SoSo Daily Mar 23

As of 11:23 AM on March 23, 2024, the total market cap of the crypto market is 2.43 trillion US dollars, showing a decrease of 2.56% from the previous day. The total trading volume is 108.97 billion US dollars, indicating a decline of 7.39% compared to the previous day.

According to sosovalue, the price of $BTC is 63,518 USD, a decrease of 3.66% from yesterday. The market cap of $BTC is 1.25T USD, accounting for 51.4% of the total market cap; $BTC's 24-hour trading volume is 48.39B USD, making up 44.4% of the total trading volume.
The price of $ETH is 3,309.9 USD, down 5.32% from yesterday; the market cap of $ETH is 397.43B USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 24.62B USD, comprising 22.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 66.9% 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 23:55, the top five gainers are:
Top 1 gainer is Skey Network. As of 23:55 today, its market cap is 10.16M, with a coin price of 0.035710 USD, witnessing a 24-hour increase of 69.8%.
The second is Badger DAO. As of 23:55 today, its coin price is 7.8580 USD, with a 24-hour increase of 45%.
The third is LooksRare. As of 23:55 today, its coin price is 0.16479 USD, showing a 24-hour increase of 31.1%.
In fourth place is Boson Protocol. As of 23:55 today, its coin price is 0.54410 USD, with a 24-hour rise of 29.6%.
In fifth place is Aventus. As of 23:55 today, its coin price is 6.7396 USD, increasing by 29.2% 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, Meme sector has risen 7.35% relative to the UTC 0 time, led by gains in dino (13.4%), doge (11.3%), and ladys (8.57%).
GameFi sector has increased 4.68% relative to UTC 0, with ygg (21.2%), nada (20.8%), and gala (16.3%) leading the rise.
NFT sector has risen 3.39%, with looks (37.3%), boson (28.1%), and derc (15.2%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:During a speech at a Columbia Law School conference, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler emphasized the need for the cryptocurrency market to undergo some "disinfection." He highlighted the necessity for cryptocurrency exchanges to register with regulators and for crypto companies to adhere to the same rules as traditional financial companies. Gensler pointed out that the lack of registration leads to a deficiency in mandatory disclosures, such as information on climate and cyber risks, which are crucial for market efficiency and investor protection. He suggested that the cryptocurrency market could benefit from more stringent regulatory measures to ensure transparency and compliance.
Next news: Montenegro's Court of Appeal has rejected Do Kwon's appeal against extradition to South Korea, solidifying his extradition. The court's decision was influenced by South Korea's prior extradition request over the United States and other legal criteria. This ruling prevents any further appeals in the United States or by Do Kwon.
Next news: Bitcoin spot ETFs in the US experienced significant net outflows over the past week, with Grayscale's GBTC facing substantial outflows. BlackRock's iBit and Fidelity's FBTC saw net inflows amidst the overall outflow trend. The total net outflows and inflows, as well as the impact on the market, are detailed in the news items.
Next news: Robert Mitchnick, head of BlackRock's Digital Assets department, emphasized that Bitcoin and Ethereum are the primary interests of their clients, while other cryptocurrencies are less prioritized. Despite the crypto community's desire for BlackRock to introduce more diverse crypto products, Mitchnick clarified that expanding their cryptocurrency offerings beyond Bitcoin and Ethereum is not their main focus. According to Fox reporter Eleanor Terrett, BlackRock’s Head of Digital Assets Robert Mitchnick said that Bitcoin is overwhelmingly the number one priority and then a little bit ethereum, and very little everything else. BlackRock has no focus on other cryptocurrencies. Robert Mitchnick, BlackRock's Head of Digital Assets, discussed Bitcoin ($BTC), Ethereum ($ETH), and cryptocurrencies, emphasizing Bitcoin as the top priority for their customers. Despite the cryptocurrency community's interest in BlackRock launching products tied to other cryptocurrencies, Mitchnick clarified that their focus remains on Bitcoin. He also speculated on the future of Bitcoin on Wall Street, suggesting a convergence of traditional finance and new technology within the next decade. BlackRock clients prioritize Bitcoin as their top crypto investment, showing little interest in other cryptocurrencies beyond Ethereum. Robert Mitchnick, BlackRock's head of digital assets, highlighted Bitcoin's dominant position among the firm's clients during the Bitcoin Investor Day conference. Despite the crypto community's hopes for broader adoption, BlackRock's focus remains narrowly on Bitcoin and, to a lesser extent, Ethereum. The firm's U.S. Bitcoin Spot ETF, launched in January, has seen significant success, becoming the most successful ETF launch in history with $13.3 billion inflows. Meanwhile, BlackRock's plans for an Ethereum Spot ETF face regulatory challenges and skepticism from analysts regarding its potential success compared to Bitcoin ETFs. Despite this, BlackRock is exploring tokenized real-world assets, indicating an interest in blockchain technology beyond cryptocurrencies. At the Bitcoin Investor Day conference in New York, Robert Mitchnick, BlackRock’s Head of Digital Assets, revealed that Bitcoin is the primary focus for BlackRock’s customer base, with Ethereum and other crypto assets seeing very limited demand. Mitchnick also dismissed the idea of launching a WIF-related ETF, indicating a lack of interest in cryptocurrencies beyond Bitcoin.
Next news: A whale address frequently involved in BAND operations sold 3123 $ETH at a loss last night and bought 3113 $ETH again 30 minutes ago at an average price of $3,376. The address suffered a loss of $570,000 last night and an additional loss of $340,000 after selling 3113 $ETH after only holding the position for one and a half hours. The transactions were monitored by on-chain data analyst Ember.
Next news: According to Galaxy Digital Research Director Alex Thorn, the approval of an Ethereum spot ETF in May seems unlikely due to the SEC's interest in cryptocurrency companies' interactions with the Ethereum Foundation and the legality of Ethereum's initial coin offering (ICO) in 2014. The SEC's subpoenas and lack of engagement are also contributing factors. Despite the shift to proof-of-stake, the SEC's noncommittal stance on $ETH's status as a security raises doubts about the approval of a spot Ethereum ETF by May.
Next news: Cathie Wood, CEO of ARK Invest, has recently reiterated her bullish stance on Bitcoin, predicting that the cryptocurrency will reach a price target of $1.5 million. During her statement, Wood highlighted the firm's focus on emerging markets, where the use cases of Bitcoin demonstrate its potential as a partly risk-off asset. This perspective underscores the growing interest and confidence in digital assets, particularly in regions where traditional financial systems are less accessible or reliable.
Next news: Bitcoin Spot ETF sees net outflows for four consecutive days, US SEC pushes to classify Ethereum as security, Japan raises interest rates and Top10 News
Next news: Do Kwon, the founder of Terraform Labs, presided over one of the largest collapses in the cryptocurrency sector with the failure of the TerraUSD stablecoin. The coin, designed to maintain a constant value of $1 through algorithms and trader incentives, lost its value in May 2022, leading to massive investor losses. Following this, South Korea issued an arrest warrant for Kwon on charges including breaches of capital-markets law. Despite denying any wrongdoing, Kwon was arrested in Montenegro in March 2023, amid extradition requests from both South Korea and the US. A Montenegrin court initially ruled for his extradition to South Korea, but this decision was suspended by the country's Supreme Court for further deliberation. Kwon, a Stanford University graduate and former employee at Apple and Microsoft, co-founded Terraform Labs in 2018, aiming to revolutionize finance with digital currencies. However, his project faced criticism for being a potential Ponzi scheme, and Kwon's online behavior towards critics was often brash and combative.
Next news: The European Union (EU) has recently implemented a ban on the use of unauthenticated self-hosted crypto wallets for cryptocurrency payments of any size, as part of a broader set of new anti-money laundering (AML) laws. This decision was approved by the European Parliament's majority-led committee on March 19. The new AML law also sets limits on cash payments, making any cash payment over €10,000 and anonymous cash payments over €3,000 illegal. The ban specifically targets unauthenticated wallets operated by providers, including those offered through mobile, desktop, or browser apps. According to Dillon Eustace, the AML scheme will not be enforced until three years after its implementation, but it is expected to be fully effective before this timeline.

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.