SoSo Daily Apr 17

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on April 17, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.32 trillion US dollars, witnessing an increase of 1.67% compared to the previous day; the total trading volume is 95.56 billion US dollars, marking a decline of 19.4% from the previous day.

According to sosovalue, the price of $BTC is 63,931 USD, an increase of 1.96% from yesterday. The market cap of $BTC is 1.26 trillion USD, accounting for 54.2% of the total market cap; $BTC's 24-hour trading volume is 42.80 billion USD, making up 44.8% of the total trading volume.
The price of $ETH is 3,089.5 USD, up 1.39% from yesterday; the market cap of $ETH is 370.96 billion USD, representing 16% of the total market cap; $ETH's 24-hour trading volume is 23.41 billion USD, comprising 24.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 69.3% 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 05:55, according to the latest data, the top five gainers are:
Top 1 gainer is Santos FC Fan Token. As of 05:55 today, its market cap is 41.14M, with a coin price of 7.4180 USD, witnessing a 24-hour increase of 45.9%.
The second is Seamless Protocol. As of 05:55 today, its coin price is 7.1660 USD, with a 24-hour increase of 33.9%.
The third is CHEX Token. As of 05:55 today, its coin price is 0.32860 USD, showing a 24-hour increase of 28.2%.
In fourth place is Forta. As of 05:55 today, its coin price is 0.23900 USD, with a 24-hour rise of 25.5%.
In fifth place is SUKU. As of 05:55 today, its coin price is 0.18899 USD, increasing by 22.7% 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, SocialFi sector has risen 3.66% relative to the UTC 0 time, led by gains in cos (21.2%), chz (8.85%), and ceek (6.47%).
Meme sector has increased 3.61% relative to UTC 0, with mog (17.4%), DEGEN (16%), and silly (12.4%) leading the rise.
Others sector has risen 2.75%, with santos (42.1%), suku (27.9%), and fort (24%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:US spot Bitcoin ETFs experienced net outflows last week, marking a rare occurrence since their market debut three months ago. The 11-fund category saw $83 million in assets leave, contrasting with the $485 million in net inflows the previous week. This shift comes as Bitcoin's price uptrend stalls, with the cryptocurrency's value dropping approximately 5% to $65,650 by the end of the week. The Grayscale Bitcoin Trust ETF (GBTC) faced the most significant outflows, with $767 million departing. Despite positive inflows to other leading funds like BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), they could not offset GBTC's outflows. The sector has welcomed $12.5 billion in positive flows since January, but recent outflows signal increased investor caution and profit-taking, amid a backdrop of Bitcoin's price volatility and a slowdown in its positive momentum.
Next news: The 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: Binance.US has appointed Martin Grant, the former head of compliance at the Federal Reserve Bank of New York, as a member of its board of directors. Martin Grant, who has a 17-year tenure at the Federal Reserve Bank of New York where he served as Chief Compliance and Ethics Officer, currently holds the position of Head of Global Regulatory Affairs at JST Digital. Binance.US has appointed Martin Grant, a former official of the New York Federal Reserve Bank with 17 years of experience as its Chief Compliance and Ethics Officer, to its board of directors. Former NY Fed Compliance Chief, Martin Grant, has joined the board of directors at Binance US. Grant, who served as the New York Federal Reserve’s Compliance and Ethics Officer until 2022, will oversee financial reporting processes and internal controls at Binance US. His addition is seen as a reflection of Binance US's commitment to maintaining high standards of compliance and integrity. This move comes amid regulatory challenges faced by Binance US and its parent company, Binance, including a lawsuit filed by the SEC alleging unregistered securities offerings and failure to register as an exchange. Additionally, a recent settlement with the Department of Justice requires Binance to allow DOJ teams to review its activities and be overseen by the Financial Crimes Enforcement Network. Binance’s Chief Compliance Officer, Noah Perlman, views the settlement as an opportunity to uplift the company's compliance program. Former NY Fed Chief Martin Grant has joined the board of directors at Binance.US, bringing his extensive regulatory, legal, and compliance experience from his tenure at the Federal Reserve Bank of New York. This announcement comes after the former CEO of Binance, Changpeng Zhao, stepped down as chair of Binance.US’ board in November 2023, following a settlement with U.S. authorities that led to his guilty plea to a felony charge. Binance.US aims to navigate the current regulatory environment more effectively with Grant's appointment. Additionally, the global exchange Binance announced the formation of its first board, chaired by Gabriel Abed, amid ongoing legal challenges, including a civil lawsuit filed by the U.S. Securities and Exchange Commission against Binance, Binance.US, and Zhao for allegedly offering unregistered securities. Crypto exchange Binance.US announced the appointment of former New York Federal Reserve officer, Martin Grant, to its board of directors. Grant, with over three decades of experience in regulatory, legal, and compliance roles, is expected to oversee the firm’s financial reporting processes and internal controls. His appointment comes at a time when Binance.US is facing challenges, including staff layoffs and a decline in business following a lawsuit from the Securities and Exchange Commission, which also led to a significant reduction in market depth and the platform's attractiveness. A former Chief Compliance and Ethics Officer from the Federal Reserve Bank of New York, Martin Grant, is set to join Binance.US’s Board of Directors. This move is part of Binance.US's efforts to deepen its ties to Washington. Grant brings decades of regulatory, legal, and compliance experience to the cryptocurrency exchange. His appointment was announced in an April 16 blog post by Binance.US, the American arm of the world’s largest crypto exchange by trading volume. Grant's role will involve helping the company navigate US regulatory challenges, leveraging his over 30 years of experience in legal and compliance-focused roles, primarily with U.S. government bodies. This appointment comes after Changpeng “CZ” Zhao, the founder and ex-CEO of the global Binance exchange, stepped down as chairman of Binance.US’s board, following a settlement with U.S. authorities over anti-money laundering and sanctions violations. Binance.US currently faces enforcement action from the SEC for allegedly offering unregistered securities to American investors. The addition of Grant to the board follows Binance's announcement of setting up a board for the first time, chaired by Gabriel Abed.
Next news: Puffer Finance, a liquid staking project on Ethereum, has raised $18 million in a Series A funding round led by Brevan Howard Digital and Electric Capital, with contributions from Coinbase Ventures, Kraken Ventures, Lemniscap, Franklin Templeton, Fidelity, Mechanism, Lightspeed Faction, ConsenSys, Animoca, GSR, and other angel investors. The project's total value locked (TVL) surpassed $1 billion within one month of its testnet launch. Puffer Finance aims to reduce the barriers for home validators by allowing Ethereum validators to stake with as little as 1 Ether, down from the standard 32 Ether. Users who stake Ether through Puffer receive Puffer liquid restaking tokens (NLRTs), which can be used in other DeFi protocols. The protocol has raised a total of $23.5 million in venture capital funding to date. Following the funding round, Puffer secured a strategic investment from Binance Labs, enhancing its position within the liquid restaking ecosystem. Liquid staking, a practice long utilized by other blockchains like Cosmos, has gained traction on Ethereum following the Merge upgrade. Eigenlayer, the protocol on which Puffer Finance is built, has seen significant growth, surpassing DeFi lending protocol Aave in TVL with $10.4 billion worth of crypto committed. Liquid staking protocols are the largest DeFi protocol category, with nearly $55 billion in locked value across about 160 protocols.
Next news: DWF Labs recharged 10.8 million IDS worth 7.69 million US dollars to OKX through the transfer address 0xD6E, as monitored by @AI_9684XTPA and reported by BlockBeats on April 16. DWF Labs has withdrawn 6.86 million IDS from multiple CEXs in the past 6 hours. According to BlockBeats, on April 17, according to the monitoring of on-chain data analyst @AI_9684XTPA, after DWF Labs recharged 10.8 million IDS to OKX, it transferred 6.86 million IDS from multiple trading platforms in the past 6 hours, with a value of US$4.74 million. The remaining 3.94 million IDS are still on the trading platform. DWF Labs transferred all 9.2 million IDS to OKX on April 17, according to on-chain data analyst @AI_9684XTPA. The transaction, valued at US$6.66 million, was reported by BlockBeats.
Next news: Bitcoin's price movements over the past few days, including fluctuations above and below $64,000, $65,000, and $66,000.
Next news: Andreessen Horowitz (A16Z), a leading venture capital firm in Silicon Valley, has successfully raised $7.2 billion in new funding, surpassing its initial target by approximately 4%. Co-founder Ben Horowitz highlighted this achievement as a significant milestone for the company. The funds are designated for various business sectors within A16Z, including a $600 million allocation for startups promoting national interests under the 'American Dynamism' initiative, $3.75 billion for growth or late-stage startups, and $600 million for the gaming sector. Notably, artificial intelligence (AI) is not earmarked as a separate fund due to its widespread application across most new startups. Furthermore, plans are in place to raise additional funds in 2025, with a focus on cryptocurrency and biotechnology, according to insiders familiar with the company's future strategies.
Next news: Grayscale's GBTC Bitcoin holdings have significantly decreased by about 50% in the three months following the launch of the U.S. spot Bitcoin exchange-traded fund (ETF) on January 11. Initially, GBTC held approximately 619,220 Bitcoins, but this number has dropped to around 311,621. This decline in holdings coincides with a substantial reduction in GBTC's market share, from 100% at the time of its launch to 37.3%. Meanwhile, competitors like BlackRock's iBit have emerged, offering significantly lower fees (0.12% compared to GBTC's 1.5%) and capturing a significant portion of the market share, with iBit securing 32.2% and FBTC ranking third with 17.8%. Since launching the spot $BTC ETF on January 1, its Bitcoin holdings have subsequently fallen by approximately 50% to 311,621 bitcoins, according to Grayscale’s disclosures as of Monday. GBTC’s market share by ETF Bitcoin holdings has fallen to 37%, with BlackRock’s IBIT and Fidelity’s FBTC being the major accumulations.
Next news: DEPIN PROJECT SENDINGNETWORK COMPLETES $7.5 MILLION IN SEED ROUND EXPANSION FINANCING, WITH NOMAD CAPITAL AND OTHERS PARTICIPATING
ACCORDING TO BLOCKBEATS, ON APRIL 16, THE BLOCK REPORTED THAT WEB3 COMMUNICATION NETWORK SENDINGNETWORK COMPLETED A $7.5 MILLION SEED ROUND OF EXPANSION FINANCING, WITH PARTICIPATION FROM NOMAD CAPITAL, SYMBOLIC CAPITAL, WEB3.COM VENTURES, GALXE, SWC GLOBAL, BALAJI SRINIVASAN AND YIELD GUILD GAMES CO-FOUNDER GABBY DIZON.

IT IS REPORTED THAT SENDINGNETWORK IS BUILDING A DECENTRALIZED COMMUNICATION NETWORK THAT AIMS TO REBUILD THE TCP/IP MODEL THROUGH BLOCKCHAIN, USE DECENTRALIZED ROUTERS TO CONNECT WALLET ADDRESSES, BUILD PEER-TO-PEER COMMUNICATIONS BASED ON WALLET ADDRESSES, AND RESHAPE INTERNET INFRASTRUCTURE TO ACHIEVE BETTER SECURITY, PRIVACY, AND USER CONTROL.
Next news: According to recent reports from Bitfinex analysts, the supply of Bitcoin that has not moved in over a year has significantly decreased, indicating that long-term holders are either reducing their holdings or moving their assets off exchanges. This trend is similar to the one observed in December 2020, suggesting a potential growth phase for Bitcoin. The upcoming halving event is also expected to impact Bitcoin's price dynamics, with a notable surge in Bitcoin leaving centralized exchanges. The decrease in supply on exchanges, combined with the supply restriction caused by the upcoming halving, could lead to a further price increase in Bitcoin. The halving is estimated to take place on April 20, 2024, and historically, Bitcoin has experienced significant gains 12 to 18 months after a halving event.

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.