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RIYADH: Squid Game, a digital token inspired by the Netflix TV series, proved to be a scam and lost almost all of its value following a sudden rise.

“Squid Game, the token was true to the game presented in the Netflix show, in which all participants got financially slaughtered. Many will see this as proof that governments should try to regulate space. However, no government can regulate the borderless activity, crypto is self-regulating and participants should seek out those platforms that provide the best self-regulation,” Edan Yago the lead contributor to the Bitcoin DeFi protocol Sovryn said.

“The Squid Game rug pull was very unfortunate, scammers banked on the name and made out with millions while investors and the media jumped on the bandwagon without doing their due diligence. Even by crypto standards, the returns seemed unbelievable surging 7,500 percent in a matter of hours, as in any investment if it sounds too good to be true it probably is,” said  Martha Reyes, head of research at digital asset prime brokerage and exchange BEQUANT.

Meanwhile, Bitcoin and other major cryptocurrencies are likely to jump this week on central banks interest rates announcements, Nigel Green the CEO and founder of deVere Group predicts.

The prediction from Green comes as the US Federal Reserve, the Bank of England, the Central Bank of Norway and the Reserve Bank of Australia are all reviewing interest rate policy this week.

Green says: “Market watchers will be all eyes on central banks as they look for further hints on asset-buying tapering as global inflation ramps up.”

“The Fed is expected to announce a taper, the Bank of England an interest rate rise, Norway likely to hint about its second-rate hike of the year, and the Reserve Bank of Australia could shift its guidance after last week letting its 3-year bond yield surge through the targeted 0.1%,” he said.

In July, he predicted that Bitcoin would hit fresh all-time highs this year which came to pass last month.

He has also said that should the current conditions be maintained, additional new highs could be reached before the end of 2021.

He concludes: “Crypto investors will be eyeing the central banks this week amid a flurry of interest rate reviews. Prices can be expected to be positively impacted as Bitcoin and others are increasingly regarded as a hedge against inflationary pressures.”

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Tuesday, rising by 2.13 percent to $63,264 at 4:51 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,469, up 2.24 percent, according to data from CoinDesk.

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