Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on February 24, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.95 trillion US dollars, witnessing a decrease of 0.795% compared to the previous 24 hours; the total trading volume is 68.04 billion US dollars, marking a decline of 12.2% from the previous day.
According to sosovalue, the price of $BTC is 50,986 USD, a decrease of 1.3% from yesterday. The market cap of $BTC is 1.00 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 23.73 billion USD, making up 34.9% of the total trading volume.
The price of $ETH is 2,943.1 USD, down 1.41% from yesterday; the market cap of $ETH is 353.64 billion USD, representing 18.1% of the total market cap; $ETH's 24-hour trading volume is 20.35 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 64.8% 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 05:55, according to the latest data, the top five gainers are:
Top 1 gainer is Pangolin. As of 05:55 today, its market cap is 54.84M, with a coin price of 0.26341 USD, witnessing a 24-hour increase of 193%.
The second is Uniswap. As of 05:55 today, its coin price is 11.203 USD, with a 24-hour increase of 51.5%.
The third is Sentinel Protocol. As of 05:55 today, its coin price is 0.10841 USD, showing a 24-hour increase of 49.6%.
In fourth place is KRYLL. As of 05:55 today, its coin price is 0.58126 USD, with a 24-hour rise of 36.4%.
In fifth place is Lambda. As of 05:55 today, its coin price is 0.0050000 USD, increasing by 32.9% 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 4.99% relative to the UTC 0 time, led by gains in png (205%), uni (51.5%), AGI (33.9%).
AI sector has decreased 2.68% relative to UTC 0, with ali (-17.8%), num (-16.5%), heart (-14.2%) leading the drop.
Others sector has decreased 4.17%, with jasmy (-17.2%), adp (-14.5%), avt (-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 fraud allegation and contract definition. Kraken contends that the SEC's complaint, which claims Kraken operated as an unlicensed securities exchange, broker, dealer, and clearing agency due to the classification of cryptocurrency tokens as "investment contracts", lacks legal basis. Kraken argues that the SEC did not identify any "contracts" between buyers and token issuers on Kraken, making it impossible to constitute an "investment contract". Furthermore, Kraken argues that according to the Howey decision, investment contracts must satisfy three conditions, none of which were proven by the SEC in their allegations against Kraken. Kraken seeks to dismiss the SEC's lawsuit against the firm in a US court, joining peers who have filed similar petitions. The SEC had alleged that Kraken was running an unregistered exchange and co-mingled customer assets with its own and at times paid expenses from bank accounts that held customer cash. Kraken's motion to dismiss the lawsuit contends that the SEC's complaint lacks substance, failing to identify any direct 'investment contract' between token buyers and issuers, thereby not meeting the established criteria set forth in the Howey test.
Next news: Former President Donald Trump has expressed a more neutral stance on Bitcoin, acknowledging its growing popularity and the need for potential regulation. This marks a significant shift from his previous criticisms and opposition to cryptocurrencies. Trump's evolving view on Bitcoin reflects the cryptocurrency's increasing mainstream acceptance and the influence of pro-Bitcoin figures within his circle. He emphasized his preference for the U.S. dollar but noted the increasing interest in using Bitcoin for transactions. Despite this, Trump has vowed to oppose the creation of a Central Bank Digital Currency in the U.S. if re-elected, citing threats to freedom.
Next news: The Uniswap Foundation is proposing an upgrade to the Uniswap protocol governance to reward UNI token holders with protocol fees. This proposal aims to enhance the resilience and decentralization of Uniswap governance by enabling the collection of protocol fees, distributing these fees pro-rata to token holders who have staked and delegated their UNI votes. Following the announcement, the price of Uniswap's native token (UNI) surged over 40% in less than an hour. The proposal, if approved, is seen as a significant step towards maintaining Uniswap's market leadership amidst increasing competition and market fragmentation. The Uniswap Foundation, along with its grantees, believes this upgrade will lead to the long-term success and sustainability of the protocol.
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: 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: 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: According to a report released by Matrixport on February 23rd, as reported by BlockBeats, the goal of $BTC reaching $63,000 in March 2024 is achievable. Matrixport states that historical data shows that the price of Bitcoin usually rebounds during halving. Catalysts for Bitcoin include the approval of Bitcoin spot ETFs, which have already brought in $10 billion, as more investors merge Bitcoin with traditional investment portfolios, the marketing activities conducted by these ETF issuers will continue to support the price of Bitcoin. Additionally, as measured by the first two months before halving, the price of Bitcoin often rises by more than 32% during halving. The expectation of a Fed rate cut after the June FOMC meeting and the US presidential election also tend to drive up the price of Bitcoin, with an average return rate of +192%.
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: House Majority Whip Tom Emmer criticizes the Office of Management and Budget (OMB) for approving an emergency request by the Energy Information Administration (EIA) to conduct a mandatory survey on US Bitcoin mining operations. Emmer argues that the emergency approval authority should be used only in cases of imminent threat to public safety, which he believes Bitcoin miners do not pose. The EIA's request aims to gather data on the location and energy usage patterns of Bitcoin mining across the country, citing concerns over its impact on electricity costs, reliability, and emissions. The EIA estimates that Bitcoin mining used between 0.2% and 0.9% of global electricity demand in 2023, and in the US, it likely represents between 0.6% and 2.3% of consumption. Emmer is requesting the OMB to explain the need for emergency authorization and whether criminal charges will be pursued against companies that refuse to respond to the survey. The EIA plans to start collecting data immediately and expects to share preliminary results by mid-year.
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.