Bitcoin is barely hanging around as the largest crypto token managed to hold 29,000-mark

China is warning telecom companies that are based overseas not to wield "new technologies" — cryptocurrencies, blockchain, artificial intelligence (AI), and the metaverse — for nefarious purposes. Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday. Leading Bitcoin (BTC) ATM operator CoinFlip has integrated Ripple Lab's associated XRP tokens on its Order Desk. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.

Crypto Price Movement

Bitcoin was trading flat compared to the previous trading session as the largest crypto token managed to hold the 29,000 mark, while Ethereum posted muted gains but remained below $ 1,850 levels. Other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) saw a mix of minor dips and gains across the board. The XDC Network (XDC) token emerged as the biggest gainer, with a 24-hour jump of nearly 18 percent. The global cryptocurrency market cap was trading slightly higher, rising to the $1.17 trillion mark as it fell more than a half-a-percent in the last 24 hours.

China Warns Telecom Companies Dealing with Crypto and Blockchain

China is warning telecom companies that are based overseas not to wield "new technologies" — digital assets, blockchain, artificial intelligence (AI), and the metaverse — for nefarious purposes.

According to Global Times, citing a statement from the Chinese Central Political and Legal Committee, "entities operating from outside China have been using deceptive tactics such as posing as lucrative job opportunities to recruit unsuspecting victims."

"From the perspective of fraud methods, fraud groups use blockchain, metaverse, virtual currency, AI intelligence, and other new technologies and new formats to continuously update criminal tools, which are more concealed and confusing," the committee stated. "This requires the public security, finance, telecommunications, Internet, and other departments to work together, apply advanced technical means, and fulfill the main body of supervision responsibility."

Founder of Celsius Network to face a new lawsuit

Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday.

Justice Margaret Chan said the attorney general sufficiently alleged that Mashinsky defrauded investors by touting Celsius as a safe alternative to banks and concealing its risks, including hundreds of millions of dollars of investment losses.

Top ATM Services Provider CoinFlip Has Integrated XRP

Leading Bitcoin (BTC) ATM operator CoinFlip has integrated Ripple Lab's associated XRP tokens on its Order Desk. This means that investors could purchase the token on its platform, providing insights into the market and complimentary access to personalized client managers.

Ben Weiss, the Chief Executive Officer (CEO) and co-founder of CoinFlip, said, "Following an exponential increase in demand for the token, it was only natural for us to expand our offerings to include XRP. We are excited to further empower individuals with another powerful tool to navigate the evolving digital economy as we strive to make cryptocurrency accessible to everyone."

Crypto Bills in the US are Likely to Face Hostility

The director of government relations for the US Blockchain Association believes the market structure bill is a two-year thing. CoinDesk Analysts believe the bill could face a potentially hostile Senate and White House. Therefore, the market structure bill is unlikely to be received as is from Senate Democrats and the White House.