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Crypto Prices Today 1 May: Cryptos Drop Ahead of Fed Verdict

01-May-2024 By: Lokesh Gupta
Crypto Prices Today

Cryptocurrency values have taken a substantial nosedive

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Crypto News Key Highlights:

  • In April, private sector employment surged by 192,000 jobs, with annual pay rising by 5.0% year-over-year, as per the April ADP National Employment Report, produced by ADP Research Institute in collaboration with Stanford Digital Economy Lab. It offers an independent, high-frequency view of the private-sector labor market using anonymized payroll data of over 25 million US employees.

  • The Enforcement Directorate in India has launched its crypto wallet to counter financial crime involving cryptocurrencies, following a major fraud by the "E Nugget" gaming app. With advanced tech partnerships and software development, ED aims to enhance cyber forensics and combat evolving criminal tactics, potentially reshaping India's crypto landscape.

  • BlackRock launches BUIDL , the largest tokenized fund on Ethereum, surpassing Franklin Templeton's fund in six weeks. BUIDL's market cap reaches $375 million, driven by $70 million inflow last week. CEO Larry Fink advocates for blockchain efficiency. Despite low demand, BUIDL offers liquidity and stability via US treasury bill trading.

  • Victoria Jacobs, aka Bakhrom Talipov, received an 18-year prison sentence for funding Syrian terrorism with Bitcoin. She laundered over $12,000 for terrorist groups using cryptocurrency. Regulatory ambiguity surrounding crypto enables such crimes, while countries like the UK strengthen regulations to combat crypto-related crime effectively.

  • Approximately 50 Beribit users attempted to storm the exchange's Moscow offices demanding $4 million in digital assets. Withdrawal issues prompted chaos, with employees blocked from leaving. Management cited balance sheet discrepancies, initiating an audit causing delays. Reassuring statements were followed by failure to reimburse, with only police-complaining users compensated.

  • Between 2022 and 2023, a UK financial report highlighted crypto firms, alongside banking sectors, as the highest risk for money laundering. The Financial Conduct Authority's scrutiny of 238 firms revealed this risk. UK authorities have been intensifying efforts, with police seizing millions in crypto assets and dedicated personnel supervising anti-money laundering measures.

  • Sell in May and Go Away, a strategy introduced by Alfred Fielding in the 1970s, suggests selling assets in May and buying back in November. Though historically supported, its effectiveness varies. For instance, S&P 500 returns an average of 0.18% in May. While it impacts stocks, its influence on cryptocurrencies is less pronounced, with sporadic alignment observed.

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 - Crypto Prices May 01: FOMC Fears Trigger Massive Sell-Off

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