SoSo Daily Mar 11

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on March 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.73 trillion US dollars, witnessing an increase of 4.16% compared to the previous day; the total trading volume is 171.46 billion US dollars, marking a significant increase of 63% from the previous day.

According to sosovalue, the price of $BTC is 72,537 USD, a increase of 4.97% from yesterday. The market cap of $BTC is 1.43T USD, accounting for 52.3% of the total market cap; $BTC's 24-hour trading volume is 36.66B USD, making up 21.4% of the total trading volume.
The price of $ETH is 4,055.5 USD, up 4.51% from yesterday; the market cap of $ETH is 487.06B USD, representing 17.9% of the total market cap; $ETH's 24-hour trading volume is 17.29B USD, comprising 10.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 31.5% 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 Wagmi. As of 05:55 today, its market cap is 19.44M, with a coin price of 0.013096, witnessing a 24-hour increase of 143%.
The second is DOSE. As of 05:55 today, its coin price is 0.012767, with a 24-hour increase of 73.7%.
The third is Radio Caca. As of 05:55 today, its coin price is 0.00061080, showing a 24-hour increase of 64.1%.
In fourth place is district0x. As of 05:55 today, its coin price is 0.14280, with a 24-hour rise of 62.1%.
In fifth place is Drep. As of 05:55 today, its coin price is 0.59300, increasing by 55.7% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, Infra sector has risen 9.64% relative to the UTC 0 time, led by gains in dnt (57.4%), zpay (46.2%), and bcd (29%).
Socialfi sector has increased 5.94% relative to UTC 0, with ceek (22.1%), SUIA (15.1%), and cvc (11.6%) leading the rise.
$BTC sector has risen 4.96%, with $btc (4.96%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin has reached new all-time highs, surpassing $70,000 and even $72,000, driven by factors such as ETF demand, supply reduction, and market confidence. The surge in Bitcoin's price has sparked investor interest and speculation, with predictions reaching as high as $241,000. However, the market has also experienced volatility, sharp declines, and potential exhaustion among traders. Despite this, the overall sentiment remains optimistic, with expectations of further price discovery and potential for significant gains. The surge in Bitcoin's price has also led to record trading volumes, liquidations, and significant inflows into Bitcoin ETFs, indicating growing institutional interest and market activity.
Next news: MicroStrategy, a software company led by Michael Saylor, has made a significant investment in Bitcoin. The company purchased 12,000 $BTC for $821.7 million in cash, bringing its total holdings to 205,000 BTC. This investment was made after completing an $800 million convertible senior notes offering. MicroStrategy's aggressive Bitcoin strategy has positioned it ahead of BlackRock's ETF in terms of $BTC holdings. Michael Saylor expressed his belief that Bitcoin will become a more valuable asset than gold in the future.
Next news: Tether officially announced the launch of its stablecoin, Tether Token (USDT), on the Celo blockchain network on March 11th. This expansion of the USDT stablecoin ecosystem will provide Celo network users with increased liquidity and more stable currency options. The integration into the Celo blockchain, a platform focused on enhancing the usability and sustainability of cryptocurrencies, is expected to further promote the development of its ecosystem and offer its users a wider range of services and experiences. USDT is now operational on 16 networks, including Algorand, Avalanche, Ethereum, EOS, Liquid Network, NEAR, Omni, Polygon, Solana, Bitcoin Cash's Standard Ledger Protocol, Statemine, Statemint, Tezos, and Tron.
Next news: Former US President Donald Trump discusses Bitcoin's widespread use and expresses uncertainty about banning it. He promises no crackdown on cryptocurrencies if re-elected and expresses support for Bitcoin, leading to a surge in its value. Trump emphasizes the importance of the US dollar.
Next news: The London Stock Exchange has announced it will start accepting applications for Bitcoin and Ethereum Exchange-Traded Notes (ETNs) in the second quarter of 2024. ETNs, which are typically unsecured debt securities issued by banks, expose investors to credit risk from the issuing institution. Unlike Exchange-Traded Funds (ETFs), ETNs do not correspond to a portfolio of securities but instead, their returns are based solely on the change in a predetermined index, meaning they do not have to track an index by buying and selling securities.
Next news: Due to legal concerns, the Arbitrum DAO has withdrawn its proposal to donate one million dollars to Tornado Cash developers. On March 11, the Arbitrum community members abandoned a proposed donation to Tornado Cash developers due to concerns about potential legal risks. The proposal from ArbitrumDAO suggested donating up to 1.28 million ARB to Tornado Cash developers Roman Storm and Alexey Pertsev for criminal charges. However, the proposal was deleted by its author because token holders expressed concern about whether such donations would bring legal risks. Previously, the Arbitrum community initiated a vote on a proposal to fund legal defense for Tornado Cash co-founder Roman Storm and Tornado Cash developer Alexey Pertsev. The proposal stated that Tornado Cash is a beacon of privacy and security in the crypto industry, providing users with a reliable way to conduct private transactions on the Ethereum blockchain.
Next news: Eclipse Labs has completed a $50 million Series A financing, led by Placeholder and Hack VC, with total funding reaching $65 million. The funding round saw participation from Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital, as well as strategic investments from Flow Traders, GSR, Apollo Global Management, and OKX Ventures. The company plans to use the funds to develop an Ethereum Layer 2 solution using the Solana Virtual Machine (SVM), aiming to integrate SVM's high performance with Ethereum's deep liquidity. This development is intended to offer a new option distinct from existing Layer 2 solutions. Eclipse Labs emphasizes its focus on creating a highly composable Ethereum Layer 2 chain, with the final mainnet version expected to launch in Q2. The company has already launched developer networks and testnet versions, planning to deploy collaborative projects with well-known DApps such as Rarible, Pyth Network, and Solend upon mainnet launch.
Next news: According to the CoinShares weekly report on March 11th, digital asset investment products recorded the highest weekly inflows on record last week, totaling $2.7 billion and bringing the total inflows since the beginning of the year to $10.3 billion, slightly lower than the record $10.6 billion inflows in 2021. The trading volume last week reached $43 billion, also reaching a historical high. The recent price increase pushed the total assets under management (AUM) to a historical high of $94.4 billion, a 14% increase in a single week and an 88% increase so far this year. Bitcoin remains the focus of investors, with $2.6 billion in inflows, accounting for 14% of the total AUM since the beginning of the year. Solana received $24 million in inflows last week after experiencing a round of negative sentiment. On the other hand, Ethereum is in a better position in terms of inflows since the beginning of the year, but saw a slight outflow of $2.1 million last week. Other notable inflows include Polkadot, Fantom, Chainlink, and Uniswap, which received $2.7 million, $2 million, $2 million, and $1.6 million respectively. Blockchain stocks saw a slight outflow of a total of $2.5 million.
Next news: According to BlockBeats news on March 11th, as reported by Korean media Digital Daily, South Korea plans to establish a cryptocurrency-focused asset management system by 2025 to prevent tax evasion. The Korean National Tax Service has selected GTIC as the leading company responsible for the initial consultation work to establish the system. The system is expected to facilitate the analysis and management of information collected from cryptocurrency trading platforms, which are required to provide details of users' cryptocurrency transactions.
Next news: Indian cryptocurrency investment platform Mudrex will offer U.S. spot-Bitcoin exchange-traded funds (ETFs) to Indian investors, both institutions and retailers, CEO and co-founder Edul Patel said. Cryptocurrency investment platform Mudrex will offer a U.S. Bitcoin ETF to institutional and retail investors in India, initially listing ETFs from BlackRock, Fidelity, Franklin Templeton. Mudrex is backed by Y-Combinator and has a subsidiary registered with the Financial Investigation Department of India. Cryptocurrency company Mudrex is preparing to offer US Bitcoin investment funds (ETFs) to Indian investors. Mudrex, a Y-Combinator-backed cryptocurrency investment platform, offers US spot Bitcoin ETFs to investors in India. California-based Mudrex, which has a subsidiary in India, has announced plans to introduce US spot Bitcoin exchange-traded funds (ETFs) to the Indian market, pioneering a service previously only available to retail customers. Indian crypto investment platform Mudrex to offer US Bitcoin ETFs to Indian investors Mudrex, a Y-Combinator-backed cryptocurrency investment platform, is set to revolutionize the Indian investment landscape by taking a pioneering step and offering US spot Bitcoin exchange-traded funds (ETFs) to both institutional and individual investors. While retail clients in India were previously able to access spot Bitcoin ETFs through US equity investment firms, Mudrex aims to appeal to institutional investors and marks a significant advancement in the Indian crypto investment sector, according to CEO and co-founder Edul Patel. “We are definitely the first Indian crypto platform to offer this service,” Patel said. The first phase of the plan involves listing four spot ETFs, including BlackRock, Fidelity, Franklin Templeton, and Vanguard. Mudrex will oversee the facilitation of these ETFs for Indian investors through its subsidiary registered with the Financial Investigation Agency of India. Patel explained that the actual transaction process will be conducted through broker partners in the United States. The move comes amid a nuanced regulatory environment in India, where the Reserve Bank of India (RBI) has taken a cautious stance on cryptocurrencies, while the Ministry of Finance's Financial Investigation Branch has taken steps to regulate and tax the sector. Patel acknowledged the regulatory split but highlighted the availability of spot Bitcoin ETFs under India's Liberalized Remittance Scheme (LRS), allowing users to diversify their portfolios.

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.