SoSo Daily Apr 13

As of 5:59 PM on April 13, 2024, the total market cap of the crypto market is 2.40 trillion US dollars, experiencing a decrease of 4.33% over the past 24 hours. The total trading volume is 127.99 billion US dollars, showing a significant increase of 49% compared to the previous day.


According to sosovalue, the price of $BTC is 66,708 USD, a decrease of 2.1% from yesterday. The market cap of $BTC is 1.31T USD, accounting for 54.7% of the total market cap; $BTC's 24-hour trading volume is 43.47B USD, making up 34% of the total trading volume.
The price of $ETH is 3,191.2 USD, down 4.03% from yesterday; the market cap of $ETH is 383.17B USD, representing 16% of the total market cap; $ETH's 24-hour trading volume is 20.30B USD, comprising 15.9% 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 17:55, the top five gainers are:
Top 1 gainer is MATH. As of 17:55 today, its market cap is 138.23M, with a coin price of 0.79272 USD, witnessing a 24-hour increase of 77.3%.
The second is PRISM. As of 17:55 today, its coin price is 0.0038740 USD, with a 24-hour increase of 45.7%.
The third is WAGMI. As of 17:55 today, its coin price is 0.017182 USD, showing a 24-hour increase of 21.7%.
In fourth place is DERC. As of 17:55 today, its coin price is 0.32560 USD, with a 24-hour rise of 20.2%.
In fifth place is GOG. As of 17:55 today, its coin price is 0.23300 USD, increasing by 18.5% 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, 0 are up and 16 are down. Notably, DePIN, GameFi, and Meme sectors are worth mentioning.
DePIN sector has fallen 12.9% relative to the UTC 0 time, led by declines in theta (-21.1%), AVIVE (-19.9%), and dbc (-19.2%).
GameFi sector has decreased 12.9% relative to UTC 0, with magic (-23.4%), bigtime (-23.2%), and fitfi (-22.8%) leading the drop.
Meme sector has fallen 13.4%, with rats (-28.7%), sats (-23.4%), and people (-22.9%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Coinbase is seeking to challenge the U.S. Securities and Exchange Commission (SEC) by filing an interim appeal that aims to bring a core question of the SEC's stance on digital assets to a higher federal court. This move comes as part of the broader legal battle between the crypto industry and the SEC, highlighting Coinbase's proactive approach in addressing regulatory uncertainties surrounding digital assets.
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: The price of Bitcoin has experienced a sudden decline, falling below $68,000 after previously being above $71,000, losing over 5% of its value. This drop is attributed to the tension between Israel and Iran, with geopolitical tensions escalating recently. The Bitcoin market saw a significant liquidation event, with $210 million liquidated in the last hour, primarily in long positions. The total crypto market cap lost over $200 billion in a few hours. Bitcoin's price failed to overcome the $71,000 level decisively, and the subsequent rejection pushed the asset south hard, dumping to around $65,000. Altcoins have suffered even more, with numerous double-digit losses from various cryptocurrencies. Ethereum has shed 8% of its value and has plummeted to $3,230. Overleveraged traders have felt massive price fluctuations as the liquidations have skyrocketed to almost $500 million in the past hour alone. Almost 300,000 traders have been wiped out in the past day. Bitcoin's price dropped from over $71,000 to $65,086, losing approximately 8% of its value. Altcoins also suffered, with Ethereum, BNB, Solana, XRP, Dogecoin, and Cardano recording losses in the last hour. Bitcoin's price falls to $65K as $400M crypto market liquidation rocks $BTC and altcoins. The cryptocurrency market experienced a significant downturn on April 12, with Bitcoin ($BTC) seeing a sudden 5% drop in price, leading to over $400 million in losses for traders with leveraged positions in Bitcoin and other cryptocurrencies. This sharp sell-off was triggered by a flash crash in late New York session trading hours, with Ether ($ETH) also experiencing an 8% fall. The liquidation affected more than 270,993 traders, with the most significant losses occurring on Binance and OKX exchanges. Bitcoin's significant drop triggered a cascade of liquidations in bullish crypto bets, leading to a rout in smaller digital assets like Solana, Cardano, and Polkadot. Data from CoinGlass shows about $780 million worth of bullish crypto wagers were liquidated in the past 24 hours, marking the largest drop in a month. In the last 24 hours, the cryptocurrency market has experienced significant downturns, leading to $783 million in long liquidations. The exact causes of these corrections remain uncertain, but traders have noted parallels with past market cycles.
Next news: Grayscale's GBTC experienced significant outflows, while other Bitcoin ETFs recorded inflows, leading to a notable divergence in investor sentiment. The total net outflows from Bitcoin spot ETFs were substantial, with GBTC accounting for a significant portion. BlackRock's iBit and Fidelity's FBTC saw net inflows, indicating a positive trend for U.S. Bitcoin spot ETFs. Despite the 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. Analysts expressed surprise at the ETF outflows, especially given Bitcoin's price action. Grayscale's GBTC recorded a record low net outflow, marking a significant decrease from its usual outflow amounts. On the other hand, Fidelity FBTC and BlackRock iBit saw significant net inflows, contributing to the overall positive trend for U.S. Bitcoin spot ETFs. The U.S. Bitcoin spot ETF experienced a net outflow of about $18.6 million, while BlackRock iBit had a net inflow of $128.7 million and FBTC had a net inflow of $3 million. 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. The total net inflow of Bitcoin spot ETFs was $91 million, indicating increased investor interest in Bitcoin through exchange-traded funds. Grayscale's GBTC saw a net outflow of $166 million, while BlackRock iBit had a net inflow of $111 million. GBTC's outflows have exceeded $16.2 billion since its January launch, with daily outflows fluctuating between $75 million and $300 million since April. The high management fee charged by GBTC, at 1.5% a year, compared to the 0.30% average of its competitors, has been cited as a primary reason behind the massive outflows. Despite the outflows, Bitcoin ETFs have seen sustained high volumes of flows, with Bitcoin's price reaching local highs and lows. The ETF flows are closely monitored for their potential impact on price dynamics.
Next news: 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 aimed at increasing institutional investors' access to digital asset-based investments. The potential approval of spot Bitcoin and Ether ETFs in Hong Kong could have a significant impact on the cryptocurrency market.
Next news: Singapore-based Matrixport expects mainland Chinese investors to move billions into potential Hong Kong-listed spot $BTC ETFs through the Stock Connect program, which could unlock up to $25B in demand, according to the crypto firm.
Next news: The upcoming Bitcoin halving event, scheduled for April 20, 2024, is expected to have a significant impact on the cryptocurrency market. The halving will reduce the block reward from 6.25 $BTC to 3.125 $BTC, potentially leading to price increases. Bitcoin whales are accumulating $BTC ahead of the halving, indicating a bullish sentiment. However, some analysts believe that the halving may already be priced in due to the approval of spot Bitcoin ETFs and the influx of institutional capital into the market. Miners are preparing for the halving by focusing on 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: The March inflation report has led to a shift in the Federal Reserve's rate cut expectations. Previously, many forecasted a rate cut as early as June, but now most believe the first rate cut will not occur before the third quarter. There is also a general expectation of only one or two rate cuts this year.
Next news: During the market decline on April 13, four whale/institutional addresses sold a total of 31,683 ETH. The sales included Cumberland depositing 17,206 $ETH (about $57.3 million) to a trading platform, an address starting with 0xC3F8 depositing 7,976 $ETH (about $26.6 million) to Binance, an address starting with 0x1717 depositing 4,000 $ETH (about $13.32 million) to CEX, and the Alameda/FTX address depositing 2,500 $ETH (about $8.33 million) to CEX.
Next news: A whale deposited 6,700 $ETH($23.65M) to #Binance before the market dropped. The whale withdrew 26,698 $ETH($94.3M) from Binance to stake between Feb 7 and Apr 1. When he withdrew 6,700 $ETH from #Binance yesterday to prepare for staking as before, he seemed to predict that the market would drop, and deposited 6,700 $ETH back to #Binance.

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.