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Good Tuesday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto.
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24-hour crypto market snapshot
Bitcoin (-2%) $41,903
Luna (-7%) $75.26
Sinking feeling 😰
Cryptocurrency prices are dropping again this morning with the market unable to snap out of its general feeling of malaise. The combined crypto market has once again dipped under $2 trillion.

The bitcoin price is down around 2% along with much of the crypto top ten, as measured by CoinMarketCap. Coindesk is reporting analysts have blamed weak institutional demand and bitcoin's sensitivity to macro factors as responsible for the latest slump.

Ethereum rival polkadot and Terra's luna are leading the major market lower, each down around 7%. Ethereum itself is down 3%.

Good to know: Binance has partnered with a Thai billionaire’s energy company to set up a crypto exchange
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Collective global effort required 🌍
(Clockwise from L) World Economic Forum (WEF) founder Klaus Schwab and WEF president Borge Brende hosted India's prime minister Narendra Modi remotely during WEF Davos Agenda virtual sessions
(Clockwise from left) World Economic Forum (WEF) founder Klaus Schwab and WEF president Borge Brende hosted India's prime minister Narendra Modi remotely during WEF Davos Agenda virtual sessions AFP via Getty Images
Teamwork makes the dream work: Indian prime minister Narendra Modi has called for countries around the world to work together to tackle the challenges posed by cryptocurrencies. "Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order," Modi said, speaking virtually at the 2022 World Economic Forum's annual Davos conference, it was reported by Reuters. "To fight this, every nation, every global agency needs to have collective and synchronized action."

Spoilt rotten: Last year, Modi called on democratic countries to work together to ensure crypto "doesn’t end up in the wrong hands" and "spoil our youths." Yesterday, Modi warned that multilateral organizations and institutions needed to evolve in order to tackle modern challenges. "When these institutions were formed circumstances were different and today they are different," he said. "That's why every democratic nation has the responsibility to bring about an emphasis towards reforms in these institutions to make them capable enough to deal with modern challenges in the future."

Why it matters: Governments and regulators around the world are grappling with how best to monitor and police the fast-growing crypto market with little consensus around the best course of action. It was reported late last year that India was poised to follow China in cracking down hard on cryptocurrencies, banning most from crypto markets. However, India has now adopted a wait-and-see approach, choosing to study regulatory measures elsewhere and how global standards on cryptocurrencies evolve. Coindesk reckons the country's draft cryptocurrency bill probably won’t become law until after the year’s Budget Session ends in April.

Copying homework: India's Finance Ministry has reached out to the Bank for International Settlements (BIS) to frame its legislation, it was reported by Coindesk. The Times of India has a good primer on the current crypto regulatory landscape in the country.

Too big to ban? There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around 400 billion rupees ($5.39 billion), according to industry estimates.

Meanwhile... In the U.K. the country's Treasury has this morning set out plans to change the law to increase consumer protections and bring advertising for the fast-growing crypto industry under the same standards as other types of financial products. In a statement, chancellor Rishi Sunak said crypto assets could offer people new ways to transact and invest "but it’s important that consumers are not being sold products with misleading claims." The Financial Times has a write-up.

Now read this: Are NFTs art? Wikipedia says not exactly
🚨🚨 Withdrawals suspended
✋ Crypto.com, the Singapore-based crypto exchange that's been on a huge marketing push in recent months, halted withdrawals yesterday after "a small number of users reporting suspicious activity on their accounts." The trading platform promised users all funds were safe and resumed withdrawals a few hours later.

⚠️ What the "suspicious activity" was isn't yet known. Dogecoin founder Billy Markus raised the alarm on Twitter when he reported a suspicious transaction pattern on Etherscan that prompted the company to halt all transactions until it figured out what was going on.

⚡ Crypto exchanges have been known to suspend withdrawals and other services during periods of high demand. In November, Crypto.com rival Binance disabled all crypto withdrawals due to a large backlog.

Now read this: AFL ‘corrupting the sport’ through deal with Crypto.com
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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