Daily Crypto News Digest: April 9, 2024

The cryptocurrency market showed a vibrant performance today, reflecting a notable turnaround in trends. Key developments from the crypto sector include significant market gains, a concerning rise in fraud, and innovative initiatives by blockchain companies.

Crypto Market Trends

In a refreshing turn of events, the global cryptocurrency market capitalization has surged by 3.7% over the past 24 hours, currently standing at an impressive $2.68 trillion. Daily trading volume also reached $180 billion, illustrating the robust trading activity in the market.

While the previous day saw only two cryptocurrencies in the green, today presents a contrasting picture, with almost all coins experiencing gains. The standout performer is Flare (FLR), which has jumped by 27.3%, now trading at $0.01448. Following closely, Bittensor (TAO) recorded a remarkable increase of 17.3%, trading at $232. Conversely, Toncoin (TON) experienced a slight decline of 1.2%, settling at $2.99, while EOS (EOS) dropped marginally by less than 0.5% to $0.6644. Among the top 10 cryptocurrencies, all are in the green today. XRP (XRP) and Cardano (ADA) lead the gains at 9.7%, currently priced at $2 and $0.622, respectively. Bitcoin (BTC) witnessed appreciable growth, rising 6.1% and surpassing the $80,000 mark to trade at $81,803, while Ethereum (ETH) increased 7.9%, reaching $1,598. ### Concerns Over Investment Fraud in the UK

A troubling report has emerged from the UK’s national reporting center, Action Fraud, revealing that cryptocurrency-related fraud accounted for 66% of all investment fraud reports in the country during the first quarter of 2024. The agency received 25,843 reports of investment fraud, with victims suffering a cumulative loss of £649,062,146. Although the total number of reports saw a 7% decrease compared to the previous year, the financial losses escalated by 13%.

Data indicates that individuals aged 35-44 were the most likely targets, while those aged 55-64 incurred the highest monetary losses. Investment opportunities associated with cryptocurrency, along with trading schemes, made up 75% of the commodities mentioned in fraud reports, clearly overshadowing traditional investments like real estate and precious metals.

Immutable’s Major Merger in Gaming

In a significant development for the blockchain gaming sector, Immutable, an Ethereum gaming platform, has announced plans to merge its Immutable X and Immutable zkEVM into a single unified chain. This initiative aims to create what the company describes as the “true home of Web3 gaming." The upcoming merger, anticipated for late 2025, will consolidate extensive assets and games onto one chain, simplifying the user experience and enhancing functionality.

Immutable’s unified chain will support EVM-compatible smart contracts and significantly improve access to decentralized finance (DeFi) tools, including enhanced trading options and liquidity features. Users on the existing blockchain will have their assets automatically migrated to the new chain, with an opt-out possibility if they choose not to participate.

Gate.io’s Charity Initiative with Inter

In a move showcasing the social responsibility of crypto exchanges, Gate.io launched the “Football For Future: Gate.io x Inter Vietnam Football Charity Program” in collaboration with FC Internazionale Milano. The inaugural event took place on April 9 and aims to enhance sports facilities in underserved schools across Vietnam.

As part of this initiative, the Cam Xa Primary School in Hung Yen Province has received an 880-square-meter modern football field, complete with supportive amenities. The project, completed in just over 20 days, emphasizes Gate.io’s commitment to community engagement and the promotion of healthy lifestyles through sports.

Gate.io’s partnership with Inter underlines a broader goal of merging blockchain technology with sports development, highlighting the positive impact of crypto innovations on societal issues.

Conclusion

The latest happenings in the crypto world have demonstrated both a promising market recovery and serious challenges regarding fraud awareness. Initiatives by companies like Immutable and Gate.io reflect the sector’s potential for fostering social change and innovation. For continuous updates on these developments and more, stay tuned for our daily news digest.

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