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Crypto Daily Roundup,30 Jan: Mixed Signal Before FOMC Impact

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

Crypto currency values have decreased during the last 24 hours.

Top 5 Losers Coins

IndicesLTPChange (%)
Manta Network$3.446.03%
KuCoin Tokens$9.465.18%

Crypto News Key Highlights:

  • #NFT trading volume drops 22.5% to $223M in January's third week, yet active users rise 34%, with 734,000 collectors. Trump NFT on #Polygon bucks the trend, up 70%, possibly linked to US elections. Overall, #Ethereum, #Solana, and #Bitcoin Ordinals collections experience declines, signaling a bearish phase despite earlier recovery.

  • As Indian Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 on February 1, crypto exchanges hope for regulatory relief and relaxation of strict rules. Offshore services like #Binance anticipate potential easing of bans through budget measures, fostering industry growth.

  • Fascinated by the allure of the cryptocurrency market, fresh entrants are turning to $AI trading bots for potential profits. Entrusting their capital to #artificial intelligence, these investors take on risk. The U.S. Commodity Futures Trading Commission (CFTC) cautions against relying on AI bots, emphasizing their inability to predict the future in crypto investments.

  • Terraform Labs files for Chapter 11 bankruptcy to appeal the SEC's securities fraud lawsuit. CEO Chris Amani stresses the importance of protection for operations and stakeholder value. Without bankruptcy, liquidation is likely, but a successful appeal could reduce liabilities.

  • ARK Invest's Cathie Wood predicts Bitcoin's upcoming "halving" will reshape the crypto market. With supply growth dropping to under 1% annually, compared to gold's 1%, the forecast has stirred interest, creating an intriguing backdrop for projects like Harambe $AI and its token pre-sale.

  • Tuesday saw cryptocurrency market consolidation amid a lack of significant developments. Traders are expected to continue rebalancing portfolios during this period without major ecosystem changes. Meanwhile, stock trading remained mixed, anticipating a busy week of earnings reports and the #Federal Reserve's interest rate announcement.

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, 30 Jan: Mixed Signals Before FOMC Impact

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