Europe warns crypto players to be 'empty'

 Three EU financial authorities warn users could face loss of assets and fall prey to cryptocurrency


According to statistics, users are buying more than 17,000 different cryptocurrencies, including Bitcoin and Ethereum - two tokens that account for 60% of the cryptocurrency market. However, most investors are not fully aware of the possible risks.

"Players should be wary of the risk of misleading advertising, including through social media and from influencers. In particular, be aware of promises of quick returns or profits. committed returns are too high," the statement reads.

The EU's warning comes amid a sharp decline in the cryptocurrency market since November last year. Bitcoin has dropped in value from nearly $70,000 to about $40,000 each, and most other tokens have also lost more than 50% of their value. Some experts fear that "crypto winter" - the term for the gloomy period of the cryptocurrency market, when the prices of coins continuously fall and are difficult to recover for a long time - is approaching.

Earlier last year, the UK's Financial Conduct Authority (FCA) issued a similar warning. "FCA knows that some companies have services for investing in virtual assets, or lending, investing in virtual assets with high committed returns. But what if consumers pour money into these asset classes? , they should be prepared for the possibility of losing all their money," the FCA representative said.

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