Crypto Daily Roundup 29 Dec: Crypto Markets Plummet Amid Ban News

In the past 24 hours, Crypto currencies have experienced an decrease

TOP 5 Loser Coins

Crypto News Key Highlights:

• India's FIU flags nine global crypto exchanges, including Binance and Kraken, for alleged "illegal" operations, violating local anti-money laundering laws. Show cause notices were issued, urging the IT Ministry to block their websites. Global crypto platforms are mandated to comply with India's anti-money laundering rules since their inclusion in March. With 31 registered crypto firms, Indian traders are shifting to global platforms, raising concerns of potential tax evasion. The G20 Summit introduced a coordinated strategy, the Roadmap for Cryptocurrency, addressing challenges and opportunities in the crypto space.

• Ethereum co-founder Vitalik Buterin emphasizes the need for Ethereum to rekindle its initial "cypherpunk" vision, advocating for values like decentralization and censorship resistance. He urges a return to non-financial applications and highlights technologies like rollups and zero-knowledge proofs as means to uphold cypherpunk values.

• The Avalanche Foundation plans to use its $100 million NFT incubator fund to buy select Avalanche-based memecoins as part of its "Culture Catalyst" initiative. The move aims to recognize and encourage the cultural significance of meme coins within diverse crypto communities, with stringent selection criteria applied. Notable memecoin, Coqinu (COQ), surged over 1.47 million percent between December 8 and December 20.

• ARK Invest has filed the final S-1 amendment for its proposed spot Bitcoin ETF, Ark 21Shares Bitcoin ETF (ARKB), ahead of an SEC-imposed deadline. The move positions ARK Invest for potential approval in the first wave of spot Bitcoin ETFs in early January, following a meeting between SEC officials and multiple firms on December 21. More firms are expected to submit amended S-1 filings in the coming days.

• Solana (SOL) experienced a post-Christmas retracement, dropping below $100 after a 120% monthly rally. It currently trades at $105, down 14% from its recent peak. Binance Coin (BNB) reclaimed its fourth-largest market cap position with an unexpected 9% uptick. Solana's rally also influenced memecoins like Bonk and Dogwifhat.

• The crypto hacking group "Pink Drainer" stole $4.4 million in Chainlink (LINK) from a single victim by tricking them into signing an "Increase Approval" function. The stolen funds have been sold for Ether and are being laundered through the eXch exchange. Pink Drainer has been linked to various scams and hacks in the past year.

• Bitcoin investors witness a remarkable 160% surge in 2023, setting the stage for the last options expiry of the year. Approximately 178,000 BTC options expire, with a notable $11 billion in total options expiring, reflecting increased maturity in the crypto options market. Market anticipates the SEC's Bitcoin ETF approval around January 10, 2024.

Also read - 24 Crypto Update, 07 March: Ethereum Edges Closer to $4,000