Crypto Market Update (Jan 12)

24-Hour Crypto Prices:

BTC – $42,688.82 +1.4% πŸ“ˆ

ETH – $3,241.08 +4.6% πŸ“ˆ

BNB – $463.73 +8.6% πŸ“ˆ

SOL – $140.10 +3.1% πŸ“ˆ

Top Crypto Gainers:

ROSE – $0.462 +23.6% πŸ“ˆ

FTM – $2.65 +18.4% πŸ“ˆ

OMI – $0.006 +11.9% πŸ“ˆ

Top Crypto Losers:

ICP – $33.13 -9.7% πŸ“‰

DASH – $141.94 -7.0% πŸ“‰

LINK – $26.67 -5.2% πŸ“‰

A class action suit against EthereumMax and its promoters has included celebrities Kim Kardashian, Floyd Mayweather Jr. and Paul Pierce as defendants. Plaintiff Ryan Huegrich brought the suit on behalf of all investors who purchased EthereumMax between May to June, 2021. Huegrich claims EthereumMax obscured the token percentage available to the public between May 14 and June 17, 2021, in order to pump the token price.

β€œIn plain terms, EthereumMax’s entire business model relies on using constant marketing and promotional activities, often from β€œtrusted” celebrities, to dupe potential investors into trusting the financial opportunities available with EMAX Tokens,” reported in the class action complaint. 

Speaking remotely at his confirmation hearing, the Federal Reserve chair Jermoe Powell said the Fed will release its report on cryptocurrencies in the coming weeks. Powell noted changes in monetary policy as a reason for the delayed report. Of particular interest is when the Fed will make a decision on rolling out a CBDC in the United States.

Binance Labs announced that it will contribute to Oasis Foundation’s $200 million ecosystem development fund. Binance Labs joins other prominent VC firms to support the ecosystem development fund including Hashed, Jump Capital, Dragonfly Capital, and Draper Dragon. Oasis Network’s notable features include scalability and privacy. 

Crypto funds outperformed hedge funds and digital asset benchmarks in 2021. Hedge funds returned over 10% last year, underperforming the S&P 500 index’s return of 26.9%. Their crypto fund counterparts averaged 214% in 2021. Meanwhile, Ethereum returned more than 400% in 2021. Expect more penetration from large TradFi funds to crypto in 2022.

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