Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on March 22, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.49 trillion US dollars, witnessing a decrease of 2.19% compared to yesterday; the total trading volume is 126.28 billion US dollars, marking a decline of 26.2% from the previous day.
According to sosovalue, the price of $BTC is 65,618 USD, a decrease of 3.04% from yesterday. The market cap of $BTC is 1.29T USD, accounting for 51.8% of the total market cap; $BTC's 24-hour trading volume is 70.84B USD, making up 56.1% of the total trading volume.
The price of $ETH is 3,503 USD, up 0.127% from yesterday; the market cap of $ETH is 420.62B USD, representing 16.9% of the total market cap; $ETH's 24-hour trading volume is 42.30B USD, comprising 33.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 89.6% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Reserve Rights. As of 05:55 today, its market cap is 454.59M, with a coin price of 0.0089840 USD, witnessing a 24-hour increase of 51.7%.
The second is Polymesh. As of 05:55 today, its coin price is 0.40960 USD, with a 24-hour increase of 36.7%.
The third is DAO Maker. As of 05:55 today, its coin price is 2.3330 USD, showing a 24-hour increase of 35.4%.
In fourth place is Cetus Protocol. As of 05:55 today, its coin price is 0.15225 USD, with a 24-hour rise of 31.3%.
In fifth place is QASH. As of 05:55 today, its coin price is 0.038055 USD, increasing by 30.9% 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, DeFi sector has risen 2.33% relative to the UTC 0 time, led by gains in CETUS (33.2%), wcfg (30.8%), and cfg (29.6%).
$BTC sector has decreased 2.97% relative to UTC 0, with $btc (-2.97%) leading the decline.
AI sector has decreased 7.69%, with num (-14.3%), lai (-11.8%), and agi (-11.8%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Web3 privacy system Espresso has completed a $28 million Series B financing round led by a16z Crypto. The funds will be used for product development, investment in the rollup ecosystem, and team expansion. This follows a $32 million financing round in March 2022, led by Greylock Partners and Electric Capital, with participation from Sequoia Capital, Blockchain Capital, and Slow Ventures. Espresso Systems is developing Layer 1 blockchain infrastructure integrating Proof-of-Stake with ZK rollup mechanism for fast, low-fee transactions. Its CAPE smart contract application aims to provide customizable privacy for Ethereum asset transactions, supporting ERC-20 tokens and future NFT support.
Next news: Crypto exchange OKX has announced it will end its services in India, requiring Indian customers to withdraw their funds by April 30. Due to the tightening regulatory environment surrounding cryptocurrencies in India, OKX, the second largest offshore exchange, has issued a notice to its Indian user base. OKX asks Indian users to close their accounts due to regulatory pressure. The exchange has instructed users to close their accounts and withdraw their funds by April 30, marking a significant development nearly three months after the Financial Intelligence Unit (FIU), a unit of India's Ministry of Finance, issued non-compliance notices to nine foreign crypto exchanges. OKX's order underscores the increasing pressure faced by offshore exchanges operating in India's cryptocurrency landscape. The FIU's notice of non-compliance to multiple foreign crypto exchanges serves as a clear indication of the Indian government's scrutiny on crypto-related activities and its commitment to regulatory frameworks. This move is in line with the exchange's commitment to compliance and regulatory adherence amid increased regulatory scrutiny globally. The deadline set by OKX for Indian users to close their accounts and redeem their funds by April 30 adds urgency to the situation. Users are advised to take immediate action to ensure smooth closure of their accounts and withdrawal of funds within the stipulated time.
Next news: On March 19, BlackRock iBit experienced a net inflow of $451 million, while the Bitcoin Spot ETF saw a total net outflow of $154 million. Yesterday, the Bitcoin Spot ETF experienced its third net outflow since its listing, with the outflow reaching a new high. According to BlockBeats News on March 19, data from Farside Investors indicated that, affected by GBTC’s net outflow of $643 million yesterday, the total net outflow of Bitcoin Spot ETF was $154 million. This was the third net outflow since January 25, with previous outflows on February 21 ($35.7 million) and March 1 ($140 million), setting a record since the Bitcoin Spot ETF was launched. Grayscale's Spot Bitcoin ETF experienced its largest outflow since its launch, with over $640 million worth of Bitcoin leaving the fund on March 18. This significant outflow contrasts with the inflows into Fidelity’s Bitcoin ETF, which recorded its lowest day with just $5.9 million. Despite the recent downturn in Bitcoin's price and slowing ETF flows, some analysts remain optimistic about the future of Bitcoin ETFs. On March 19, there was a net outflow of approximately 2,306 $BTC from ETF custody addresses after the US stock market opened. Grayscale (GBTC) saw the largest outflow of about 9,596 $BTC ($642.52 million), while the remaining nine ETFs experienced an inflow of approximately 7,290 $BTC ($480.8 million), with BlackRock (IBIT) being the main contributor with inflows of 6,743 $BTC ($451.48 million). The ten $BTC spot ETFs currently hold a total of 836,814 $BTC ($56.03 billion). Inflows into spot Bitcoin exchange-traded funds (ETFs) are slowing, while Grayscale experiences a record outflow of $643 million, marking a significant asset hemorrhage. Grayscale's Bitcoin holdings have declined almost 40% since its fund was converted to a spot ETF in mid-January, with a total outflow of around 241,830 $BTC over the past ten weeks. According to SoSoValue, the total net outflow of Bitcoin spot ETFs on March 18 was US$154 million, the first single-day net outflow in 11 trading days. Grayscale ETF GBTC had a single-day net outflow of $642 million, setting a record single-day net outflow for Grayscale ETF since its first trading day. BlackRock ETF IBIT saw a single-day net inflow of $451 million.
Next news: BlackRock has launched BUIDL, its first tokenized fund on the Ethereum network, named the BlackRock USD Institutional Digital Liquidity Fund. This initiative marks a significant step in BlackRock's digital asset strategy, focusing on tokenization to offer benefits such as issuance and trading of ownership rights on the blockchain, expanded access to on-chain products, instant and transparent settlement, and cross-platform transfers. BUIDL, a stable asset pegged to the U.S. dollar, allows investors to earn income through daily accrued dividends paid directly into their wallets. The fund invests entirely in cash, U.S. Treasuries, and repurchase agreements, aiming to provide income while holding tokens on the blockchain. BNY Mellon supports the fund's interoperability between digital and traditional markets.
Next news: Bernstein raises Bitcoin's year-end price target to $90,000 and increases mining stock targets. Analysts at research and brokerage firm Bernstein have raised their year-end price target for Bitcoin to $90,000 from $80,000, citing improved market dynamics. They predict Bitcoin could reach $150,000 as the 2024-2025 cycle high, with the upcoming halving event expected to have a milder impact on miners than in previous years. The halving, estimated to occur on April 20, will reduce the reward for miners from 6.25 $BTC to 3.125 $BTC per block. Despite a predicted hashrate reduction of around 7%, revised from 15%, Bernstein analysts believe this will benefit more efficient, lower-cost miners like CleanSpark and Riot Platforms, potentially making them category leaders. They also see potential in Marathon Digital due to its transition to a self-mining model and high liquidity position. Bernstein rates CleanSpark and Riot stock as outperform, with price targets of $30 and $22, respectively, and gives Marathon a market-perform rating with a $23 target. The recent $10,000 retreat in Bitcoin's price is seen as a temporary dip buying opportunity ahead of the halving.
Next news: The United Nations is investigating North Korea's cyberattacks on crypto companies that collectively caused an estimated $3 billion in losses. North Korean hackers have stolen over $3 billion in crypto to fund the DPRK's weapons programs. A UN Security Council panel is investigating 17 crypto heists in 2023, for which North Korea may have been responsible, valued at more than $750 million.
Next news: Web3 infrastructure company Succinct has completed a financing round of US$55 million, led by Paradigm. The investment round saw participation from Robot Ventures, Bankless Ventures, Geometry, ZK Validator, and several angel investors including Sreeram Kannan from EigenLayer, Sandeep Nailwal and Daniel Lubarov from Polygon, and Elad Gil. Succinct's Prover Network and SP1 technology aim to make universal ZK high-performance and easy to deploy without the need for complex infrastructure.
Next news: A large $ETH transaction worth over $16 million on Wednesday was used to purchase Punk #7804 in the CryptoPunks NFT. Punk #7804, one of only nine Alien Punks, traded for 4,850 $ETH on Wednesday afternoon. This makes it the second most expensive CryptoPunks sale ever.
Next news: On March 21, Coinbase Chief Legal Officer Paul Grewal stated on social media that Ethereum ($ETH) is a commodity, not a security, a stance supported by the U.S. Securities and Exchange Commission (SEC) for years. Grewal argued that the SEC has no sufficient reason to reject the $ETH Exchange-Traded Product (ETP) application, citing various reasons including statements by SEC Corporate Finance Director Hinman and former SEC Chairman Gary Gensler, as well as unanimous confirmation from the CFTC and federal courts. $ETH futures contracts began trading on CFTC-regulated platforms in 2021, and according to Grewal, $ETH fails the Howey Test, further supporting its classification as a commodity.
Next news: Coinbase plans to launch futures trading for Dogecoin, Litecoin, and Bitcoin Cash starting April 1. The exchange is leveraging self-certification with the U.S. CFTC to quickly list and ensure compliance. All three cryptocurrencies are derived from Bitcoin and are considered commodities by the SEC. The move is seen as a significant step for Dogecoin, which Coinbase believes has transcended its meme origins to become a staple in the cryptocurrency industry. The exchange plans to use the self-certification method to list these futures contracts, even before receiving official approval from the U.S. Commodity Futures Trading Commission (CFTC). This announcement has led to a 17% increase in Dogecoin's price, now trading at $0.15. Analysts speculate that Coinbase's strategy might be aimed at influencing the SEC's classification of these cryptocurrencies, especially in light of recent discussions around the regulatory status of crypto assets based on the proof-of-work consensus mechanism.
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.