Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on February 23, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.95 trillion US dollars, witnessing a decrease of 1.11% compared to yesterday; the total trading volume is 70.10 billion US dollars, marking a decline of 10.7% from the previous day.
According to sosovalue, the price of $BTC is 50,915 USD, a decrease of 1.33% from yesterday. The market cap of $BTC is 999.69 billion USD, accounting for 51.3% of the total market cap; $BTC's 24-hour trading volume is 30.62 billion USD, making up 43.7% of the total trading volume.
The price of $ETH is 2,916.6 USD, down 2.36% from yesterday; the market cap of $ETH is 350.46 billion USD, representing 18% of the total market cap; $ETH's 24-hour trading volume is 20.96 billion USD, comprising 29.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 73.6% 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 23:55, according to the latest data, the top five gainers are:
Top 1 gainer is Pangolin. As of 23:55 today, its market cap is 51.94M, with a coin price of 0.24962 USD, witnessing a 24-hour increase of 188%.
The second is Agility. As of 23:55 today, its coin price is 0.0070700 USD, with a 24-hour increase of 65.9%.
The third is Uniswap. As of 23:55 today, its coin price is 11.600 USD, showing a 24-hour increase of 56.3%.
In fourth place is Sentinel Protocol. As of 23:55 today, its coin price is 0.10275 USD, with a 24-hour rise of 41.8%.
In fifth place is Lambda. As of 23:55 today, its coin price is 0.0043101 USD, increasing by 40.6% 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, DeFi sector has risen 4.23% relative to the UTC 0 time, led by gains in png (187%), AGI (57.4%), and uni (53.5%).
AI sector has decreased 4.71% relative to UTC 0, with ali (-15.3%), heart (-14.7%), and lai (-14.5%) leading the decline.
Others sector has decreased 4.9%, with jasmy (-19.9%), avt (-14.8%), and adp (-13.4%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:FTX, a bankrupt crypto exchange, has received court approval to sell its stake in artificial intelligence company Anthropic. The stake, which is valued at over $1 billion, will boost FTX's cash reserves. FTX plans to use the funds to repay creditors affected by its bankruptcy. The approval comes after a compromise was reached between FTX and a group of customers who opposed the sale. FTX founder Sam Bankman-Fried, who was found guilty of stealing billions from customers, is expected to appeal his conviction.
Next news: Kraken seeks dismissal of SEC lawsuit, arguing against SEC's authority and classification of tokens as securities. Kraken invokes Ripple case in defense, emphasizing lack of direct relationship between token issuers and buyers. Kraken's CEO criticizes SEC's actions as retaliation for testimony against SEC. Kraken files motion to dismiss based on regulatory overreach and Major Questions Doctrine.
Next news: BlackRock and Grayscale Bitcoin ETFs plunged significantly in the pre-market session today after registering weak inflows on Tuesday. Two major spot Bitcoin ETFs, BlackRock's iBit and Grayscale's GBTC, witnessed a significant decline in the pre-market trading session today. The plunge comes after the Bitcoin ETFs registered weak inflows on Tuesday. Moreover, their prominent competitors, including VanEck's HODL and Valkyrie's BRRR, registered a pullback. According to Yahoo Finance data, BlackRock's iShares Bitcoin ETF recorded a drop of 2.02% as it was valued at $29.07 at press time in the pre-market trading session today. Earlier, iBit closed at $29.67 on Tuesday with a 0.17% gain. Grayscale's GBTC dropped 1.94%, reaching $45.51 at the time of writing. However, the Bitcoin ETF had noted a slight uptick in the previous trading session. On Tuesday, the Grayscale Bitcoin ETF closed at $46.41, gaining 0.28% in value. The recent declines could be attributed to the disappointing inflow figures reported lately. On the other hand, VanEck's HODL dropped 1.44% to $58 in the pre-market session, setting the stage for a gap down. Furthermore, Valkyrie's BRRR dipped 1.06% to $14.47. Additionally, Invesco Galaxy's BTCO attracted a loss of 1.94%, settling at $51.00. Moreover, Franklin Templeton's EZBC slumped 0.96% to $29.92. However, Hashdex's DeFi extended its profits with a 1.90% hike in value, reaching $62.84. Earlier, the Hashdex Bitcoin ETF closed at $61.67, up by 0.30%. The 11 spot Bitcoin ETFs net inflow recorded a 60% decline from last week's close, reaching $135.60 million, according to BitMEX Research. After recording the largest single-day net inflow of more than $630 million last week, the numbers dropped gradually thereafter. Moreover, the BlackRock's iBit net inflow plunged over 50% from previous week's close to $154.3 million. In addition, Grayscale's GBTC continued registering a net outflow with $137 million outflows. However, GBTC has managed to shrink the net outflow figure significantly. Whilst, Invesco Galaxy's BTCO and Franklin Templeton's EZBC garnered 'zero' net inflows on Tuesday. Meanwhile, ARK 21 Shares' ARKB witnessed a net inflow of $27.4, indicating a poor performance.
Next news: Reddit has disclosed in its S-1 registration statement filed with the SEC that it has invested some of its excess cash reserves in Bitcoin and Ether for treasury purposes. The company also holds Ether and Matic, Polygon's native token, as a form of payment for sales of certain virtual goods, although it stated that the amounts received were not material for the years ended December 31, 2022, and 2023. Additionally, Reddit announced it would list on the New York Stock Exchange under the ticker RDDT, marking its move towards an Initial Public Offering (IPO). This comes after the company initially filed for an IPO in the winter of 2021 and aimed for a March debut on the stock market. Reddit also ended its Ethereum-based community points beta program last October, citing scalability limitations and an uncertain regulatory landscape.
Next news: The recent surge in crypto prices appears to be fueled by individual traders making impulsive decisions rather than being driven by institutional investors or market fundamentals, according to JPMorgan analysts. They noted that the retail impulse into crypto rebounded in February, likely responsible for this month's strong crypto market rally. The GMCI 30 Index, representing the top 30 cryptocurrencies, has risen over 13% year-to-date. Retail impulse is evident from analyzing on-chain cumulative Bitcoin flows, distinguishing between small and large wallets, and adjusting for inflows into new spot Bitcoin exchange-traded funds. The rising popularity of AI and meme tokens also indicates retail interest in crypto. Retail interest surged towards the end of last year, mirroring the momentum seen in equities during the fourth quarter of 2023. This surge is corroborated by quarterly reports from traditional brokerage firms such as Block, PayPal, and Robinhood, which offer crypto trading and custody services to retail customers. Recent retail impulse could be attributed to three main upcoming crypto catalysts
— the Bitcoin halving event, the next major upgrade of the Ethereum network called Dencun, and the prospect of approval of spot Ethereum ETFs in the U.S. in May. The first two catalysts, however, are "largely priced in," while the chance of approval for Ethereum ETFs in May is only 50%, the analysts reiterated.
Next news: Venture capital firm Andreessen Horowitz has invested $100 million in EigenLayer, a crypto startup that facilitates a process called "restaking". EigenLayer enables validators and stakers to restake liquid staking derivative tokens to secure and validate other networks. It is currently the third-largest protocol on Ethereum, with a total value locked (TVL) of $7.91 billion. The investment from Andreessen Horowitz comes as crypto-related venture capital funding started increasing following the approval of spot Bitcoin ETFs.
Next news: Grayscale transferred significant amounts of $BTC to Coinbase Prime and a new address, suspected to be their new custody address. The transfers amounted to approximately $152 million, $161 million, and $175 million, respectively. The movement was monitored by Arkham and reported by BlockBeats.
Next news: StarkWare has revised its token unlocking plan for early contributors and investors of the STRK token, in response to feedback from its ecosystem. The new plan will see 0.64% of the tokens unlocked each month, starting from April, totaling 580 million tokens unlocked by the end of this year. This adjustment comes after the original plan to unlock approximately 1.3 billion tokens (about one-third of the total) on April 15 was reconsidered. The revised schedule aims to unlock tokens more progressively, with a total of 1.4 billion tokens to be gradually unlocked by the end of 2025, another 1.5 billion by the end of 2026, and 380 million by March 15, 2027.
Next news: Valkyrie, having received approval from the SEC for a spot Bitcoin ETF, has launched a 2x leveraged Bitcoin ($BTC) futures ETF. Valkyrie Investments Inc., a company specializing in digital asset investment management, announced the launch of the Valkyrie Bitcoin Futures Leveraged Strategy ETF (NASDAQ: BTFX). This follows the successful launch of the Valkyrie Bitcoin Fund (NASDAQ: BRRR), a spot Bitcoin exchange-traded product offering direct, leverage-free exposure to Bitcoin. The new ETF, BTFX, aims to provide investors with innovative options for accessing Bitcoin and the broader digital asset ecosystem. Valkyrie CEO Leah Wald emphasized the company's commitment to offering traders and investors new ways to engage with the Bitcoin space, highlighting the potential of financial instruments to fund assets in this area. Note: This is not investment advice.
Next news: The European Central Bank (ECB) has expressed critical views on Bitcoin, highlighting its failure to become a global decentralized digital currency, susceptibility to fraud and manipulation, inefficiency as a means of payment or investment, and environmental impact. ECB officials remain skeptical despite the recent approval of Bitcoin ETFs in the United States. The ECB's stance emphasizes the need for regulatory vigilance to protect society from various risks associated with Bitcoin. Renowned venture capitalists and advisors have responded to the ECB's criticism, with some highlighting Bitcoin's reliability as a store of value compared to the Euro. The ECB's continued anti-crypto position underscores concerns about Bitcoin's viability as a mainstream means of payment and investment.
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.