Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on April 27, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.32 trillion US dollars, witnessing a decrease of 1.81% compared to yesterday; the total trading volume is 60.06 billion US dollars, marking a decline of 19.4% from the previous day.
According to sosovalue, the price of $BTC is 62,862 USD, a decrease of 2.15% from yesterday. The market cap of $BTC is 1.24 trillion USD, accounting for 53.4% of the total market cap; $BTC's 24-hour trading volume is 24.71 billion USD, making up 41.1% of the total trading volume.
The price of $ETH is 3,124.9 USD, down 0.119% from yesterday; the market cap of $ETH is 381.39 billion USD, representing 16.5% of the total market cap; $ETH's 24-hour trading volume is 14.83 billion USD, comprising 24.7% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 65.8% 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 Golem. As of 11:55 today, its market cap is 534.70M, with a coin price of 0.53470 USD, witnessing a 24-hour increase of 39.3%.
The second is Guild of Guardians. As of 11:55 today, its coin price is 0.28650 USD, with a 24-hour increase of 28.3%.
The third is DSLA Protocol. As of 11:55 today, its coin price is 0.00078740 USD, showing a 24-hour increase of 25.7%.
In fourth place is Helium. As of 11:55 today, its coin price is 4.1690 USD, with a 24-hour rise of 20%.
In fifth place is Cartesi. As of 11:55 today, its coin price is 0.23450 USD, increasing by 19.7% 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, Layer1 sector has fallen 3.16% relative to the UTC 0 time, led by declines in wit (-14.5%), dione (-12.6%), and rei (-11.6%).
DePIN sector has decreased 3.38% relative to UTC 0, with tfuel (-12.4%), wsi (-8.3%), and theta (-8.23%) leading the drop.
Meme sector has fallen 5.72%, with dog (-71%), popcat (-28.6%), and tsuka (-15.5%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin spot ETFs experienced significant net outflows in the past few days, with Grayscale's GBTC seeing the largest outflow. Fidelity's FBTC and Valkyrie's BRRR also recorded outflows, while Franklin's EZBC had a net inflow. The total net outflows reached $218 million, $217.58 million, and $83.61 million on different days. These outflows indicate a shift in investor sentiment and reallocation of holdings in the cryptocurrency market.
Next news: Digital asset bank Custodia filed a notice of appeal after a Wyoming judge ruled that the bank was not entitled to a Federal Reserve master account. The appeal follows a judgment by Judge Scott Skavdahl, who stated that Federal Reserve Banks have discretion in granting master accounts, which provide direct access to the Fed's payment systems. Custodia, founded by Wall Street veteran Caitlin Long, had applied for a master account with the Kansas City Fed in 2020. The Federal Reserve Board of Governors intervened in the decision-making process in 2021, and Custodia sued them and the Federal Reserve Bank of Kansas City in 2022 for delaying a decision on its application. The request was denied in January 2023. Custodia is a special purpose depository institution under Wyoming law, which does not allow lending of customer fiat deposits and requires holding those deposits in full reserve.
Next news: According to BlockBeats, on April 27, DTCC (Depository Trust & Clearing Corporation) released a new document stating that starting from April 30, 2024, as part of the annual update of the credit line, DTCC will implement changes to modify the collateral value of certain securities, which may affect the position value applied in the collateral monitor. The changes include adjusting the collateral valuation of corporate notes or bonds rated B1 to B3 from 50% to 70% and excluding any ETF or other investment vehicle that includes Bitcoin or any other cryptocurrency as the underlying collateral from having any collateral value, subjecting them to a 100% valuation discount. DTCC settled the vast majority of securities transactions in the United States. The notice released on April 26 states that exchange-traded funds and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets will not be assigned any collateral value, resulting in a 100% reduction in their collateral value. However, it is clarified that this would only apply to inter-entity settlement within the line of credit (LOC) system, and using cryptocurrency exchange-traded funds for lending and as collateral in brokerage activities will continue without impact, depending on individual brokers' risk tolerance. The introduction of spot Bitcoin ETFs has spurred increasing institutional interest in this investment product, with all United States Bitcoin ETFs accumulating over $12.5 billion in assets under management (AUM) within three months of their launch. However, overall inflows have recently slowed down, with significant outflows reported in spot Bitcoin ETFs. Grayscale's GBTC ETF saw a notable single-day outflow of $82.4197 million, and the current historical net outflow for GBTC totals a substantial $17.185 billion.
Next news: Yuga Labs restructures the company and lays off some team members. According to BlockBeats, on April 27, The Block reported that Yuga Labs is reorganizing the company, which led to the layoffs of some team members on Friday. Yuga Labs co-founder Greg Solano has posted a memo on social media announcing the company's reorganization since taking over as CEO in February. Regarding the reorganization announcement, Solano said: "Today is a very difficult day. I am determined to change Yuga and get us back to our original intention, which means making difficult decisions. So far, the hardest decision has been to say goodbye to some talented team members." In the memo, Solano said that Yuga Labs "lost its way" and will focus on building "a smaller, more flexible, and more crypto-native team."
Next news: According to BlockBeats, on April 26, Fox reporter Eleanor Terrett posted on social media that Massachusetts Senate candidate John Deaton will submit a friend of the court statement later today to support Coinbase's interim appeal motion. John Deaton files amicus brief in support of Coinbase appeal against SEC. The lawyer said he had filed a brief on behalf of 4,701 Coinbase customers for no charge as part of his advocacy work in the crypto space. John Deaton, a crypto lawyer and Senate candidate, has filed an amicus brief in support of Coinbase's appeal against the SEC on behalf of 4,701 Coinbase customers, pro bono. The brief argues against the SEC's enforcement actions and lack of regulatory guidance for digital asset users. Deaton's involvement comes amid his Senate campaign to unseat Elizabeth Warren, highlighting differing views on digital assets between the candidates. The appeal challenges the SEC's interpretation of 'investment contract' terms and its implications for the crypto industry. The outcome of this legal action could influence Deaton's political campaign and the broader regulatory landscape for cryptocurrencies.
Next news: On April 26, renowned rapper Eminem shared a 1-minute video advertisement for Crypto.com on his Twitter account. The ad, accompanied by the caption "You know what it has always been," marks a significant endorsement from the music industry for the cryptocurrency platform. This move by Eminem could potentially influence his vast fan base and further popularize Crypto.com among a wider audience. Eminem has taken over from Matt Damon as the celebrity face of Crypto.com's 'Fortune Favors the Brave' campaign. In a recent ad spot, the American rapper, also known as Marshall Mathers, showcased a boxing training montage filled with crypto terminology and the exchange's slogan. This marks Eminem's entry into the cryptocurrency advertisement space, following Damon's October 2021 ad. The terms of Eminem's involvement are not disclosed, especially in the context of the crypto market's downturn and regulatory challenges. Eminem, a member of the Bored Ape Yacht Club, had previously purchased an NFT for $462,000. The ad's impact on Crypto.com's native token, CRONOS, remains unclear, amidst mixed social media reactions and parodies. Matt Damon had stated his ad was to support Water.org, while other celebrities have reassessed their crypto endorsements amid the market's volatility. Crypto.com has launched a new commercial featuring Eminem, set to air during the NBA playoffs. This marks a significant move in mainstream sports advertising for the crypto exchange, alongside similar efforts by Coinbase. The ad, which will also be showcased in other major sports events, emphasizes resilience and ambition, concluding with the phrase "Fortune favors the brave." The commercial has sparked mixed reactions, with some criticizing Eminem for "selling out." This campaign follows a controversial ad featuring Matt Damon, which faced backlash for its message comparing crypto investing to historic explorations. Eminem has replaced Matt Damon as the celebrity spokesperson for Crypto.com, marking a significant return of high-profile celebrities to crypto endorsements. This comes after a period where such endorsements fell out of favor following the FTX collapse. Eminem's involvement was announced through a new TV advertisement for Crypto.com, which premiered during a Lakers NBA playoff game at the Crypto.com Arena. The ad, which also features the slogan 'Fortune favors the brave,' previously used by Matt Damon in a Crypto.com ad, will be shown at other major sporting events, including the Formula 1 Miami Grand Prix and an upcoming UFC event. This move by Crypto.com signifies a continued effort to align with iconic figures and events to bolster its brand recognition.
Next news: Ethereum co-founder Vitalik Buterin discusses the centralization of Proof of Work (PoW) and the transition to Proof of Stake (PoS). He highlights the centralization of PoW and the avoidance of ASICs due to the upcoming switch to PoS. Buterin also responds to community members expressing a wish to stick with PoW instead of transitioning to PoS. The transition to PoS, known as the Merge, resulted in a significant reduction in Ethereum's energy consumption.
Next news: Taiwan prosecutors seek 20-year prison sentences for suspects involved in the Ace Exchange case. The recommendation for such severe sentences is justified by the increased scale of the losses incurred. This move indicates the seriousness with which the authorities are treating the case, highlighting the significant financial impact it has had. Taiwan has filed a new round of charges against David Pan, founder of crypto exchange ACE, and 31 other suspects for alleged money laundering and fraud, recommending a minimum 20-year prison sentence for the four main suspects. Prosecutors estimate that more than 1,200 people were defrauded of an estimated $24.56 million. Taiwan prosecutors are recommending a minimum 20-year prison sentence for the four main suspects in the fraud and money laundering case related to the cryptocurrency trading platform ACE Exchange. The Taipei District Prosecutors’ Office indicted 32 people, including ACE Exchange founder David Pan, his business partner Lin Keng-Hong, and prominent attorney Wang Chen-Huan. Over 1,200 individuals were deceived, with losses now estimated at 800 million New Taiwan Dollars (US$24.56 million), up from the previously estimated 340 million New Taiwan Dollars ($10.6 million). The prosecutors also recommended at least 12 years for Wang, considering his role. In January 2024, Taipei City Police arrested Pan and 14 others, revealing Pan’s association with the fraudulent crypto wallet service known as “Alfred” or “Afu Wallet,” and a related crypto card. The suspects promoted investments in various tokens, leading to significant losses for investors. A Taiwanese court ruled that the defendant’s property should be seized, with some assets already confiscated. ACE Exchange, in response, stated that Pan’s fraudulent activity was not related to the platform’s operations.
Next news: Forbes published an article on April 27 listing the top 20 "zombie tokens" in the cryptocurrency market with a value of over $1 billion, including XRP, ADA, BCH, LTC, ICP, ETC, XLM, STX, KAS, THETA, FTM, XMR, AR, ALGO, FLOW, EGLD, BSV, MINA, XTZ, EOS. These tokens are defined as having little use beyond speculative trading. The article highlights the disproportionate market values of these tokens compared to their actual utility or revenue, using XRP and Ethereum Classic (ETC) as examples. It also touches on the controversy surrounding ADA's founder, Charles Hoskinson, and his misleading claims about his academic background and Cardano's involvement with the Defense Advanced Research Projects Agency.
Next news: The annual rate of the US core PCE price index in March was 2.8%, slightly above the expected 2.7%. This figure matches the previous value, indicating stability in the core inflation rate. The latest Personal Consumption Expenditures (PCE) data, closely watched by the Federal Reserve for interest rate decisions and considered a leading inflation indicator, has been released. The Core PCE Price Index showed an annual increase of 2.8%, aligning with previous figures but exceeding expectations of 2.6%. Monthly figures remained steady at 0.3%. The overall PCE Price Index also rose annually to 2.7%, slightly above the expected 2.6% and previous 2.5%, with monthly figures consistent at 0.3%. Following this announcement, Bitcoin experienced a decline to $62,800 but then recovered above $64,000. The dollar's reaction was not specified. Core PCE measures inflation excluding food and energy, providing a clearer view of inflationary trends. It's a key metric for currency traders and the Federal Reserve, differing from the Consumer Price Index (CPI) by focusing on consumed goods and services.
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.