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The framework - crypto regulation & India

<ul class="summary-list"><li>Thousands of <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> now exist.</li><li>It can be difficult to pick winners in such a saturated space.</li><li>Insider has asked several experts about where they see the biggest opportunities in <keyword id="11961769" type="UNKNOWN" weightage="60" keywordseo="altcoins" source="Orion">altcoins</keyword>.</li></ul><p><a href="https://www.businessinsider.com/category/crypto">Cryptocurrencies</a> have exploded in popularity over the last several months. Of course, the most popular remains <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>.</p><p>But some other smaller cryptos are gaining serious steam as well, as the concept of digital currencies continues to seep into the public consciousness.</p><p>However, it can be difficult to know which cryptocurrencies to invest in, or whether you should in the first place. There are currently <a href="https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/">thousands of different types of coins</a> on the market. And some - like dogecoin, which was founded as a joke - don't appear to be serious. Others, like some built on the Ethereum blockchain, appear to have better use cases. </p><p>And overall, there are legitimate concerns over whether the <a href="https://markets.businessinsider.com/news/stocks/altcoin-surge-crash-solana-cardano-binance-xrp-bitcoin-may-jpmorgan-2021-9">altcoin boom is unsustainable</a> and will soon come crashing down.</p><p>Crypto is an esoteric domain - its intricacies can be difficult to understand, especially for those new to the space.</p><p>To help cut through the noise, Insider has talked to several experts about which altcoins - cryptocurrencies other than bitcoin - they believe have the best upside. These experts also described the fundamentals and technicals that make these altcoins attractive. Their views are shared in the articles below.</p><p>img</p><p>hed with link and appendage </p><p>blurb</p><div type="image" title="This is a headshot photo of Coach JV. He's wearing a black t-shirt and smiling into the camera." height="4000" width="5333" msid="86439248" hostid="261"></div><h2><a href="https://www.businessinsider.com/altcoins-to-buy-upcoming-parabolic-bull-run-banking-veteran-crypto-2021-9?r=altcoins-lp">4 altcoins to buy: A 12-year banking veteran says the biggest generational wealth transfer that's about to take place will trigger a 'parabolic' bull run in crypto. He explains how he's maximizing gains on the cryptos he's holding.</a></h2><p>John Vasquez quit a 12-year banking career to dive into crypto full-time.</p><p>He's betting that the massive wealth transfer from baby boomers to their younger heirs will lead to a crypto boom.</p><p>Vasquez, known as Coach JV on social media, explained what people should know about crypto before <keyword id="11896289" type="UNKNOWN" weightage="60" keywordseo="investing" source="Orion">investing</keyword> and the altcoins he's buying.</p><h2><strong><div type="image" title="Adrian Zduńczyk" height="1500" width="2000" msid="85684659" hostid="261"></div></strong></h2><h2><a href="https://www.businessinsider.com/altcoins-that-could-surge-in-next-legendary-altcoin-season-crypto-2021-8?r=altcoins-lp"><strong>5 altcoins that could surge 10-100x in the coming 'legendary' altcoin season that outshines bitcoin, according to a crypto technical analyst who's holding them</strong></a></h2><p>Crypto technical analyst Adrian Zduńczyk says some altcoins due to outperform bitcoin in a  "legendary" way. Zduńczyk is the founder and CEO of the Birb Nest, a trading platform. He shared five altcoins with us that he thinks could surge 10-100 times. </p><h2><strong><div type="image" title="Matthew Sigel" height="959" width="1278" msid="85684661" hostid="261"></div></strong></h2><h2><a href="https://www.businessinsider.com/altcoins-to-buy-competitors-ethereum-blockchain-digital-assets-smart-contracts-2021-8?r=altcoins-lp"><strong>The head of digital assets research at an $81 billion money manager breaks down 3 drivers fueling the $2 trillion crypto market's latest bull run - and shares 3 competing altcoins to ethereum, including one that could nearly double in the next year</strong></a></h2><p>Ethereum is the second-biggest cryptocurrency at the moment, sitting behind bitcoin. But it has problems like expensive transaction fees. Matthew Sigel, head of digital asset research at VanEck, shares three altcoins to rival ether. </p><div type="image" title="China Evergrande property development" height="3869" width="5159" msid="86439250" hostid="261"></div><h2><a href="https://www.businessinsider.com/crypto-altcoins-to-buy-investing-strategy-evergrande-long-term-goodman-2021-9?r=altcoins-lp">A trader who warned of the 2017 and 2021 bitcoin bull market tops shares 4 altcoins he's bullish on for the long-term - but breaks down why Evergrande's crisis is keeping him away from crypto at the moment</a></h2><p>The looming debt crisis of Chinese real estate developer Evergrande sent shockwaves through global equity <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in September - and crypto was not spared.</p><p>Given the recent sell-offs, Goodman said he was keeping his money on the sidelines in the crypto space until prices appear to be in an uptrend again. </p><p>He shared four projects he thinks can do well in the longer-term.</p><div type="image" title="Bitcoin, Dogecoin, Ethereum cryptocurrency coins and a graph are pictured in Kyiv on 08 July, 2021." height="2321" width="3095" msid="85689506" hostid="261"></div><h2><a href="https://www.businessinsider.com/bitcoin-crypto-ethereum-cardano-solana-altcoins-polkadot-chainlink-david-gokhshtein-2021-8?r=altcoins-lp" target="_blank" rel="noreferrer noopener">Bitcoin is ready for a 'monster run' up to $85,000 if it clears a key resistance level, a crypto evangelist predicts - and shares 7 altcoins he's bullish on now</a></h2><p>Ethereum's major upgrade in early August led to a <a href="https://www.businessinsider.com/ether-dogecoin-xrp-bitcoin-price-forecasts-increases-crypto-ceo-gokhshtein-2021-8">9.6% intraday price spike</a>, and investors haven't yet sold the positive news. That's one reason why David Gokhshtein is bullish. He also told us his theses for six smaller altcoins he owns.</p><div type="image" title="A local business in El Salvador that accepts bitcoin payments." height="627" width="836" msid="86096815" hostid="261"></div><h2><a href="https://www.businessinsider.com/12-altcoins-to-buy-the-dip-crypto-crash-analysts-traders-2021-9?r=altcoins-lp">Why crypto crashed: 4 experts break down what Tuesday's sudden drop might mean for the altcoin season and NFT frenzy - and share 12 high-quality tokens that are likely to continue rallying toward the year's end</a></h2><p>Various cryptos tumbled on Tuesday September 7 as El Salvador officially adopted bitcoin as legal tender. By the following morning, more than $3.25 billion in crypto positions had been liquidated over 24 hours, affecting more than 300,000 traders, according to <a href="https://www.bybt.com/LiquidationData">Bybit</a>. We asked experts what was driving the sell-off, and where they recommended buying dips.</p><div type="image" title="GettyImages 1299388486" height="2666" width="3555" msid="85684665" hostid="261"></div><h2><a href="https://www.businessinsider.com/dogecoin-price-surge-altcoin-elon-musk-mark-cuban-chainalysis-economist-2021-8?r=altcoins-lp"><strong>The chief economist of a blockchain data firm breaks down why the current dogecoin rally has more legs to run - and lays out why 'anything is possible' for the altcoin, including reaching $1</strong></a></h2><p>When dogecoin rose over 12,000% to $0.68 earlier this year, it shocked the investing community. It has since cooled off, though its price has picked up in recent weeks. It now sits around $.027. What will it do next? Chainalysis chief economist Philip Gradwell broke down why he think it will go to $1. </p><h2><div type="image" title="Crypto coins circle" height="2362" width="3149" msid="85684666" hostid="261"></div></h2><h2><a href="https://www.businessinsider.com/watch-insiders-crypto-webinar-on-btc-eth-altcoins-and-regulations-2021-7?r=altcoins-lp"><strong>WATCH: Crypto analyst David Grider and venture capital investor Ria Bhutoria discuss state of the market, under-the-radar altcoins, and outlook on regulation</strong></a></h2><p>Insider recently hosted a live webcast featuring two crypto experts. They broke down their views on everything from the recent slump to the possibility of regulation.</p><div type="image" title="Lyn Alden Pic" height="600" width="800" msid="85689507" hostid="261"></div><h2><a href="https://www.businessinsider.com/bitcoin-ethereum-cardano-solana-crypto-bull-best-altcoins-to-watch-2021-8?r=altcoins-lp" target="_blank" rel="noreferrer noopener">Bitcoin to $100,000 and ether to $5,000: Famed investment strategist Lyn Alden explains her bullish predictions for the largest cryptos in 2022, and why there are only 2 altcoins worth watching</a></h2><p>Lyn Alden says most altcoins are "smoke and mirrors." But there are at least two with interesting technologies that are worth watching.</p><h2><strong><div type="image" title="Whale" height="1414" width="1885" msid="85684669" hostid="261"></div></strong></h2><h2><a href="https://www.businessinsider.com/crypto-investing-bitcoin-next-move-whale-control-market-china-gokhshtein-2021-7?r=altcoins-lp"><strong>A crypto evangelist explains why he's going 'all in on altcoins' - and shares why he's worried about bitcoin whales taking over that market</strong></a></h2><p>As some altcoins have shown, there is potential for huge appreciation in crypto outside of bitcoin. David Gokhshtein is one investor that's looking to take advantage of these opportunities. He shared two altcoins he's bullish on.</p><h2><strong><div type="image" title="Mack Lorden and Lucas Dimos" height="1500" width="2000" msid="85684671" hostid="261"></div></strong></h2><h2><a href="https://www.businessinsider.com/crypto-investing-altcoins-to-buy-bear-market-influencers-dimos-lorden-2021-6?r=altcoins-lp"><strong>2 crypto traders and TikTok influencers share their 6 go-to altcoins for riding out crypto bear markets - including one that's up more than 11,000% since its launch in 2017</strong></a></h2><p>The broader crypto space just went through a rough patch after huge gains earlier this year. Like any asset class, it has its bull and bear markets. When crypto bear markets do come, crypto influencers Mack Lorden and Lucas Dimos told us that six altcoins in particular help them hedge losses.</p><h2><strong><div type="image" title="GettyImages 1232274291" height="3404" width="4540" msid="85684674" hostid="261"></div></strong></h2><h2><a href="https://www.businessinsider.com/crypto-to-buy-ethereum-tied-tokens-defi-revolution-aya-kantorovich-2021-5?r=altcoins-lp"><strong>The head of institutional coverage at crypto trading platform FalconX shares 9 Ethereum-tied digital tokens to take advantage of the DeFi revolution - and breaks down why Ethereum still has 'significant' upside</strong></a></h2><p>Many altcoins are built on top of the Ethereum blockchain. Aya Kantorovich, the head of institutional coverage at crypto exchange FalconX, shared nine coins built on top of the ethereum blockchain that she thinks have solid use cases.</p><p>"I personally always like coins with application," Kantorovich said.</p>

ALTCOINS TO BUY: Crypto experts share the best investing opportunities they're seeing outside of bitcoin

Now, we all know that any profit made from trading in cryptocurrencies will be <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">taxable at 30%</a>. But that’s just the beginning. There’s a lot more that India’s Finance Minister <strong>didn’t say, than what she said.</strong> <br /><br />The way the government is treating <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> traders in the same way it treats <strong>gamblers or lottery enthusiasts</strong>. We can’t stop you, so we’ll tax you so much that it might break your spirit.<br /><br />        <div type="image" title="30% tax on virtual digital assets" msid="89461919" hostid="261"></div><br />Crypto critics would say that it is the right thing to do because whether it’s <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-others-have-lost-nearly-40-percent-since-their-record-highs-but-investors-are-still-better-off-than-they-were-a-year-ago/articleshow/88823379.cms">Bitcoin, Ethereum or Solana</a>, they can’t be used as currency. Those who buy any coin or non-fungible token (<a href="https://www.businessinsider.in/investment/news/15-most-expensive-nfts-of-2021-by-pak-beeple-cryptopunks-and-others/slidelist/88540923.cms">NFT</a>) are just hoping that someone else will buy it at a higher price. If that’s not a gamble, then what is.<br /><br />If the argument is that cryptos are inevitable in the <keyword id="50691" type="General" weightage="50" keywordseo="digital" source="Orion">digital</keyword> era, the government is anyway looking to get the <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">digital rupee</a> out in the market this year. So, for them, there isn't a lot of love or trust left to lose.<br /><br /><a href="https://www.instagram.com/p/CZejH5-KZjw/" data-type="tilCustomLink" target="_blank">What is Digital Rupee?</a><br /><br />That's evident in the <strong>1% tax to be deducted at source (<keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword>).</strong> Every time someone buys crypto they have to deduct a 1% tax on the value of the sale. The question is, <strong>why is the government asking for TDS?</strong><br /><br />          <div type="image" title="Why is the govt asking for TDS?" msid="89461993" hostid="261"></div><br />It basically wants to track <a href="https://www.businessinsider.in/investment/news/bitcoin-does-not-make-payments-anonymous-just-really-hard-to-trace/articleshow/85068905.cms">crypto transactions</a> itself, instead of relying on data provided by the exchanges. And, therefore, find out who are the people buying and selling cryptos, how much are they buying/selling, and maybe even, what else they do, financially speaking.<br /><br />These are important signs for you to keep in mind before putting more money into these <strong>‘virtual digital assets’</strong> before the <a href="https://www.businessinsider.in/cryptocurrency/news/no-india-crypto-bill-in-sight-even-after-winter-session-of-parliament-comes-to-a-close/articleshow/88449161.cms">crypto bill</a> makes it through the <keyword id="6354721" type="General" weightage="20" keywordseo="parliament" source="Orion">Parliament</keyword>. Policymakers don’t like crypto — if you didn’t know by now, you should. <br /><br />So, expect very little empathy, and an even lesser amount of mercy if the taxman comes calling. For now, the good news is that the new <strong>30% tax kicks in only from April 1.</strong> Until then, you may still have to pay the <strong>tax on capital gains</strong> ⁠— long-term or short-term ⁠— or business income <a href="https://www.businessinsider.in/investment/news/cryptocurrency-faqs-everything-you-need-to-know-about-the-cryptocurrencies-the-crypto-market-and-everything-in-between/articleshow/87465186.cms">as the case may be</a>.<br /><br />Tightening the noose around crypto can achieve one more thing ⁠— move more money into the stock market. <br /><br /><strong>Here’s how.<br /><br />          <div type="image" title="There are messages hidden in the crypto tax" msid="89462135" hostid="261"></div><br /></strong><br /><br /><br /><br /><br /><br />

SIMPLY PUT: There are messages hidden in the crypto tax

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p></div><p></p></div></div></strong></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Barclays ran an epidemiological model comparing a theoretical speculative asset to bitcoin. You can probably guess what happened next. The bank concluded that the spread of bitcoin mania has "<span><a href="http://markets.businessinsider.com/currencies/news/bitcoin-price-mania-has-clear-parallels-to-the-spread-of-infectious-disease-2018-4-1021056849">clear parallels with compartmental models of the spread of an infectious disease in epidemiology.</a>" Ouch. </span></p><p><strong>Here are the<span> </span><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices</a>:</strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/cryptocurrencies"></a><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><p><strong>What's happening:</strong></p><ul><li><a href="http://www.businessinsider.com/plaza-hotel-ico-deal-falling-apart-2018-4">A $675 million deal to buy New York City's legendary Plaza Hotel using cryptocurrency is falling apart</a></li><li><a href="http://www.businessinsider.com/how-different-generations-would-invest-10000-2018-4">Only 9.2% of millennials said they would buy cryptocurrencies if they had $10,000 to invest</a></li><li><a href="http://www.businessinsider.com/cryptocurrencies-four-hurdles-before-mainstream-barclays-2018-4">Crypto is facing 4 huge hurdles before it can be truly mainstream</a></li><li><a href="http://www.businessinsider.com/if-your-computer-is-slow-you-may-be-mining-crypto-coins-for-someone-2018-4">If your computer has slowed down, you might be mining crypto coins for someone else - here's how to stop it</a></li></ul><section><section><section><section id="l-content" data-track-page-area="Post" data-post-content=""><section><div><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></div></section></section><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-paying-taxes-on-bitcoin-works?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Paying taxes on bitcoin isn't nearly as hard as it sounds</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP cryptocurrency</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies">You can track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong> Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff. </strong></p></section></section></section>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-bull-explains-trade-war-trade-war-fears-overblown-2018-4">Wall Street's biggest bull explains why trade war fears are way overblown</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Bitcoin is more like the flu than you think

<ul class="summary-list"><li>Mike Novogratz said cryptocurrencies will struggle to pull out of their sell-off if stocks keep falling.</li><li>The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> billionaire said Thursday this is a bear market, and told people to sell rallies and not buy dips.</li><li>The crypto sell-off intensified Friday, as <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> fell 10% to a six-month low below $38,000.</li></ul><p>Billionaire investor Mike Novogratz has said cryptocurrencies will struggle to pull out of their sell-off if stocks keep falling, as he urged investors not to buy the <keyword id="6530739" type="UNKNOWN" weightage="60" keywordseo="dip" source="Orion">dip</keyword>.</p><p>Prices for <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> and other digital currencies have <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-market-ethereum-binance-solana-cardano-russia-crash-2022-1">fallen sharply across the board</a> as they track Wall Street's rout in <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> stocks, driven by pressure from rising bond yields.</p><p>"Crypto will have a hard time rallying until stocks find a base," Novogratz, CEO of investment company Galaxy Digital, <a href="https://twitter.com/novogratz/status/1484306175881461761">tweeted</a> late Thursday. </p><p>Novogratz pointed to the sharp fall in the Russell index, which is down almost 10% year to date, saying there are 1.2 trillion bad equity longs above the market.</p><p>"This is now a bear market," he said, adding: "Sell rallies.  Don't buy dips."</p><p>Investors have dumped crypto assets and <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-netflix-peloton-nasdaq-fed-policy-meet-inflation-2022-1">tech stock</a>s this year as they brace for the <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-federal-reserve-interest-rates-us-equities-sp500-tech-2021-12">Federal Reserve to hike interest rates</a> at least <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-outlook-balance-sheet-reduction-goldman-sachs-2022-1?utm_medium=ingest&amp;utm_source=markets">four times</a> in 2022. That has pushed up <a href="https://markets.businessinsider.com/rates/U-S--Rates-10-Years?utm_medium=ingest&amp;utm_source=markets">bond yields</a>, as the prospect of higher interest rates prompts investors look for a similarly higher return.</p><p><a href="https://markets.businessinsider.com/news/currencies/mike-novogratz-crypto-billionaire-investor-bitcoin-ethereum-price-bond-yields-2022-1">Novogratz warned</a> Tuesday that as long as rates go higher, there will be pressure on crypto assets and the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq" source="Orion">Nasdaq</keyword>. The tech-heavy stock index has dropped more than 9% in the last month. </p><p>Leading cryptocurrency bitcoin has fallen 20% over the last month to trade far below its November record high of more than $68,000. <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword>'s ether is down 30%, also off its all-time high of around $4,800.</p><p>Novogratz suggested in his Thursday tweets that there might be a glimmer of hope for <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>. "That said, crypto already had a decent sell-off and is running into some buying support," he said.</p><p>On Friday, though, the broad crypto slide was picking up steam. Bitcoin was down 9% over the last 24 hours at $38, 274, according to last check of <a href="https://coinmarketcap.com/">CoinMarketCap</a> data. It had earlier broken through $38,000 to hit $37,704, its lowest level in six months. Meanwhile, ether was 12% lower at $2,795.</p><p>Novogratz <a href="https://www.cnbc.com/video/2022/01/06/galaxy-digital-ceo-crypto-will-see-a-lot-of-volatility-in-coming-weeks.html">told CNBC</a> earlier this year that crypto could fall as low as $38,000, and he was waiting for that before buying more. The crypto enthusiast, who has tattoos inspired by different coins, <a href="https://markets.businessinsider.com/currencies/news/mike-novogratz-crypto-85-wealth-5000-ether-price-forecast-2021-5-1030431554">said</a> in May last year that crypto made up 85% of his net wealth. </p>

Bitcoin billionaire Mike Novogratz says plunging crypto will have a hard time rallying until stocks find a base

<p><span><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ4AVK5CY&amp;SMLS=1&amp;RW=1355&amp;RH=718#/SearchResult&amp;VBID=2C0BXZ4AVK0UV&amp;SMLS=1&amp;RW=1355&amp;RH=718&amp;POPUPPN=29&amp;POPUPIID=2C0BF1SAIQYHK">REUTERS/Carlos Jasso</a></span></p><p class="caption">Bank of International Settlements head Agustin Carstens.</p></div><p></p></div></div></strong></span></p><p><span><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></span></p><p>The Bank of International Settlements on Sunday said bitcoin is "a poor substitute for the solid institutional backing of money." But critics in the crypto world say they're missing the point, and that bitcoin and other cryptocurrencies are still in development and shouldn't be judged just yet. <a href="http://www.businessinsider.com/crypto-responds-to-the-bank-of-international-settlements-bitcoin-report-2018-6">Here's what you need to know. </a></p><p><span><strong>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a></strong></span></p><div id="div-Desktop/Currencies/Post-P5" data-loader="finandoLazyLoader"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></div><p><span><strong>In the news:</strong></span></p><section><ul><li><p><a href="http://www.businessinsider.com/crypto-responds-to-the-bank-of-international-settlements-bitcoin-report-2018-6">Central bankers claim bitcoin could break the internet - the crypto world thinks they're missing the point</a></p></li></ul></section><div><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></div><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://markets.businessinsider.com/currencies/news/cryptocurrency-bitcoin-slang-explained-2018-4-1023578832?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#to-the-moon2" target="_blank" rel="noopener">From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sneaky-ways-costco-buy-more-tricks-2018-5">Sneaky ways Costco gets you to buy more</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Central bankers claim bitcoin could break the internet

Table of Contents: Masthead Sticky<ul class="summary-list"><li>Cryptocurrencies are digital assets that can be transferred without third-party interference.</li><li id="recirc">There are generally three ways to buy crypto assets: crypto exchanges, brokerages, or payment services.</li><li>Order types greatly influence how much you'll pay for different cryptocurrencies.</li></ul><p><a href="https://www.businessinsider.com/what-is-cryptocurrency" target="_blank" rel="noopener">Cryptocurrencies</a> are digital assets that trade on a 24/7 global market. If you're thinking about adding cryptocurrencies like bitcoin, ether, or dogecoin to your investment portfolio, you have several options for doing so. </p><p>"<keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">Cryptocurrency</keyword> is a unit of measure. It is a digital token that can be transferred from one party to another, but not duplicated," explains Charles Allen, chief executive officer of <a href="https://www.btcs.com/" target="_blank" rel="noopener">BTCS, Inc</a>. </p><p>Unlike physical fiat currencies (e.g., the US Dollar), cryptocurrencies are decentralized, virtual currencies that are typically used to purchase goods or services. These assets utilize blockchain technology to ensure that transactions between each party are secure.</p><p>"If I own a bitcoin, I don't really own anything physical. I just own a key that allows me to move a record or a unit of measure from one person to another, without a trusted third party. And that's really all the cryptocurrency is. So if I own two bitcoins, I can move it from myself to someone else without a trusted third party in the middle. And that transaction would be verified by this decentralized network of computers from nodes and minors."</p><p>Here's how to buy cryptocurrency - along with an outline of where you can buy it and the different types of investment vehicles you can use for exposure to it.</p><h2>1. Choose a broker or cryptocurrency exchange </h2><p>If you're interested in buying and selling cryptocurrency, the first step is choosing a platform to do so. Generally, you can choose from a traditional broker or dedicated cryptocurrency exchange.</p><ul><li><strong>Traditional brokers: </strong>There are a few online brokers that offer ways to buy and sell cryptocurrency, in addition to other assets like <a href="https://www.businessinsider.com/what-is-stock" target="_blank" rel="noopener">stocks</a>, <a href="https://www.businessinsider.com/what-is-a-bond" target="_blank" rel="noopener">bonds</a>, and <a href="https://www.businessinsider.com/what-is-an-etf" target="_blank" rel="noopener">ETFs</a>. These platforms tend to offer lower trading costs but fewer crypto features.</li></ul><ul><li><strong>Cryptocurrency exchanges: </strong>You'll have many cryptocurrency exchanges to choose from, each with varying offerings of cryptocurrencies, wallet storage, interest-bearing account options, and more. Many exchanges charge asset-based fees.</li></ul><p>As you're comparing different platforms, it's wise to consider things like supported cryptocurrencies, security features, fees, storage and withdrawal options, and educational resources.</p><h3>Cryptocurrency exchanges</h3><p>A crypto exchange is a platform dedicated to buying and selling cryptocurrency. Each exchange has their own rules when it comes to the buying, selling, and trading of cryptocurrency. </p><p>The best exchange for you depends on your needs, but beginners should look for exchanges that offer simple web and mobile interfaces, educational resources, and readily available customer support.</p><p>Depending on the crypto exchange, you can trade one cryptocurrency for another, or exchange fiat money (like the US Dollar) for cryptocurrency, or vice versa. Prices are based on daily market rates. </p><p><strong>Quick tip:</strong> With crypto also comes stablecoins and <a href="https://www.businessinsider.com/nft-meaning" target="_blank" rel="noopener">non-fungible tokens (NFTs)</a>. Stablecoins are backed by fiat currencies like the US Dollar to stabilize their value (if it's backed by dollars, you can usually redeem one stablecoin for $1). NFTs, however, are unique, art-or-collectible-associated tokens that can't be exchanged for other tokens.</p><p>It should be noted that not every exchange offers every cryptocurrency. But here are several exchanges and brokerages that do:</p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Exchange/broker</td><td style="width: 50%;">Features</td></tr><tr><td style="width: 50%;"><a href="https://www.businessinsider.com/personal-finance/kraken-investing-review" target="_blank" rel="noopener">Kraken</a></td><td style="width: 50%;">Global support, 50+ cryptocurrencies, margin and futures trading, staking, and institutional services</td></tr><tr><td style="width: 50%;"><a href="https://www.businessinsider.com/personal-finance/etoro-investing-review" target="_blank" rel="noopener">eToro USA</a></td><td style="width: 50%;">15+ crypto assets, wallet storage, Copy Portfolios, video tutorials, and educational resources</td></tr><tr><td style="width: 50%;"><a href="https://www.businessinsider.com/personal-finance/binanceus-investing-review" target="_blank" rel="noopener">Binance.US</a></td><td style="width: 50%;">More than 50 cryptocurrencies, staking rewards, over-the-counter trading, and institutional services</td></tr><tr><td style="width: 50%;"><a href="https://www.businessinsider.com/personal-finance/sofi-invest-review" target="_blank" rel="noopener">SoFi</a></td><td style="width: 50%;">Commission-free stock and ETF trading, automated accounts, IRAs, and 20+ crypto assets</td></tr></tbody></table><h3>Brokerages</h3><p>Traditional online brokerages that offer cryptocurrencies are few, but more options are becoming available for crypto-oriented traders. </p><p>Online brokerages usually don't offer as many cryptocurrencies as crypto exchanges (nor do they provide interest-earning account perks like staking). If you're looking for a wider range of assets and account options, crypto exchanges might be a more beneficial option to consider.</p><p>So why should you choose a broker?</p><p>You should choose a broker if you're looking to trade a variety of asset types under the same roof. TradeStation offers cryptocurrencies in addition to its selection of stocks, ETFs, options, bonds, and mutual funds.</p><p><a href="https://www.businessinsider.com/is-robinhood-safe" target="_blank" rel="noopener">Robinhood</a> - another online brokerage - has a smaller investment selection, but you can trade cryptocurrencies commission-free. TradeStation, however, charges up to 0.30% for trades.</p><p>As mentioned above, more online brokerages are offering cryptocurrencies. Online brokerages are investment platforms that let you buy assets like stocks, bonds, ETFs, options, and mutual funds. Brokerages also offer accounts like IRAs, 529 college savings plans, and trusts.</p><h2>2. Fund your account</h2><p>After you've chosen a crypto exchange or online broker, you'll need to fund your account to begin trading. "Although it differs by platform, most crypto exchanges allow users to purchase crypto using fiat currencies such as the US Dollar or the Euro using their debit or credit cards," says Marie Tatibouet, chief marketing officer at <a href="https://www.gate.io/" target="_blank" rel="noopener">Gate.io</a>.</p><p>Tatibouet adds that you can usually either use Visa or Mastercard bank cards to make purchases. </p><p>However, <a href="https://www.businessinsider.com/buy-bitcoin-with-credit-card" target="_blank" rel="noopener">crypto purchases with credit cards</a> are especially risky and some exchanges, such as Coinbase, don't support them. Some credit card companies don't allow crypto transactions either. Cryptocurrencies are highly <a href="https://www.businessinsider.com/what-is-volatility" target="_blank" rel="noopener">volatile</a> assets, and it may not be the best idea to risk going into debt - or potentially paying high credit card transaction fees - for certain assets.</p><p>Another option platforms typically accept is ACH transfers and wire transfers, but the accepted payment methods and time it takes for deposits or withdrawals differs per platform (and not all exchanges accept credit cards).</p><p>Plus, the time it takes for deposits to settle varies for different payment methods. For instance, ACH transfers at Coinbase take three-to-five business days. However, debit card transfers are instant, but wire transfers can take one-to-three days.</p><p>Another thing to look out for is fees. You may run into deposit/withdrawal transaction fees in addition to trading fees. And the fees you pay for funding or withdrawing from your account typically depend on your payment method.</p><p>For instance, Coinbase charges a 3.99% fee for debit card transactions, and it charges $10 for wire transfers. ACH transfers, however, are free. </p><p>These fees vary per exchange, so you'll want to pay close attention to each platform's prices before you get started.</p><h2>3. Place an order</h2><p>You can usually place an order with the click of a button on your broker's or exchange's web or mobile platform. If you're planning to buy cryptocurrencies, you can do so by selecting "buy," choosing the order type, entering the amount of cryptocurrencies you'd like to purchase, and confirming the order. The same process applies to "sell" orders.</p><p>But when it comes to transactions, the type of order you select affects the price at which your order is executed. There are generally three types of orders: market orders, <a href="https://www.businessinsider.com/what-is-a-limit-order" target="_blank" rel="noopener">limit orders</a>, and <a href="https://www.businessinsider.com/stop-order" target="_blank" rel="noopener">stop orders</a>.</p><p>In general, you'll basically have all the order options available if you were buying any other asset. </p><p>"The three most popular order types used by global exchanges are spot, margin, and futures trading," says Tatibouet. Spot trading is when users place "buy" or "sell" orders on the open market to be filled as soon as the price hits their specific target.</p><p>"Margin trading is where users are able to trade in larger quantities than they can afford to by 'borrowing' funds from others, with many exchanges allowing a multiple of up to 20 times the trader's capital," says Tatibouet. "Finally, futures trading is when two parties agree on a specified price at a specified future date on any supported cryptocurrency."</p><h2>4. Select a storage method for your assets</h2><p>After you've purchased your cryptocurrency, you'll need to store it in a safe place to protect it from hacks or theft.</p><p>This is where cryptocurrency wallets come in. A crypto wallet is a physical device or online software used to securely store the private keys to your cryptocurrencies. Some exchanges offer built-in wallet services, making it easy for you to store directly though the platform. But all exchanges or brokers don't automatically provide wallet services for you.</p><p><strong>Quick tip:</strong> If your exchange doesn't offer a wallet, you may need to set up one with a personal wallet service. If your exchange doesn't offer a wallet, you may need to set up one with a personal wallet service. There are several different types of providers and may charge fees depending on if it's a hot or cold wallet. For example, cold wallets always generally charge fees, while hot wallets generally don't.</p><p>There are quite a few <a href="https://www.businessinsider.com/personal-finance/best-bitcoin-wallet" target="_blank" rel="noopener">wallet providers</a> to choose from, where you'll have the choice between two custody options: </p><ul><li><strong>Hot wallet storage:</strong> The phrase "hot wallet" describes a form of crypto storage that utilizes online software to protect the private keys to your assets.</li><li><strong>Cold wallet storage:</strong> Unlike hot wallets, cold wallets (also known as hardware wallets) rely on offline electronic devices to securely store your private keys.</li></ul><h2>Other ways to invest in crypto</h2><p>You'll also have multiple other options to choose from when it comes to buying crypto. In the past year, payment services like PayPal, Cash App, and Venmo all expanded their accepted payment options, allowing you to buy, sell, or hold cryptocurrencies like bitcoin.</p><p>In addition, you can throw your hat in the crypto ring by utilizing the following vehicles:</p><ul><li><strong>Bitcoin trusts:</strong> You can buy shares of bitcoin trusts with a regular brokerage account. These vehicles essentially give retail investors crypto access through the stock market. </li><li><strong>Bitcoin mutual funds: </strong>Though bitcoin ETFs are still under SEC speculation, two bitcoin mutual funds have launched: The Bitcoin Strategy ProFund (BTCFX) and the Cboe Vest Bitcoin Strategy Managed Volatility Fund (BTCVX). </li><li><strong>Blockchain stocks or ETFs: </strong>You can also indirectly invest in crypto through blockchain companies that specialize in the technology component of crypto and crypto transactions. Another option is to buy stocks or ETFs of companies that utilize blockchain technology.</li></ul><p>Overall, you'll have so many options for exposing your portfolio to crypto assets. The best option for you, however, depends on your goals and risk tolerance.</p><h2>Is crypto a good investment?</h2><p>Cryptocurrencies have many advantages. For one, you can buy them 24/7, so you won't be limited to trading during <a href="https://www.businessinsider.com/stock-market-hours" target="_blank" rel="noopener">set hours</a> like regular stock exchanges that open from 9:30 a.m. to 4 p.m. ET. Prices also regularly fluctuate by large percentages, opening the door for big returns if that price swing falls in your favor.</p><p>But this volatility is also what makes cryptocurrencies a <a href="https://www.businessinsider.com/what-is-speculation" target="_blank" rel="noopener">speculative</a> investment. In fact, even more passive crypto tactics like staking aren't completely immune to loss, nor are virtual assets absolutely invulnerable to cybersecurity threats. </p><p>Finally, many exchanges have geographic restrictions, meaning they don't serve residents in certain states because of regulatory reasons. Before you get started, you'll want to make sure your exchange is available in your region. </p><h2>The financial takeaway</h2><p>You'll have a number of options - such as crypto exchanges, online brokerages, and even payment services - when it comes to buying and selling cryptocurrencies. And in most cases, you can fund your account with credit or debit card deposits, ACH transfers, or wire transfers (though many exchanges also accept crypto deposits). </p><p>But it's important to choose the right place to buy your crypto. From online brokerages - like <a href="https://www.businessinsider.com/personal-finance/robinhood-investing-review" target="_blank" rel="noopener">Robinhood</a>, <a href="https://www.businessinsider.com/personal-finance/tradestation-review" target="_blank" rel="noopener">TradeStation</a>, and <a href="https://www.businessinsider.com/personal-finance/webull-investing-review" target="_blank" rel="noopener">Webull</a> - to crypto exchanges like <a href="https://www.businessinsider.com/personal-finance/coinbase-investing-review" target="_blank" rel="noopener">Coinbase</a> or <a href="https://www.businessinsider.com/personal-finance/gemini-review" target="_blank" rel="noopener">Gemini</a>, you'll have an array of avenues to utilize when purchasing crypto for the first time. </p><p>After you've set up and funded your crypto account, be sure to familiarize yourself with the different types of trading orders as these can influence the final price you'll pay for different assets. And although storage for crypto assets isn't mandatory, it can be useful in securing your holdings against cyber attacks or other threats.</p><a data-type="602bff0506adf848107b0559">What are the safest investments? 7 low-risk places to put your money - and what makes them so</a><a data-type="610ae71ab0b35f330c4d0734">Altcoins are the alternative digital currencies to bitcoin - here's what they are and how they work</a><a data-type="5fa43502e155cf25f6721a1d">What is diversification? A portfolio strategy that uses a variety of investments to limit risk</a><a data-type="600f72e1fdb68e08982d5365">A bitcoin IRA lets you profit from the cryptocurrency's potential gains in a tax-advantaged way</a>

Digital assets are becoming the new normal - here's how to buy cryptocurrency

<ul class="summary-list"><li><keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> have generated billions of dollars and one <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> sold for nearly $70 million.</li><li>Many people question whether the digital assets will maintain their value over time.</li><li>Some investors compare the NFT boom to the dawn of the internet.</li></ul><p>In the past month, people have spent over $1 billion on digital assets, according to data from <a href="https://cryptoslam.io/">CryptoSlam.</a></p><p><keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">Crypto art</keyword> has been around for over half a decade, but for many people outside of the crypto world, these digital assets, known as <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">non-fungible tokens or NFTs</a>, have seemingly come out of nowhere.</p><p>So, what's driving people to get in on the NFT mania, <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> anywhere from hundreds of dollars, to in some cases, millions? Crypto <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> investors say it's a combination of several factors, including the pandemic, as well as the rise in bitcoin prices.</p><p>In the past few months crypto artists have been drawing more attention than ever before to NFT marketplaces with flashy sales.</p><p>Last week, digital artist Mike Winkelmann - more commonly known as Beeple - <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">made history when he sold a crypto art piece for nearly $70 million.</a> Other <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">artists like Grimes</a> and <a href="https://www.businessinsider.com/nft-ultraviolet-3lau-first-ever-crypto-albums-sales-11-million-2021-3">3LAU have also made millions</a> in a matter of hours dropping crypto-art collections.</p><p>On Monday, at the mere suggestion of <a href="https://www.businessinsider.com/elon-musk-says-hes-selling-nft-2021-3">Tesla CEO Elon Musk selling his own digital asset</a>, bids for the piece topped $1 million, before <a href="https://markets.businessinsider.com/news/stocks/elon-musk-nft-non-fungible-token-tweet-for-1-million-2021-3-1030218330">Musk turned down the offer.</a></p><p>Creators and buyers alike have seen significant profit from crypto art. In February, Miami-based art collector Pablo Rodriguez-Fraile first showed just how lucrative the market can be when he resold a piece by Beeple for a <a href="https://www.businessinsider.com/art-nft-beeple-blockchain-pieces-sell-for-millions-2021-3">nearly 1,000% increase over its original price.</a></p><h2>Why are people buying NFTs now?</h2><p>Rodriguez-Fraile told Insider the <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-surges-record-60000-stimulus-hopes-institutional-support-2021-3-1030188023">surging price of Bitcoin</a>, impact of the pandemic, and distrust in the US dollar created a perfect storm.</p><p>Last week, Bitcoin hit a record high, topping $60,000. Since the pandemic started more people have been saving money. 59% of people with an income over $100,000 significantly <a href="https://www.businessinsider.com/wealthy-americans-saving-more-during-pandemic-k-shaped-recovery-2021-1">boosted their savings in 2020</a>. As faith in the US dollar seems to be at an all-time low, NFTs could be another way for people to invest.</p><p>"People have long used art to store value," Rodriguez-Fraile told Insider. "Crypto extends easily into digital art. This is just a more modern approach to investing in art and using it like someone would use gold or bitcoin."</p><p>He thinks the NFT boom was accelerated by the pandemic, but ultimately inevitable - a product of the tech boom that younger generations would have eventually driven anyway.</p><p>For many artists, especially in the <keyword id="6354530" type="CITY" weightage="60" keywordseo="music">music</keyword> industry, multi-million dollar sales by 3LAU and Grimes have captured the spotlight and created a sort of gold rush, but for buyers the reasoning is less clear.</p><h2>Will NFTs maintain their value?</h2><p>Investor Gary Vaynerchuk, the CEO of VaynerMedia, <a href="https://www.coindesk.com/investor-gary-vaynerchuk-says-nfts-are-like-the-dot-com-bubble">told CoinDesk</a> he believes NFTs are operating under a bubble, but it doesn't mean they won't have staying power.</p><p>"A lot of people talked about the internet being a fad," Vaynerchuk said. "In reality, the internet was this game-changing revolution of technology, but a lot of the early projects were just overpriced on the excitement."</p><p>Even Winkelmann admits NFTs are likely overinflated.</p><p>"If it's not a bubble now, I do believe it probably will be a bubble at some point because there's just so many people rushing into this space," Winkelmann told CoinDesk.</p><h2>What do you get when you buy an NFT?</h2><p>When someone buys an NFT they gain the rights to the unique token, but only on the blockchain. If someone buys a image or meme, they can own it on the blockchain, but they have no control over rights to its distribution.</p><p>When you buy an NFT in most cases you're not buying content, but rather a token that connects your name with the creator's art on the blockchain.</p><p>However, the digital tokens operate on the same deflationary principles as bitcoin.  NFTs cannot be duplicated, can be easily authenticated, and are immutable, but there's no surefire way to know whether they will maintain their value over time.</p><p>Billionaire <keyword id="219358" type="PERSON" weightage="60" keywordseo="Mark-Cuban">Mark Cuban</keyword> told Insider buying NFTs is about scarcity.</p><p>"The buyer knows how many will be made and has blockchain proof of ownership," Cuban told Insider.</p><p>Cuban has been a proponent of NFT investing, from buying NBA Top Shot clips to <a href="https://cryptoslate.com/mark-cuban-invests-undisclosed-sum-in-nft-platform-mintable/">investing in Mintable</a>, a community-controlled digital-asset marketplace.</p><p>The CEO of SuperRare, another NFT site, told Insider people are motivated to buy NFTs because it provides a unique connection to the creator that does not exist with any other art form.</p><p>Crypto art has also spawned entire communities online. <a href="https://www.kapwing.com/resources/how-to-create-and-sell-nft-crypto-art/">Robert Martin, a senior content strategist at Kapwing</a>, told Insider there's a lot of pressure right now to buy and even create your own NFTs within the crypto community.  </p><h2>NFT buyers are not necessarily fans</h2><p>Music Industry expert Cherie Hu told Insider an artist's fan base does not dictate their NFT sales. How could it? How many fans would be able to drop thousands if not millions of dollars on a single digital token?</p><p>Musician Justin Blau, known by his stage name 3LAU, and André Allen Anjos, known as RAC, have been members of the crypto community for over half a decade. They told Insider a lot of their buyers are already investors in the crypto world. As artists they make a point of buying other creators' NFTs as well.</p><p>"The crypto community creates and sells these artworks for each other," Hu told Insider.</p><p>While NFT investors hardly account for a large portion of a creator's fanbase, involvement from outside the crypto community is on the rise.</p><p>Platforms like <a href="https://www.businessinsider.com/nba-top-shot-virtual-highlights-for-sale-moments-blockchain-explained-2021-2">NBA Top Shot are spreading awareness</a> and present broader audience appeal. Hu told Insider that she believes the NFT space will continue to grow, but will need to become more accessible in order to generate mainstream appeal.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/nft-startups-non-fungible-tokens-the-art-world-2021-3">Here are 4 NFT startups transforming the way we buy art and sports memorabilia</a></em></p><p>NFTs still face several barriers to mass adoption. Most NFT marketplaces require buyers to use a crypto wallet. Only about $70 million people - less than 1% of the world's population - have a crypto wallet, according to <a href="https://www.blockchain.com/charts/my-wallet-n-users">Blockchain.com. </a></p><p>Creators and buyer also have to deal with gas fees associated with minting and buying a product off the blockchain. <a href="https://www.businessinsider.com/nft-investing-crypto-art-what-is-a-gas-fee-explained-2021-3">These hidden fees can cost hundreds of dollars.</a></p><p>Co-founders of NFT platform Nifty Gateway, Duncan and Griffin Cock Foster have been working to make digital assets more attainable for the general public. They are one of few platforms that allow users to buy NFTs off the site using their credit card.</p><p>"We're trying to make a space where anyone can be an art collector," Griffin Cock Foster told Insider. </p><p>Rodriguez-Fraile said NFTs represent the future of the art world.</p><p>"A few years from now this could just be how people own art," he told Insider.</p>

We talked to crypto-art investors to figure out what's driving people to spend millions on NFTs, despite no guarantee their value will increase

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Glassdoor/Coinbase</span></p></div><p></p></div></div></strong></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up<span> </span><a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><section><p>$1.6 billion Coinbase says that its newest acquisition puts it "on track" to trade securities - <a href="http://www.businessinsider.com/coinbase-securities-new-cryptocurrency-altcoins-2018-6">and it could mean new coins are coming soon</a>.</p></section><section id="l-content" data-track-page-area="Post" data-post-content=""><section><div><article><section><strong style="color: #222222;">Here are the <a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a></strong></section></article></div></section></section><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><p><strong>In the news:</strong></p><ul><li><a href="http://www.businessinsider.com/bitcoin-rival-cnbc-segment-shows-regulators-clamping-down-crypto-novogratz-2018-6">Mike Novogratz says a CNBC segment on buying a bitcoin rival shows why regulators are clamping down on crypto</a></li><li><a href="http://www.businessinsider.com/man-dies-climbing-mount-everest-in-askfm-cryptocurrency-publicity-stunt-2018-6">A man died while climbing Mount Everest in a cryptocurrency publicity stunt gone horribly wrong</a></li><li><a href="http://www.businessinsider.com/elizabeth-white-crypto-white-standard-cryptocurrency-lamborghini-2018-6">This woman made a business out of hooking up cryptocurrency holders with yachts and $4 million cars - now she's launching a currency named after herself</a></li></ul><div data-piano-inline-content-wrapper=""><div><p><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></p><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell major cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p></div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/oneplus-6-android-smartphone-review-2018-5">This $530 Android phone is half the price of an iPhone X and just as good</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Coinbase could add new coins soon

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.com/detail/news-photo/traders-work-on-the-floor-of-the-new-york-stock-exchange-on-news-photo/163161169#">Spencer Platt/Getty Images</a></span></p></div><p></p></div></div></p><ul><li><strong>ICE, the owner of the New York Stock Exchange, has been developing an online platform to buy cryptocurrency, <a href="https://www.nytimes.com/2018/05/07/technology/bitcoin-new-york-stock-exchange.html">a report from The New York Times found</a>. </strong></li><li><strong>The trading platform would "allow large investors to buy and hold bitcoin," the report found. </strong></li><li><strong>ICE first entered the crypto market via a crypto data feed, which went live in March.            </strong></li></ul><p>Intercontinental Exchange, the parent company of the New York Stock Exchange, has been developing an online platform to buy cryptocurrency, <a href="https://www.nytimes.com/2018/05/07/technology/bitcoin-new-york-stock-exchange.html">according to a report by The New York Times</a>. </p><p>The move, which the Times first reported citing documents and people familiar with the situation, is another example of a traditional Wall Street firm diving into the nascent market for digital coins.</p><p>Georgia-based ICE first entered the market for digital currencies via a cryptocurrency data feed, which went live in March. Notably, Wall Street bank Goldman Sachs said it was launching a cryptocurrency trading desk earlier in April, the Times earlier reported. A slew of trading firms have been trading crypto, including Chicago trading firms such as DRW and Jump Trading. </p><p>As per the Times report, the potential crypto platform by ICE would "allow large investors to buy and hold bitcoin."</p><p>To be sure, the plan may not come to fruition. An ICE spokesperson did not immediately respond to Business Insider's request for comment. </p><p>Whereas ICE's exchange competitors - Cboe Global Markets and CME Group - have jumped the crypto market via bitcoin futures, ICE has focused on data, and adding transparency to the marketplace known for its wild price swings and fraud via its data-feed product.</p><p>Nasdaq, which entered into an partnership with crypto-exchange Gemini in April, is also planning on launching a futures market for crypto. Also, Nasdaq's CEO Adena Friedman said the firm could one day launch a crypto exchange. </p><p><span>Still, if ICE were to follow through on its reported plan, it would be the first established equities exchange operator to launch such a venue in the US. </span></p><p><span>The venture would potentially have a big leg up over existing crypto-exchange venues which lack the mature market structure of equities exchanges like NYSE and Nasdaq. </span><span></span></p><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><br><a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a></br></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shift-from-growth-to-value-could-signal-the-end-of-the-bull-cycle-2018-4">There's a major shift occurring that could signal the end of the historic bull market</a></h3>        <div>                    </div>    </div>

The owner of New York Stock Exchange is reportedly working on a bitcoin exchange

<ul class="summary-list"><li><keyword id="6357940" type="DEFINITION" weightage="60" keywordseo="paypal">PayPal</keyword> said it would increase the weekly amount of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> users can spend.</li><li>The company said it wants to allow for more crypto choice and flexibility.</li><li>Last October, PayPal allowed its US users to buy and sell crypto, and also pay for goods and services with it.</li></ul>PayPal is going to allow US users to spend more crypto every week, as part of its efforts to expand mainstream use of digital assets.<br /><br />The payments platform said on Thursday it has raised the weekly limit to $100,000 and removed any annual limits to meet its clients' needs, according to a <a href="https://newsroom.paypal-corp.com/2021-07-15-Increased-Purchase-Limits-for-Crypto-on-PayPal">statement</a>. <br /><br />"We have been actively engaging with our customers to better understand their needs to help ensure we are providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency," the statement said.  <br /><br />The company's foray into crypto began in October, when it allowed its US users to buy and sell <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">bitcoin</a>, <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> cash, <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> and <keyword id="6372040" type="PERSON" weightage="60" keywordseo="litecoin">litecoin</keyword>. When the service first started, the spending limit was $10,000.<br /><br />Within 2 months of the service launching, about 20% of PayPal users said they had been using its crypto services, according to a company survey. <br /><br />By March this year, Paypal customers were able to pay for goods with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> as well.<br /><br />The company said it will offer its clients ongoing education and guidance around cryptocurrencies through in-app guides and learning resources.<br /><br />Paypal said it hoped to "offer insights into the world of crypto, and help demystify some misconceptions customers may have about crypto."<br /><br />A number of regulators around the world have expressed concern about the risks to amateur trades and users of cryptocurrencies due to a lack of education about these products.<br /><br />Last year, the US was the 6th biggest user of cryptocurrencies, based on crypto-related web activity data, according to ChainAnalysis.<br /><br /><strong><a href="https://forum.businessinsider.in/"><em>For a more in-depth discussion, come on over to </em><em>Business Insider Cryptosphere</em></a><em> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.</em><br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a></strong><br />

PayPal raises the cryptocurrency purchase limit for US customers to $100,000 a week

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Fidelity Chairman and CEO Abigail Johnson interviews founder of Bloomberg L.P. and former New York City Mayor Michael Bloomberg about innovation at the Boston-based HubWeek in Boston</p></div><p></p></div></div></strong></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up<span> </span><a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Fidelity, one of the biggest providers of 401(k) services and other retirement products to Americans, is plotting the build out of products that would push the market for bitcoin to the next level. <a href="http://www.businessinsider.com/fidelity-a-household-name-in-american-investing-is-plotting-a-big-move-into-cryptocurrency-trading-2018-6?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=FinanceDaily&amp;utm_campaign=Post%20Blast%20%28clusterstock%29:%20What%20you%20need%20to%20know%20on%20Wall%20Street%20today&amp;utm_term=Finance%20Insider%20-%20Engaged%2C%20Active%2C%20Passive%2C%20Disengaged">Here's what you need to know.</a></p><p><strong>Here are the<span> </span><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a></strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><p><strong>In the news:</strong></p><ul><li><a href="http://www.businessinsider.com/crypto-trader-hedge-fund-making-so-much-money-2018-6">A crypto trader setting up a hedge fund apologised for making so much money</a></li><li><a href="http://www.businessinsider.com/man-dies-climbing-mount-everest-in-askfm-cryptocurrency-publicity-stunt-2018-6?r=UK&amp;IR=T">A man died while climbing Mount Everest in a cryptocurrency publicity stunt gone horribly wrong</a></li><li><a href="http://www.businessinsider.com/a-secretive-chicago-trading-firm-has-built-a-bitcoin-platform-that-shows-crypto-is-shaking-off-its-scrappy-roots-2018-6">A secretive Chicago trading firm is planning to move bitcoin trading out of chat rooms and into the 21st century</a></li><li><a href="https://www.coindesk.com/crypto-startup-circle-seek-banking-license-us/">Crypto firm Circle has reportedly applied for a US banking licence </a></li><li><a href="https://cointelegraph.com/news/exclusive-world-s-top-crypto-exchange-binance-sets-up-bank-account-in-malta?utm_source=dlvr.it&amp;utm_medium=twitter">Binance, the world's largest crypto exchange, has reportedly set up a bank account in Malta </a></li></ul><div data-piano-inline-content-wrapper=""><div><p><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></p><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell major cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p></div></div>  <p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sneaky-ways-costco-buy-more-tricks-2018-5">Sneaky ways Costco gets you to buy more</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Fidelity is plotting a big move into crypto

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul><li><strong>Hodlmoon makes $59 "ugly sweaters" emblazoned with the logos of popular cryptocurrencies, including bitcoin, Ethereum, and Litecoin.</strong></li><li><strong>The garment is becoming the unofficial uniform for crypto investors.</strong></li><li><strong>After launching last October, Hodlmoon sold more than 2,000 ugly sweaters and generated approximately $200,000 in revenue in 2017.</strong></li></ul><p>&#xa0;</p><p>You might have guessed that the business at UglyChristmasSweater.com is seasonal, but there's one garment that's keeping the fashion faux pas in style year-round.</p><p>Fully-knit sweaters emblazoned with the logos of popular digital currencies, including bitcoin, Ethereum, and Litecoin - known as "ugly crypto sweaters" - are sweeping the online crypto community.&#xa0;Their maker, Hodlmoon, a spinoff of UglyChristmasSweater.com, sold more than 2,000 sweaters in 2017.</p><p>Long after the holiday office parties ended, crypto investors are still sharing photos of the garment on Twitter.&#xa0;</p><p>We talked to the sweater's creator to learn how the unofficial crypto-uniform came to be.</p><h2>Hodlmoon was born out of a crypto-buying frenzy</h2><p>Zac Cohen, a web developer at <a href="http://www.uglychristmassweater.com/">UglyChristmasSweater.com</a>, said he got the idea for bitcoin-themed sweaters after he turned a $100 investment in bitcoin into $5,000, as the price per coin soared. He bought one bitcoin in 2013, because he said the basic math behind it made sense to him.</p><p>Like gold, bitcoin has a limited and finite supply. Because there will only ever be 21 million coins, people buy bitcoin with the expectation that its value will increase as supply decreases.</p><p>"I was just like, I'm going to buy one so I can say I have one of 21 million,'" Cohen said.</p><p>He watched the price per coin rise steadily until last summer, when bitcoin began to gain hundreds of dollars in value by the day. Suddenly, bitcoin was everywhere, he said. Bullish investors and mainstream media attention ensured that pretty much everyone heard about bitcoin. A buying frenzy around the digital currency ensued, sending the price sky-high.</p><p>Cohen saw a business opportunity for UglyChristmasSweater.com in the chaos. He pitched the idea of ugly bitcoin-themed sweaters to the company's owners, brothers <span><a href="https://www.fastcompany.com/3048597/how-two-brothers-goosed-google-and-turned-a-dorm-room-lark-into-15-million-per-year">Fred and Mark Hajjar</a>.</span></p><h2>The unofficial uniform for bitcoin boosters</h2><p><span>The Hajjars gave Cohen creative control over a spinoff company that specializes in fully-knit sweaters emblazoned with the logos of popular cryptocurrencies, including Ethereum and Litecoin. </span><span>They called it Hodlmoon.</span></p><p><span>("Hodl" means to stay invested in cryptocurrency and resist selling when the price slides.&#xa0;If an investor holds, their investment might spike in value "to the moon," as the saying goes.)</span></p><p><span>"It's everyone's hope," Cohen said. "That's what I've been doing. So far so good."</span></p><p><span>After the first samples came back from the company's manufacturing facility in China, he shared a photo of the sweaters branded with bitcoin and Ethereum logos to <a href="https://www.reddit.com/r/CryptoCurrency/comments/795a0y/i_made_some_fullyknit_ugly_crypto_sweaters_love/">Reddit</a>. It shot to the front page of the site and received over 2,000 "upvotes," Reddit's rough equivalent of "likes."</span></p><p><span>During the first weekend of online sales in October, Hodlmoon sold 200 sweaters.</span></p><p><span>The company went on to sell over 2,000 sweaters in 2017, before it completely sold out about two weeks before Christmas. The sweaters <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> for $59.99, generating roughly $200,000 in revenue in fewer than three months. Hodlmoon accepts credit and cryptocurrency as payment.</span></p><p>Even&#xa0;Dmitry Buterin, a cryptocurrency entrepreneur and father of Vitalik Buterin, the founder of Ethereum, sports Hodlmoon's Ethereum-themed sweater in his Twitter profile picture.</p><p>Cohen said the sweater's success stems from a passionate community of crypto investors.</p><p>"It's a niche inside a niche," he said.</p> <p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><br><a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a></br></br></br></p><div></div><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ethereum-price-versus-bitcoin-price-crypto-expert-lex-sokolin-2018-1">A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum</a></h3>        <div>                    </div>    </div></hr>

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