SoSo Daily Apr 11

As of 11:59 AM on April 11, 2024, the total market cap of the crypto market is 2.61 trillion US dollars, showing a 24-hour increase of 1.17%; the total trading volume is 91.81 billion US dollars, indicating a 24-hour increase of 1.75%.

According to sosovalue, the price of $BTC is 70,008 USD, an increase of 1.4% from yesterday. The market cap of $BTC is 1.38T USD, accounting for 52.7% of the total market cap; $BTC's 24-hour trading volume is 36.49B USD, making up 39.7% of the total trading volume.
The price of $ETH is 3,523.2 USD, up 0.0537% from yesterday; the market cap of $ETH is 423.03B USD, representing 16.2% of the total market cap; $ETH's 24-hour trading volume is 18.89B USD, comprising 20.6% 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 60.3% 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 WAGMI. As of 11:55 today, its market cap is 21.31M, with a coin price of 0.014114, witnessing a 24-hour increase of 45.8%.
The second is ARRR. As of 11:55 today, its coin price is 0.30375, with a 24-hour increase of 43.6%.
The third is FOX. As of 11:55 today, its coin price is 0.13592, showing a 24-hour increase of 41.5%.
In fourth place is SUKU. As of 11:55 today, its coin price is 0.27880, with a 24-hour rise of 33.6%.
In fifth place is PRO. As of 11:55 today, its coin price is 3.1152, increasing by 19.1% 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, SocialFi sector has risen by 7.82% relative to the UTC 0 time, led by gains in TON (9.38%), RFR (8.85%), and GAL (7.57%).
RWA sector has increased by 2.09% relative to UTC 0, with PRO (17.7%), PENDLE (16.5%), and OM (14.2%) leading the rise.
DeFi sector has fallen by 2.99%, with OXY (-22.5%), BEL (-18.8%), and UNI (-18%) leading the decline.

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 spot ETFs in the US experienced significant outflows, with Grayscale's GBTC leading the way. Despite the outflows, other Bitcoin ETFs like Bitwise and ARK Invest recorded inflows. BlackRock's IBIT and Fidelity's FBTC maintained their inflow streak. The outflows coincided with a drop in Bitcoin's price below $70,000. Analysts expressed surprise at the ETF outflows given the price action. Glassnode analysis suggests that Bitcoin ETFs now comprise a significant portion of the spot market. BlackRock's iBit led the Bitcoin spot ETFs in trading volume and inflows. Fidelity's FBTC also saw significant inflows. GBTC set a record low with a net outflow of $17.5 million. Overall, US Bitcoin spot ETFs had a net inflow of $124 million. GBTC outflows reached a record low, coinciding with a rebound in Bitcoin's price after new US inflation data was released.
Next news: Bitcoin experiences price fluctuations following the release of higher-than-expected U.S. inflation data, with the Consumer Price Index (CPI) for March exceeding estimates. The data has led to concerns about the Federal Reserve's interest rate decisions and has influenced Bitcoin's value, which dropped below $69,000. Traders are anxiously awaiting the CPI report, which could have a significant impact on the market. The upcoming Bitcoin halving event and its potential effects on Bitcoin's price are also being closely monitored.
Next news: A whale withdrew $35.81 million worth of $ETH from Binance on April 10, according to @AI_9684XTPA monitoring. The whale accumulated 20,952 $ETH from Binance from March 31 to April 10, with an average transfer price of $3,463. A whale deposited 9,000 $ETH into Binance, equivalent to about 32.1 million US dollars. According to BlockBeats news and @AI_9684XTPA monitoring, the whale, who had previously built a position of 50,732 $ETH from September 19, 2023, to the present, made the deposit 10 minutes ago. The whale has transferred 8,600 $ETH from the trading platform at an average price of 3,146 in the past three months. If all are sold this time, he will make a profit of US$3.7 million; he currently still holds 29,000 $ETH, equivalent to US$105 million. On April 11, a significant cryptocurrency transaction was reported by BlockBeats, where a whale withdrew 6,838 Ethereum ($ETH) from Coinbase within a span of 6 hours. This amount of $ETH is valued at approximately 24.24 million US dollars. The transaction was highlighted by the data monitoring service, The Data Nerd, marking a notable movement in the cryptocurrency market. A whale withdrew 22,251 $ETH from CEX in the past hour, about 80.06 million US dollars. According to BlockBeats, on April 11, according to Lookonchain monitoring, the address starting with 0xACC7 (possibly Matrixport) withdrew 22,251 $ETH (about 80.06 million US dollars) from the trading platform in the past hour, and withdrew 33,925 $ETH (about 122 million US dollars) from the trading platform in the past 3 days.
Next news: Bitcoin's price movements from April 7 to April 11, including brief surges, rebounds, and dips.
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: 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.
Next news: Brevan Howard's cryptocurrency fund, Brevan Howard Digital, reported a return rate of 34.5% in the first quarter, with total assets under management reaching $1.7 billion. Additionally, in early April, Brevan Howard Digital and Mike Novogratz's Galaxy Digital jointly invested $20 million in the cryptocurrency accelerator Alliance Fund III. Brevan Howard Asset Management's cryptocurrency fund, BH Digital, has seen a significant rise of 34.5% in the first quarter of this year, bringing its total gains since inception in March 2022 to nearly 51%. This performance stands out as a bright spot for the hedge fund firm, which has otherwise faced losses in macro trades this year. BH Digital manages around $1.7 billion of assets.
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.

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.