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Crypto Roundup, 17 Jan: A Quiet Market Emerges After Volatility Storm

17-Jan-2024 By: Lokesh Gupta
Crypto Roundup, 17 J

In the last 24 hours, Crypto Currency prices have been trending upward

TOP 5 Trending Coins

IndicesLTPChange (%)
Xai$1.018.25%
Prosper$0.49180.57%
Celestia$19.020.22%
Balancer$4.261.08%
Flare$0.020237.47%

Crypto News Key Highlights:

  • The European Banking Authority extended Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) guidelines to European crypto companies. Effective from Dec. 30, the guidelines aim to help crypto firms assess exposure risks to financial crimes, providing specific measures, including blockchain analytics tools. The EBA sees this as a crucial step in harmonizing anti-financial crime efforts across the EU.

  • Cross-chain protocol Socket suffered an exploit, resulting in a $3.3 million drain from associated contracts. The team promptly paused affected contracts to prevent further losses. Users are urged to revoke approvals from the exploited Ethereum address. Phishing attempts have emerged, taking advantage of the incident.

  • In response to the FIU ban on offshore platforms, Indian exchanges like BuyUcoin and WazirX reassure users with seamless transfers and zero fees. BuyUcoin prioritizes investor protection, offering fee waivers, while WazirX's 1% bonus boosts P2P transactions, spot trading, and deposits amid heightened concerns over FIU notices and app store restrictions in India.

  • Dormant Bitcoin addresses since 2019 have become active, moving $2 billion in 5 transactions, with the largest involving 11.115K BTC ($478.15 million). Simultaneous awakening and lockup of these wallets raise interest, coinciding with the SEC's spot Bitcoin ETF approval and significant fund movements by entities like Grayscale Investments, hinting at potential market shifts.

  • Despite backlash over not allowing Bitcoin ETF trades, Vanguard has experienced a significant $5 billion fund inflow in the past five days, according to Bloomberg analyst Eric Balchunas. He suggests the boycott movement is unlikely to impact Vanguard's inflows, and speculates the firm may reconsider its crypto stance in the future.

  • Over 340 Southeast Asian casinos have transitioned online, foreseeing a $205 billion formal online betting market by 2030. With underregulated platforms and crypto exchanges facilitating swift, anonymous transactions, criminal activities surge. Urgent international collaboration and robust regulations are crucial to address the escalating cross-border challenges posed by the online casino menace in Asia.

  • Ethereum (ETH) is gaining against Bitcoin (BTC) as the ETH/BTC ratio rebounds from multi-year lows, driven by optimism for spot Ethereum ETF approvals. Increased confidence in SEC approval suggests easier access for institutional investors, with ETH outperforming BTC by 20% in the past week.

  • As the Bitcoin halving approaches, 79% of CryptoRank.io users express bullish sentiment, anticipating a price surge similar to historical halvings. Despite recent bearish action post-spot ETF approval, Bitcoin hovers above $43,000. Analysts, including Ash Crypto, maintain a long-term bullish outlook, citing potential market cap parallels with gold and significant impact on traditional financial markets.

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, 16 Jan: BTC Holds Ground, Altcoins Take Varied Paths

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