Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on February 18, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.96 trillion US dollars, witnessing an increase of 0.941% compared to the previous 24 hours; the total trading volume is 64.68 billion US dollars, marking a decline of 1.5% from the previous day.
According to sosovalue, the price of $BTC is 51,977 USD, an increase of 0.581% from yesterday. The market cap of $BTC is 1.02T USD, accounting for 52.2% of the total market cap; $BTC's 24-hour trading volume is 24.85B USD, making up 38.4% of the total trading volume.
The price of $ETH is 2,820 USD, up 1.61% from yesterday; the market cap of $ETH is 338.86B USD, representing 17.3% of the total market cap; $ETH's 24-hour trading volume is 16.92B USD, comprising 26.2% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 64.6% of the total trading volume.
After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:55, the top five gainers are:
Top 1 gainer is IoTeX. As of 17:55 today, its market cap is 656.93M, with a coin price of 0.069580 USD, witnessing a 24-hour increase of 44.4%.
The second is PAAL AI. As of 17:55 today, its coin price is 0.38983 USD, with a 24-hour increase of 38%.
The third is iExec RLC. As of 17:55 today, its coin price is 3.5160 USD, showing a 24-hour increase of 36.3%.
In fourth place is Horizen. As of 17:55 today, its coin price is 11.400 USD, with a 24-hour rise of 35.4%.
In fifth place is Artificial Liquid Intelligence. As of 17:55 today, its coin price is 0.039407 USD, increasing by 33% over the last 24 hours.
Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, AI sector has risen by 8.64% relative to the UTC 0 time, led by gains in paal (36.1%), AI (25.9%), and ocean (24.5%).
DePIN sector has increased by 5.85% relative to UTC 0, with iotx (43.9%), rlc (38.6%), and blz (33.8%) leading the rise.
Others sector has risen by 4.47%, with iotx (43.9%), arkm (34.7%), and wld (22.3%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:FTX creditors have filed a class action lawsuit against the law firm Sullivan and Cromwell, accusing the firm of having close ties with FTX before its collapse and therefore being partially responsible for its actions. The lawsuit alleges that the law firm was aware of FTX's operations and ultimately supported its fraudulent behavior. FTX creditors are seeking damages against the law firm Sullivan & Cromwell for its prior involvement with the crypto exchange. FTX bankruptcy case has unfolded to a new chapter as the exchange’s creditors have filed a class-action lawsuit against the law firm overseeing the case. In a court filing on Feb. 16, FTX creditors alleged that law firm Sullivan & Cromwell, also known as S&C, “actively” participated in the “FTX Group’s multibillion dollar fraud,” asserting that the company benefited financially from FTX’s fraud. “S&C knew of FTX US and FTX Trading Ltd.’s omissions, untruthful and fraudulent conduct, and misappropriation of class members’ funds. Despite this knowledge, S&C stood to gain financially from the FTX Group’s misconduct and so agreed, at least impliedly, to assist that unlawful conduct for its own gain.” The lawsuit seeks damages for a number of counts, including civil conspiracy, aiding and abetting fraud, and aiding and abetting fiduciary breaches. Sullivan & Cromwell is the century-old law firm overseeing the FTX bankruptcy proceedings. Previously, the firm reportedly served as outside counsel to the exchange in several deals, including FTX’s bid for the assets of Voyager Digital Holdings and the acquisition of LedgerX, receiving significant payments for its services. In the current bankruptcy case, S&C’s fees are estimated to reach hundreds of millions of dollars. The relationship between FTX and the law firm was forged by Ryne Miller, a former partner at S&C who joined the FTX Group as general counsel in August 2021. Miller allegedly channeled at least 20 cases from FTX to his former law firm. “Mr. Miller informed me that it was very important for him personally to channel a lot of business to S&C as he wanted to return there as a partner after his stint at the debtors,” said former FTX chief regulatory officer Daniel Friedberg in another court filing. The complaint also notes that former FTX CEO Sam Bankman-Fried would often work in S&C’s offices in New York, “so close was the relationship” between the companies. In a previous statement to Cointelegraph, a spokesperson for the law firm denied any wrongdoing, saying S&C had “never served as primary outside counsel to any FTX entity” and had a “limited and largely transactional relationship with FTX and certain affiliates prior to the bankruptcy”. S&C’s potential conflict of interest with the bankruptcy case has been scrutinized before. In January 2023, a bipartisan group of United States senators wrote to the judge calling for an independent examiner, claiming the law firm was “not in a position to uncover the information needed to ensure confidence in any investigation or findings.
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Next news: Pudgy Penguins' floor price exceeds BAYC, currently trading at 22.65 ETH. According to BlockBeats news on February 17th, based on Blur market data, the floor price of Pudgy Penguins is currently at 22.65 $ETH, with a 24-hour increase of 13.71%, which is higher than the floor price of 22.55 $ETH for BAYC series NFT.
Next news: US prosecutors have urged a judge to accept a plea deal involving Binance Holdings Ltd., which pleaded guilty to anti-money laundering and sanctions violations. The company agreed to pay $4.3 billion in penalties, marking one of the largest criminal penalties in US history. Prosecutors highlighted that Binance willfully violated the nation’s economic sanctions laws, leaving the financial system vulnerable to exploitation. U.S. prosecutors are pushing for a plea deal in the Binance case, which could lead to one of the largest criminal penalties in U.S. history. The plea agreement involves Binance being monitored for up to five years. Former CEO Changpeng Zhao has pleaded guilty to charges of money laundering and neglecting to uphold an anti-money laundering policy. Binance has agreed to pay $4.3 billion in fines and restitution to resolve the Department of Justice's investigation into violations of the Bank Secrecy Act, failing to register as a money-transmitting business, and the International Emergency Economic Powers Act. This resolution also involves coordinated efforts with the U.S. Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Department of the Treasury's Financial Crimes Enforcement Network. US prosecutors are urging a federal judge to accept a $4.3 billion plea deal with Binance Holdings Ltd. for anti-money laundering (AML) and sanctions violations, marking one of the largest criminal penalties in US history. The plea includes provisions for monitoring Binance for up to five years to ensure compliance. Binance's former CEO, Changpeng Zhao, pleaded guilty to AML charges and faces up to 10 years in prison, with expectations for a shorter sentence under the plea agreement. The sentencing for Zhao has been postponed until late April 2024. Amid these developments, Binance aims to restore trust among customers and regulators, with new CEO Richard Teng at the helm. The outcome of Binance's legal troubles and its efforts to address regulatory concerns will significantly impact the future of the cryptocurrency industry. U.S. prosecutors submitted a sentencing memorandum on Friday, requesting that Binance be monitored for up to five years. CZ's sentence is expected to be no more than 18 months. Binance previously admitted late last year to violating U.S. anti-money laundering and sanctions regulations and agreed to pay a fine of up to $4.3 billion.
Next news: Pandoshi (PAMBO), a new cryptocurrency, is gaining attention in the market with its potential to rival established players like Solana and Cardano. Priced below $1, Pandoshi offers a comprehensive ecosystem including a decentralized exchange, a non-custodial wallet, metaverse gaming, educational initiatives, and crypto-compatible prepaid cards. The project's token, PAMBO, is designed to be deflationary, with a buy-and-burn strategy to enhance scarcity. Pandoshi has seen significant investor interest during its presale phase, raising over $5 million. With plans for major exchange listings and a strong focus on utility and adoption, Pandoshi is positioning itself as a strong contender in the cryptocurrency market.
Next news: According to market information from OKX, as reported by Blockbeats on February 17th, Bitcoin fell below $51,000 and is now priced at $50,777, representing a 2.78% decrease in the past 24 hours. Bitcoin's price has experienced a significant drop, falling below $51,000 over the weekend. This downturn has erased some of the gains from the recent rally. The derivatives market has been affected as well, with over $122 million liquidated in the past 24 hours. The majority of these liquidations were long positions, with Binance accounting for nearly half of them. The trading volume has decreased compared to the rally, with the past day's volume just under $70 billion, whereas it exceeded $100 billion in the previous days.
Next news: A whale made a profit of $1.56 million by holding LPT for six months. According to Spot On Chain monitoring on February 18th, the whale gained a profit of $1.56 million (+249%) from April to August 2023. The whale extracted 114,637 LPT from Coinbase at a price of about $5.46 and deposited all of them into CEX at a price of $19.03 per token. LPT has surged by as much as 37.9% in the past 24 hours.
Next news: A lawsuit filed in a federal court in Florida alleges that Deltec Bank in the Bahamas provided "secret" loans to SBF for the purchase of Tether (USDT). The lawsuit claims that hedge fund Alameda Research used Deltec's secret short-term credit limit to increase its holdings of USDT, and that Deltec helped SBF misappropriate client funds by transferring funds between FTX and Alameda accounts. Deltec's lawyer stated that the bank and its chairman were unaware of FTX's misconduct before it was made public, and that the allegations rely largely on unverified statements by individuals settling with the plaintiffs in exchange for information. Caroline Ellison, CEO of Alameda Research, worked with lawyers in settlement negotiations and provided 7,000 pages of Telegram chat records.
Next news: Solana has integrated with Filecoin to utilize its decentralized storage services. Filecoin announced on the X platform that it has completed integration with Solana. Solana will utilize Filecoin to enable infrastructure providers, explorers, indexers, and anyone who needs historical access to more easily access and use its block history. Filecoin announced it has integrated with Solana. Solana will use Filecoin to make its block history more accessible to infrastructure providers, explorers, indexers, and any user who needs historical access, and to achieve data scalability by use Filecoin’s decentralized storage capabilities and enhanced security. Solana and Filecoin have announced a partnership aimed at enhancing decentralized storage solutions. This collaboration marks a significant milestone in the blockchain industry, signaling a shift towards more robust and decentralized storage options. By combining their strengths, Solana and Filecoin aim to revolutionize how data is stored and accessed within blockchain networks, enhancing security, accessibility, and reliability for users and developers. Solana plans to leverage Filecoin's decentralized storage capabilities to improve its blockchain infrastructure, aiming for data redundancy, scalability, and heightened security measures. The partnership also extends beyond their individual platforms, impacting the entire blockchain sector by driving innovation and adoption. This collaboration sets the stage for future advancements in decentralized technology, highlighting the importance of continued collaboration and integration among blockchain projects for fostering interoperability and seamless integration of technologies. Solana (SOL) has announced its integration with Filecoin (FIL), marking a significant partnership that aims to enhance data accessibility, transaction speed, and network performance for Solana. This collaboration leverages Filecoin's decentralized data storage and processing capabilities to improve Solana's block history accessibility and usability for various Web3 infrastructure providers, including block explorers and indexers. The integration is expected to achieve new milestones in data redundancy, scalability, and security without compromising decentralization. Following the announcement, Filecoin's price surged over 10% to multi-week highs above $6.4. Solana Labs founder Anatoly Yakovenko praised Filecoin's decentralized archive layer, emphasizing its importance for tech developers and Web3 enthusiasts across different ecosystems. The partnership also involves Triton One, an RPC infrastructure provider, facilitating the integration between Solana and Filecoin. Solana announces an integration deal with Filecoin, aiming to enhance the reliability and scalability of the Solana blockchain through Filecoin's decentralized storage capabilities. This collaboration is expected to make block history more accessible and usable for infrastructure providers, researchers, indexers, and users needing access to history. The integration aligns with Solana's commitment to decentralized principles and is seen as a significant move away from centralized storage solutions. Filecoin, which has seen its market value fluctuate significantly, is currently traded at $6.28 with a market value of $3.2 billion.
Next news: Ethereum briefly rebounded above $2,800 on February 18th, according to market data from OKX. It is currently priced at $2,796.04, marking a 24-hour increase of 0.21%. This information was reported by BlockBeats.
Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.