What’s Happening in Crypto Today? Daily Crypto News Summary

Last updated: May 2, 2024 08:06 EDT | 5 minutes reading

Get your daily blockchain and crypto news digest today – delving into the stories flying under today’s news radar.

In today’s crypto news:

• Why is crypto hot today?
• ‘Scammers Are Coming After People’s Cryptocurrency,’ FBI Says
• Binance Labs Invests in Movement Labs Mission to Bring “Move Everywhere”
• VanEck Wide Moat Strategy Now Available on the AssetMark SMA Platform

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Why is crypto hot today?

The global cryptocurrency market capitalization is $2.28 trillion, an increase of 1.6% in the last 24 hours. according to for CoinGecko.

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

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

The second biggest drop is far behind. KNOW fell 2.4% to trade at $0.518.

Only five other currencies saw their prices fall.

On the other hand, among green coins, some meme coins made the biggest jumps.

Dogwifehat (WIF) is at the top with a 14.4% increase to $2.68. It is followed by PEPE Increase of 13.6% to US$0.000007023.

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

Source: coinecko.com

The best performance is Solana (SUN). Its price has appreciated by 9.5% in 24 hours, currently trading at US$133.5.

Next is XRPwith a price increase of 4.6% to US$0.5126.

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

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

Also on Wednesday, the US Federal Reserve has decided to keep interest rates unchanged, but plans to reduce its quantitative tightening (QT) program from June onwards.

Meanwhile, in the United Kingdom, Conservative MP Alun Cairns called for Financial Conduct Authority (FCA) for reconsider your ban in crypto exchange-traded products (ETPs) for retail investors.

‘Scammers Are Coming After People’s Cryptocurrency,’ FBI Says

In today’s crypto news, a new report from the US Federal Bureau of Investigation (FBI), compiled by Internet Crime Complaint Center (IC3), found that senior fraud complaints increased by 14% in 2023 – and around 15,000 of them are related to crypto.

According to Following the announcement, IC3 received more than 15,000 complaints in 2023 from victims aged 60 and over who stated that encryption was “a means or tool used to facilitate” the scam or fraud targeting them.

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

Losses totaled more than US$1.1 billion.

Most cryptocurrency investment scams are socially designed and based on trust, the report said. Scammers often start them through a romance or trust scam, he said the report.

Therefore, scammers often target elderly individuals using dating apps, social media platforms, professional networking sites, or encrypted messaging apps.

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

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

Meanwhile, call center fraud, such as technology and customer support scams and government impersonation, comes in second, with approximately 16% of losses associated with cryptocurrency.

Additionally, scammers are increasingly utilizing ATMs and cryptocurrency kiosks, especially among technical and customer support scams, government impersonation, and trust/romance scams.

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

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

In total, scams targeting individuals aged 60 and over 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 Labsa US-based blockchain development team, announced an investment of Binance Labs.

According to to the press release, this follows Movement Labs US$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 in 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, high-performance, high-throughput Move VM rollups as easily as they do smart contracts, the team said.

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

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

VanEck Wide Moat Strategy Now Available on the AssetMark SMA Platform

In other crypto news today, asset management firm VanEck announced that the VanEck Morningstar Wide Moat Strategy is now available at Account managed separately from AssetMark (SMA).

This change provides access to Morningstar’s approach to investing in “quality companies with attractive ratings for financial advisors on the platform,” he said the announcement.

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

The strategy tracks the Morningstar Wide Moat Focus Index. This index supports the US$ 14 billion VanEck Morningstar Wide Moat ETF (MOT).

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

Meanwhile, AssetMark is a platform for custom models 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 companies, the announcement said.

“Templates are an increasingly important part of financial advisors’ toolkits and AssetMark has a proven track record of adapting its suite of template offerings to meet investors’ evolving needs,” said Ed Lopez, Head of Management of VanEck products.

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