SoSo Daily Apr 6

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on April 6, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.54 trillion US dollars, witnessing an increase of 2.15% compared to the previous 24 hours; the total trading volume is 85.32 billion US dollars, marking a decline of 15.4% from the previous day.

According to sosovalue, the price of $BTC is 67,792 USD, an increase of 1.48% from yesterday. The market cap of $BTC is 1.33T USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 37.52B USD, making up 44% of the total trading volume.
The price of $ETH is 3,333.1 USD, up 1.69% from yesterday; the market cap of $ETH is 400.20B USD, representing 15.8% of the total market cap; $ETH's 24-hour trading volume is 14.94B USD, comprising 17.5% 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 61.5% 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 LUKSO. As of 17:55 today, its market cap is 156.11M, with a coin price of 5.1649 USD, witnessing a 24-hour increase of 37.1%.
The second is SafeMoon. As of 17:55 today, its coin price is 0.000099980 USD, with a 24-hour increase of 36%.
The third is Napoli Fan Token. As of 17:55 today, its coin price is 3.1630 USD, showing a 24-hour increase of 27.3%.
In fourth place is Picasso. As of 17:55 today, its coin price is 0.013031 USD, with a 24-hour rise of 25.9%.
In fifth place is Nervos Network. As of 17:55 today, its coin price is 0.021530 USD, increasing by 24.3% 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, SocialFi sector has risen 5.33% relative to the UTC 0 time, led by gains in moon (10.5%), cyber (9.51%), and igu (7.81%).
Meme sector has increased 4.97% relative to UTC 0, with sfm (34.6%), rats (19.6%), and samo (12.8%) leading the rise.
DePIN sector has risen 4.54%, with tfuel (19%), iotx (13.1%), and blz (12.1%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:US regulators are seeking civil financial penalties against Do Kwon and Terraform and banning them from the securities industry. A lawyer for the U.S. Securities and Exchange Commission (SEC) told a jury in Manhattan that Terraform Labs and its founder Do Kwon repeatedly lied about the success of the cryptocurrency platform as their case for allegedly defrauding investors drew to a close. The regulator is seeking civil financial penalties against Do Kwon and Terraform and an order to ban them from the securities industry.
Next news: According to BlockBeats, on April 5, Bloomberg ETF analyst Eric Balchunas posted on social media that BlackRock updated the prospectus for its Bitcoin ETF, adding many new authorized participants, including Citadel, Goldman Sachs, UBS, and Citigroup, which participated for the first time. The update signifies that now large companies want to participate, or are now willing to be publicly associated with it.
Next news: Digital asset investments rebounded strongly in March, with $862 million inflows last week. Bitcoin led with $865 million in inflows, driven by new ETF issuers in the US. Ethereum saw its fourth consecutive week of outflows, while altcoins experienced inflows totaling $18.3 million. The US had inflows of $897 million, while Switzerland recorded the highest weekly outflows. Fidelity's FBTC and BlackRock's iBit were among the ETFs with net inflows. Grayscale's GBTC saw outflows, but the pace slowed down. Overall, net inflows into spot Bitcoin ETFs turned positive, with significant inflows into BlackRock's iBit and Fidelity's FBTC.
Next news: FTX's bankruptcy administrators have sold about two-thirds of the Solana token reserves worth about $2.6 billion at a significant discount, attracting participation from industry giants like Galaxy Trading to Pantera Capital. The sale of 25 to 30 million locked SOL tokens at $64 each could raise up to $1.9 billion for FTX's property. FTX's bankruptcy administrators have sold roughly two-thirds of a $2.6 billion hoard of Solana tokens in a deeply discounted deal that drew industry heavyweights from Galaxy Trading to Pantera Capital. The FTX estate sold between 25 million and 30 million locked-up SOL coins at $64 apiece, raising as much as $1.9 billion for the estate. SOL was trading at around $172 on Friday, down 6.5%. Bloomberg: FTX estate sold between 25 million and 30 million locked Solana (SOL) coins to companies including Galaxy Trading and Pantera Capital for $64 each ($174 now). Galaxy raised $620 million to buy discounted SOL. Pantera Capital raised $250m. FTX bankruptcy administrators sold approximately $1.6 billion worth of locked Solana (SOL) tokens to firms including Galaxy Trading and Pantera Capital at $64 per token. The sale involved between 25 million and 30 million locked SOL tokens, which are currently locked and will be gradually offered for sale within four years. Galaxy Trading, an arm of Mike Novogratz's company Galaxy Digital, has raised about $620 million in a fund it set up to buy SOL from FTX. This fund will charge a 1% management fee from investors and offer returns through staking. Eva Weng, Chief Investment Officer at crypto market creator Caladan, commented on the sale, noting the trade-off between locking up capital for four years for a significant price discount. The Solana price moved after the news was announced. FTX bankruptcy administrators led by FTX CEO John J. Ray III have successfully sold a significant portion of their Solana (SOL) token holdings, raising approximately $1.9 billion for the FTX estate. This sale, which involved between 25 million and 30 million locked-up SOL coins priced at $64, represents a substantial 63% discount from SOL’s prices at the time, which hovered around $172. The sale was part of an effort to liquidate FTX estate’s sale of 41 million locked Solana worth roughly $7.2 billion, announced earlier last month and attracted major industry players like Galaxy Trading and Pantera Capital. Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, capitalized on the opportunity to acquire heavily discounted Solana tokens, aiming to purchase up to $250 million worth of SOL tokens from the estate at a discount of 39%. Similarly, Galaxy Trading also embarked on a fundraising campaign to secure a portion of the locked Solana tokens from the estate, raising $620 million. Neptune Digital was the first entity to publicly reveal its acquisition of the locked Solana tokens from the FTX estate last month, obtaining 26,964 SOL at a 67% price discount. The firm disclosed that 20% of this acquisition will become accessible in March 2025, while the remaining portion will unlock incrementally on a monthly basis until 2028. The sale marks a significant milestone in the cryptocurrency industry, with the estate’s creditors standing to benefit from the substantial funds raised. It also comes just days after FTX founder Sam Bankman-Fried was handed down a 25-year jail sentence by a New York court for fraud. Meanwhile, Friday’s sale garnered a positive reception from the crypto community. SOL rebounded from losses earlier in the day when its price briefly dipped to $169. The cryptocurrency traded at $175.37 at press time, reflecting a 6.82% drop in the past 24 hours. The FTX estate has sold over half of its Solana (SOL) tokens, generating nearly $2 billion for its creditors. The sale, conducted at a 63% discount from current prices, attracted interest from asset managers and venture capitalists, including Galaxy Trading, Pantera Capital, and Neptune Digital Assets. Galaxy Trading, a division of Galaxy Digital, raised approximately $620 million for the purchase, while Pantera Capital raised $250 million. Neptune Digital Assets acquired 26,964 SOL tokens at $64 each. The sale has sparked criticism from FTX creditors, especially after the sentencing of former CEO Sam Bankman-Fried to 25 years in prison for fraud. Creditors have filed a class action against Sullivan and Cromwell, alleging participation in the fraud before representing the exchange during bankruptcy proceedings.
Next news: U.S. NON-FARM PAYROLLS IN MARCH WERE 303,000, COMPARED WITH EXPECTATIONS OF 200,000
ACCORDING TO BLOCKBEATS, ON APRIL 5, THE SEASONALLY ADJUSTED NON-FARM PAYROLLS IN THE UNITED STATES IN MARCH WERE 303,000, WHICH WAS EXPECTED TO BE 200,000 AND THE PREVIOUS VALUE WAS 275,000. (JINSHI)
ACCORDING TO BLOCKBEATS, ON APRIL 5, THE SEASONALLY ADJUSTED NON-FARM PAYROLLS IN THE UNITED STATES IN MARCH WERE 303,000, WHICH WAS EXPECTED TO BE 200,000 AND THE PREVIOUS VALUE WAS 275,000. (JINSHI)
Next news: Pantera Capital's crypto fund gained 66% in Q1, mainly benefiting from the promotion of small tokens such as Solana (SOL). The fund significantly reduced its exposure to Bitcoin and Ethereum tokens, according to a Bloomberg report on April 6. The gains of digital assets such as RBN, AEVO, and STX also contributed to the fund's first-quarter performance. Fund manager Cosmo Jiang mentioned that the fund's Bitcoin holdings have fallen by more than half in the past three months, attributing the shift to a strategic reduction in Bitcoin positions.
Next news: Montenegro's Supreme Court has annulled a lower court's decision regarding the extradition of Terraform Labs co-founder Do Kwon, sending the case back to the High Court in Podgorica. The Supreme Court's ruling came after prosecutors argued that an appellate court had violated procedure by rejecting an appeal from Kwon's legal team. The High Court in Podgorica will now decide whether Kwon is extradited to the United States or South Korea, where he faces criminal charges. Kwon has been in Montenegro since his arrest in March 2023 for using falsified travel documents but remains free to travel within the country until the extradition decision is made. Meanwhile, Terraform Labs' former CFO Han Chang-Joon was extradited to South Korea, where authorities have indicted several individuals connected to Terraform Labs, including co-founder Hyun-Seong Shin. In the U.S., lawyers representing the SEC have moved forward with a jury trial against Terraform and Kwon, with the case ongoing at the time of publication.
Next news: Genesis Trading has redeemed more than $2.1 billion of GBTC shares in the past three weeks as part of its ongoing bankruptcy process. According to BlockBeats, on April 5, Arkham monitored that Genesis Trading has redeemed more than 32,000 $BTC (about $2.1 billion) of GBTC shares. The $BTC redeemed by Genesis Trading has been sent to two specific Bitcoin wallet addresses.
Next news: Uniswap, a decentralized exchange, has surpassed $2 trillion in all-time trading volume, marking a significant milestone five and a half years after its launch in November 2018. This achievement comes just 24 months after reaching the $1 trillion milestone. Uniswap's trading volume now exceeds the GDP of countries like Australia, Brazil, and South Korea. The platform supports several blockchains, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network. Uniswap Labs celebrated this milestone by offering $200 in USD Coin to the first person to record and send a video showing the trading volume reaching $2 trillion. Despite increased competition in the decentralized exchange (DEX) space, Uniswap remains the largest DEX by trading volume, with $21.6 billion traded over the last week alone. PancakeSwap and Curve are among its closest competitors.
Next news: Bitcoin's price movements and market recovery from April 4-5, 2022.

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.