SoSo Daily May 1

As of 11:59 AM on May 1, 2024, the total market cap of the crypto market is 2.25 trillion US dollars, experiencing a decrease of 2.58% over the last 24 hours. The total trading volume is 72.92 billion US dollars, showing an increase of 23.9% from the previous day.

According to sosovalue, the price of $BTC is 57,896 USD, a decrease of 5.41% from yesterday. The market cap of $BTC is 1.14T USD, accounting for 50.7% of the total market cap; $BTC's 24-hour trading volume is 16.18B USD, making up 22.2% of the total trading volume.
The price of $ETH is 2,904.5 USD, down 3.42% from yesterday; the market cap of $ETH is 354.51B USD, representing 15.8% of the total market cap; $ETH's 24-hour trading volume is 10.79B USD, comprising 14.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 37% 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 sosovalue, the top five gainers are:
Top 1 gainer is Crypterium. As of 11:55 today, its market cap is 5.40M, with a coin price of 0.063560, witnessing a 24-hour increase of 42.6%.
The second is Undead Blocks. As of 11:55 today, its coin price is 0.11091, with a 24-hour increase of 17.7%.
The third is LOBO•THE•WOLF•PUP. As of 11:55 today, its coin price is 0.00096500, showing a 24-hour increase of 14.2%.
In fourth place is CHEQD Network. As of 11:55 today, its coin price is 0.059970, with a 24-hour rise of 12.2%.
In fifth place is Goldfinch. As of 11:55 today, its coin price is 3.1009, increasing by 10.7% 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, $BTC sector has fallen by 5.41% relative to the UTC 0 time, led by declines in $btc at -5.41%.
Meme sector has fallen by 6.49% relative to UTC 0, with dog at -55.2% leading the decline.
SocialFi sector has fallen by 7.3%, with cos at -11.4% leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Former Binance CEO Changpeng Zhao has been sentenced to four months in prison for money laundering violations. The U.S. Justice Department accused Zhao of prioritizing Binance's growth over compliance with financial rules, allowing funds linked to virtual theft and terrorism to flow through the exchange undetected. Despite his remorse, Zhao will serve four months in a U.S. federal prison. The judge was troubled by Zhao's statement that it was better to ask for forgiveness than permission. Zhao, who founded Binance in 2017, was forced to step down from the company last November as part of a $4.3 billion settlement with U.S. law officials. Since flying from his home in UAE to Seattle to enter the plea, Zhao has been restricted from leaving the U.S. due to travel limitations imposed by Judge Jones. In March, Zhao launched Giggle Academy, an educational project for young people about crypto and blockchain. Meanwhile, Binance is involved in a lawsuit with the U.S. Securities and Exchange Commission for operating as an unregistered exchange and failing to restrict American investors from accessing Binance.com.
Next news: Roger Ver, an early Bitcoin investor, has been charged with mail fraud, tax evasion, and filing false tax returns by the U.S. Department of Justice. He was arrested in Spain and the U.S. seeks his extradition for trial. Ver, who renounced his U.S. citizenship in 2014, is accused of causing a $48 million loss to the IRS. He originally lived in California and owned two companies dealing in computers and network equipment. Since 2011, Ver has been acquiring Bitcoin and promoting it, earning the nickname 'Bitcoin Jesus'. U.S. law required him to file tax returns on worldwide capital gains, including those from Bitcoin.
Next news: Bitcoin's price fluctuates around $63,000 as the market anticipates the debut of Hong Kong's first spot crypto ETF. Despite the subdued excitement, an executive from one of the issuing companies expects the initial issuance in Hong Kong to surpass that of the U.S. launch in January.
Next news: Bitcoin's value has been fluctuating in the market. On April 28, it rebounded above $64,000 with a 1.63% increase. However, on April 29, it dropped below $63,000, experiencing a 0.86% decrease. The decline continued as it fell below $62,000 on the same day, marking a 3.1% drop. The downward trend persisted as it briefly dipped below $62,000 again on April 29 and below $63,000 on April 30. The decline extended to falling below $61,000 on April 30 with a 2.39% decrease. On May 1, the decline worsened as it briefly fell below $60,000, then below $58,000, and finally below $57,000 with significant 24-hour losses. Bitcoin's April decline ended its 7-day winning streak, falling 13.45% in the month.
Next news: Bitcoin tumbles below $60K, risking deeper pullback as crypto markets endure worst month since FTX crash. Recent U.S. economic data could prompt more hawkish forward guidance from the Federal Reserve.
Next news: BlackRock's BUIDL becomes the largest tokenized treasury fund, now at $375 million. According to BlockBeats, on April 30, BUIDL, the first digital asset fund launched by BlackRock in cooperation with Securitize, successfully topped the list in just six weeks, accounting for nearly 30% of the total digital treasury market of $1.3 billion. Last week, BUIDL fund added $70 million in inflows, surpassing similar products of Franklin Templeton.
Next news: The Probation Administration Department recommended a 5-month prison sentence for CZ, stating that it is sufficient to deter the defendant and others. CZ's defense lawyer agrees with the sentencing of 5 months' probation but also prepared 6 other factors that could lead to consideration of reducing the probation. Following a judge's decision to reject the Ministry of Justice's initial proposal for a 36-month sentence, CZ was sentenced to 5 months in prison, marking a significant reduction from the originally suggested prison term.
Next news: In the past 24 hours, significant liquidations have occurred across the cryptocurrency network, totaling millions of dollars. Long orders have been predominantly affected, with Ethereum accounting for a substantial portion of the liquidation. The data, reported by BlockBeats and sourced from CoinGlass, highlights the notable market movements within the cryptocurrency sector.
Next news: The launch of Bitcoin and Ethereum ETFs in Hong Kong has been met with underwhelming trading volumes, failing to meet the high expectations set prior to their debut. Despite the anticipation, the six listed crypto ETFs collectively generated only $11 million in trading volume on their first day, with Bitcoin ETFs contributing $8.5 million and Ethereum ETFs only $2.5 million. This performance falls significantly short of the issuers' expectations, who had hoped for initial volumes exceeding $100 million. The regulatory environment in Hong Kong differs from the US, where concerns about Ethereum being classified as a security have delayed the listing of Ethereum ETFs. However, in Hong Kong, Ethereum ETFs are allowed to trade without such concerns, contrasting with the US Securities and Exchange Commission's (SEC) cautious stance. Despite the slow start in Hong Kong, Ethereum ETFs have seen success in other international markets, such as Canada, where they are listed on the Toronto Stock Exchange. The first day of trading for crypto ETFs in the US, in comparison, saw a significant trading volume of $655 million.
Next news: Bitcoin faces its first monthly decline in 8 months, ending a 7-month upward trend. The price of Bitcoin is currently hovering above $61,000, marking a 12% decline from early April. The recent market downturn has affected traders' risk appetite, and analysts expect a potential recovery after this period. Aurelie Barthere, Chief Research Analyst at Nansen, predicts a focus on major tokens and highlights the performance of Solana and Base in the fee market share.

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.