Top cryptos lead sell-offs 🫣

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The crypto market saw a massive sell-off on Tuesday as BTC failed to rise above the $23K level. The sell-offs are possibly due to profit taking. ETH, ADA, and DOGE witnessed the largest sell-offs, shedding 5.59%, 6.37%, and 6.78%, respectively, as a result. The total market cap fell by 3.3% to touch $1.02T. However, the Crypto Fear and Greed Index is steady at 51/100, and that’s a good sign.

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*Last updated at 9:00 am, 25 January 2023

From the crypto news wires 📰

🇮🇳India launches blockchain initiative NITI Aayog, India’s apex public policy think tank, announced the development of a blockchain module on Monday. The module was launched in partnership with the crypto firm 5ire and Network Capital, a mentorship and career exploration platform. The initiative is run by the Atal Innovation Mission (AIM) of NITI Aayog, which operates Atal Tinkering Labs (ATL) in 10,000+ schools across the country.

💸Genesis hopes to exit bankruptcy soon Genesis is hopeful that the company may settle its creditor disputes this week, according to a lawyer for the insolvent crypto lending company. The lawyer said that by the end of May, the firm might exit Chapter 11 proceedings. Genesis' attorney Sean O'Neal said this at an initial hearing at the United States Bankruptcy Court on 23 January. The news buoyed the crypto market yesterday.

🌏Global crypto users zoom to 425M The adoption of cryptos reached a new milestone in 2022 with 425 million global users, according to research by Singapore crypto exchange Crypto.com. The data showed that 219 million people held BTC in December, compared to 87 million who owned Ether. The exchange said the analysis is based on a mixture of on-chain data from Bitcoin and Ethereum, survey analysis, and its internal data.

🏦Blockchain developer raises $60MBlockchain development platform QuickNode has closed a $60 million Series B funding round as part of its global expansion plan. The firm said 10T Fund, Tiger Global, Seven Seven Six, and QED participated in the round, which valued QuickNode at $800 million. The funding will support the company's international growth and accelerate the switch to Web3, according to the management.

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