As of 11:59 AM on April 17, 2024, the total market cap of the crypto market is 2.29 trillion US dollars, showing a 24-hour change of 0.637%; the total trading volume is 87.02 billion US dollars, with a 24-hour change of -25.1%.
According to sosovalue, the price of $BTC is 62,589 USD, a decrease of 0.801% from yesterday. The market cap of $BTC is 1.23T USD, accounting for 53.8% of the total market cap; $BTC's 24-hour trading volume is 42.80B USD, making up 49.2% of the total trading volume.
The price of $ETH is 3,039.7 USD, down 1.73% from yesterday; the market cap of $ETH is 364.97B USD, representing 15.9% of the total market cap; $ETH's 24-hour trading volume is 23.41B USD, comprising 26.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 76.1% 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 Seamless Protocol. As of 11:55 today, its market cap is 0E-8, with a coin price of 7.7479 USD, witnessing a 24-hour increase of 50.9%.
The second is Orbcity. As of 11:55 today, its coin price is 0.047930 USD, with a 24-hour increase of 36.2%.
The third is Aavegotchi. As of 11:55 today, its coin price is 2.1830 USD, showing a 24-hour increase of 29.9%.
In fourth place is CHEX Token. As of 11:55 today, its coin price is 0.32860 USD, with a 24-hour rise of 28.2%.
In fifth place is PolkaBridge. As of 11:55 today, its coin price is 0.20351 USD, increasing by 26.2% 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, DePIN sector has fallen -3.01% relative to the UTC 0 time, led by declines in dbc (-8.87%), lpt (-8.14%), and rndr (-6.93%).
AI sector has decreased -3.36% relative to UTC 0, with dbc (-8.87%), arkm (-7.22%), and rndr (-6.93%) leading the decline.
GameFi sector has fallen -3.43%, with fitfi (-10.4%), PIXEL (-9.13%), and ygg (-8.46%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:US spot Bitcoin ETFs have experienced net outflows in recent weeks, coinciding with a stall in Bitcoin's price uptrend. The Grayscale Bitcoin Trust ETF (GBTC) has seen the most significant outflows, while other leading funds like BlackRock's iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) have had positive inflows. Ethereum-based funds, on the other hand, have experienced outflows due to the decline in Ethereum's price and uncertainty surrounding a potential Ethereum ETF in the US. Overall, these outflows indicate increased investor caution and profit-taking amidst Bitcoin's price volatility and a slowdown in its positive momentum.
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: 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: 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. Grayscale's GBTC Bitcoin holdings have halved in around three months since the U.S. spot Bitcoin exchange-traded funds launched on Jan. 11. In contrast to the newborn nine ETFs from BlackRock, Fidelity, and others, Grayscale's pre-existing Bitcoin trust was converted into an ETF rather than launching from a standing start, holding around 619,220 $BTC when spot Bitcoin trading began. GBTC also charges a much higher fee than its competitors — 1.5% compared to the current 0.12% fee for BlackRock's iBit, for example — with its Bitcoin holdings subsequently falling approximately 50% to around 311,621, according to the fund's disclosures as of Monday. However, given the concurrent rise in Bitcoin's price since the spot ETFs launched, GBTC's assets under management in U.S. dollar terms have fallen less — down 31% from a value of $28.7 billion on Jan. 11 to $19.8 billion at current prices. BlackRock's iBit and Fidelity's FBTC spot ETFs have been the primary beneficiaries in terms of market share by Bitcoin holdings. GBTC has fallen from effectively 100% of the market on launch day to just 37.3% as of yesterday, according to The Block's data dashboard. iBit has gained a 32.2% share in the period, with FBTC third on 17.8%. The combined assets held by all the U.S. spot Bitcoin ETFs are now at nearly 840,000 $BTC — more than 4% of Bitcoin's total 21 million supply. For two trading days in a row, BlackRock's iBit and Grayscale's GBTC have been the only U.S. spot Bitcoin ETFs to record any flows. iBit registered inflows of $73.4 million on Monday, but that was overpowered by $110.1 million in outflows from GBTC, leading to a $36.7 million net outflow for the day. That follows $55.1 million in net outflows on Friday, with a total of $82.5 million leaving the funds after three out of five negative days last week. However, overall net inflows since the spot Bitcoin ETFs launched amount to $12.5 billion. FBTC's first zero flow day on Friday means its 63-day inflow streak has ended — the 16th longest streak in U.S. ETF history. iBit is still going, with a current 65-day inflow streak, placing it at joint 14th. "Investors are seemingly hesitant since the positive price momentum has stalled," CoinShares head of research James Butterfill wrote yesterday. Hong Kong's Securities and Futures Commission approved several spot Bitcoin and Ether ETFs on Monday, managed by firms including China Asset Management, Harvest Global, Bosera, and Hashkey. OSL, a sub-custodian and infrastructure service provider for two fund managers, said earlier today that the spot Bitcoin funds aim to launch as early as late April, provided that interactions with the regulator proceed smoothly. However, though some expect substantial demand for the new products, Bloomberg ETF analyst Eric Balchunas quelled yesterday's excitement, suggesting the Hong Kong crypto ETFs will be "lucky" to attract $500 million in total AUM. Fellow Bloomberg ETF analyst James Seyffart agreed, adding: "There are more assets in U.S. listed Bitcoin ETFs than there are assets in every single ETF listed in Hong Kong. Yes it could be a big deal down the line. But it's a whole different animal." Bitcoin is currently trading for $63,459, according to The Block's price page. The largest cryptocurrency is down 4% over the past 24 hours and 10% over the past week amid geopolitical tensions but remains 50% up year-to-date. Bitcoin’s halving event — when the miners’ block subsidy reward gets cut in half from 6.25 $BTC to 3.125 $BTC — is now just four days away, according to The Block's Bitcoin halving countdown page. The estimated countdown is based on Bitcoin's average block generation time of 10 minutes, setting a potential date of April 20 at around 3:30 a.m. UTC (11:30 p.m. ET on April 19), as things stand.
Next news: US Senators Kirsten Gillibrand and Cynthia Lummis proposed a stablecoin bill on April 17, according to The Block. The bill mandates stablecoin issuers to maintain a one-to-one cash or cash equivalent reserve, bans unbacked algorithmic stablecoins, and prohibits the use of stablecoins for illegal activities such as money laundering. It also aims to establish a federal and state regulatory system for stablecoin issuers, allowing both federal and state entities to charter and enforce stablecoins.
Next news: A long-delayed bid to write a new law for stablecoins is getting a push from an unexpected lawmaker: crypto-skeptic Sherrod Brown. The Senate Banking Committee Chairman said Tuesday that he’s open to advancing such legislation in a package with a bill authorizing banks to do business with marijuana businesses and another measure clawing back compensation for executives at failed lenders. Support from Brown, an Ohio Democrat, would significantly boost chances for passage.
Next news: OKX, a prominent cryptocurrency exchange, has announced the departure of two of its key executives, Tim Byun and Wei Lan. Byun, who served as the Global Government Relations Officer, and Lan, the Chief Risk Officer, have played significant roles in the development and regulatory compliance of the exchange. Their exit marks a notable change in the leadership structure at OKX, potentially signaling a new direction for the company. The reasons behind their departure have not been disclosed, leaving room for speculation within the crypto community. OKX has yet to announce their successors or detail any immediate plans for filling these critical positions.
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 miners are experiencing a significant decline in their stock prices due to an upcoming code update for Bitcoin that is expected to drastically reduce their revenue. This update, known as the halving, is set to occur later this week. Companies such as Marathon Digital Holdings Inc., Riot Platforms Inc., and CleanSpark Inc. have seen their shares fall for at least three consecutive days. Additionally, the Valkyrie Bitcoin Miners Exchange-Traded Fund has seen a decrease of about 28% this month.
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.