Top 5 Losers Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Jupiter | $0.5760 | 7.09% |
| Pyth Network | $0.492 | 6.15% |
| Blur | $0.5782 | 5.35% |
| Sui | $1.40 | 4.67% |
| Sei | $0.6098 | 4.31% |
Since January 11, GBTC, the prominent spot Bitcoin ETF, relinquished its dominance on February 1 to IBIT and BITO. Bitcoin encountered hurdles marked by outflows and diminished daily trading volumes, resulting in a loss of over $5.8 billion in assets since January 11. Notably, GBTC's average BTC transfers to Coinbase experienced a sharp decline from $700 million to below $300 million since January 26.
FTX has submitted a court proposal against the bankrupt company Genesis Global Capital, seeking permission to sell its claim against Genesis for $175 million. Currently, the claim against the financially troubled firm Genesis is available for sale at 65% of its face value.
US Federal Reserve officials hesitate on early rate cuts after a strong January jobs report, with FOMC members Goolsbee and Bowman cautious. Non-farm payrolls rose by 353K, surpassing expectations. Inflation concerns persist as US economic data remains robust. 10-year Treasury yield climbs above 4%, impacting Bitcoin amid uncertainties about banking crisis prevention.
Vanguard, State Street, and Schwab navigate distinct paths in the spot Bitcoin ETF race, with Vanguard remaining cautious, State Street possibly making a strategic misstep, and Schwab gearing up to enter. Schwab's move aligns with industry expectations, anticipating market impact, while social media platforms may open up to Bitcoin ETF advertising.
A crypto trading course instructor, Brian Sewell, faces SEC charges for allegedly deceiving 15 students into investing $1.2 million in a non-existent hedge fund. Sewell promised AI and machine-learning returns but left funds in Bitcoin, leading to a hack and loss. Rockwell Capital Management agrees to refund investors, and Sewell faces a $223,229 civil penalty. The SEC warns against scams exploiting industry hype. CFTC also cautions against exaggerated promises from AI trading bots in 2024.
Binance rehires Steve Christie as Deputy Chief Compliance Officer, tasked with enhancing compliance frameworks by collaborating with regulators and industry stakeholders. Christie's return follows a personal absence, succeeding Kristen Hecht. Binance pushes for global expansion, unveiling Binance Thailand amid recent regulatory scrutiny.
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Also read - 24 Crypto Update, 02 Feb: Bitcoin and Altcoins in the Green
