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

Crypto currency prices have dropped in the previous 24 hours

Top 5 Losers Coins

Crypto News Key Highlights:

• FTX's legal team focuses on compensating customers, abandoning exchange restart plans due to Sam Bankman-Fried's legal woes. Poor financial records hinder FTX 2.0 launch, as investors steer clear due to SBF's failures. Co-founder SBF, facing sentencing on March 28, 2024, post wire fraud and money laundering convictions, casts uncertainty on FTX's future.

• Law enforcement confiscated $2.13 billion in bitcoins from a programmer associated with an illicit video-sharing site. This incident underscores Bitcoin's role in exposing unlawful activities, prompting discussions on enhancing privacy features. The article advocates for collaboration among developers, regulators, and authorities to establish a balanced framework addressing transparency and privacy concerns.

• The crypto industry expressed dissatisfaction with the #Union Budget 2024 as it lacked any discussions or announcements related to cryptocurrencies. Despite expectations, Finance Minister #Nirmala Sitharaman's speech did not touch upon the subject, disappointing the industry once more. With the budget's omission of crypto-related matters, the sector now looks forward to potential announcements following the Lok Sabha elections.

• Exiting Chapter 11, Celsius unveils an innovative strategy, granting creditors ownership in the Bitcoin mining venture, Ionic Digital Inc. Creditors gain influence through equity in Ionic Digital, managed by Hut 8 Corp, fostering collaboration and industry expansion. Celsius' recovery serves as a positive model for the crypto community, emphasizing resilience and responsible decision-making.

• On January 31, UK authorities disclosed the discovery of $1.7 billion in #Bitcoin is linked to Jian Wen, a UK citizen accused of laundering funds from a $6 billion Chinese fraud scheme. Wen denies involvement, claiming the #Bitcoin was a "love present" from fugitive Zhimin Qian.

• El Salvador reaffirms Bitcoin's legal tender status for President Nayib Bukele's second term, defying IMF's calls. Amid SEC's approval of Bitcoin ETFs, the nation stands committed, eyeing $BTC-backed bonds and the launch of tax-free crypto haven, Bitcoin City.

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Also read - 24 Crypto Update, 31 Jan: Crypto Bleed after FOMC Outcomes