Crypto Daily Roundup, 22 Jan: Are Crypto Headed for a Bearish Retreat

Crypto currency prices have declined dramatically in the past 24 hours

Top 5 Losers Coins

Crypto News Key Highlights:

• JPMorgan warns of potential bitcoin price decline due to outflows from Grayscale's bitcoin fund and profit-taking post-approval of spot bitcoin ETFs. Analyst Nikolaos Panigirtzoglou notes a $1.5 billion GBTC outflow, suggesting an additional $1.5 billion may exit, putting pressure on bitcoin prices. Other spot bitcoin ETFs attracted $3 billion in inflows, reflecting a shift from existing bitcoin vehicles and retail investors moving to cost-effective ETFs.

• TERRAFORM Labs, creator of stablecoin TerraUSD, has filed for Chapter 11 bankruptcy, citing assets and liabilities ranging from $100 million to $500 million. The move follows the collapse of TerraUSD, leading to global crypto market turbulence. The SEC's $40 billion fraud case against the company and co-founder Do Kwon has been delayed.

• A South Korean court has sentenced an individual to four years in prison for supplying a fake crypto exchange with illicit bank documents. The person, identified as A, provided stolen identity data and bankbooks, enabling a gang to defraud citizens of over $112,000 in a bogus exchange scheme targeting stock market traders. The judge emphasized A's significant role in the scam, describing their guilt as "severe."

• Indonesia's upcoming general elections in February could impact the crypto industry as new leadership may have varying attitudes. Candidate Gibran Rakabuming Raka, supportive of blockchain and crypto, could maintain crypto-friendly policies. Other contenders, like Anies Baswedan and Muhaimin Iskandar, may introduce policy overhauls affecting the sector.

• Trezor, a cryptocurrency hardware wallet maker, revealed a security breach affecting around 66,000 users. Unauthorized access to a third-party support portal exposed user contact details, raising concerns of potential phishing attacks. Trezor reassures users that their funds are secure but urges caution against unsolicited communications.

• NFT sales experienced a 5.05% weekly decline, yet buyers rose by 82.40%, and sellers increased by 77.46%. Ethereum surpassed Bitcoin in sales, with $106 million (28.15% weekly increase). Solana recorded a 35.07% sales uptick, while Polygon saw a 43.02% decline. The leading collection was Solana's Cryptoundeads, with $15.9 million in sales.

• Cryptocurrency Airdrops, a marketing strategy, distribute free tokens to holders or participants, evolving to reward early adopters. In 2024, leaders like Scroll, MetaMask, Starknet, zkSync, and Quai Network focus on scalability, security, and user experiences in this growing landscape supported by advanced technology and DeFi projects.

• In 2024, crypto presales present a variety of projects, spanning meme coins to innovative platforms like Bitcoin Minetrix and play-to-earn concepts like Pikamoon. Launchpad XYZ facilitates informed decisions through Launchpad Quotient, enhancing the identification of promising token sales. Lucrative opportunities persist, exemplified by Tamadoge's $TAMA, offering substantial returns for early backers at discounted rates.

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, 21 Jan: Is the Crypto Realm About to Take a Dive