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Crypto Daily Roundup, 06 Feb: Is the Crypto market dead

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

Crypto currency values have surged during the last 24 hours

Top 5 Gainers Coins

IndicesLTPChange (%)
Ethereum Name Services$22.2222.85%
Akash Network$2.805.00%

Crypto News Key Highlights:

  • JPMorgan voices apprehensions regarding Tether's adherence to compliance and transparency standards, showing a preference for stablecoins like #USDC. The CEO of Tether defends the stablecoin, underscoring collaborative engagements with regulators and strides in transparency enhancement. #FTX exchange encounters legal hurdles, giving priority to customer compensation over relaunch initiatives amid legal challenges faced by the CEO.

  • Bitsonic CEO receives 7-year prison term for a 10 billion won fraud scheme involving market manipulation and customer deposit misappropriation. Verdict underscores crypto exchange risks, emphasizing regulatory oversight and user vigilance amid rising fraudulent activities.

  • FTX and Alameda move $3.2 million worth of assets to #Coinbase, #Binance, and #FalconX amid #FTX's troubles. Notably, $15.1 million worth of assets, including $TLM, $DENT, and others, were transferred over the past week. #Sam Bankman-Fried faces legal battles, with his parents contesting a lawsuit.

  • Michael Saylor of MicroStrategy teases upcoming financial results discussion, stirring interest in the Bitcoin investment approach. The company's dual strategy, combining Bitcoin holdings with analytics software, aims for growth. Analysts anticipate insights during the live webinar. Saylor's cryptic post hints at further Bitcoin acquisitions.

  • Grayscale CEO, Michael Sonnenshein, advocates for regulators to approve exchange-listed options for spot #Bitcoin ETFs, stressing their importance in enhancing market conditions and investor outcomes. He urges equal treatment for spot and futures $BTC-based ETFs, emphasizing fair treatment for the crypto asset class.

  • 75% of entertainment industry leaders surveyed report reduced skill requirements and job losses due to Gen AI. Sound designers, music editors, and engineers anticipate significant displacement. Despite resistance and strikes, #Gen AI's advancing capabilities profoundly impact multiple sectors.

  • WisdomTree reportedly nears approval for a Limited Purpose Trust Charter from NYDFS, allowing crypto services in New York. The charter, akin to Coinbase and Fidelity's, may facilitate WisdomTree Prime app rollout, offering enhanced asset control and access to tokenized digital funds. CEO Jonathan Steinberg emphasizes benefits of asset tokenization.

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, 05 Feb: Crypto Market Sees Slight Downturn

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