Crypto Daily Roundup,24 Jan: Market witnessed steep declines

Crypto currency values have fallen during the previous 24 hours.

Top 5 Losers Coins

Crypto News Key Highlights:

• SEC Commissioner Hester Peirce stated that Ethereum ETF approval won't follow the same path as Bitcoin, citing lessons learned. Frustrated with Bitcoin ETF delays, Peirce emphasized changing approval processes for ETH ETFs, focusing on regular considerations. She highlighted the SEC's X account hack and stressed that spot Bitcoin ETF approval doesn't alter crypto regulation.

• Ongoing AI research yields mixed impacts. MIT and IBM find humans economically more attractive than AI, offering a positive perspective. However, concerns for human workers persist despite this research.
  

• Peter Schiff, a gold advocate and crypto skeptic, predicts deeper losses for newly launched spot Bitcoin ETFs. After SEC approval, BTC prices dropped below $40K, with all spot Bitcoin ETFs in bear markets. Schiff believes the ETFs shift demand rather than create additional interest, impacting Coinbase stock and predicting further declines.

• GAMEE, a mobile gaming platform, suffered a security compromise on its GMEE token contracts on Polygon, resulting in the theft of 600 million GMEE tokens worth approximately $15.28 million. The exploit impacted the token's price and led to investigations and security measures by the GAMEE team.

• Former President Donald Trump reportedly made a staggering 15,000% return on the meme coin "TRUMP" after receiving $7,100 worth. Current holdings stand at $868,920 for 579,281 TRUMP tokens. The coin, with a 1% tax on transactions, gained cultural and political relevance, particularly with recent endorsements from political figures. Trump's engagement in the crypto community adds complexity to his relationship with the digital asset sector as the 2024 US presidential election approaches.

• Analysts suggest a slim chance of a spot XRP ETF approval anytime soon, citing ongoing SEC litigation against Ripple and the absence of approved XRP futures ETFs. Regulatory hurdles and the need for SEC concession on XRP's security status pose significant barriers. Hopes remain among some XRP enthusiasts.

• Senator Elizabeth Warren is concerned about the potential misuse of digital assets, highlighting challenges in applying sanctions to cryptocurrencies. The Government Accountability Office's report recognizes blockchain's transparency for tracking transactions. Despite critics noting fiat currencies' prevalence in financial crimes, Warren supports extending anti-money laundering rules to digital assets through proposed legislation.

• Celsius Networks, amid bankruptcy proceedings, executed notable Ethereum transfers, including a $30.34 million deposit on Coinbase and a $5.13 million deposit on FalconX. Speculations arise about potential market sentiment impact, but experts note stability in Celsius' significant ETH holdings. Ethereum's gas usage declined, but NFT trades exhibited resilience, indicating potential renewed interest in the Ethereum ecosystem.

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Also read - 24 Crypto Update,24 Jan: Will the Market Bleeding Ever Cease