Bank of England governor issues crypto investment warning

Andrew Bailey, governor of the Bank of England, has warned crypto investors of the dangers of participating in the market.Speaking during a conference on Thursday, Bailey balked at the notion of “cryptocurrencies,” stating that “crypto assets” was a more suitable nomenclature for describing digital currencies.The BoE governor espoused well-worn anti-crypto rhetoric, specifically the argument that cryptocurrencies lacked intrinsic value. “I would only emphasize what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value,” Bailey added.Delivering his stark warning to crypto investors, Bailey said:“I’m sorry, I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.”The BoE governor’s remarks bear a close resemblance to statements issued by the United Kingdom’s Financial Conduct Authority. As previously reported by Cointelegraph, the FCA warned the British public of the risk of incurring huge losses from crypto investments back in January.At the time, the crypto market was in the throes of a significant correction as Bitcoin (BTC) dipped below $33,000. Since then, the total crypto market capitalization has grown almost three-fold and is currently above $2.3 trillion.Bailey’s comments are coming amid a massive spike in crypto prices, especially for altcoins, with Ether (ETH) setting a new all-time high. Major altcoins such as Polkadot’s DOT, Chainlink’s LINK and XRP have also seen vertical price actions.The BoE governor touched on the current mania despite the apparent lack of intrinsic value, adding: “Now that doesn’t mean to say people don’t put value on them, because they can have extrinsic value.”Indeed, Dogecoin (DOGE), arguably the quintessential “meme coin,” is up more than 12,700% year-to-date.While the BoE governor might not think much of the value proposition of crypto, the country’s tax authority is not neglecting the possibility of valuable digital currencies being used to evade taxes.Back in April, Her Majesty’s Revenue and Customs announced plans to upscale its policing of would-be cryptocurrency tax evaders in a manner reminiscent of the United States Internal Revenue Service’s “crypto question.”

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Three reasons why EOS price has pumped 100% in three days

The EOS price is in double-digits for the first time since mid-2018 after a parabolic advance that began back in March.According to data from Coingecko, the 20th-ranked crypto by market capitalization is currently sitting above $11.50, delivering close to 100% gains over the last three days.First, the current EOS upward advance is occurring at the intersection of two unique price trends. On the one hand, the EOS/Tether (USDT) trading pair is at the top of the range for 2021 while the token price against Bitcoin (BTC) fell to its lowest level in three years back in early March.Source: TradingViewAs of the time of writing, the EOS/BTC price action chart has broken an almost three-year downtrend signaling the possibility for significant upward movement.Secondly, with Bitcoin dominance continuing to slide amid massive altcoin gains, the market cycle appears to have large-cap tokens on the ascendency. Indeed, major alts like Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink (LINK), and Polkadot (DOT) have experienced rapid price surges.Source: TradingViewThese altcoin gains have been further boosted by Ether (ETH) setting new all-time highsEOS is following along with the pattern, gaining enough momentum to show significant price action strength against Bitcoin. As of the time of writing, the EOS/BTC trading pair is up 76% in the last 24-hour trading period.A third likely explanation for the EOS breakout can be attributed to the recent staking rewards announcement. As previously reported by Cointelegraph, the EOS community is considering a proposal to increase staking rewards.The recommendation for increasing the staking reward was based on a report commissioned by Block.one. The proposal could be the next major development on the EOS network after the PowerUp model that allows users to pay a one-time transaction fee for 24 hours.

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