SoSo Daily Apr 11

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on April 11, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.63 trillion US dollars, witnessing an increase of 1.27% compared to the previous day; the total trading volume is 96.43 billion US dollars, marking a decline of 3.61% from the previous day.

According to sosovalue, the price of $BTC is 70,584 USD, a 24-hour increase of 1.92%. The market cap of $BTC is 1.39 trillion USD, accounting for 52.8% of the total market cap; $BTC's 24-hour trading volume is 36.49 billion USD, making up 37.8% of the total trading volume.
The price of $ETH is 3,563.8 USD, up 0.862% from yesterday; the market cap of $ETH is 427.91 billion USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 18.89 billion USD, comprising 19.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.1% of the total cryptocurrency market cap, and their combined trading volumes constitute 57.4% 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 SUKU. As of 05:55 today, its market cap is 56.21M, with a coin price of 0.24421 USD, witnessing a 24-hour increase of 42.3%.
The second is MNGO. As of 05:55 today, its coin price is 0.038220 USD, with a 24-hour increase of 34.1%.
The third is ASR. As of 05:55 today, its coin price is 5.6090 USD, showing a 24-hour increase of 30.6%.
In fourth place is FOX. As of 05:55 today, its coin price is 0.12728 USD, with a 24-hour rise of 29.9%.
In fifth place is OGV. As of 05:55 today, its coin price is 0.016625 USD, increasing by 29% 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, 12 are up and 4 are down. Notably, SocialFi sector has risen 11.9% relative to the UTC 0 time, led by gains in TON (13.8%), RFR (9.67%), and GFT (8.61%).
CeFi sector has increased 4.19% relative to UTC 0, with OX (23.6%), SCLP (7.74%), and TROY (7.74%) leading the rise.
Meme sector has risen 2.39%, with MEME (14.1%), ORDI (10.4%), and RATS (10.1%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The US Securities and Exchange Commission (SEC) has issued a Wells notice to the decentralized exchange Uniswap, indicating potential enforcement action. Uniswap's founder, Hayden Adams, expressed readiness to fight the SEC's claims, asserting that Uniswap's offerings are legal. The SEC's specific allegations were not disclosed, and their representative declined to comment. Uniswap's Chief Legal Officer, Marvin Ammori, criticized the notice as an abuse of power. This situation echoes a similar incident with Coinbase, which received a Wells Notice over a year ago and is currently contesting SEC charges in court. Uniswap's native token, UNI, experienced a price drop following the news. The SEC's action against Uniswap reflects its increasing scrutiny of the DeFi sector and decentralized exchanges.
Next news: Bitcoin experiences a drop in price following the release of higher-than-expected U.S. CPI data, with the annual CPI exceeding expectations at 3.5%. The market is anxiously awaiting the U.S. inflation data, which could significantly influence the Federal Reserve's interest rate decisions. Bitcoin's value has dipped below $69,000, and traders are cautious ahead of the inflation data release. The upcoming inflation reading could influence the U.S. Federal Reserve's decision on interest rates, with a soft reading potentially leading to a rate cut in the first half of 2024. The drop in Bitcoin's price is attributed to the U.S. CPI data release and the overall state of the U.S. economy. Additionally, the upcoming Bitcoin halving event is generating speculation about its potential impact on Bitcoin's price.
Next news: Bitcoin's price movements from April 7 to April 11, including brief surges, rebounds, and dips.
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: Bitcoin spot ETFs, including Grayscale's GBTC, experienced significant outflows on April 9, with GBTC recording a net outflow of $303 million. In contrast, Bitwise's BITB and ARK Invest's ARKB saw net inflows of $40.3 million and $9.3 million, respectively. Despite the outflows, U.S. Bitcoin ETFs received nearly $1 billion in inflows over the past week. Glassnode analysis suggests that Bitcoin ETFs now make up 30-50% of the Bitcoin spot market. BlackRock's iBit led the Bitcoin spot ETFs with $1.39 billion in trading volume and $129 million in inflows. Fidelity's FBTC also saw significant net inflows of $76.3 million.
Next news: First Digital Trust's stablecoin FDUSD is expanding to the Sui blockchain in an effort to increase adoption in the decentralized finance (DeFi) field. FDUSD has reached a market value of $3.3 billion since its launch, making it the fourth largest stablecoin. The expansion follows its availability on Ethereum and BNB Chain. Sui, developed by the team behind Meta's closed Diem crypto project, has seen rapid growth in DeFi activities.
Next news: Bitcoin mining machine manufacturer Auradine has successfully completed an $80 million Series B financing round, with participation from Maverick Capital and others. The California-based company, founded in 2022, launched the Teraflux Bitcoin mining machine last November. CEO Rajiv Khemani revealed that the company initially aimed to raise $70 million but was oversubscribed due to high investor interest, leading to a mix of $60 million in equity and $20 million in debt. The demand for Teraflux machines is strong, with $80 million in reservations and an order pipeline exceeding $200 million. This follows Auradine's $81 million Series A financing round last May, led by Celesta Capital and Mayfield, with participation from Cota Capital, DCVC, and Stanford University.
Next news: WOOX announces its partnership with Wintermute and GMCI to launch three types of index perpetual contracts—GMCI 30, GMCI L2, and GMCI Memes. The GMCI 30 index covers the top 30 crypto assets by market capitalization, such as $ETH, $BTC, SOL, and BNB; the GMCI L2 index monitors leading Layer 2 blockchain technologies; and the GMCI Memes index tracks top Memescoin.

Next news: Bitcoin Layer2 developer Alpen Labs completes a $10.6 million financing round led by Ribbit Capital, with Castle Island Ventures, Robot Ventures, and Axiom Capital also participating. The company aims to expand the Bitcoin blockchain through zero-knowledge proof.
Next news: U.S. CORE CPI IN MARCH WAS 3.8% YEAR-ON-YEAR, HIGHER THAN EXPECTED. U.S. CPI comes in faster than hoped, rising 0.4% in March, 3.5% y/y. Stubbornly high inflation has shattered Wall Street expectations for a long series of rate cuts in 2024.

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.