24 Crypto Update, 02 Feb: Bitcoin and Altcoins in the Green
- Bitcoin achieved a breakthrough, surpassing the $43,000 mark within a market characterized by a narrow trading range.
- Meanwhile, Ethereum displayed upward momentum, sustaining levels above $2,300.
- The overall cryptocurrency market experienced a 0.60% uptick, pushing the total valuation to $1.74 trillion.
Crypto currency market grew by 0.60%, leading $1.74 trillion
Today's crypto prices indicate sustained upward momentum for major digital currencies.
Social media giants like Meta are actively exploring advertising opportunities in the crypto space, leveraging regulatory clarity.
Crypto Fear and Greed Index:
In the past 24 hours, profit booking influenced the market, leading to a 3-point dip on the "Fear and Greed Index." Currently standing at 60 on a scale from 0 to 100, the prevailing market sentiment, nonetheless, indicates optimism.
Latest Market Update:
$Bitcoin ($BTC) maintains a position above $43,000, contributing to a consolidation phase in the broader cryptocurrency market.
Several major altcoins, such as Avalanche ($AVAX), Bitcoin SV ($BSV), Flare ($FLR), Chainlink ($LINK), and Render ($RNDR), observed positive movements.
The Flare ($FLR) token stands out as the top performer, registering an impressive 24-hour gain of over 13.00 percent.
Conversely, FTX Token ($FTX) recorded the most substantial loss, facing a decline exceeding 8.08 percent over the past 24 hours.
The total cryptocurrency market volume in the past 24 hours stands at $43.83 billion, reflecting a 10.61% decrease.
Within the crypto market, the volume in decentralized finance (DeFi) is presently at $5.53 billion, constituting 12.62% of the total 24-hour crypto market volume.
Stable coins contribute significantly, with a volume of $39.74 billion, making up 90.66% of the total cryptocurrency market 24-hour volume.
Bitcoin's dominance is currently at 51.13%, marking a marginal decrease of 0.08% during the day.
Major Worldwide News Update:
Super Bowl LVIII ads will avoid cryptocurrency and AI themes, focusing on traditional and humorous content. Brands like BMW, Budweiser, and State Farm opt for broad appeal, diverging from recent tech-centric ads. The shift follows crypto's uncertainties and emphasizes entertainment over innovation.
Brian Sewell, founder of American Bitcoin Academy and Rockwell Capital Management, faces SEC charges for a Bitcoin fraud scheme. Sewell, who misled students with promises of AI-driven hedge fund returns, settled without admission of guilt. He and Rockwell will pay over $1.8 million in penalties and disgorgement. The SEC remains vigilant against crypto-related crimes, emphasizing accountability for those using trendy technologies to deceive investors.
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.
Solana Mobile 2.0 preorders remain open, with a major update hinting at an upcoming incentivization event. Customers on the waiting list are promised non-transferable tokens, including NFTs, as incentives. The new phone, priced at $450, is expected to surpass the demand seen with Solana Saga, driven by attractive incentives and potential surprises.
#Binance is upping annual compliance spending by 35% to $213 million, investing in advanced software and expanding the compliance team. Steve Christie's reappointment as deputy chief compliance officer aligns with Binance's strategic shift for enhanced regulatory adherence following a settlement with U.S. authorities. This move reflects the industry's push towards transparency. Christie and chief compliance officer Noah Perlman's return underscores a commitment to bolster Binance's compliance through leadership and technology.
In recent years, the tech sector has seen steady growth in AI adoption, leading major players to focus growth strategies on AI. Analysts anticipate AI influencing a significant portion of future jobs, with generative AI revolutionizing labor over the next decade. AI's impact is transforming the job market, creating 20–50 million new jobs by 2030. The global AI industry is poised for a 37.3% CAGR, reaching $1,811.8 billion by 2030, attracting investor interest and positioning tech giants for substantial revenue growth. Forbes predicts China to benefit the most, with a 26% GDP increase by 2030.
COIN GABBAR Views: Is BTC's price resilience remaining strong amidst market fluctuations? What is happening with Bitcoin – is the 'bottom not in,' and could a potential retest at $30K be on the horizon? 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, 02 Feb: Crypto market digests FED news
