New York Attorney General Letitia James has warned that cryptocurrency investors are suffering catastrophic losses amid heightened market volatility.
Specifically, in an investor alert published this week Thursday, AG James cautioned that crypto investors are “losing billions” and warned that even bluechip coins and tokens, such as Bitcoin (BTC) and Ethereum (ETC), can plummet.
She went on to warn that the cryptocurrency market is “extremely unpredictable,” adding that, “Just last month, the market reached record lows and investors lost hundreds of billions.
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“New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.”
AG James’ warning comes amid New York pushing to to ban proof-of-work (PoW) crypto mining.
Should this bill get the approval of Governor Kathy Hochul, new mining operations will be banned, and existing mining operations with licenses will not be able to renew their permits under any circumstances.
This would affect BTC, as it is mined on a proof-of-work basis.
As of 4 June, Bitcoin is currently trading around $29,750 as per CoinMarketCap data, marginally up over the last seven days.
Ethereum, meanwhile, is changing hands at $1,780 and is slightly down over the last week.
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