Crypto Daily Roundup, 20 Jan: BTC Finds Support, but Is the Worst Over

Crypto coins have risen significantly during the previous 24 hours.

Top 5 Gainers Coins

Crypto News Key Highlights:

• Debiex , a US exchange, faces CFTC scrutiny over alleged use of romantic relationships for fund swindling. CFTC accuses misappropriation of crypto investments for personal gain, citing a pig butchering scheme that resulted in $2 million misappropriation from five victims. Authorities warn of rising crypto-related scams and advise caution with connections.

• Cardano , led by Charles Hoskinson, pioneers a third-gen proof-of-stake blockchain prioritizing research and scalability. Its eco-friendly proof-of-stake model significantly reduces energy consumption, impacting education, entertainment, and telecommunications. Despite SEC challenges in 2023, Cardano ventured into DeFi, introduced partner chains, and embraced NFTs for continuous ecosystem expansion.

• In DeFi, Wormhole's bridge reclaims $1 billion in total value locked, marking a significant recovery after two years. Hedera's Governing Council approves $408 million for ecosystem growth. Fidelity anticipates that Fed rate cuts could boost institutional interest in DeFi and stablecoins. Avalanche's inscription tokens draw record user interest.

• The Grayscale Bitcoin Trust (GBTC) experiences intensified outflows, contributing to a $5 billion decline in assets under management (AUM) after the approval of the spot Bitcoin ETF. GBTC holders convert to lower-fee options, with approximately $1.1 billion flowing out in three days. Other Bitcoin funds, including BlackRock's ETF, add 10,667 BTC.

• Despite recent legal challenges and leadership changes, Binance has experienced net inflows of $4.6 billion since its November settlement with US regulatory bodies. In January alone, the platform attracted $3.5 billion, marking its strongest month since November 2022, showcasing resilience and recovery.

• Bitcoin's 2024 Halving Event sparks anticipation, showcasing its unparalleled impact in the crypto market. Happening every four years, it halves miner rewards, shaping market sentiment. Historical trends fuel investor optimism for a substantial post-Halving price surge, potentially surpassing $100,000 in the upcoming year.

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Also read - 24 Crypto, 19 Jan: BTC Support Struggle: Is a Rebound on the Horizon