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

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

Crypto coins have risen significantly during the previous 24 hours.

Top 5 Gainers Coins

IndicesLTPChange (%)
Akash Network$2.859.40%

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.

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, 19 Jan: BTC Support Struggle: Is a Rebound on the Horizon

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