Crypto Daily Roundup,30 Jan: Eyes on Upcoming US Data Impact

Crypto currency prices have risen throughout the previous 24 hours.

Top 5 Gainers Coins

Crypto News Key Highlights:

• The upcoming Union Budget on February 1st has sparked high hopes among Indian cryptocurrency investors for potential relief in taxes. Optimistic about positive changes, investors anticipate a reduction in crypto profit taxes from 30% to 10-15%, as well as a decrease in TDS from 1% to 0.01%. The budget is eagerly awaited for possible fiscal adjustments.

• Binance.US is under increased regulatory scrutiny as former CEO Changpeng Zhao faces legal issues. Operations in Alaska and Florida are halted due to license denials and suspensions. This adds to Binance's global regulatory challenges, including lawsuits in the US and regulatory actions in Australia, Canada, and Russia.

• Senator Rand Paul is reintroducing the "Audit the Fed" bill for transparency in the U.S. Federal Reserve. The legislation proposes a thorough audit by the Government Accountability Office. Integration of blockchain in central bank operations is suggested for transparency. Cryptocurrencies, like Bitcoin, are seen as safeguards against inflation.

• Over the weekend, South Korean karaoke service SOMESING experienced a hack, resulting in the theft of hundreds of millions of SSX tokens. Major exchanges like Upbit, Bithumb, and Coinone suspended SSX token transactions, responding to security concerns. The stolen tokens, valued at $11 million, were withdrawn to unknown wallets. SOMESING is collaborating with authorities and cyber security firms to track the stolen funds and identify the hacker.

• Fidelity's spot Bitcoin ETF attracted $208 million in daily inflows on January 29, surpassing outflows from Grayscale Bitcoin Trust. GBTC's daily outflows dropped nearly 25%, marking the second-lowest day, while nine new U.S. spot Bitcoin ETFs gained significant volume.

• The U.S. SEC charged Xue Lee and Brenda Chunga for their roles in an alleged $1.7 billion crypto fraud scheme involving HyperFund, HyperVerse, and HyperTech. Chunga settled, while Lee faces charges from the U.S. Attorney's Office. The SEC seeks penalties, injunctive relief, and disgorgement.

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Also read - 24 Crypto Update, 29 Jan: US Data Buzz Boosts Crypto