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24 Crypto Update, 16 Jan: BTC Holds Ground, Altcoins Take Varied Paths

Key Takeaways
  • Treasury and IRS exempt businesses from reporting digital asset transactions over $10,000 until new regulations address the reporting method for cash.
  • At present, Bitcoin is trading at approximately $43,000, with Ethereum priced below $2,600.
  • The cryptocurrency market has seen a 0.50% increase, resulting in a total market capitalization of $1.78 trillion.
17-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 16

Crypto market rose by 0.50% in the past 24 hours, reaching $1.78 T.

  • Bitcoin has sustained a flat trajectory amid diminishing enthusiasm surrounding the recent Bitcoin ETF speculation.

  • The upcoming Federal Reserve meeting in the next fortnight looms as a possible catalyst for the next movement in Bitcoin.

Major Events To Watch:

forex factory

Crypto Fear and Greed:

SBF

In the last 24 hours, heightened selling activity dominated the market, resulting in a 4-point decline on the "Greed and Fear Index." The index now stands at 60 on its 0 to 100 scale, reflecting increased apprehension among investors.

Latest Market Update: 

  • Bitcoin, the world's oldest and most valuable cryptocurrency, maintained stability, hovering around the $42,000 range early on Wednesday.

  • Various top coins, such as Ethereum, Dogecoin, Solana, Ripple, and Litecoin, exhibited a mix of gains and losses in the market.

  • The Flare token, which experienced significant gains the previous day, saw a reversal as it became the biggest loser, registering a 24-hour dip of nearly 9 percent.

  • Conversely, Klaytn emerged as the top gainer, with an impressive 24-hour jump of over 22 percent.

  • The crypto market experienced a 6.64% increase in volume over the last 24 hours, reaching a total of $58.16 billion

  • DeFi accounts for 8.07% ($4.69B) of the total 24-hour crypto market volume.

  • Stable coins dominate, making up 90.99% ($52.93B) of the total volume.

  • Bitcoin's dominance slightly declined to 49.62%, down by 0.17% in the last day.

Major Worldwide News Update:

  • ProShares plans to introduce five new Bitcoin ETFs, providing leveraged and inverse options based on the Bloomberg Galaxy Bitcoin Index. Launching on April 1, these offerings cater to diverse investment strategies amid growing institutional interest. RexShares and others are also exploring similar options, coinciding with potential outflows from Grayscale Bitcoin Trust, indicating market reallocation. The demand for regulated investment tools signals a dynamic future for Bitcoin ETFs.

  • Pictory AI, led by CEO Vikram Chalana, transforms text into videos using advanced AI. Its unique features include a Script-To-Video Tool, Article to Video tool, and integration with video editing software. Pictory AI's innovative capabilities, like voice and text translation, promise further evolution, enhancing content creation experiences.

  • Republican presidential candidate Vivek Ramaswamy, a vocal supporter of cryptocurrency, has withdrawn from the race after nearly a year of campaigning. Ramaswamy, known for his robust stance on crypto policies, aimed to safeguard developers, establish clear regulations, and protect self-hosted wallets. He expressed discontent with the SEC's handling of crypto regulation.

  • The U.S. Treasury and IRS have granted a temporary reprieve to crypto businesses, delaying enforcement of new reporting rules for digital asset transactions. This pause, stemming from the Infrastructure Investment and Jobs Act, eases requirements until specific regulations are established, addressing concerns over stringent measures' impact on the crypto industry.

  • The SEC's case against Terraform Labs and co-founder Do Kwon is postponed to March, seeking Kwon's extradition from Montenegro. Refusals to reconsider earlier orders led to the delay. The SEC opposes separate trials, citing similarities in the TerraUSD stablecoin stability claims. Kwon, facing U.S. and South Korean charges, is reportedly detained, sparking legal disputes over jury disclosure.

  • Binance has launched full digital asset exchange operations in Thailand through Gulf Binance, a joint venture with Gulf Energy Development. With licenses secured in May 2023, Binance aims to contribute to Thailand's digital economy growth amid increasing competition in the market. Approximately 20% of Thais own cryptocurrency, and the government restricts using it for transactions. Despite regulatory challenges, Binance seeks to foster new opportunities in the thriving Thai crypto landscape.

COIN GABBAR Views: Is there a possibility of Bitcoin dropping to $38K, and will the bulls intervene? Has the Bitcoin bull run come to an end? Will the Bitcoin price stay within this range for the next couple of months? Does the surge in Bitcoin price follow the spot ETF approval, and is Ethereum next in line? Despite signals of recovery in Bitcoin price, are the bears still a threat in the market? To get latest news Stay tuned us at coingabbar

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 Daily Roundup, 16 Jan: Are Altcoins Poised to Outshine Bitcoin

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