SoSo Daily Apr 26

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on April 25, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.42 trillion US dollars, witnessing an increase of 0.763% compared to the previous day; the total trading volume is 65.82 billion US dollars, marking a rise of 6.55% from the previous day.

According to sosovalue, the price of $BTC is 64,498 USD, an increase of 0.325% from yesterday. The market cap of $BTC is 1.27 trillion USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 16.60 billion USD, making up 25.2% of the total trading volume.
The price of $ETH is 3,156 USD, up 0.484% from yesterday; the market cap of $ETH is 385.18 billion USD, representing 15.9% of the total market cap; $ETH's 24-hour trading volume is 9.25 billion USD, comprising 14% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.4% 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 23:55 on April 25, 2024, according to the latest data, the top five gainers are:
Top 1 gainer is L7DEX. As of 23:55 today, its market cap is 135.29M, with a coin price of 2.8400 USD, witnessing a 24-hour increase of 84.4%.
The second is poundtoken. As of 23:55 today, its coin price is 1.2496 USD, with a 24-hour increase of 68.3%.
The third is Safe. As of 23:55 today, its coin price is 2.6510 USD, showing a 24-hour increase of 40.6%.
In fourth place is Talken. As of 23:55 today, its coin price is 0.15542 USD, with a 24-hour rise of 37.7%.
In fifth place is Popcat. As of 23:55 today, its coin price is 0.42910 USD, increasing by 27.5% 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 15 sectors, 13 are up and 2 are down. Notably, DePIN sector has risen 2.24% relative to the UTC 0 time, led by gains in cudos (14.3%), hnt (14.1%), and tfuel (9.75%).
SocialFi sector has decreased -2.43% relative to UTC 0, with gal (-6.96%), cos (-5.62%), and taki (-5.57%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Consensys, the company behind MetaMask, has filed a lawsuit against the Securities and Exchange Commission (SEC) in a Texas court, alleging regulatory overreach in the SEC's attempt to regulate Ethereum ($ETH) as a security. The filing argues that $ETH does not possess the attributes of a security and highlights a previous stance by the SEC, which had declared $ETH was not a security. The lawsuit points to a shift in the SEC's approach under Chair Gary Gensler, who has significantly expanded the agency's crypto enforcement unit and investigations into the digital asset market. This legal action is part of ongoing developments around the SEC's potential regulation of Ether, amidst broader debates over the classification of cryptocurrencies.
Next news: Stripe, a global payments company, announced at its Global Internet Economy Conference that it will reintroduce cryptocurrency payments. Stripe's President, John Collison, highlighted the company's previous engagement with crypto, including its discontinued Bitcoin support in 2018, and emphasized the improved utility and efficiency of crypto transactions today. The reintroduction of crypto payments, expected later this summer, marks Stripe's renewed commitment to exploring the potential of cryptocurrencies in the payments industry. This announcement comes after a period of no significant crypto-centric announcements from Stripe and follows the launch of a fiat-to-crypto onramp last May, aimed at enhancing Web3 companies' customer experiences.
Next news: According to various sources, Bitcoin spot ETFs experienced significant net inflows and outflows on different days, with Grayscale's ETF GBTC and Fidelity's ETF FBTC being the key players. The total net asset value of Bitcoin spot ETFs and the net asset ratio also varied across the reported days.
Next news: BlackRock's Bitcoin ETF has ended its 71-day streak of inflows, according to recent data. This slowdown in inflows has had a dampening effect on the ongoing Bitcoin bull run, indicating a potential shift in investor sentiment or market dynamics.
Next news: The Department of Justice (DOJ) has arrested the founders of the privacy-focused crypto wallet Samourai on charges of money laundering and operating an unlicensed money transmitting service. The founders, CEO Keonne Rodriguez and CTO William Lonergan Hill, are accused of facilitating over $2 billion in unlawful transactions and laundering more than $100 million in criminal proceeds. The DOJ alleges that Samourai operated as a cryptocurrency mixing service and combined unique features to execute anonymous financial transactions. The U.S. government is seeking the extradition of Hill from Portugal, and the company's servers and domain have been seized. The arrests represent the latest move against crypto mixing services and their developers, reflecting the government's increasing aggression toward such services. The charges have sparked a debate on Bitcoin's privacy, with concerns over the future of privacy technology and its implications for users and the broader tech industry.
Next news: According to sources, the US Securities and Exchange Commission (SEC) is expected to reject the approval of spot Ethereum ETFs next month. This comes amid unproductive meetings and a lack of engagement from the SEC, contrasting with previous discussions on Bitcoin ETFs. The denial is predicted to delay the availability of Ethereum ETFs for US investors until at least December 2024, potentially impacting Ethereum's adoption compared to Bitcoin. The SEC's critical stance on cryptocurrencies and the possibility of lawsuits following denials further complicate the approval process. Meanwhile, Hong Kong is set to begin trading such products next week, marking a significant divergence in the approach to cryptocurrency ETFs between the two regions.
Next news: Morgan Stanley plans to promote Bitcoin ETFs to clients through its 15,000 brokers. Since obtaining regulatory approval in January, Morgan Stanley has provided Bitcoin ETFs but has not actively promoted them. This situation may change as the firm considers letting every client know about Bitcoin ETFs in a controllable way. Morgan Stanley may allow its 15,000 brokers to advise clients to buy spot Bitcoin ETFs. The company is currently laying the groundwork for tender purchases, including risk tolerance requirements and restrictions on allocations and trading frequencies. The Block
Next news: A16Z Crypto CTO Eddy Lazzarin criticized memecoin, stating it undermines the long-term vision of cryptocurrency and negatively impacts the industry's perception among the public, regulators, and entrepreneurs. He described memecoin as a risky casino or a series of false promises, which affects adoption, regulation, and the behavior of blockchain builders.
Next news: Upbit's market share in South Korea exceeds 80%, and its global CEX ranking rises to fifth. According to BlockBeats, on April 25, Bloomberg reported that Upbit's trading volume accounted for more than 80% of South Korea's total trading volume, and its global CEX ranking rose to fifth, on par with Coinbase. Simon Seojoon Kim, CEO of South Korean venture capital firm Hashed, said that the reserve system required by South Korean regulators is costly for existing and new entrants, but resource-rich trading platforms like Upbit will find it easier to meet the new standards.
Next news: U.S. House Representative Maxine Waters (D-California), the top Democrat on the House Financial Services Committee, told Bloomberg Wednesday "We are on our way to getting a stablecoin bill in the short run.” After 22 months of negotiation, key Democrat Representative Maxine Waters predicts an imminent deal on legislation to regulate stablecoins, in collaboration with Republican Patrick McHenry. In a significant development for the cryptocurrency industry, US House Representative Maxine Waters, the top Democrat on the House Financial Services Committee, announced that the final version of the stablecoin bill could be ready for consideration soon. Waters expressed optimism about the progress being made toward enacting stablecoin legislation in the near future, stating, "We are on track to have a stablecoin bill in the short term." This announcement comes after Waters previously criticized one version of the stablecoin bill as "deeply problematic and bad for America." Emphasizing the importance of investor protection and asset support for stablecoins, Waters reiterated the need for robust regulatory measures to protect the interests of consumers and ensure the stability of the financial system. The possibility of advancing stablecoin legislation before the upcoming election has gained momentum, with recent weeks seeing increased activity in congressional debate and input from key stakeholders such as the Federal Reserve, the Treasury Department, and the White House shaping the outline of the bill.

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.