Crypto Daily Roundup, 05 Feb: Crypto market locked in range

Cryptocurrency values have fallen during previous 24 hours

Top 5 Losers Coins

Crypto News Key Highlights:

• The advent of Gen AI is diminishing skill requirements and causing job reductions, impacting 75% of surveyed entertainment leaders. Professionals such as sound designers, music editors, and engineers foresee substantial job displacement within the industry. Despite apprehensions and labor protests, the ongoing evolution of Gen AI's capabilities is significantly influencing various sectors.

• #El Salvador's exit polls signal an overwhelming 87% support for President Nayib Bukele's Nueva Ideas party, projecting his potential reelection until 2029. The figures highlight public approval for Bukele's cryptocurrency initiatives, particularly making Bitcoin legal tender and plans for Bitcoin City. If confirmed, the results indicate continued policy consistency regarding Bitcoin under Bukele's leadership.

• Spain's Ministry of Finance, led by María Jesús Montero, plans to enhance control over cryptocurrency monitoring, allowing the seizure of digital assets to settle tax debts. Legislative reforms under consideration would empower the Spanish Tax Agency to identify and confiscate crypto assets from taxpayers with overdue debts, addressing tax evasion concerns.

• South Korea's Financial Supervisory Service (FSS) is seeking insights from the U.S. SEC on spot #Bitcoin exchange-traded funds (ETFs). FSS Chief Lee Bok-Hyun plans to visit the SEC in 2024 to discuss digital assets and the impact of the recent SEC approval of spot Bitcoin ETFs, emphasizing global financial policy implications.

• Fed Chair Jerome Powell expressed caution on rate cuts, emphasizing the strong US economy. Crypto traders look for cues, while El Salvador's pro-Bitcoin President Nayib Bukele's reelection signals continued crypto commitment. China's CSI 1000 index plunges after PBOC reserve ratio cut. Key US events and #SEC's Ether #ETF decision await this week.

• The Indian government rejects Binance's plea to resume temporary operations, stressing compliance with laws like the PMLA. Despite settling taxes, Binance's non-adherence to #PMLA guidelines leads to denial of exemptions. Full regulatory compliance is insisted upon before further discussions. Binance, unregistered with FIU India, faces a ban alongside nine other crypto exchanges.

• Former Terraform Labs financial officer, Han Chang-joon, extradited to South Korea after a Montenegro prison term. The $60 billion Terra stablecoin collapse legal saga intensifies as co-founder Do Kwon challenges #SEC case, disputing key expert witness testimony. Terraform Labs emphasizes court oversights, adding complexity to the unfolding narrative.

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.

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