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Crypto Daily Roundup, 25 Jan: Market Stagnates After Fall

25-Jan-2024 By: Lokesh Gupta
Crypto Daily Roundup

Crypto currency values have appreciated during the past 24 hours.

Top 5 Gainers Coins

IndicesLTPChange (%)
Internet Computer$11.5910.20%

Crypto News Key Highlights:

  • Ripple and GCC Exchange resolve a lengthy legal dispute through a confidential settlement, indicating a positive development. Despite this, Ripple confronts ongoing legal challenges, particularly with the SEC, impacting its industry position. The confidential resolution highlights the potential for amicable outcomes amid legal complexities in the dynamic cryptocurrency industry.

  • Finance Minister Nirmala Sitharaman is scheduled to unveil the Union Budget on February 1, 2024, post the customary 'Halwa' ceremony. Renowned for her extended speeches, Sitharaman's anticipation grows regarding potential alterations in crypto-related tax and regulations.

  • Binance founder Changpeng "CZ" Zhao's plea to travel for a family emergency was rejected by a U.S. federal judge, despite offering $4.5 billion in Binance equity as security. This setback adds to legal challenges, including a guilty plea for Binance's anti-money laundering failures. CZ faces sentencing on February 23.

  • Swiss crypto bank Sygnum AG secured 35 million Swiss francs ($41 million) in a funding round led by Azimut Holding. With a valuation of $838 million, Sygnum plans European and Asian expansion, eyeing acquisitions aligned with its current operations. Despite a crypto funding downturn, some players, like HashKey, attract significant investments.

  • Bitwise leads in Bitcoin ETF transparency, disclosing addresses and setting a standard aligned with Bitcoin's ethos. SEC approval on Jan 10 sparks market interest; will others adopt Bitwise's BTC address disclosure? BITB rises to top 5% in ETFs by AUM in seven days, but the broader spot BTC ETF market witnesses $76M net outflows, led by GBTC.

  • Trezor, a hardware wallet provider , confirmed unauthorized access to its third-party email provider led to malicious emails urging users to upgrade their "network" with a phishing link. Trezor deactivated the link and ensured user funds' safety, advising affected users to transfer funds to a new wallet. The incident follows a security breach on Trezor's support portal. Digital asset lawyer Joe Carlasare noted the phishing attempt as a "sophisticated scam."

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, 24 Jan: Consolidation or Deeper Troubles

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