Here is what happened yesterday in the crypto market:
Solana and XRP Stand Out in Crypto Decline
The cryptocurrency market is experiencing a downturn, with Solana (SOL) and XRP leading the losses among major cryptocurrencies. This follows the U.S. markets being closed for Presidents’ Day, contributing to a lack of trading activity.
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India’s Enforcement Action in BitConnect Fraud
Indian authorities have seized approximately $190 million in assets linked to the infamous BitConnect fraud case. This action follows investigations into the operations of BitConnect, highlighting ongoing efforts against cryptocurrency fraud. The founder, Satish Kumbhani, remains a wanted figure in both India and the U.S.
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U.S. Task Force Moves Toward National Bitcoin Reserve
A new report suggests that the U.S. crypto task force is considering establishing a national Bitcoin reserve, potentially enabling the Federal Reserve to fund BTC purchases through debt or gold sales. This move could trigger similar initiatives globally within the crypto space.
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Bitcoin Staking and Institutional Partnerships
Core Foundation has partnered with leading firms like Maple Finance and BitGo to enhance Bitcoin staking capabilities. This collaboration aims to create new liquidity avenues within the DeFi ecosystem, amplifying interest in yield opportunities for Bitcoin holders.
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Market Reactions to Key Upcoming Events
Investors are bracing for a potentially volatile week in the crypto markets, driven by significant events such as the FTX payout and FOMC minutes. Analysts speculate that these factors could reignite Bitcoin’s price activity, which has been stagnant below the $100,000 mark.
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