SoSo Daily Apr 13

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on April 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.45 trillion US dollars, witnessing a decrease of 6.17% compared to the previous 24 hours; the total trading volume is 127.25 billion US dollars, marking an increase of 59.2% from the previous day.

According to sosovalue, the price of $BTC is 67,129 USD, a decrease of 4.11% from yesterday. The market cap of $BTC is 1.32T USD, accounting for 54% of the total market cap; $BTC's 24-hour trading volume is 30.12B USD, making up 23.7% of the total trading volume.
The price of $ETH is 3,238.4 USD, down 7.54% from yesterday; the market cap of $ETH is 388.83B USD, representing 15.9% of the total market cap; $ETH's 24-hour trading volume is 14.67B USD, comprising 11.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 35.2% 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 23:55, the top five gainers are:
Top 1 gainer is Ferro. As of 23:55 today, its market cap is 22.69M, with a coin price of 0.019350, witnessing a 24-hour increase of 117%.
The second is QASH. As of 23:55 today, its coin price is 0.035592, with a 24-hour increase of 33.5%.
The third is Dora Factory. As of 23:55 today, its coin price is 0.14030, showing a 24-hour increase of 27.7%.
In fourth place is Strips Finance. As of 23:55 today, its coin price is 1.0788, with a 24-hour rise of 22.9%.
In fifth place is Wagmi. As of 23:55 today, its coin price is 0.017182, increasing by 21.7% 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, Layer2 sector has fallen -14.1% relative to the UTC 0 time, led by declines in omg (-23%), metis (-21.6%), and DYM (-20.5%).
DePIN sector has decreased -14.3% relative to UTC 0, with lamb (-22%), rad (-20.9%), and ar (-20.7%) leading the decline.
GameFi sector has fallen -15.3%, with bigtime (-30.2%), ACE (-28.4%), and mix (-27.5%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Hong Kong is expected to approve spot Bitcoin and Ethereum exchange-traded funds (ETFs) as early as next week. The approvals are pending from the Securities and Futures Commission (SFC) and Hong Kong Exchanges & Clearing Ltd. The ETFs are expected to launch by the end of the month, pending finalizing listing details. The approval process has reportedly been accelerated to meet the growing demand for crypto investment products. This move comes after the launch of spot Bitcoin ETFs in the US, which has sparked a revival in crypto markets.
Next news: A former security engineer, Shakeeb Ahmed, was sentenced to three years in prison for hacking two decentralized cryptocurrency exchanges and stealing over $12 million in cryptocurrency. This marks the first-ever conviction for hacking a smart contract. Ahmed used false pricing data to attack a cryptocurrency exchange, stealing about $9 million, and exploited a vulnerability in Nirvana Finance's smart contract to steal almost all of its $3.6 million in funds. He laundered the money through various techniques and was ordered to forfeit approximately $12.3 million and a large amount of cryptocurrency, as well as pay over $5 million in compensation to the two exchanges. Ahmed pleaded guilty to the charges, including wire fraud and money laundering, and expressed remorse in court, stating he had lost his way and turned to crypto during the pandemic.
Next news: Grayscale's GBTC experienced significant outflows, while other Bitcoin ETFs recorded inflows. The total net outflows from Bitcoin spot ETFs were $223 million, with GBTC accounting for $303 million. Despite this, U.S. Bitcoin ETFs have received nearly $1 billion in inflows over the past week. BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Investments' Wise Origin Bitcoin Fund (FBTC) maintained their inflow streak. Bitcoin's price fell below $70,000 on April 9, coinciding with weak inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) and a $300 million outflow from GBTC. Grayscale's GBTC spot ETF saw a significant single-day net outflow of over $303 million, leading to a total net outflow of approximately $224 million in spot Bitcoin ETFs. Despite recent outflows, nearly $1 billion in Bitcoin flowed into US-based Bitcoin ETFs over the past week, with BlackRock's product absorbing most of those inflows. Glassnode's analysis suggests that Bitcoin ETFs now comprise between 30% and 50% of the Bitcoin spot market, with U.S. Bitcoin spot ETFs absorbing $12.3 billion of net inflows since launching three months ago. BlackRock iBit received $129 million in inflows and had a trading volume of $1.39 billion. Fidelity FBTC had a net inflow of $76.3 million, and the ETF as a whole had a net inflow of $90.4 million. US Bitcoin spot ETFs saw a net inflow of $124 million. Outflows from GBTC hit a new record low, marking a significant decrease from its usual outflow amounts. Bitcoin remains stable near $71,000 as outflows from GBTC resume. Grayscale's GBTC ETF recorded its lowest daily outflow at $18 million. After significant market movements due to its Bitcoin holdings adjustments, Grayscale has now significantly slowed its sales pace. The Grayscale Bitcoin Trust (GBTC) ETF recorded a new record low outflow of $17.5 million on April 10, a sharp decrease from the previous day's $154.9 million. This reduction in outflows comes after Grayscale CEO Michael Sonnenshein announced the fund is reaching an equilibrium. Meanwhile, BlackRock's iShares Bitcoin Trust (IBTC) is experiencing substantial inflows, threatening to surpass GBTC's assets under management. Grayscale is planning to launch a 'mini' Bitcoin ETF to compete, pending regulatory approval.
Next news: The upcoming Bitcoin halving event, scheduled for April 20, 2024, is expected to have a significant impact on the cryptocurrency market. Bitcoin halvings, which occur approximately every four years, reduce the block reward for miners and have historically led to price surges. This time, the halving is different due to the approval of spot Bitcoin ETFs and the influx of institutional capital into the market. The event is anticipated to create bullish sentiment for $BTC prices, with analysts predicting potential new all-time highs. However, some experts suggest that the halving may already be priced in, and the market response could be limited. Miners are preparing for the halving by shifting towards low-cost operations and strategic expansions. 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: PAC FINANCE REPORTEDLY CAUSES $24M IN LIQUIDATIONS VIA SUDDEN PARAMETER CHANGE
MULTIPLE USERS ON SOCIAL MEDIA CLAIMED THEY HAD BEEN LIQUIDATED AFTER A PAC FINANCE ADMIN WALLET ALLEGEDLY CHANGED THE PARAMETERS FOR EZETH LOANS WITHOUT WARNING.
USERS OF THE DECENTRALIZED FINANCE (DEFI) APP PAC FINANCE HAVE REPORTEDLY SUFFERED $24 MILLION IN LIQUIDATIONS ON APRIL 11 BECAUSE OF A SUDDEN PARAMETER CHANGE MADE BY A DEVELOPER WALLET, ACCORDING TO MULTIPLE REPORTS ON SOCIAL MEDIA AND THE APP’S OFFICIAL DISCORD SERVER. THE TEAM’S DISCORD ADMIN CLAIMS THEY HAVE NOTIFIED THE TEAM OF THE PROBLEM. HOWEVER, AT THE TIME OF PUBLICATION, THEY HAVE NOT YET MADE AN ANNOUNCEMENT REGARDING THE INCIDENT. PAC FINANCE IS A CRYPTO LENDING APP THAT RUNS ON BLAST NETWORK. IT ALLOWS CRYPTO HOLDERS TO DEPOSIT FUNDS AND EARN INTEREST BY LENDING THEIR CAPITAL. TO ENSURE REPAYMENT, THE APP ONLY ALLOWS BORROWERS TO TAKE OUT LOANS EQUAL TO A PERCENTAGE VALUE OF THEIR COLLATERAL. THIS PERCENTAGE IS CALLED THE “LOAN-TO-VALUE RATIO” (LTV). THE LTV CAN BE CHANGED BY THE DEVELOPMENT TEAM, BUT THIS IS USUALLY ONLY DONE AFTER AN ANNOUNCEMENT IS MADE. ACCORDING TO BLAST NETWORK’S BLOCKCHAIN DATA, A DEVELOPER WALLET CALLED A FUNCTION ON PAC FINANCE'S POOLCONFIGURATOR-PROXY CONTRACT AT 1:06 AM UTC ON APRIL 11, SETTING THE LTV FOR RENZO RESTAKED ETHER (EZETH) AT 60%. ACCORDING TO SMART CONTRACT DEVELOPER ROFFET.ETH, THIS PARAMETER CHANGE CAUSED “THE LIQUIDATION OF A LARGE NUMBER OF EZETH LEVERAGING FARMERS,” AS THESE BORROWERS WERE NOW FOUND TO BE VIOLATING THE COLLATERAL RULES FOR THE PROTOCOL. ROFFET CALLED THE PARAMETER CHANGE “ARBITRARY,” SINCE IT WAS ALLEGEDLY DONE WITHOUT WARNING. PARSEC FINANCE FOUNDER WILL SHEEHAN ALSO CRITICIZED THE CHANGE, CLAIMING IT OCCURRED “SEEMINGLY WITHOUT WARNING.” SHEEHAN ESTIMATED THAT BORROWERS LOST APPROXIMATELY $24 MILLION IN COLLATERAL AS THEIR ASSETS WERE AUTOMATICALLY SOLD OFF TO PAY BACK THEIR LOANS DUE TO THIS CHANGE. RELATED: CURVE’S (CRV) PRICE HITS A 1-YEAR LOW AMID LOOMING LIQUIDATION THREAT IN RESPONSE TO THE CASCADE OF LIQUIDATIONS, PAC FINANCE USERS TOOK TO THE PROTOCOL’S OFFICIAL DISCORD SERVER TO COMPLAIN AND DEMAND ANSWERS. IN RESPONSE, THE TEAM’S DISCORD MODERATOR, BOUNTYDREAMS, ANNOUNCED THEY WERE ATTEMPTING TO CONTACT THE TEAM TO GET AN EXPLANATION. BY 7:55 PM, THEY CLAIMED TO HAVE STILL RECEIVED NO RESPONSE. MASS LIQUIDATIONS ARE A FREQUENT PROBLEM FOR LEVERAGED TRADERS WHO BORROW CRYPTOCURRENCY OR CASH. HOWEVER, THEY USUALLY HAPPEN BECAUSE OF SUDDEN CHANGES IN THE PRICE OF A CRYPTOCURRENCY, NOT BECAUSE OF PROTOCOL CHANGES. ON APRIL 2, LEVERAGED BITCOIN TRADERS WERE LIQUIDATED FOR OVER $165 MILLION WHEN IT EXPERIENCED A FLASH CRASH. ON APRIL 9, ANOTHER $110 MILLION IN BITCOIN POSITIONS WERE LIQUIDATED WHEN THE PRICE SUDDENLY ROSE . THIS IS A DEVELOPING STORY, AND FURTHER INFORMATION WILL BE ADDED AS IT BECOMES AVAILABLE.
Next news: Berachain, a Layer1 public blockchain, has successfully completed a $100 million Series B financing round. The round was led by Brevan Howard Digital's Abu Dhabi branch and Framework Ventures. Other participants in the financing included Polychain Capital, Hack VC, and Tribe Capital. The investors supported Berachain through a Simple Agreement for Future Tokens (SAFT). Community-driven Layer1 Berachain's Series B financing scale has increased to $100 million, led by Brevan Howard Digital and Framework Ventures, with participation from Polychain Capital, Hack VC and Tribe Capital. The funds will be used for international expansion. Berachain, a blockchain platform initiated by pseudonymous founders with bear-themed nicknames, has successfully raised $100 million in its Series B funding round, marking a 45% increase from previously reported figures. The funding round was co-led by Brevan Howard Digital’s Abu Dhabi branch and Framework Ventures, with participation from Polychain Capital, Hack VC, and Tribe Capital, among others. The investment was made through a SAFT (Simple Agreement for Future Tokens). Last month, Bloomberg reported that Berachain was raising more than $69 million at a valuation of at least $1 billion, though the firm has not provided an updated valuation.
Next news: BlackRock reported a record $10.5 trillion in assets under management (AUM) for Q1 2024, marking a significant increase from the previous year. The company's diluted earnings per share (EPS) also saw a rise, from $7.9 million in Q1 2023 to $9.81 million in Q1 2024, attributed to higher non-operating income and a lower effective tax rate. Net income increased from $1.2 billion last year to approximately $1.5 billion. The firm managed $76 billion of quarterly long-term net inflows, nearly 40% of the full-year 2023 levels. CEO Larry Fink highlighted BlackRock's momentum and growth potential in infrastructure, technology, retirement, and whole portfolio solutions. BlackRock, a major Bitcoin investor, operates the world's largest Bitcoin exchange-traded fund, the Spot iShares Bitcoin Trust (IBIT), which accumulated 266,580 $BTC worth $18.5 billion since starting trading in January 2024.
Next news: Bitcoin's price movements from April 7 to April 13, including brief surges, rebounds, and falls, with fluctuations above and below $70,000 and $71,000.
Next news: ARK Investment Management, led by Cathie Wood, has announced its stake in OpenAI. The announcement was made through an email to customers, stating that as of April 10, 2024, the ARK Venture Fund has invested in OpenAI, highlighting OpenAI's leading position in the rapidly advancing field of artificial intelligence. The ARK Fund, a closed-end fund launched in September 2022, invests in both public and private companies, including notable names such as SpaceX, Epic Games Inc., Freenome Holdings Inc., and Relation Therapeutics. However, the specifics of the investment in OpenAI were not disclosed.
Next news: On April 12, the ETH/BTC exchange rate fell to 0.04985, marking a 24-hour decrease of 1.46%. Ethereum also fell below $3,500, down 1.77% in 24 hours. According to OKX market data reported by BlockBeats, Ethereum is currently quoted at $3,498.

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.