Ripple and Dogecoin’s sudden plunge “New York Stock Exchange virtual currency investment advisory”
Enlarge imageVirtual currency Ripple price/CNBC
Cryptocurrencies Ripple and Dogecoin are suddenly plummeting. Cryptocurrency leaders Bitcoin and Ethereum are also weak. Some in the New York Stock Exchange have issued a warning on investing in virtual currency. It is a warning that the Trump rally is rapidly declining. The Financial Supervisory Service convened an emergency inspection meeting for virtual currency exchange rates. On the 20th, the Financial Supervisory Service will convene executives in charge of foreign exchange and funds from 10 domestic commercial banks and domestic branches of foreign banks to a meeting to review the foreign currency liquidity situation, presided over by Assistant Director of Banking Park Chung-hyeon.
Since Trump’s election, virtual cryptocurrencies such as Ripple, Dogecoin, Bitcoin, and Ethereum have soared, and the Financial Supervisory Service has begun an emergency inspection of abnormal foreign exchange transactions, such as the dollar exchange rate, during the virtual asset trading process. It is a thorough inspection of whether foreign exchange transactions were made properly while buying and selling Bitcoin, Ripple, Lederium, and Dogecoin. As volatility in the virtual asset market increases, led by Bitcoin, financial authorities will strengthen their response to abnormal transactions in the virtual asset market and take strict action against unfair trading practices.
The Financial Services Commission and the Financial Supervisory Service sent a guidance document requesting strengthened monitoring to virtual asset exchanges in preparation for increased volatility in the virtual asset market. The Financial Supervisory Service also began working with exchanges to respond to abnormal transactions, such as inspecting stocks with sharp increases in price and trading volume. Financial authorities plan to quickly investigate unfair trading cases notified by exchanges, while also cracking down on rumors, spread of false information, and related advance trading that take advantage of the recently overheated market situation. Financial authorities plan to “establish sound market transactions in the early stages of enforcement of the law.” “We plan to take strict action if violations of the law are confirmed,” he said, adding, “In addition to sanctions for unfair trade, we will also check the appropriateness of requirements for designating cautionary items and user transaction restrictions to protect users.”
The Financial Supervisory Service also provided guidance to virtual currency users regarding investment precautions. It was explained that special caution is needed when trading virtual assets designated as ‘trading caution items’ and ‘trading caution items (stage before trading support ends)’ on the virtual asset exchange. Financial authorities said, “There are concerns that damages such as illegal account rental and purchasing agency may occur through virtual asset communities, SNS, etc., taking advantage of the overheated market,” and added, “If you rent your account to others or participate in purchasing agency, you may be involved in criminal money laundering.” “You may be involved in a crime and be punished.” If users trade virtual assets using unverified overseas exchanges, they should be careful as withdrawals may not be made or they may be exposed to incidents such as hacking.
Financial authorities are responding to volatility in the virtual asset market, including the ‘Bitcoin craze’. We plan to take strict action against unfair trade practices. The Financial Services Commission and the Financial Supervisory Service announced that they are strengthening their response to abnormal transactions, including jointly inspecting stocks with sharp increases in price and trading volume with virtual asset exchanges. Financial authorities plan to quickly investigate unfair trading cases notified by each exchange, while also cracking down on advance trading that takes advantage of the recently overheated market situation. The financial authorities also emphasized, “In addition to sanctions for unfair trade, we will check the appropriateness of requirements for designating cautionary items and user transaction restrictions to protect users.”
Bitcoin (BTC), Ripple (XRP), and Dogecoin (DOGE) are at the center of the cryptocurrency market this week. The market’s positive outlook on XRP has strengthened as rumors of the resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler have emerged. A documentary about XRP was released and received additional attention. Dogecoin (DOGE) price is of interest. Since Elon Musk was appointed head of the Department of Government Efficiency (DOGE) in Donald Trump’s cabinet, related news has been gathering attention. In particular, it is attracting attention as the Dogecoin-related lawsuit against Musk was withdrawn.
Daeho Kim, Director of Global Economic Research Institute tiger8280@g-enews.com
What factors do you believe contributed to the sharp decline in Ripple and Dogecoin prices, and could these factors have been anticipated by investors?
Questions for Guest 1:
1. Can you provide an overview of the recent sudden plunge in the prices of Ripple and Dogecoin, and how this trend might be affecting the broader cryptocurrency market?
2. What is the significance of the New York Stock Exchange virtual currency investment advisory in the context of this market downturn?
3. How do you think the recent crackdown by financial authorities, including the Financial Supervisory Service (FSS), on abnormal transactions and unfair practices in the virtual currency market will impact the industry moving forward?
Questions for Guest 2:
1. As the Director of Global Economic Research Institute, what are your predictions for the future of the cryptocurrency market given the current volatility and regulatory environment?
2. Do you think the recent decline in the prices of Ripple and Dogecoin signals a potential correction or the beginning of a longer-term bear market for cryptocurrencies?
3. How can retail investors navigate the often unpredictable nature of the virtual currency market while still taking advantage of potential investment opportunities?
