FameEX Morning Crypto News Recap | January 29, 2024

SEC's Cryptocurrency Oversight Intensifies, Reaching Peak in 2023

The U.S. Securities and Exchange Commission (SEC) intensified its cryptocurrency enforcement in 2023, recording a surge of over 50% in crypto-related actions compared to 2022. The report notes that the SEC prioritizes oversight in the digital asset market, having undertaken 46 enforcement actions across various cryptocurrency market players, marking a substantial regulatory focus on the sector.

Deutsche Bank Survey Reveals More Than 35% of Respondents Predict Bitcoin to Decline Below $20,000

A recent survey by Deutsche Bank with 2,000 respondents reveals over 35% predict Bitcoin's value will dip below $20,000. In contrast, around 15% anticipate the cryptocurrency will stabilize between $40,000 and $75,000 by the end of the year, indicating diverse expectations regarding Bitcoin’s market performance in the upcoming period.

Bitcoin's Hashrate Rises Following January Decline, With Miners Awaiting Forthcoming Difficulty Modification

Bitcoin's hashrate saw considerable variations, including a notable dip in mid-January 2024, primarily due to harsh winter conditions in Texas leading to a temporary pause in mining activities. By January 21, the seven-day simple moving average of the hashrate fell to a 12-month low of 482 exahashes per second (EH/s), but has since shown resilience, rebounding with a 10.99% increase to reach 535 EH/s.

Market Expert Gareth Soloway Foresees Bitcoin Dropping to $15K Amid Potential Stock Market Downturn

In an interview, Gareth Soloway, Chief Market Strategist at verifiedinvesting.com, speculated that a significant downturn in the stock market could lead Bitcoin's price to drop to approximately $15,000. Soloway's comments underscore a potential link between the movements in Bitcoin's price and the wider stock market's performance.

2024 Witnesses Largest Weekly Drop in NFT Sales on Five Key Blockchains, Marking Significant Losses

From January 20 to 27, 2024, non-fungible token (NFT) sales saw a steep decline of 21.25% from the preceding week. The leading blockchains for NFT transactions, Ethereum and Bitcoin, witnessed significant reductions in their sales volumes, declining by 28.78% and 12.62%, respectively. This marked a noticeable downturn in the NFT market's performance.

Bitcoin Maintains Position Above $42,000 Amidst Shift to Neutral in Crypto Fear and Greed Index

The Crypto Fear and Greed Index, known for fluctuating between states of "greed" and "extreme greed," shifted to a "neutral" position on January 28, 2024. Concurrently, Bitcoin's price experienced a slight uplift, surpassing the $42,000 mark. This period witnessed Bitcoin registering a marginal growth of about 1.5% against the U.S. dollar, indicating a trend towards market stability.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​