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Crypto Daily Roundup, 19 Jan: BTC ETF Euphoria Wanes, Market Bleeds

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

Crypto coins have declined significantly during the previous 24 hours.

Top 5 Losers Coins

IndicesLTPChange (%)
Ethereum Name Service$20.0210.53%

Crypto News Key Highlights:

  • VeChain encountered a cyber attack, compromising its official X account. Scammers promoted a deceptive giveaway, targeting VeChain (VET) and Ethereum (ETH) holders. The crypto community detected the fraud, and VeChain's team promptly regained control, preventing potential financial losses. This incident underscores persistent security challenges in the cryptocurrency industry.

  • Bitcoin's value drops 3.45%, slipping below $41,000, marking over a 10% weekly loss. Grayscale's Bitcoin Trust (GBTC) experiences $2.2 billion outflows post Bitcoin ETF launches, leading to liquidation. However, spot Bitcoin ETFs, especially BlackRock's, show positive growth with over a billion in inflows. Bloomberg's Eric Balchunas notes a surprising 34% increase in Bitcoin ETF trading volume, expressing optimism. The GBTC discount reverses, climbing to 96 basis points amid selling pressure.

  • The US Securities and Exchange Commission (SEC) has postponed its decision on Fidelity's Ether (ETH) exchange-traded fund (ETF), extending the deliberation period by 45 days. Meanwhile, five leveraged Bitcoin (BTC) ETFs are awaiting regulatory approval. The SEC set March 5 as the next decision date, with analysts eyeing late May for critical approvals.

  • Donald Trump's NFT collection offers a unique incentive, promising a "One-of-One" trading card as a Bitcoin Ordinal to users purchasing 100 or more Mugshot Edition NFTs. Limited to 200 units, each requiring a minimum $99 spend, these NFTs can't be traded until December 2024, emphasizing personal enjoyment over investment.

  • Artificial intelligence (AI) is destined to transform our future, disrupting economic and societal conventions. Sundar Pichai's January 17 message reveals plans for job reduction in 2024, which are consistent with Google's 2023 measures. Alphabet, Google's parent firm, has already planned a 6% global staff cut for January 2023.

  • Donald Trump pledges to thwart the Federal Reserve's central bank digital currency, citing it as a threat to freedom. Vivek Ramaswamy exits the Republican race after endorsing a crypto-focused policy. Ex-SEC enforcer proposes a Crypto Czar for each candidate, emphasizing clear regulations for crypto growth. Candidates' stances are pivotal, attracting privacy-focused voters.

  • Robinhood settles a three-year legal dispute with Massachusetts' securities regulator, agreeing to pay a $7.5 million penalty and revamp digital engagement practices accused of gamifying trading. The allegations suggested Robinhood targeted inexperienced investors. The settlement includes ceasing certain practices and working with an independent compliance consultant.

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,18 Jan: Market Unwinds as BTC ETF Enthusiasm Runs Dry

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