SoSo Daily Apr 6

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on April 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.55 trillion US dollars, witnessing an increase of 0.968% compared to the previous day; the total trading volume is 60.34 billion US dollars, marking a decline of 38.1% from the previous day.

According to sosovalue, the price of $BTC is 68,300 USD, an increase of 1.16% from yesterday. The market cap of $BTC is 1.34 trillion USD, accounting for 52.6% of the total market cap; $BTC's 24-hour trading volume is 35.13 billion USD, making up 58.2% of the total trading volume.
The price of $ETH is 3,352.4 USD, up 0.93% from yesterday; the market cap of $ETH is 402.52 billion USD, representing 15.8% of the total market cap; $ETH's 24-hour trading volume is 16.26 billion USD, comprising 27% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 85.2% 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 05:55, the top five gainers are:
Top 1 gainer is Open Exchange Token. As of 05:55 today, its market cap is 97.06M, with a coin price of 0.015237 USD, witnessing a 24-hour increase of 33.2%.
The second is REI Network. As of 05:55 today, its coin price is 0.13510 USD, with a 24-hour increase of 32.9%.
The third is Multibit. As of 05:55 today, its coin price is 0.13830 USD, showing a 24-hour increase of 29.7%.
In fourth place is Ambire Wallet. As of 05:55 today, its coin price is 0.024889 USD, with a 24-hour rise of 29.1%.
In fifth place is Bella Protocol. As of 05:55 today, its coin price is 2.0188 USD, increasing by 28.8% 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 16 sectors, 16 are up and 0 are down. Notably, Meme sector has risen 3.2% relative to the UTC 0 time, led by gains in rats (18%), ordi (15.3%), and silly (11.2%).
DePIN sector has increased 3.04% relative to UTC 0, with ator (14.2%), tfuel (9.93%), and dbc (9.75%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Pantera Capital's roughly $300 million liquid token fund finished the first quarter with a 66% return, helped by cryptocurrencies such as Solana amid reduced exposure to Bitcoin and Ethereum-linked tokens. Gains in digital assets such as RBN, AEVO, and STX also contributed to the performance in January through March, according to a shareholder letter seen by Bloomberg News.
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: Lawyers for the U.S. Securities and Exchange Commission (SEC) have concluded their case against Terraform Labs and its co-founder, Do Kwon, in New York. The case, now in the hands of a New York jury, revolves around allegations that Kwon and Terraform Labs misled investors about the stability of Terra USD (UST) and its integration with a Korean mobile payments app. According to BlockBeats, on April 6, Reuters reported that Terraform Labs and its founder Do Kwon were found guilty by a jury in a civil fraud case in the U.S. Federal Court in Manhattan. The U.S. Securities and Exchange Commission (SEC) accused them of misleading investors before the collapse of stablecoins shocked the cryptocurrency market in 2022. The SEC said they made misleading statements to investors about the stability of TerraUSD in 2021 and lied that Terraform's blockchain was used in a popular mobile payment application in South Korea. The judge will consider penalties in the coming weeks. A Terraform spokesperson said the company was disappointed with the ruling and said the SEC had no right to bring the case. Although the US has yet to win the extradition victory against South Korea for Do Kwon, a New York court has already ruled against the fallen former crypto mogul in a legal case launched by the Securities and Exchange Commission. Do Kwon and his crypto brainchild – Terraform Labs – were found guilty of misleading investors in the 2022 crash. The Terra collapse from two years ago was among the loudest in the cryptocurrency industry, which resulted in an investor loss of around $40 billion. This unfolded when unknown actors found a way to explore the project’s algorithmic stablecoin UST, and the other native token – LUNA. Kwon, the founder and majority owner of Terraform Labs, went on the run but was finally captured in Montenegro last year when trying to escape the country with a fake passport. Since then, the US and South Korea have been in a constant battle about his future extradition, and the Asian country currently has the advantage. At the same time, a Bloomberg report informed that a New York jury consisting of seven people ruled against Kwon and Terraform in a legal case filed by the SEC last year. The case in question was regarding the claim from Kwon and Terraform that Chai, a popular Korean payment app, had employed the project’s blockchain network to facilitate transactions. The jury further decided that Kwon and his crypto company lied to investors about the stability of UST. “For all of crypto’s promises, the lack of registration and compliance have very real consequences for real people. As the hard work of our team shows, we will continue to use the tools at our disposal to protect the investing public, but it is high time for the crypto markets to come into compliance,” – commented SEC’s Enforcement Director, Gurbir Grewal. Terraform’s legal team said they were “very disappointed with the verdict,” as they did not believe it was “supported by the evidence.” They have doubled down on a previous assertion that the SEC “does not have the legal authority to bring this case at all.” This is among the few court victories the SEC has gained against a crypto company, after its losses against Grayscale and Ripple in 2023.
Next news: Genesis Trading, a bankrupt cryptocurrency lender, has redeemed over $2.1 billion of GBTC shares as part of its ongoing bankruptcy process. The redeemed $BTC has been sent to specific Bitcoin wallet addresses. In a separate transaction, Genesis sold a significant amount of GBTC shares to acquire Bitcoin for creditor repayment. The company obtained 32,041 Bitcoins, which will be used to settle debts with creditor cryptocurrency users. Genesis has successfully completed the redemption of its GBTC shares and purchased 32,000 Bitcoins. This strategic move reflects the company's confidence in the cryptocurrency's value and potential for growth. Genesis, a bankrupt crypto lending firm, sold approximately 36 million shares of GBTC for $2.1 billion to purchase 32,041 Bitcoin as part of its debt settlement efforts. The acquired Bitcoin will be used to repay creditors. Genesis also bought 32,041 Bitcoins to repay customers after selling GBTC shares.
Next news: In Q1 2024, Solana's revenue and transaction fees surged to new highs due to the performance of its decentralized exchange (DEX) Jupiter, which experienced a memecoin frenzy. Despite this, Solana's price has seen a recent decline, with market indicators suggesting a strong bearish sentiment. Additionally, the Solana Ecosystem Report highlights a surge in usage and decentralization progress, with the average daily DEX spot trading volume increasing by 319% year-on-year to US$1.5 billion. The ecosystem has moved towards further decentralization, and venture capital investment in Solana projects is on the rise, exceeding the total amount raised in 2023 by $2.5 million.
Next news: 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: Campaigning in South Korea’s parliamentary election has highlighted the nation’s status as one of the world’s largest crypto markets, with both major political parties offering inducements to win votes. President Yoon Suk Yeol’s People Power Party has promised to delay a digital-asset tax, while the opposition Democratic Party has pledged to lift restrictions on exchange-traded funds, including US Bitcoin products, that directly hold tokens.
Next news: The Beijing police, in collaboration with the Beijing branch of the State Administration of Foreign Exchange, have cracked a series of complex virtual currency cases involving over 2 billion yuan across 15 provinces and cities. The cases involved hidden criminal methods, from dark web transactions to illegal foreign exchange trading. The investigation revealed the involvement of six members of an underground bank and a suspect named Yan Moumou, who was found using virtual currency for illegal transactions, particularly in selling private information of Chinese citizens. Simultaneous raids in Wenzhou, Nanjing, Beijing, and Harbin led to the arrest of all suspects and the seizure of over 20 mobile phones, more than 30 bank cards, and the identification of over ten virtual currency wallets used in the illegal transactions. The Beijing Municipal Public Security Bureau's Economic Crime Investigation Team emphasized that virtual currency-related business activities are considered illegal financial activities in China, highlighting the illegality of using virtual currency for cross-border transactions and foreign exchange.
Next news: A newly created address withdrew $2.67 million worth of Pendle from Binance 3 hours ago. According to BlockBeats, on April 6, according to Lookonchain monitoring, a newly created address withdrew $2.67 million worth of Pendle from Binance 3 hours ago. OKX market information shows that Pendle is currently quoted at $7.11, with a 24-hour increase of 23.85%.
Next news: Andre Cronje, Director of the Fantom Foundation, supports Solana amidst its network congestion, attributing the issue to the ecosystem's rapid growth and increased demand for block space. He views the congestion as a sign of prosperity rather than failure, emphasizing that the underlying performance bottleneck is an engineering challenge that the Solana development team is actively working to resolve.

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.