What is mina? Investors warned about ‘wild price swings’ in new cryptocurrency

Mina is one of the latest cryptocurrencies to hit the market, but investors are being warned about “wild price swings”.

Investors looking to put cash in cryptocurrencies need to be aware that they, like any investment, are a risky business. Making money is never guaranteed and you should make sure you can afford to lose the money you put it in.

Cryptocurrencies are highly volatile, so the value of your investments can go down as well as up in the blink of an eye.

Newer cryptocurrencies are also riskier than older ones such as bitcoin, and make you more open to scams.

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What is mina?

Mina launched in mid-March but it’s been listed on major data tracking website CoinMarketCap for less than 24 hours.

It claims to be world’s lightest blockchain and is the size of a couple of tweets, according to its website.

Thanks to this, it’s said that anyone can connect peer-to-peer and quickly sync and verify the chain.

Cryptocurrency exchange platform Kraken listed mina tokens on its website today, meaning deposits and withdrawals are now open.

However, it noted that mina trading isn’t currently available for citizens in the US, Canada, Japan and Australia for now.

How much is mina worth?

The price of mina tokens is currently sitting at $3.54, according to CoinMarketCap.

In comparison, it was worth $9.42 earlier on June 1 but there’s not enough data to say price changes over 24 hours.

Mina currently has a market cap of more than $513 million.

How risky is mina?

Investing is always a risk but investing in cryptocurrency is an even higher risk as they are very volatile, so you should be prepared to lose cash.

There is also no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.

Plus, fees and charges may be higher than with regulated investment products.

Cryptocurrency firms aren’t regulated in the way that other financial firms are. This means that you won’t have any protection if things go wrong.

Myron Jobson, personal finance campaigner for Interactive Investor, told The Sun cryptocurrencies are “notorious for wild price swings”.

He said: “It is not uncommon for the value of cryptocurrencies to quickly fall by hundreds.

“The yo-yo-ing price of the asset is simply too much for many investors to stomach.

“Cryptocurrencies, and those involved in the space, remain highly speculative and should only be a tiny portion of a portfolio – whatever your risk appetite is.

“It is important to approach new cryptos with extreme caution.”

Investors are also being warned about other new cryptocurrencies, such as shiba inu coin.

In January, the UK’s Financial Conduct Authority warned that households risk losing ALL of their money if they invest in cryptocurrencies.

The value of bitcoin and ethereum crashed a few weeks ago after China announced a further crackdown on cryptocurrencies.

This story was first published on The US Sun and is reproduced with permission