Crypto Daily Roundup, 03 Feb: Crypto Markets Coil in a Range

Cryptocurrency prices have decreased in the previous 24 hour

Top 5 Losers Coins

Crypto News Key Highlights:

• 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