MUMBAI: A newly formed cryptocurrency called Dubaicoin surged over 1,000 per cent on cryptocurrency exchanges after claiming to be the de facto cryptocurrency of Dubai.

The coin made by cryptocurrency startup Arabianchain Technology on May 24 falsely claimed that it was the official cryptocurrency of the West Asian city, leading to a sharp rally in its price.

Dubai earlier today denied that the cryptocurrency was its official cryptocurrency. Dubai Coin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors, the city said in a statement.

ArabianChain has washed his hands off the controversy suggesting that the website shown on the fake press release is a scam. We haven't made such an announcement, please be cautious. Also this website : http://dub-pay.com/en/ is fake and a scam. Please be careful, the company tweeted on May 26.

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Dubaicoin surges 1,000% on fake claims of being citys official cryptocurrency - Economic Times

Every other day, cryptocurrency makes it into the headlines. Its increasing popularity has made it a lot easier to turn eyeballs in its way. This rising demand and also its acceptance in a lot of countries have resulted in cryptocurrencies becoming a part of investments. Though investing in cryptocurrencies might sound tempting and exciting, it is critical to know what exactly is a cryptocurrency and how does it work.

If the whole concept of cryptocurrency is new for you then you are at the right place. Read on to have a fair idea about the cryptocurrency market.

Lets start with the very basic question that might be the subject of interest for many. So, what exactly is cryptocurrency? A cryptocurrencyis a form of currency. The difference between this currency and that of the currency which we employ for transactions daily is that the former is digital and decentralized. What has led to cryptocurrencies gaining attention from everywhere around is the fact that they can be stored and witness a growth in value. Now, this might come as a surprise for many well, there are not one, not two, not tens but thousands of cryptocurrencies. Undoubtedly, the most popular of them all is Bitcoin. Some other cryptocurrencies that have gained importance over a period of time include Ethereum, XRP, and Bitcoin Cash. What sets each of these apart from the rest is in the manner in which they are used and their characteristics. There are some that are used instead of cash while some are used for private, direct transactions.

Those who own cryptocurrencies have them safely stored in a digital wallet. Since this currency is digital, it is quite obvious that there isnt any physical coin or bill. These can then be used to buy or sell through an online exchange. Now, here is the catch your wallet need not be just online. It could be stored offline on a hardware device similar to a USB drive as well.

When cryptocurrencies are used for transactions, needless to say, these transactions have to be recorded. They are recorded on a decentralized ledger, called a blockchain. Blockchain is a public database of transactions. Since this is public, anyone can join and participate in it. However, that does not mean your security is at stake. This is because individual transactions are secured by cryptography. Cryptography is a process aimed at preventing fraud. Thus, the transactions involving cryptocurrencies are safe. However, that doesnt mean they are safe to true sense. Since there isnt any regulation; the protection that other standard currencies like the dollar, rupee, pound, etc. enjoy is missing here.

The fact that the cryptocurrency market is not regulated has both brighter side and a darker side. For those willing to invest massively without having to deal with any obstacle whatsoever, it is an advantage. Those unwilling to take risks need to extra cautious of not investing money that they arent willing to lose. A nicely laid out plan as to how should cryptocurrencies be classified and a clear regulation would make it easy to predict the future.

Now that we have a fair idea as to what exactly are cryptocurrencies, it makes sense to talk about the uses and applications of the same.

With an exponential increase in the number of people becoming aware of cryptocurrencies, it is evident that the future would see huge investments in the same. That said, it is always better to have a fair idea pertaining to the volatility and risk factors of cryptocurrency before investing.

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Here Is Everything You Need To Know About Cryptocurrency - Analytics Insight

A digital token that was launched Monday and goes by the name Internet Computer is already one of the largest cryptocurrencies in the world, with a market value of about $45 billion.

That makes it the eighth-largest digital asset among the top 10 in CoinMarketCap.coms rankings. The token and its related digital ledger are supposed to help anyone -- software developers or content creators -- publish anything they want onto the internet, without having to go through digital giants such as Amazon.com Inc. or Facebook Inc., or to use servers or commercial cloud services. The idea is to avoid corporate walled gardens and to reduce costs, according to Dominic Williams, founder of the project. Users could potentially build social-media and other services that compete with internet titans.

The coins underlying network uses smart contracts, or software programs that execute tasks, competing with the likes of bigger rival Ethereum. Its joining many other coins and related networks -- Polkadot, Binance Coin among them -- trying to steal Ethereums thunder.

Internet Computers debut is happening as cryptocurrencies ranging from Bitcoin to Dogecoin are being discussed everywhere from dinner tables to Saturday Night Live, and prices of many coins are surging. The total market value of all cryptocurrencies now stands at $2.48 trillion, up from less than $1 trillion at the beginning of the year. But as in the run-up of 2017, many of the so-called alt-coins likely will come down to earth with a thud.

Read more: Bitcoin and Ethereum - How Are They Different?: QuickTake

Before it's here, it's on the Bloomberg Terminal.

Read more here:
Two-Day-Old Cryptocurrency Surges to $45 Billion Market Value - Bloomberg

Julie Hyman, Brian Sozzi, and Myles Udland discuss the flow of cryptocurrency as Dogecoin slows and Ethereum rises.

JULIE HYMAN: --open, and we got to talk about cryptocurrencies here this morning, following Elon Musk's star turn on Saturday Night Live. We'll leave the reviews of his performance aside. Well, maybe we won't. I thought he was fine. But he did, of course, as expected, talk about Dogecoin.

But, well, maybe those Dogecoiners didn't get what they bargained for, as we saw the price fall. And he basically said, it's a hustle, right, during the news update portion of it. Myles, you know, I guess this illustrates just what Dogecoin is all about, which is not much. But at the same time, we're seeing things like Ethereum go higher. So I don't know. What's our sort of Musk, SNL, Dogecoin correlation chart look like this morning?

MYLES UDLAND: Well, did you think that-- do you think that he was imitating Tom Kean with the bow tie? Because that was my thought, is that--

JULIE HYMAN: Oh.

MYLES UDLAND: --he trying to find, like, venerated financial commentator. And you kind of have two options. You could try to be Jim Cramer, which would be a jacket-- well, let's see, no jacket, tie, rolled up sleeves, bang the table, or you do the bow tie look with the glasses, which is what Elon went. And I sort of thought he was basically imitating versions of us, but no one's going to imitate any of the three of us on the air. But they might imitate Tom Kean. So maybe that was kind of my thought with that.

And I thought it was, you know, sure, it's a hustle, whatever. I think people's focus on the action in Doge during SNL, like, whatever. I mean, I'm surprised by myself, honestly, at how little interest I have in trying to get involved in the Doge conversation or the crypto conversation. But you know what? It just doesn't excite me maybe to the extent that it should, given this environment.

There we see in the real stock market, things that are not just vibes, or whatever we want to call them, on the floor of the New York Stock Exchange, Coke Euro PAC Partners, CCET. Of course, there are multiple Coke-related tickers out there, KO, the main ones, CCET ringing the bell down on the floor of the New York Stock Exchange. But let's stay on the important news, Julie. Talk a bit more about SNL.

Story continues

JULIE HYMAN: Well, all I was going to say is what's interesting here is that we're starting to see more differentiation among the cryptocurrencies. That perhaps is an interesting takeaway. I mean, the action in Dogecoin is pretty parallel to what we saw with the so-called Doge Day, right, on 4/20, where there was a lot of talk about it going up to the day, and then it fell on the day itself. You know, classic sort of buy the rumor, sell the news or whatever version of that trope you want to use. And we see Ethereum going up today.

There don't seem to be a lot of catalysts, usually, for this stuff. But it does show the different flows and the ins and outs of the different cryptocurrencies. I don't know exactly what's driving what, but we do see the breakdown in correlation between them for what it's worth.

BRIAN SOZZI: And for what it's worth, Myles, if I was going on SNL this coming weekend, I would imitate you. No doubt about it, baby.

MYLES UDLAND: I mean, look, there's plenty there. It's just that everyone's going to be like, no one knows who that guy is. So it can't be-- like, you have to imitate a famous person. And I think Tom is probably famous enough, although, look, I mean, we all know the crossover between the Bloomberg surveillance audience and SNL watchers probably pretty limited.

JULIE HYMAN: Yeah, I don't know. I wonder kind of what the boomer audience of SNL is at this point in time. And PS, I would love to see Brian Sozzi's Myles Udland impression. Perhaps at our afternoon meeting, you can give us a little preview. All right, we are going to move it on to commodities here, because as we talked about at the top of the show, we're definitely seeing commodities movement.

And it's really across commodities, right? Whether you're talking about metals or energy or agriculture, all of that is going up. We're watching copper prices hit new highs. We talked about the spike in gasoline, although that was event-driven. And most of what we're seeing in commodities is supply, demand-driven much more broadly, right?

I was telling you guys in this morning's meeting, you know, more and more, we are seeing the real world consequences of this, whether it's Tyson talking about feed costs going up or, you know, the-- my livestock farmer, who I talked to at the farmer's market, talking about lumber prices going up for his barns and feed prices skyrocketing, as I noticed his prices going up. I mean, this stuff is making its way through the system.

BRIAN SOZZI: Yeah, and--

MYLES UDLAND: Yeah, I mean, look--

BRIAN SOZZI: --it's amazing, Julie, that the market can absolutely care less. I mean, you have the Dow out of the gate here up on 170 points. You have that deep freeze in Texas a couple of months ago. The stock market still goes up here. To me, if this was a couple of years ago, I would have thought, well, maybe the market is down a couple hundred points here on the Dow in the early going. And it's not. And, Myles, I think we're continuing to watch the power of the Federal Reserve, their ability to put a lot of money into the system and essentially make any dips in the markets essentially viable.

MYLES UDLAND: Yeah, and look, I think we continue-- I mean, this story for 2021 is starting to come into focus, right? I mean, we don't-- I mean, it's the economic version of the medical supply story that hit in 2020. Last year, we didn't have enough PPE. We didn't have enough ventilators. We didn't have enough medical staff to take care of all the COVID patients. And now, we don't have enough workers. We don't have enough stuff, so it's commodities, inputs, whatever it might be, to provide for all the demand that is coming in from consumers.

And you can go almost infinite different directions with how that economic pressure is playing out. But it has been quite a long time since we have seen just this many real resource constraints on the economy, hitting all at once. And how it plays out, I don't think any of us really know. We all have sort of our ideas of where this goes. But it is certainly the most unique economic environment that we have seen, at least so far as I can recall.

JULIE HYMAN: And yet, it's not having that much of a depressive effect on stocks as--

Continued here:
Cryptocurrency On the Move - Yahoo Finance

The Telcoin crypto (TEL) started off with a disruptive mission. This isnt unique, per se. The teams behind lots of altcoins have visions of changing some aspect of the world. But that vision is often steeped in delusion and/or fantasy.

Telcoin very well could have fit into the delusional narrative not too long ago. After all, the team set out to compete with the likes of major banks and Western Union in the remittance market. Thats a major nut to crack. And even more difficult to dethrone the kings of the market. But this coin has made some major strides this year In fact, its value alone is wildly outpacing the red-hot crypto market as a whole.

Year-to-date, Telcoin is up some 30,000%. That could be seen as an almost normal figure from some new initial-coin-offering. See SafeMoon and Elongate. But Telcoin has been on the scene for a while. This isnt just some upstart with a clever marketing strategy thats being used to garner interest. Its been around since 2017. And by all appearances, the teams long-view tactics are beginning to pay off. Both for its investors and in terms of adoption.

Telcoin crypto recently spiked to an all-time high of $0.59. This is pretty big news. It hadnt traded for more than a single cent since January 2018. And between then and now it spent the lions share of that period trading at a hundredth of a cent or less. But the times they are a-changin.

Its worth noting that the Telecoin crypto hasnt been a big beneficiary of the various crypto booms. Its kept its head down and seemingly kept focused on the big mission and projects at hand. Namely, trying to figure out a way to make remittances a whole lot easier and cheaper.

This was never going to be a simple task. Not only is there a lot of opposition in the way, but there were a lot of regulations to overcome. And they havent all been overcome yet Not by a long shot. But there have been some breakthroughs worth noting.

Most recently, the Nebraska legislature advanced from the committee stage a bill that would allow institutions that connect consumers to each other (which have been mostly remittance companies) to allow crypto and decentralized finance into the equation.

This is the kind of thing Telcoin has been hoping for. And if it proves to be a catalyst for change, Telcoin may very well just be starting to move the needle.

Additionally, the Telcoin crypto team has announced a remittance service to help the transfer of funds between Canada and the Philippines. Again, these are the kinds of projects that can help propel the coin into mass adoption. And adoption has never been easier.

There have been live Telcoin crypto markets on several exchanges for a while now. In the past, you could pick up Telcoin on Kucoin, Uniswap and Balancer. This has made it fairly straightforward to invest in the coin for a while.

But the Telcoin team recently announced that it has been added to the QuickSwap decentralized exchange. The news of the QuickSwap listing definitely played a role in pushing up Telcoins value because this exchange operates on the Polygon protocol, which has lower fees. Additionally, the Polygon network offers appealing yield opportunities for liquidity providers on QuickSwap. So, investing in Telcoin has gotten a lot easier, cheaper and in turn, more profitable All of which has naturally pushed up its value.

The global remittance market was valued at more than $682 billion in 2018. Helping foreign migrants transfer money to their home countries is big business. And its got a lot of room to grow. Its anticipated that it will reach $930 billion by 2026.

Banks are projected to remain dominant in this market. But now that theres increasing competition, that could change. Because being able to send money home right from your phone is a whole lot easier than going to the bank. And with Telcoin, transfers are virtually instant. The network is equally secure as a bank. And Telcoin transfers are largely cheaper. The average cost of sending a remittance is more than 7%. Telcoin is working on getting its fees below 2% which isnt an insignificant difference.

And again, being able to send a remittance right from a phone is astronomically more simple. There are nearly five times more mobile phones than active bank accounts around the world. But right now, people are still lining up at banks and Western Unions to send remittances back home to family members. But with its iPhone and Android app, Telcoin crypto hopes to change all of that Which makes this a very interesting crypto to invest in especially if its able to successfully disrupt the remittance market.

Are you interested in other cryptos shaking up the markets? We suggest signing up for Manward Financial Digest. In it, Manward founder and crypto expert Andy Snyder uncovers investment opportunities of all stripes including the ever-volatile crypto markets.

Read next: The 5 Best Cryptocurrencies to Invest in for 2021

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Telcoin Crypto: How and Why to Invest in This Disruptive Cryptocurrency - Investment U