{"id":648,"date":"2022-06-11T21:51:58","date_gmt":"2022-06-11T21:51:58","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/06\/11\/treasury-secretary-janet-yellen-issues-serious-crypto-warning-as-sudden-price-crash-hits-bitcoin-ethereum-bnb-solana-cardano-and-xrp\/"},"modified":"2022-06-11T21:51:58","modified_gmt":"2022-06-11T21:51:58","slug":"treasury-secretary-janet-yellen-issues-serious-crypto-warning-as-sudden-price-crash-hits-bitcoin-ethereum-bnb-solana-cardano-and-xrp","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/06\/11\/treasury-secretary-janet-yellen-issues-serious-crypto-warning-as-sudden-price-crash-hits-bitcoin-ethereum-bnb-solana-cardano-and-xrp\/","title":{"rendered":"Treasury Secretary Janet Yellen Issues Serious Crypto Warning As Sudden Price Crash Hits Bitcoin, Ethereum, BNB, Solana, Cardano And XRP"},"content":{"rendered":"
\n

BitcoinBTC<\/a>
\n <\/fbs-ticker>, ethereum and other major cryptocurrencies have fallen sharply as a fresh crypto crash<\/a> weighs on the troubled market (though one investor has issued a huge fourth-quarter bitcoin price prediction<\/a>).<\/p>\n

Subscribe<\/em><\/strong> <\/em>now to <\/em><\/strong>Forbes’ CryptoAsset & Blockchain Advisor <\/em>and successfully navigate the volatile bitcoin and crypto market<\/em><\/strong><\/a><\/p>\n

The bitcoin price has dropped under $29,000 per bitcoin, its lowest since late May, as stocks suffered their worst week since January following a red-hot inflation report that exceeded economists\u2019 forecasts. Ethereum has crashed more than 10% after developers again delayed<\/a> a long-awaited upgrade, with top ten coins BNBBNB<\/a>
\n <\/fbs-ticker>, solana, cardano and XRPXRP<\/a>
\n <\/fbs-ticker> also crashing back.<\/p>\n

Now, as traders brace for a Federal Reserve earthquake<\/a>, U.S. Treasury secretary Janet Yellen has warned against including cryptocurrencies in retirement plans, calling them “very risky.”<\/p>\n

Want to stay ahead of the market and understand the latest crypto news? <\/strong>Sign up now for the free CryptoCodex<\/em><\/strong><\/a>\u2014A daily newsletter for traders, investors and the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>Serious Warning Issued Over Major Bitcoin And Crypto Exchange Binance And Its Ethereum Rival BNB After SEC Bombshell Hits Its Price<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a><\/p>\n

<\/p>\n

U.S. Treasury secretary Janet Yellen has previously warned over crypto amid a huge price boom that’s … [+]<\/span> sent bitcoin, ethereum, BNB, XRP, solana, cardano and others sharply higher. <\/span><\/p>\n

<\/fbs-accordion>Getty Images for The New York Times<\/small>
\n <\/figcaption><\/figure>\n

“It\u2019s not something that I would recommend to most people who are saving for their retirement,” Yellen said this week at an event organized by the New York Times<\/em>NYT<\/a>
\n <\/fbs-ticker>. “To me it\u2019s very risky investment.”<\/p>\n

Earlier this year, financial giant Fidelity announced it would add a crypto option to workplace retirement plans it manages, allowing for the inclusion of bitcoin in its operated 401(k) accounts. The Labor Department said it had “grave concerns” over the plan.<\/p>\n

Yellen went on to suggest Congress could regulate whether bitcoin, ethereum or other cryptocurrencies could be included in retirement accounts such as 401(k) plans. “I\u2019m not saying I recommend it, but that to my mind would be a reasonable thing,” she said. <\/p>\n

Wall Street’s interest in bitcoin and crypto has exploded over the last couple of years as the crypto market ballooned to almost $3 trillion. However, the bitcoin price has now crashed more than 50% from its all-time high of almost $70,000 per bitcoin, dragging down the entire crypto market.<\/p>\n

Sign up now for CryptoCodex<\/em><\/strong><\/a>\u2014A free, daily newsletter for the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>Crypto Price Prediction: Here’s When Bitcoin Could See A ‘Significant’ Bounce-And Why Ethereum Could Be ‘In Trouble’<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a><\/p>\n

<\/p>\n

The bitcoin price has lost 3% over the last 24 hours, crashing under $30,000 per bitcoin as … [+]<\/span> ethereum, BNB, XRP, solana, cardano and other cryptocurrencies go into free fall. <\/span><\/p>\n

<\/fbs-accordion>Forbes Digital Assets<\/small>
\n <\/figcaption><\/figure>\n

Ethereum and other top ten cryptocurrencies BNB, solana, cardano and XRP have crashed even harder than bitcoin with the solana price losing almost 90% of its value. <\/p>\n

Yellen has previously warned over the future of bitcoin and cryptocurrencies, cautioning traders and investors that extreme volatility could result in substantial losses.<\/p>\n

“It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,\u201d Yellen told CNBC<\/em><\/a> in February.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

BitcoinBTC , ethereum and other major cryptocurrencies have fallen sharply as a fresh crypto crash weighs on the troubled market (though one investor has issued a huge fourth-quarter bitcoin price prediction). Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market The bitcoin price has dropped under $29,000 […]<\/p>\n","protected":false},"author":1,"featured_media":649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=648"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/649"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}