In 24 hours, the cryptocurrency market plummeted 2% to $1.75 trillion.
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Indian agency FIU states Binance, Kraken, Kucoin, Mexc, and others operate "illegally," violating local anti-money laundering laws, urging IT Ministry to block their websites.
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In the latest amendment submission, the applicants modified the Ark 21Shares Bitcoin ETF filing with the US SEC.
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Canadian crypto exchange Catalyx temporarily halts trading and withdrawals due to an alleged internal security breach.
Major Events To Watch:
Crypto Fear and Greed:
In the last 24 hours, the cryptocurrency markets have witnessed selling pressure, leading to a 8 point down"Greed and Fear Index." Consequently, the current index stands at 65 on its 0 to 100 scale.
Latest Market Update:
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Bitcoin, the world's oldest and most valued cryptocurrency, experienced a drop below the $42,500 mark on Friday.
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Popular altcoins such as Ethereum, Ripple, Litecoin, Solana, and Dogecoin all registered declines.
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Kaspa emerged as the biggest gainer, showing a notable 24-hour jump of over 6.30 percent.
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Aave, on the other hand, was the biggest loser among the mentioned cryptocurrencies, witnessing a 24-hour dip of over 10.97 percent.
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Total crypto market volume in the last 24 hours: $106B, showing a 2.75% decrease.
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DeFi accounts for $8.92B in volume, constituting 11.20% of the total crypto market 24-hour volume.Stable coins contribute $70.56B in volume, comprising 88.63% of the total crypto market 24-hour volume.
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Bitcoin's dominance stands at 51.48%, experiencing a 0.35% decrease over the day.
Major Worldwide News Update:
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The Indian Financial Intelligence Unit (FIU) has identified nine worldwide cryptocurrency exchanges, including large names like Binance and Kraken, for potentially violating local anti-money laundering legislation. They've been slapped with show cause notices, emphasizing the necessity of adherence to AML and Counter Financing of Terrorism regimes for offshore firms supplying Indian users. While 31 crypto businesses have registered with the FIU, some Indian dealers, possibly seeking tax avoidance, are shifting to worldwide platforms. Notably, local exchanges such as CoinSwitch Kuber and CoinDCX retain rigorous KYC verifications, a characteristic not always seen on global platforms.
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The US District Court ruled in favor of the SEC against Terraform Labs and its ex-CEO, Do Kwon, for selling unregistered securities related to LUNA and MIR cryptocurrencies. The court, using the Howey test, found the MIR token met the criteria. Expert testimonies were crucial, but fraud claims will proceed to trial in January 2024, impacting cryptocurrency regulation.
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Ark Invest and 21Shares filed the fifth amendment to the S-1 registration statement for Ark 21Shares Bitcoin ETF, just before the SEC's December 29 deadline. Changes may involve authorized participants, hinting at an imminent spot Bitcoin ETF approval. Analysts suggest approval is almost certain, with positive dialogues reported between Cathie Wood and the SEC.
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Canadian crypto exchange CatalX announced a security breach, suspected to involve an employee, leading to the loss of crypto assets. All trading and withdrawals are temporarily suspended. The Alberta Securities Commission issued a cease order, pausing trading until January 5, 2024. Deloitte is reportedly auditing the exchange.
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VanEck expresses a bullish outlook for Bitcoin and the crypto market in 2024, labeling Bitcoin as a "screaming buy." The VanEck Digital Transformation ETF (DAPP) exceeds $100 million AUM, and the firm anticipates a robust 2024, citing factors like Bitcoin's potential new highs, the halving event, and increased crypto adoption.
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Congressman Tom Emmer supports the SEC Stabilization Act, aiming to restructure the SEC and replace Chair Gary Gensler, accusing him of favoring Wall Street over Main Street. The bill, introduced by Congressman Warren Davidson, addresses concerns about the SEC's approach to digital assets.
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Celsius Network gains court approval for a revised bankruptcy exit plan, shifting from the SEC-rejected NewCo proposal to a standalone Bitcoin mining focus. Creditors will receive $2 billion in Bitcoin and Ethereum, and the move signals Celsius' strategic pivot amid regulatory challenges and market dynamics.
COIN GABBAR Views: Is Bitcoin facing jeopardy as it descends from $44,000? Does the current phase signal a sustained Altcoin season? With India set to ban 9 crypto exchange URLs, including Binance and Kraken, how will this impact the crypto market? Will Indian crypto exchanges benefit or face challenges with this news? To get latest news Stay tuned us at coingabbar
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: Crypto Daily Roundup 28 Dec: ETH Meteoric Rise Challenges BTC Throne
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