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24 Crypto Update, 01 Feb: Cryptocurrencies Surge After Dip

Key Takeaways
  • Today, major cryptocurrencies like Bitcoin and Ethereum saw a notable rebound in prices.
  • Bitcoin surpassed $43,000 in a rebound; Ethereum showed an upswing but struggled to maintain levels above $2,300.
  • The broader cryptocurrency market witnessed a 2.30% increase, bringing the total valuation to $1.73 trillion.
02-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 01

Crypto market surged 2.30%, surpassing $1.73 trillion

  • El Salvador aims to launch Bitcoin-backed bonds in Q1 2024, depending on Nayib Bukele's party's election success.

  • Binance's UK re-entry falters as local partners resist collaboration due to regulatory concerns, sparked by the Financial Conduct Authority's warnings.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the past 24 hours, the market experienced consolidation, leading to a stable reading on the "Fear and Greed Index." Currently standing at 63 on a scale that spans from 0 to 100, the prevailing market sentiment indicates optimism.

Latest Market Update: 

  • #Bitcoin ($BTC) briefly traded below $42,000, causing speculation in the broader crypto market.

  • Other major coins, including #Ethereum ($ETH), #FTX Token ($FTT), #Solana ($SOL), #Chainlink ($LINK), and #Aptos ($APT), experienced gains.

  • The #Pyth Network ($PYTH) token emerged as the top gainer, boasting a 24-hour increase of over 24.80 percent.

  • Conversely, #SATS ($1000 SATS) faced the most significant loss, with a 24-hour decline exceeding 9.09 percent.

  • Total crypto market volume in the last 24 hours: $48.91 billion, reflecting a 20.66% decrease.

  • DeFi contributes $5.31 billion to the total volume, constituting 10.86% of the overall 24-hour crypto market volume.

  • Stable coins collectively account for $45.04 billion in volume, making up 92.08% of the total crypto market 24-hour volume.

  • Bitcoin dominance stands at 51.22%, experiencing a slight increase of 0.02% during the day.

Major Worldwide News Update:

  • Three individuals charged by U.S. prosecutors for orchestrating SIM-swap attacks are linked to the $400 million FTX hack in 2022, occurring just after FTX's bankruptcy filing. The attackers, Robert Powell, Carter Rohn, and Emily Hernandez, allegedly stole identities and transferred the funds from FTX's crypto wallets. Blockchain security firm Elliptic and Bloomberg reports suggest FTX as "Victim Company-1" in the case. The pilfered funds were subsequently moved through various bridges and blockchains in an attempt to launder them.

  • OPNX, formerly Coinflex, is shutting down in February, citing regulatory challenges and controversies. Users must settle positions by February 7, with fund withdrawals open until February 14. The closure follows fines and regulatory scrutiny.

  • Senator Elizabeth Warren and lawmakers intensify efforts against crypto-related fraud in a Senate Banking Committee hearing. Warren advocates for the Digital Asset Anti-Money Laundering Act to extend regulations to crypto operations, amid growing concerns over illicit finance and stablecoin-related crimes. Legislative approaches are being explored to address these challenges.

  • Valkyrie, a Bitcoin ETF issuer, adopts BitGo alongside Coinbase Custody, aiming to diversify custodial services. This move signals a potential shift among ETF issuers to reduce reliance on Coinbase amid concerns over its infrastructure and influence.

  • Microsoft, singled out by Crossmark Global Investments, stands ahead in the AI race, poised to capitalize on artificial intelligence monetization. Despite uncertainty, Microsoft's strong AI capabilities and financial position position it for future outperformance, according to market strategist Victoria Fernandez. The AI industry is expected to drive tech companies' revenue growth, with firms like Google and Meta yet to make generative AI a significant contributor. The global AI market is projected to reach $1,811.8 billion by 2030, with China and North America benefiting the most.

  • The U.K. Metropolitan Police seized over 61,000 bitcoins, valued at $2.6 billion, during a trial related to a Chinese investment fraud. Jian Wen faces charges of laundering bitcoins for her ex-employer, Zhimin Qian, who allegedly stole $6.4 billion. Qian, a fugitive, purportedly converted the funds into BTC. Wen, denying fraud involvement, is accused of aiding in converting bitcoins into cash and assets. In Germany, Saxony state police seized about 50,000 bitcoins in a significant enforcement action.

  • China has revealed plans to implement updated Anti-Money Laundering (AML) Regulations for cryptocurrencies by 2025. Unlike collaborative efforts seen in crafting crypto regulations, nations such as India, Japan, and the United States have individually integrated cryptocurrencies into their AML frameworks.

COIN GABBAR Views: Is a Bullish Act Underplay? Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High-What’s Driving The Surge? Fed Dashes March Cut Hopes, Miners Cashing Out & More? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Daily Roundup, 01 Feb: Fed decision Paints Market Red

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