SoSo Daily Apr 23

As of 5:59 PM on April 23, 2024, the total market cap of the crypto market is 2.42 trillion US dollars, showing a 0.763% increase from the previous day; the total trading volume is 65.82 billion US dollars, indicating a 6.55% increase from the previous day.

According to sosovalue, the price of $BTC is 66,754 USD, a increase of 0.321% from yesterday. The market cap of $BTC is 1.31T USD, accounting for 54.3% of the total market cap; $BTC's 24-hour trading volume is 16.60B USD, making up 25.2% of the total trading volume.
The price of $ETH is 3,237.5 USD, up 1.2% from yesterday; the market cap of $ETH is 395.11B USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 9.25B USD, comprising 14% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 39.2% 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 17:55, the top five gainers are:
Top 1 gainer is HBAR. As of 17:55 today, its market cap is 4.37B, with a coin price of 0.12220 USD, witnessing a 24-hour increase of 35.5%.
The second is POPCAT. As of 17:55 today, its coin price is 0.48290 USD, with a 24-hour increase of 33.8%.
The third is MEW. As of 17:55 today, its coin price is 0.0065760 USD, showing a 24-hour increase of 31.3%.
In fourth place is ORB. As of 17:55 today, its coin price is 0.058920 USD, with a 24-hour rise of 30.2%.
In fifth place is CTX. As of 17:55 today, its coin price is 5.3300 USD, increasing by 28.4% 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, Meme sector has risen 3.33% relative to the UTC 0 time, led by gains in popcat (37.2%), floki (15.6%), and quack (13.7%).
SocialFi sector has decreased -3.71% relative to UTC 0, with ton (-4.57%), poolx (-4.18%), and push (-3.73%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Two SEC lawyers resign after a federal judge criticized the agency for gross abuse of power. The two former SEC attorneys leading the case against Debt Box’s crypto platform were scolded by the judge for misstatements and misleading statements.
Next news: According to SoSoValue, the total net inflow of Bitcoin spot ETF yesterday, April 22, was $62.0899 million. Grayscale GBTC had a single-day net outflow of $34.993 million. The single-day net inflow of Fidelity ETF FBTC was US$34.8334 million, and the historical cumulative net inflow of the Bitcoin spot ETF has reached US$12.384 billion.
Next news: Venezuela is advancing its shift towards cryptocurrencies and USDT (Tether) in response to the reimposition of US oil sanctions. The state-run oil company PDVSA plans to increase the use of digital currencies for crude oil and fuel exports. This move comes as the US Treasury Department has not renewed a general license for PDVSA's customers and providers, requiring them to obtain separate US permission for business. PDVSA is transitioning oil sales to the stablecoin USDT to mitigate the risk of sales proceeds being frozen in foreign bank accounts. Venezuelan Oil Minister Pedro Tellechea highlighted the adoption of digital currencies in some contracts, amidst a global trend of slowly integrating cryptocurrencies into oil transactions. This strategy follows a corruption scandal involving PDVSA and unaccounted claims of around $21 billion for oil exports, partly related to transactions in cryptocurrencies. Under Tellechea's leadership, Venezuela's oil exports have increased, reaching 900,000 barrels per day in March, the highest in four years. PDVSA now requires upfront payment in USDT for half the value of each cargo in many swap-free spot oil deals and mandates new customers to hold cryptocurrency in a digital wallet.
Next news: Bitcoin and Ethereum prices rebound and fluctuate. Bitcoin surpasses $67,000 and Ethereum surpasses $3,200. Both experience fluctuations in a 24-hour period.
Next news: Crypto.com delays its entry into the Korean market due to regulatory concerns over anti-money laundering (AML) measures and the need for further communication with local regulators. The postponement is attributed to an emergency on-site inspection by South Korean authorities, initiated after AML-related issues were identified in the data submitted by Crypto.com. The company is committed to working closely with regulators to ensure compliance with AML regulations and responsible industry advancement for Koreans. Additionally, South Korean financial authorities are planning to introduce new guidelines for listing digital assets, including requirements for foreign digital assets to publish a white paper or technical manual for the South Korean market, and measures against tokens associated with hacking incidents.
Next news: Ripple has filed an objection to the US SEC's motion asking the judge to impose a $2 billion fine on it. According to BlockBeats, on April 23, a legal document shared by former U.S. federal prosecutor James K. Filan on social media shows Ripple's objection to the U.S. SEC's motion for remedies and final judgment. Ripple Labs Chief Legal Officer Stuart Alderoty stated that there are no allegations or findings of reckless behavior or fraud in this case, and Ripple won on major issues. Alderoty argues that the SEC's request is an attempt to intimidate the U.S. cryptocurrency industry and expresses confidence that the judge will handle the final remedy phase fairly.
Next news: STACKS' Nakamoto upgrade will enhance transaction throughput and enable Bitcoin finality for Layer-2 transactions. Bitcoin Layer-2 solution Stacks initiated the rollout of its Nakamoto upgrade shortly after the halving last Friday. This significant development is designed to enhance transaction throughput and unlock Bitcoin finality for Layer-2 transactions. The Nakamoto upgrade aims to enable faster block processing and ensure all settlements are finalized on the Layer-1. This will allow Bitcoin to remain secure while being programmable, similar to Ethereum and Solana virtual machines. Muneeb Ali, the co-founder of Stacks, told Blockworks that the Nakamoto upgrade and the general growth of Bitcoin Layer-2 infrastructure may revive interest in the Bitcoin blockchain itself. According to the Stacks team, the Nakamoto upgrade rollout will continue over the next month, improving block times from the current 10-30 minutes to around five seconds. Ali notes that these improvements will enable Bitcoin Layer-2s to support the growing DeFi applications that are being built. In addition to improved Bitcoin Layer-2 infrastructure, Ali notes that other types of innovations are also gaining significant interest in the Bitcoin blockchain. These include ordinals and BRC-20s, which saw a spike in interest following Bitcoin’s all-time high last month. Ali predicts that post-halving, there will be a Layer-2 summer where the Bitcoin developer ecosystem and competition heats up.
Next news: Mt. Gox creditors have reported updates in their claim accounts, indicating the trustee has added Bitcoin and fiat repayment data. Users on the Mt. Gox insolvency subreddit shared that specific amounts to be repaid and dates for the completion of repayment have been added to their accounts. One creditor mentioned seeing the repayment table populated with JPY, $BTC, and BCH claims, although no payments have been received yet. Bloomberg reported that some Mt. Gox creditors have received updates on their claims, including the number of tokens to be returned and, in some cases, the repayment date. This marks a significant step in the platform's efforts to return $9 billion worth of Bitcoin. CEOs from Off the Chain Capital and Blockstream have confirmed receiving updates, indicating a positive direction in the repayment process.
Next news: The New York Stock Exchange is considering the possibility of enabling 24/7 stock trading, similar to cryptocurrency exchanges. A survey has been released to market participants to gauge interest in round-the-clock trading, including weekends, and to discuss potential challenges such as staffing overnight sessions and protecting investors against large price swings. The move aims to modernize the stock exchange, making it competitive with not only cryptocurrency exchanges but also other markets like US Treasuries and stock index futures that already offer extended trading hours. The survey, conducted by the NYSE's data management team, also explores the implications of such a change for trading patterns, especially for Bitcoin ETFs, which currently trade during regular market hours. While cryptocurrencies can trade and settle all day and night, stock trading has traditionally followed office hours. The New York Stock Exchange (NYSE) is reportedly gauging interest in 24-hour stock trading, similar to how cryptocurrency markets operate. To test market sentiment, NYSE’s data analytics team put out a survey asking market participants whether they would support 24/7 or 24-hour weekday trading and what systems should be in place to protect traders from overnight price swings. Currently, NYSE, along with the NASDAQ and Chicago Board Options Exchange, trade Monday to Friday between 9:30 AM to 4:00 PM Eastern Time. In the U.S., assets such as cryptocurrencies, U.S. Treasurys, foreign exchange, and leading stock index futures can already be traded 24/7, while some brokerages offer 24-hour weekday access to U.S. stocks. However, Robinhood halted its 24-hour trading services following increased tensions between Israel and Iran, raising concerns about the sustainability of around-the-clock trading. Managing liquidity in a 24/7 trading arena has proven a tough task for trading platforms in the cryptocurrency industry. NYSE's poll comes as startup firm 24X National Exchange is seeking approval from the SEC to launch the first round-the-clock exchange in the country. The SEC still has "months" to review the requested rule change, while other stakeholders are already looking at pertinent issues, such as who should bear costs and the role of clearing houses.

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.