As of 11:59 AM on March 22, 2024, the total market cap of the crypto market is 2.51 trillion US dollars, reflecting a decrease of 1.23% over the past 24 hours. The total trading volume is 117.77 billion US dollars, showing a significant decline of 28% compared to the previous day.
According to sosovalue, the price of $BTC is 65,973 USD, a decrease of 1.02% from yesterday. The market cap of $BTC is 1.30 trillion USD, accounting for 51.7% of the total market cap; $BTC's 24-hour trading volume is 70.84 billion USD, making up 60.1% of the total trading volume.
The price of $ETH is 3,521.3 USD, up 0.306% from yesterday; the market cap of $ETH is 422.82 billion USD, representing 16.9% of the total market cap; $ETH's 24-hour trading volume is 42.30 billion USD, comprising 35.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 96% 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 11:55, according to the latest data, the top five gainers are:
Top 1 gainer is Affyn. As of 11:55 today, its market cap is 60.71M, with a coin price of 0.17280 USD, witnessing a 24-hour increase of 47.8%.
The second is Reserve Rights. As of 11:55 today, its coin price is 0.0085940 USD, with a 24-hour increase of 38.8%.
The third is DAO Maker. As of 11:55 today, its coin price is 2.3480 USD, showing a 24-hour increase of 36.9%.
In fourth place is AllianceBlock Nexera. As of 11:55 today, its coin price is 0.21790 USD, with a 24-hour rise of 35.5%.
In fifth place is Zebec Protocol. As of 11:55 today, its coin price is 0.043050 USD, increasing by 33.7% over the last 24 hours.
Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, CeFi sector has risen 3.35% relative to the UTC 0 time, led by gains in ngc (12.6%), qash (9.79%), and wxt (7.32%).
Meme sector has increased 2.26% relative to UTC 0, with WEN (21.8%), ladys (12.8%), and coq (9.4%) leading the rise.
AI sector has fallen 2.38%, with man (-12.1%), num (-10.7%), and agi (-8.46%) 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. The Bitcoin Spot ETF experienced its third net outflow since its listing, with the outflow reaching a new high. 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. On March 19, there was a net outflow of approximately 2,306 $BTC from ETF custody addresses after the US stock market opened. Grayscale experienced a record outflow of $643 million, marking a significant asset hemorrhage. United States spot Bitcoin ($BTC) exchange-traded funds (ETFs) experienced their largest day of joint outflows on record, with a total of $326 million being shed from the ten funds on March 19. Grayscale GBTC saw $443.5 million net outflows on the day, significantly contributing to the record outflow. On March 20, the Bitcoin Spot ETF experienced a net outflow of US$326 million. GBTC experienced a net outflow of US$443.5 million, bringing its cumulative net outflow to US$12.8851 billion. United States-listed spot Bitcoin ETFs have experienced significant net outflows for three consecutive trading days, totaling $742 million. On March 20, the total net outflow of Bitcoin spot ETFs was $261 million, marking three consecutive days of net outflows. A group of 10 spot-Bitcoin exchange-traded funds (ETFs) experienced their largest three-day outflow since their launch in January, totaling $742 million from Monday through Wednesday. March 20 marks the third consecutive day of net outflows, with a total net outflow of $261 million recorded on that day alone. The Spot Bitcoin ETF experienced a net outflow of US$332.1 million on March 22, marking the fourth consecutive day of net outflows.
Next news: Montenegro's Court of Appeal has rejected Terraform Labs founder Do Kwon's appeal against his extradition to South Korea. This decision prioritizes South Korea's extradition demand over the United States'. Kwon, who was involved in the collapse of the TerraUSD stablecoin, could face criminal charges in South Korea. The extradition timeline is yet to be determined.
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: According to BlockBeats news, on March 21, meme project SLERF announced on the X platform its plan to issue soul-bound NFTs to the wallet addresses of affected pre-sellers and refund contributors. This initiative will enable other projects to airdrop tokens or NFTs to them, serving as a souvenir of SLERF's history.
Next news: FTX’s new CEO, John J. Ray III, criticizes Sam Bankman-Fried (SBF) for misleading customers about the solvency of FTX and promising full refunds. In a letter to the New York District Court, Ray highlights the significant harm to FTX customers, contradicting SBF’s legal team's claim of ‘zero harm’. Victims expecting compensation will be refunded based on the bear market values of November 2022, when FTX ceased operations. This valuation means victims cannot be fully compensated, especially since compensation will be in USD equivalent, not in crypto assets. The compensation process is overseen by PwC, but the lower valuation and unrecovered funds mean victims’ suffering won’t lessen. Prosecutors recommend 40-50 years of prison for SBF, citing over $10 billion stolen, with his sentencing scheduled for March 28.
Next news: The Ethereum Foundation, a Swiss non-profit organization central to the Ethereum ecosystem, is reportedly under investigation by a national authority, according to CoinDesk. The investigation's details are currently confidential, and the Ethereum Foundation has not commented on the matter.
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.