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New York Attorney General Letitia James has issued a warning about investing in cryptocurrency. She said the crypto market is “extremely unpredictable” and “unstable,” noting that the market “reached record lows” last month.

NY Attorney General Warns About Cryptocurrency

New York Attorney General Letitia James issued a warning about investing in cryptocurrencies Thursday. The official Twitter account of the New York Attorney General’s Office tweeted:

The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions.

James added: “New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.”

Last year, James shut down cryptocurrency trading platform Coinseed. She also took action against two crypto lending platforms.

The New York attorney general’s warning followed weeks of cryptocurrency sell-off. However, many people on Twitter disputed her claim that the crypto market reached record lows last month. At the time of writing, bitcoin is trading at $30,505.32, up over 3% in the past seven days but down 21% over the past 30 days.

Several countries have also warned about investing in cryptocurrencies following the crypto market sell-off. In addition, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed in May, losing almost all of their values.

Following the collapse of the two cryptocurrencies, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that a lot of crypto tokens will fail.

This week, Singapore’s deputy prime minister advised retail investors to steer clear of cryptocurrencies. The governor of India’s central bank, the Reserve Bank of India (RBI), also issued a warning about cryptocurrency following the LUNA and UST catastrophe.

Bank of England Governor Andrew Bailey warned last week that bitcoin has no intrinsic value and is not a practical means of payment.

What do you think about New York Attorney General Letitia James’ warning? Let us know in the comments section below.

2 thoughts on “NY Attorney General Warns About Investing in Crypto Market — Says It’s Extremely Unpredictable, Unstable

  1. After 2017 crash,it roughly took 1 year to find the bottom for BTC and ETH. The so called experts telling you this could be the bottom then take that with the grain of salt.

    If we match the 2017 drawdowns for BTC and ETH, it's 85% and 95% respectively, then we are looking at levels of $10k BTC and $250 for ETH. It might seem highly unlikely, but the market is surely reflecting some fear of this happening.

    Crypto exchanges halting new hirings,even cutting the current staff, miners selling their stacks to cover up for the expenses could be the some of the signs you are looking for. Even the rest of the financial markets are not doing good, fearing a recession might be coming.

    Overall, the picture of market is still negative.

  2. I’ve been seeing an increase in posts of people talking about how “the bottom is in”, TA predicting bull-runs, hyping up ETC and flipping Celsius and even talking about ridiculous amounts of leverage and I have to ask, what happened to the commonly known fact that we all “don’t know shit about fuck”? Why are people suddenly posting about and willing to believe the same damn idiot YouTubers who were so wrong just 10 months ago?

    I get that the ETH merge has caused ETH prices to rise and general conditions are looking better than they were a few weeks ago, but I’m still something like 60% down, and that’s after averaging down. Perhaps it’s just me that’s still massively down but I seriously doubt it. I just want to remind everyone, especially the new guys, that we’re still way, way down from last year’s prices, and looking at the state of the world right now, there’s absolutely no guarantee that are in fact recovering right now. I know people bang on about DCA all the time, but buying in chunks regularly is far, far safer and I think it creates a much higher ratio of winners to losers than random gambling on shitcoins does.

    Please remember, we really do know shit about fuck, but so do the YouTubers and people who get paid to write articles on crypto predictions and then have zero accountability when their predictions are wrong.

    Please guys, don’t gamble your life savings or, worse, over-leverage yourself into massive debt and ruin your life. The amount of people who get lucky, yes lucky, with leverage is incredibly small compared to the number of people that get wrecked by it.

    TL;DR We don’t know shit about fuck, please gamble responsibly.

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