What’s happening to cryptocurrencies today? Daily digest of cryptocurrency news

Last Updated: May 2, 2024 8:06am EDT | 5 minute read

Get your daily digest of blockchain and cryptocurrency news today by investigating the stories that fly under the radar in today’s news.

In today’s crypto news:

• Why are cryptocurrencies popular today?
• “Scammers are coming for the popular cryptocurrency,” FBI says
• Binance Labs Invests in Movement Labs Mission to Bring “Move Everywhere”
• The VanEck Wide Moat strategy is now available on the AssetMark SMA platform

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Why are cryptocurrencies popular today?

The global cryptocurrency market capitalization stands at $2.28 trillion, up 1.6% in the past 24 hours. second TO CoinGecko.

Among the top 100 coins by market capitalization, very few coins are in the red today.

Zebec Protocol (ZBC) he fell more. Its price fell 9.3% to $0.02311.

The second largest drop is quite far away. SIX fell 2.4%, trading at $0.518.

Only five other coins saw their prices drop.

Among the green coins, however, a couple of meme coins made the biggest leaps.

Dogwifhat (WIF) is on top with a 14.4% increase to $2.68. Performed by PEPPER Increased 13.6% to $0.000007023.

When it comes to the top 10 coins, today they are all green.

Source: coingecko.com

The best performer is Solana (SOL). Its price increased by 9.5% in 24 hours, currently changing hands at $133.5.

The next one is XRPwith a price increase of 4.6% to $0.5126.

At the same time, Bitcoin (BTC) is up 0.5% to $57,826, while Ethereum (ETH) rose 1.8% to $2,938.

However, as reported, BTC is positioned below the key threshold of $59,328, suggesting a cautious and bearish outlook. This price prediction depends on key resistance and support levels.

Also, on Wednesday, the American Federal Reserve has decided to keep interest rates unchanged, but plans to scale back the quantitative tightening (QT) program starting in June.

Meanwhile, in the UK, Conservative MP Alun Cairns called Financial Conduct Authority (FCA) a reconsider its ban on cryptocurrency exchange-traded products (ETPs) for retail investors.

“Scammers are coming for the popular cryptocurrency,” FBI says

In today’s crypto news, a new report from the United States Federal Bureau of Investigation (FBI), compiled by Internet Crime Complaint Center (IC3), found that fraud reports from seniors increased by 14% in 2023, and around 15,000 of these are related to cryptocurrencies.

Second After the announcement, IC3 received over 15,000 complaints in 2023 from victims aged 60 and over who said cryptocurrencies were “a means or tool used to facilitate” the scam or fraud that had them targeted.

The scam involved the use of Bitcoin, Ethereum, Litecoin, Rippleand other cryptocurrencies.

Losses amounted to more than $1.1 billion.

Most cryptocurrency investment scams are socially engineered and trust-based, the report says. Scammers usually start them through a romance or confidence scam, She said the report.

Therefore, scammers often target seniors using dating applications, social media platforms, professional networking sites, or encrypted messaging applications.

They use false identities to develop relationships and establish rapport with their targets.

This type of scam accounts for 64% of all cryptocurrency-related losses for this age group.

Meanwhile, call center fraud, such as customer and technical support scams and government impersonation, ranks second, with about 16% of losses associated with cryptocurrency.

Additionally, scammers are increasingly using ATMs and cryptocurrency kiosks, particularly among customer and tech support scams, government identity theft, and trust/romance scams.

Scammers convince their victims to withdraw large sums of money and deposit them into specific ATMs or cryptocurrency kiosks, then transfer the converted cryptocurrency to other crypto accounts.

Over 2,000 complaints involved the use of ATMs and cryptocurrency kiosks.

In total, scams targeting individuals aged 60 and older caused more than $3.4 billion in losses in 2023.

Source: fbi.gov

Binance Labs Invests in Movement Labs Mission to Bring “Move Everywhere”

Movement laboratoriesa blockchain development team based in the United States, has announced an investment from Binance Labs.

Second to the press release, this follows the one from Movement Labs $38 million Series A funding round

The company will use the funds to expand its suite of open source tools, frameworks and protocols to facilitate the adoption of the Move programming language into broader blockchain ecosystems.

Rushi Manche, co-founder of Movement Labs, commented that “Binance Labs’ support and expertise will be invaluable as we continue to execute our ‘Move Everywhere’ strategy, starting with a focus on the vibrant and innovative APAC market.”

Movement was founded in 2022. It is building an ecosystem of modular, movement-based blockchains, starting with M2, “the first L2 Move Virtual Machine for Ethereum.”

Developers can use Movement to launch secure, performant, high-throughput Move VM rollups as easily as launching smart contracts, the team said.

Additionally, Movement Labs is continuing its global expansion, with “a strong emphasis” on the Asia-Pacific (APAC) region.

“The company is committed to supporting and supporting Asian Move developers, providing them with the resources, education and opportunities needed to showcase their exceptional work and contribute to the growth of the Move ecosystem,” the press release reads.

The VanEck Wide Moat strategy is now available on the AssetMark SMA platform

In other crypto news today, asset management firms VanEck announced that the VanEck Morningstar’s Wide Moat Strategy is now available on AssetMark separately managed account (SMA).

This move gives financial advisors on the platform access to Morningstar’s approach of investing in “quality companies at attractive valuations” She said the announcement.

The “wide moat” strategy, powered by Morningstar’s equity research process, represents a simple, highly differentiated approach to equity investing, the company said.

The strategy tracks the Morningstar Wide Moat Focus index. This index supports the 14 billion dollars VanEck Morningstar Wide Moat ETF (MOAT).

To be included in the index, a company must have “wide moat” status: that is, it must maintain its competitive advantages for at least 20 years. It must also trade at “an attractive price” compared to Morningstar’s fair value estimate.

Meanwhile, AssetMark is a platform for customized templates and investment solutions. The addition of the VanEck Morningstar Wide Moat strategy to AssetMark’s SMA platform builds on the strategic relationship between the two firms, the announcement said.

“Templates are an increasingly important part of financial advisor tools, and AssetMark has a proven track record of adapting its suite of template offerings to meet the evolving needs of investors,” said Ed Lopez, head of product management by VanEck.

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