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Crypto Daily Roundup, 02 Feb: Crypto market digests FED news

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

Cryptocurrency prices have increased in the last 24 hours

Top 5 Gainers Coins

Indices LTP Change (%)
Pyth Network $0.5166 27.79%
Chainlink $17.93 15.20%
Pendle $2.89 14.21%
Immutable $2.22 12.73%
Avalanche $36.04 8.69%

Crypto News Key Highlights:

  • China is set to amend its Anti-Money Laundering (AML) Regulations to include crypto transactions by 2025. This move follows a 2021 crypto ban. Similar steps have been taken globally, with the US, Japan, South Korea, Australia, and India incorporating AML rules for cryptocurrencies. G20 countries are working toward a unified global crypto regulatory framework, raising questions about collaboration and standardization in AML regulations.

  • Binance, a major cryptocurrency exchange, is set to list the PYTH token from the Pyth Network on February 2, driving a surge in its price. 3Binance introduces new trading pairs and allows 4PYTH deposits, with withdrawals starting on February 3. The Pyth Network's Total Value Secured has reached $2.43 billion, indicating widespread adoption. The token's recent 20.65% surge aligns with the TVS increase, and Binance's listing is anticipated to further boost its value.

  • Deceptive deep fake emerges on Facebook, promoting a fraudulent platform called "Quantum AI." Cybersecurity firm Cybertrace identifies the manipulated video featuring Australian magnate Andrew Forrest, expressing concern over its convincing nature. The fake promises daily earnings and underscores the escalating sophistication of digital fraud.

  • Countries worldwide, from giants like America, India, and China to smaller ones like Singapore and Canada, actively pursue $AI research and innovation. However, some, including the UK, initially deemed AI a threat, hindering their progress. Now, realizing the consequences, the UK's House of Lords Committee urges a shift in perspective and increased government support for AI research.

  • India's #RBI has imposed sanctions on Paytm Payments Bank, citing regulatory concerns, potentially impacting the crypto arena. The ban on deposits, effective from February 29, prompts #Paytm users to explore alternatives like UPI or other banks for crypto transactions. The move may lead to decreased transactions, posing challenges for users accustomed to Paytm for #crypto purchases, potentially reducing the Indian #Web3 community's crypto market inflow.

  • #Polygon Labs, the team behind #Ethereum scaling network Polygon, has laid off 60 employees (19% of workforce) as part of a strategic focus on core projects and web3. Laid-off staff will receive support, and compensation for remaining team members will increase by 15%. Despite a layoff trend in the crypto space over the past two years, #Polygon Labs plans a 5% increase in future recruitment.

  • Germany recently seized 50,000 Bitcoins in its largest-ever money laundering case involving the shutdown of the illegal video-sharing site The accused converted profits into Bitcoin, raising concerns about crypto's security. The case underscores the need for a global regulatory framework, as countries individually address crypto security and Anti-Money Laundering (AML) regulations.

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, 01 Feb: Cryptocurrencies Surge After Dip

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