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  • Writer's pictureTeresa Pace

This is the crypto update for today.

Want to stay informed about the latest in the crypto world? Explore the most recent updates on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3, and crypto regulation. South Korea's Financial Supervisory Service (FSS) chief, Lee Bok-Hyun, has disclosed intentions to engage with global regulators, including Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), to discuss crypto matters. Salvadoran President Nayib Bukele has asserted victory in the El Salvador general elections, though official results are pending. Meanwhile, the Bitcoin Ordinals market experienced a cooldown in January following a record-setting December 2023.

In an upcoming meeting, a top South Korean regulator plans to discuss spot Bitcoin ETFs with SEC Chief Gary Gensler. The spot Bitcoin (BTC) tickers are currently down at $42,651, impacting exchange-traded funds (ETFs). FSS chief Lee presented a 2024 business plan at the Financial Supervisory Service in Seoul on Feb. 5, outlining visits to major advanced financial markets, including New York, in the second quarter of the year to discuss various aspects of South Korean financial markets.

Revealing plans to meet with Gensler later in 2024, the FSS chief aims to discuss digital assets and spot Bitcoin ETFs, emphasizing the significant impact of the SEC's recent approval on global financial policies.

Exit polls in El Salvador suggest Nayib Bukele is likely to win the election with 87% of the votes, though official results are awaited. Bukele proclaimed victory in a post before any official announcement, citing internal party data indicating over 85% of the votes and at least 58 of 60 deputies in the Legislative Assembly of El Salvador.

In the realm of Bitcoin Ordinals, sales witnessed a 61% decline in January, amounting to $335 million, as reported by NFT aggregator CryptoSlam. The decline is attributed to oversaturation in the NFT market, with the influx of new projects and artists, providing buyers with an array of choices. Intergovernmental blockchain expert Anndy Lian noted that the surge of other blockchains like Solana contributed to the apparent slowdown.

Furthermore, monthly Ethereum NFT sales dropped by 2.2% in January, while NFT sales on Avalanche surged by 89%, according to CryptoSlam data.

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