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

01-Feb-2024 By: Lokesh Gupta
Crypto Daily Roundup

Crypto currency prices have dropped in the previous 24 hours

Top 5 Losers Coins

IndicesLTPChange (%)
FTX Token$2.0622.67%

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.

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

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