SoSo Daily Apr 9

As of 11:59 AM on April 9, 2024, the total market cap of the crypto market is 2.66 trillion US dollars, experiencing a decrease of 1.41% over the past 24 hours. The total trading volume is 96.92 billion US dollars, showing an increase of 16.4% compared to the previous day.


According to sosovalue, the price of $BTC is 70,795 USD, a decrease of 2.22% from yesterday. The market cap of $BTC is 1.39T USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 17.94B USD, making up 18.5% of the total trading volume.
The price of $ETH is 3,632.9 USD, down 0.00633% from yesterday; the market cap of $ETH is 436.20B USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 9.02B USD, comprising 9.31% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 27.8% 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 MATH. As of 11:55 today, its market cap is 56.85M, with a coin price of 0.32603 USD, witnessing a 24-hour increase of 83.4%.
The second is VELO. As of 11:55 today, its coin price is 0.015703 USD, with a 24-hour increase of 41.1%.
The third is MCRT. As of 11:55 today, its coin price is 0.0025061 USD, showing a 24-hour increase of 31.3%.
In fourth place is TFUEL. As of 11:55 today, its coin price is 0.11716 USD, with a 24-hour rise of 25.2%.
In fifth place is VSYS. As of 11:55 today, its coin price is 0.0014000 USD, increasing by 23.9% 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 14.4% relative to the UTC 0 time, led by gains in ton (18%), whale (1.21%), and gal (1.18%).
AI sector has decreased -3.35% relative to UTC 0, with arkm (-11.2%), soph (-10.7%), and heart (-10.7%) leading the decline.
Meme sector has decreased -4.08%, with WEN (-16.5%), ladys (-9.74%), and myro (-7.72%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Last week, digital asset investment products received a total inflow of $646 million, with Bitcoin leading the way with $663 million in inflows. Ethereum-based investment products experienced outflows for the fourth consecutive week, totaling $22.5 million. Despite the outflows in Ethereum, other altcoins like Solana, Litecoin, and Filecoin saw positive inflows. The total inflow for digital asset investment products this year has reached a record high of $13.8 billion. However, there are signs of moderating investor appetite, with volumes declining compared to early March.
Next news: The upcoming Bitcoin halving event, expected to occur around April 19, 2024, is anticipated to significantly transform the cryptocurrency landscape. This event will halve the block reward from 6.25 $BTC to 3.125 $BTC, aiming to create a more stringent supply landscape as part of Bitcoin's deflationary approach. Historically, halving events have led to substantial price surges in Bitcoin, with the upcoming halving expected to potentially set new all-time highs. The approval of spot Bitcoin ETFs and the influx of institutional capital into the market have also significantly impacted the demand for Bitcoin, potentially exacerbating the effects of the halving. Additionally, the emergence of a robust derivatives market and shifts in miner behavior suggest a changing dynamic in the Bitcoin ecosystem. The long-term outlook for Bitcoin remains positive, with its role as a digital gold and a hedge against inflation being reinforced by halving events and evolving market dynamics.
Next news: According to BlockBeats, on April 8, Solana ecosystem NFT market Tensor announced the TNSR token economics. The total supply of TNSR is 1 billion, and the initial TNSR distribution is as follows:

- 550 million (55%) TNSR are allocated to the community, of which 12.5% are initial airdrops;

- 270 million (27%) TNSR are allocated to core contributors;

- 90 million (9%) TNSR are allocated to investors and consultants;

- 90 million (9%) TNSR are used for future fundraising and development reserves.
Next news: Whales are withdrawing $ENA from exchanges and staking it due to the #Ethena Season 2 staking rewards.

3 whales withdrew 11.9M $ENA($15.23M) from #Binance and staked it.




Next news: Tigran Gambaryan, the head of Binance's financial crime compliance, who was previously detained in Nigeria, has pleaded not guilty to money laundering charges in court and has been sent to prison to await trial. His lawyer argued that Gambaryan should not be held responsible for Binance's activities in African countries because he had no decision-making power in the company's business operations. Detained Binance executive Tigran Gambaryan pleaded not guilty to four counts of money laundering charges in Nigeria, according to local reports. After being arrested in Nigeria in late February, Gambaryan proclaimed his innocence in a courtroom on April 8, the local news agency Peoples Gazette reported. At the hearing, Gambaryan reiterated that he should not be held responsible for Binance’s activities in Nigeria because he does not have decision-making authority in the company’s business operations. Gambaryan’s lawyer, Chukwuka Ikuazom, also contested that his client, even though served with charges of his escaped colleague, could not enter a plea on his behalf. Judge Emeka Nwite rejected Gambaryan’s argument and ruled that he acted as Binance’s representative in past trips to Nigeria, citing local laws. “A person who has no physical presence in Nigeria but has a physical agent in Nigeria can be duly served through that agent,” the judge reportedly stated. This is a developing story, and further information will be added as it becomes available. Binance expressed deep disappointment over the continued detention of executive Tigran Gambaryan in Nigeria, who faces charges of tax evasion and money laundering but pleaded not guilty. Despite having no decision-making power in the company, Gambaryan remains detained at the Kuje Correctional Facility, previously attacked by the Islamic State. His wife implores both the American and Nigerian governments for his release, emphasizing his innocence. Binance, advocating for Gambaryan's release, highlights his dedication to public service and the meritless nature of the charges against him. The company has been working collaboratively with the Nigerian government, which detained Gambaryan and another executive amid tensions and claims of a significant sum passing through Binance Nigeria. The court process has been prolonged, with the next hearing scheduled for April 19. Binance recently ceased support for the Nigerian Naira following the detention of its executives. Tigran Gambaryan, a senior executive at Binance, has been transferred to a jail managed by Nigeria's anti-corruption agency after a five-week detention in a government guest house. The transfer was made to prevent Gambaryan from escaping custody after his colleague, Nadeem Anjarwalla, managed to elude guards and leave Nigeria. Gambaryan, who has been charged with money laundering and tax violations, will be held in the basement of the Economic and Financial Crimes Commission's head office in Abuja. A senior Binance executive, Tigran Gambaryan, detained in Nigeria on charges of money laundering and tax evasion, denied the accusations in court. Gambaryan, who leads Binance's Financial Crimes Unit, remains in custody with the possibility of bail until April 18. Another executive, Nadeem Anjarwalla, escaped custody in March. Both have filed lawsuits against the Nigerian government for human rights violations. The Nigerian authorities accuse Binance and the executives of processing illicit funds and manipulating the exchange rate for the Nigerian Naira. Despite Binance's defense, a Nigerian judge has allowed the case to proceed, citing the executives' previous engagements with authorities as a basis for their representation of the company.
Next news: Jim Lee, a 29-year veteran of the U.S. government and former Chief of the IRS Criminal Investigations team, has joined cryptocurrency analytics firm Chainalysis as the Global Head of Capacity Building. Lee aims to focus on aiding international agencies in combating cryptocurrency-based crime. His decision to move was influenced by Chainalysis' role in making cryptocurrency safe, having collaborated with U.S. authorities on criminal crypto cases. This move comes amid concerns from U.S. lawmakers, including Senator Elizabeth Warren, about policymakers transitioning to the digital asset industry after their government service.
Next news: According to BlockBeats, on April 8, Adam, a macro researcher at Greeks.Live, reported that Bitcoin has surged past the $70,000 mark, nearing its all-time high. This rapid increase has significantly raised the implied volatility (IV) of all major maturities, with $BTC DVOL now exceeding 78%. The market has quickly shifted to a bullish mood, evidenced by the trading of over 600 call options with a strike price of $100,000, amounting to a nominal value of $45 million and a premium of $8.5 million.
Next news: 1INCH Network has partnered with crypto card developer Baanx, supported by Mastercard, to launch a Web3 debit card. This card allows users to use cryptocurrencies for online and offline purchases and make cash withdrawals at supported ATMs through seamless cryptocurrency-to-fiat conversions.
Next news: TON’s $5M Incentive Program Aims to Drive Digital ID Verification
TON Society offers one million TONCOIN tokens to users who verify their identity using palm scanning technology. The Open Network (TON) ecosystem developers have set aside $5 million of TONCOIN tokens to incentivize users to verify their identity using state-of-the-art palm scanning technology. TON Society, a community of developers and contributors building out the TON ecosystem, will distribute 1 million TONCOIN to users participating in the voluntary Proof-of-Personhood program. The project aims to enable digital identity verification for Telegram users over the next five years. The project uses HumanCode’s technology to allow users to verify their human identity on the blockchain. The application, available on Google Play and Apple Store, lets users scan their palms on a smartphone. According to information shared with CoinTelegraph, the technology provides privacy protection and is hardware-agnostic, allowing the scanner to be used on a variety of mobile devices. TON Foundation Growth Director Ekin Tuna said that supporting Proof-of-Personhood protocols like HumanCode is a step toward a practical reputation system with real-life use cases for TON’s ecosystem: “A scalable, private, and decentralized identity will help to onboard the first one billion users to the Web3 ecosystem in Telegram.” HumanCode incentives will be given to TON Society members who complete a palm scan and prove their personhood. TON Society membership is open to the public and is granted by connecting a TON wallet to the community organization. In March, the TON Foundation allocated 30 million TON tokens, worth around $115 million, for various community rewards to drive adoption. The incentives are being allocated to four different areas: $38 million worth of TON will go to token mining and user incentives, $22 million for airdrops, $15 million for the League developer ecosystem, and $40 million for liquidity pool boosts. The Telegram ad platform, built on the TON blockchain, officially went live in March 2024. The platform allows Telegram channel owners worldwide to receive financial rewards, exclusively selling advertising and sharing revenue with channel owners in TON.
Next news: Leading fund companies, including Harvest Fund and Southern Fund, are using their Hong Kong subsidiaries to apply for and deploy Bitcoin ETFs. The Hong Kong Monetary Authority and the Securities and Futures Commission have expressed readiness to consider applications for spot crypto ETFs. China's top funds are aiming to launch Bitcoin spot ETFs via their Hong Kong subsidiaries, seeking to capitalize on Bitcoin's novelty and potential in the competitive Hong Kong stock market. Harvest Fund Management's Hong Kong branch has already launched a futures crypto ETF in 2022. The move comes as a surprise due to the strict restrictions on cryptocurrency trading and mining in mainland China. The applications for Bitcoin spot ETFs may be implemented as early as the second quarter of this year.

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.