That and the looming threat of a recession have helped lead to a loss of confidence in the crypto market in general. Other crypto companies have also temporarily suspended operations, and some cryptos have completely collapsed, wiping out billions of dollars of investments. Voyager is one of several crypto companies that was forced to suspend withdrawals and trading (preventing customers from accessing their money) amid a massive downturn in the cryptocurrency market. If you send them crypto, or money of any kind, itll be gone. The FDIC’s broad warning followed a letter the FDIC and Federal Reserve sent on Thursday to the crypto broker Voyager Digital, warning the firm to stop claiming that its customers’ crypto deposits are protected by FDIC insurance - they aren’t. Cryptocurrency is a type of digital currency that generally exists only electronically. “There's no one to make sure that your losses are never above a certain level.” Crypto assets are risky
“When you're investing in stocks or crypto, you are taking risks that you may lose everything,” Richard Smith, chairman and chief executive of the Foundation for the Study of Cycles, a nonprofit that studies recurring patterns in the economy, science and the arts, previously told Money. Market highlights including top gainer, highest volume, new listings, and most visited, updated every 24 hours.
This protection only applies to certain deposits like checking accounts, savings accounts and certificates of deposit (CDs) - not investment products like stocks or cryptocurrency. View crypto prices and charts, including Bitcoin, Ethereum, XRP, and more.
That means that if the bank goes under, customers are guaranteed to get their money back. The FDIC will guarantee up to $250,000 in cash deposits at thousands of banks across the country. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Start Now Is crypto protected by FDIC insurance?
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