As of 5:59 PM on March 22, 2024, the total market cap of the crypto market is 2.50 trillion US dollars, showing a decrease of 1.29% over the last 24 hours. The total trading volume is 110.38 billion US dollars, indicating a decline of 27.4% from the previous day.
According to sosovalue, the price of $BTC is 65,468 USD, a decrease of 2.06% from yesterday. The market cap of $BTC is 1.29T USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 70.84B USD, making up 64.2% of the total trading volume.
The price of $ETH is 3,466 USD, down 2.01% from yesterday; the market cap of $ETH is 416.18B USD, representing 16.7% of the total market cap; $ETH's 24-hour trading volume is 42.30B USD, comprising 38.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 102.5% 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 17:55, the top five gainers are:
Top 1 gainer is Affyn. As of 17:55 today, its market cap is 59.30M, with a coin price of 0.16879 USD, witnessing a 24-hour increase of 45.9%.
The second is BOOK OF MEME. As of 17:55 today, its coin price is 0.015938 USD, with a 24-hour increase of 39.8%.
The third is Origin Dollar Governance. As of 17:55 today, its coin price is 0.0081730 USD, showing a 24-hour increase of 34.3%.
In fourth place is DAO Maker. As of 17:55 today, its coin price is 2.3140 USD, with a 24-hour rise of 32.8%.
In fifth place is TRVL. As of 17:55 today, its coin price is 0.069460 USD, increasing by 32.5% 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 3.05% relative to the UTC 0 time, led by gains in qash (16.7%), ngc (11.9%), and wxt (10.1%).
Meme sector has increased 2.7% relative to UTC 0, with WEN (30.5%), ladys (11.2%), and vinu (10.9%) leading the rise.
AI sector has fallen 3.85%, with vxv (-11.3%), tao (-10.7%), and lai (-9.78%) 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: The Montenegrin Court of Appeal has rejected Terraform Labs founder Do Kwon's request to overturn the ruling that approved his extradition to South Korea. This decision solidifies his extradition to South Korea, prioritizing it over the United States' extradition request. The court's decision was influenced by South Korea's prior extradition request and other legal criteria. Do Kwon's extradition to South Korea is now final, and neither the United States nor Kwon can further appeal the decision. No timetable has been set for his extradition. Kwon, who was arrested in Montenegro for using falsified travel documents, faces potential extradition to South Korea to answer criminal charges related to the collapse of Terraform Labs. Montenegro's top prosecutor is challenging the decision to extradite Kwon to South Korea, amid dueling demands from Seoul and the US. Prosecutors in Montenegro have suggested that the country's Supreme Court could reconsider a previous decision regarding Kwon's extradition to South Korea. The Supreme Court of Montenegro is set to investigate the extradition case of Terra co-founder Do Kwon. Terraform Labs co-founder Do Kwon's pending extradition to South Korea has been delayed due to a legal challenge from Montenegro's top prosecutor.
Next news: An idle Telegram game called Super Sushi Samurai saw its liquidity provider wallets drained for $4.6 million due to a bug that let users double their own funds. The project's official account acknowledged the exploit related to minting tokens. A smart contract developer noted that the token contract had a bug allowing users to double their funds by transferring their entire wallet balance to themselves. The attacker then drained liquidity on decentralized exchanges, selling the newly minted tokens for 1,310 wrapped ether, worth $4.6 million. However, the funds might not be entirely lost as the exploiter claimed it was a whitehat rescue hack and provided contact details for reimbursement. The game operates on the Blast Network and generates rewards through a trading tax, an on-chain transaction fee rebate from Blast, and yield from ether in the LP pool.
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 Bitcoin Spot ETF and Grayscale's Spot Bitcoin ETF have experienced significant net outflows, with BlackRock iBit seeing substantial inflows. Grayscale's GBTC recorded the largest outflow, reaching $643 million, while the Bitcoin Spot ETF had a net outflow of $326 million. BlackRock iBit experienced a net inflow of $451 million. The outflows are attributed to market downturn, declining Bitcoin ETF inflows, and regulatory uncertainties. Grayscale's assets under management have dropped to $23.743 billion, and its cumulative net outflow has surpassed $12.8 billion. The outflows occurred amid declining Bitcoin prices and market volatility. Despite the outflows, BlackRock iBit and Fidelity FBTC saw net inflows, indicating resilient demand for exposure to Bitcoin through ETFs.
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 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.
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.