to risky investments in digital assets. Even the prominent crypto assets from popular crypto exchanges can lose massive funds in nanoseconds.
And that the crypto investments give rise to more pain than gain for the investors while she warned the New York folks against such investments.
Furthermore, the release signified the few risks involved with the digital assets investments, such as the unpredictable and speculative market. And complex for the users to cash out on investments, high fees on transactions, and that even the stablecoins are unstable.
It is indeed true that the cryptocurrency market has witnessed quite a lot of bearish trends lately which have highly impacted some of the leading assets. Especially the TerraUSD (UST) and Luna collapse which left the crypto community in shock and investors with significant losses.
Yet, the crypto space is seeing mixed reactions, with some investors and enthusiasts still optimistic about the industry while some have contrasting thoughts. Some have even predicted that the market might continue to see these situations in the year.
At the time of writing, the flagship crypto asset is exchanging hands at $20.182 with a market cap of $384,841,369,285 and is currently down by 10% in the last twenty-four hours.
Source: https://www.thecoinrepublic.com/2022/06/15/new-york-attorney-general-warning-new-yorkers-against-crypto-investments-heres-why/