Crypto Daily Roundup: Bitcoin Continued to Bleed

53.2 percent of Indians who have invested in crypto are looking for long-term returns

A majority of G20 members are now in sync with the view of India's central bank that cryptocurrencies could pose huge risks to the stability of the financial system. The price of Bitcoin fell sharply and suddenly started the week as investors awaited a major Federal Reserve policy decision and digested concerns around Binance. 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 continued to bleed, dropping more than 2 percent to barely hold the US$ 29,000 mark, while Ethereum was trading lower, falling about a percent but managing to hold the US$ 1,850 level. Dogecoin's price surge could be linked to the latest development on the Twitter-Elon Musk front. Popular altcoins like Litecoin (LTC), and Solana (SOL) saw major dips. The global cryptocurrency market cap was trading significantly lower, falling to US$1.17 trillion as it declined two percent in the last 24 hours.

RBI's Views on Crypto Got Support from G20 Members

A majority of G20 members are now in sync with the view of India's central bank that cryptocurrencies could pose huge risks to the stability of the financial system, people aware of the development said, adding that these countries may work to institutionalize an internationally-accepted regulatory framework for crypto-assets while allowing individual jurisdictions to impose stricter regulations beyond that minimum threshold, even a complete ban.

Bitcoin Falls Sharply Ahead of Fed Meeting

The price of Bitcoin fell sharply and suddenly started the week as investors awaited a major Federal Reserve policy decision and digested concerns around Binance.

According to Coin Metrics, Bitcoin was last lower by more than 3% at US$29,121.60. It sank as low as US$28,995.02, its lowest level in over a month.

Nasdaq Halts Push in Surprise Move

Wall Street activity in the battle to provide custody services for the more than trillion-dollar digital-asset market is heating up rapidly, and in surprising ways, turning what would typically be considered a sleepy area of finance into one of the most lively sectors, reported Bloomberg.

Nasdaq Inc. said it's halting plans to launch its crypto asset custodian last week, citing a lack of business opportunities and an uncertain regulatory backdrop. Citigroup Inc. is reviewing its partnership with Swiss digital-asset custodial software provider Metaco Inc., which another crypto firm had acquired. At the same time, State Street axed a deal with London's Copper Technologies. Elsewhere, Societe Generale was granted a license by France's market regulator, allowing it to provide services for storing and safeguarding digital assets, while UK asset manager Schroders is on the hunt for a crypto custodian.

Vitalik Buterin Raised Concerns Over Worldcoin

Ethereum co-founder Vitalik Buterin released a blog post on Monday detailing his concerns over OpenAI CEO Sam Altman's new crypto project, Worldcoin, which launched its mainnet this week. In the post, Buterin highlights four major concerns with Worldcoin's user authentication system, called "Proof-of-Personhood" (PoP).

There have been a few efforts at tackling this problem: Proof of Humanity, BrightID, Idena, and Circles are examples. Some come with their applications (often a UBI token), and some have found use in Gitcoin Passport to verify which accounts are valid for quadratic voting.

Over Half of Indian Crypto Investors in for Long Term: Wazirx Survey

53.2 percent of Indians who have invested in cryptocurrency are looking for long-term returns, findings of a report released by crypto exchange WazirX on Monday showed. Women were keener on investing in crypto for the long term than men.

"85 percent of female respondents were HODLers, whereas the proportion of male respondents stands at 53.8 percent," it said. HODLers, according to the report, are the ones who invest in crypto for long-term returns. The report was based on a survey of investors on WazirX aged between 18 and 60 years.