Ethereum Reaches Record High In Risky Crypto World

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“The volatility continues in the crypto world this week with a rollercoaster ride for coins and tokens. Ethereum in particular has made great strides ahead in recent days, climbing 15% in the last 24 hours to reach record highs today of more than $2,500. But in this speculative environment its future direction is far from certain. The currency’s gains are being fuelled by chatter across internet forums, with influencers jostling for position to push their favoured coins.

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Once again, the risky mix of social media and easy access to trading in cryptocurrencies has led to heightened speculation. Investors should be extremely cautious about getting caught up in this stampede because Ethereum is still very much a bet. Its price is being driven primarily by future price speculation rather than an underlying use-case.  Predicting the point at which demand subsides and prices begin to fall is very difficult, if not impossible.  Traders would be wise to heed the warnings of the Financial Conduct Authority, that if consumers invest in crypto assets, they should be prepared to lose their money."

Article by Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown

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