Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on May 9, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.25 trillion US dollars, witnessing a decrease of 2.58% compared to yesterday; the total trading volume is 72.92 billion US dollars, marking an increase of 23.9% from the previous day.
According to sosovalue, the price of $BTC is 63,074 USD, an increase of 3.07% from yesterday. The market cap of $BTC is 1.24 trillion USD, accounting for 55.3% of the total market cap; $BTC's 24-hour trading volume is 16.18 billion USD, making up 22.2% of the total trading volume.
The price of $ETH is 3,036.2 USD, up 2.09% from yesterday; the market cap of $ETH is 364.67 billion USD, representing 16.2% of the total market cap; $ETH's 24-hour trading volume is 10.79 billion USD, comprising 14.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 71.5% 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 23:55, the top five gainers are:
Top 1 gainer is Doland Tremp. As of 23:55 today, its market cap is 54.59M, with a coin price of 0.54600 USD, witnessing a 24-hour increase of 75.4%.
The second is Lybra Finance. As of 23:55 today, its coin price is 0.33700 USD, with a 24-hour increase of 53.2%.
The third is Turbo. As of 23:55 today, its coin price is 0.00095078 USD, showing a 24-hour increase of 40.3%.
In fourth place is Vertex Protocol. As of 23:55 today, its coin price is 0.17680 USD, with a 24-hour rise of 34.3%.
In fifth place is Serum. As of 23:55 today, its coin price is 0.057200 USD, increasing by 34.2% 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 16 sectors, 16 are up and 0 are down. Notably, SocialFi, DePIN, and Meme sectors are worth mentioning.
SocialFi sector has risen 9.96% relative to the UTC 0 time, led by gains in TON (11.3%), MOON (6.72%), and KIN (5.59%).
DePIN sector has increased 6.32% relative to UTC 0, with LPT (22.3%), NOS (18%), and SHDW (14.6%) leading the rise.
Meme sector has risen 6.04%, with TURBO (42.3%), POPCAT (20%), and PEOPLE (17.3%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Canadian regulators have fined Binance, the world's largest cryptocurrency exchange, $4.3 million for violating financial regulations. The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) found that Binance failed to register as a foreign money service business and did not report over 5,900 cryptocurrency transactions exceeding $10,000, along with the required KYC information. The violations were discovered using blockchain browser tools. This fine adds to the regulatory challenges faced by crypto exchanges globally.
Next news: VanEck, a prominent investment management firm, has introduced a new MemeCoin Index, as announced by Matthew Sigel, the company's Head of Digital Asset Research. This index features six popular tokens: DOGE, SHIB, PEPE, WIF, FLOKI, and BONK, each with a maximum allocation of 30%. Sigel emphasized on the X platform that the index is intended for entertainment purposes only.
Next news: The European Securities and Markets Authority (ESMA) is seeking industry opinions and considering including crypto assets in the UCITS fund, which is part of the 12 trillion euro investment product market. This move could potentially open up cryptocurrencies to a vast new market, as UCITS funds are a major part of the European investment landscape, governed by EU regulations but also accessible to non-EU investors. Stakeholders have until August 7 to submit their comments on this proposal. If approved, this would mark a significant step towards mainstream acceptance of cryptocurrencies in traditional investment vehicles, alongside the recent approvals of Bitcoin ETFs in the United States and Hong Kong. However, the proposal also raises questions about how such inclusion would align with the EU's strict crypto regulatory framework, particularly the Markets in Crypto Assets (MICA) regulation.
Next news: After 11 weeks of consecutive outflows, the Grayscale Bitcoin Trust ETF (GBTC) finally saw a positive gain of $63 million in new cash. The approval of competing spot Bitcoin ETFs in January had caused many investors to cash out, impacting the entire cryptocurrency space.
Next news: DCG released its Q1 financial report on May 10, showing a significant year-on-year revenue increase of 51%, with total revenue reaching US$229 million. This growth was primarily driven by the rise in cryptocurrency prices. Additionally, Grayscale, DCG's largest subsidiary, maintained its revenue at US$156 million, consistent with the previous quarter.
Next news: Former US President Donald Trump has announced his intention to accept cryptocurrency donations for his campaign for the upcoming U.S. presidential election in November 2024. Trump has taken a new approach toward crypto, contrasting with President Joe Biden's administration, which he criticizes as hostile towards the sector. Trump emphasized his commitment to retaining crypto businesses in the United States, arguing that if crypto is to be embraced, it must remain in the country. He also mentioned the 'Jeo Boden' meme coin, which surged by over 45% after he mentioned it, although he expressed skepticism about its value. Electric Capital co-founder Avichal Garg praised Trump's evolving stance on crypto, suggesting it could shift crypto sentiment against Biden and the Democrats if they maintain an anti-crypto stance. Trump's previous engagement with crypto includes launching an NFT collection, from which he gained royalties and a percentage from secondary market trading volumes.
Next news: Joseph Lubin, co-founder of Ethereum, criticizes the SEC for hindering innovation in the cryptocurrency industry by reclassifying Ether as a security and engaging in strategic enforcement actions rather than open discourse. ConsenSys, the company behind MetaMask, has filed a lawsuit against the SEC following a Wells Notice, aiming for clarity from U.S. courts. Lubin argues that the SEC's actions create uncertainty and could force companies offshore, impacting the U.S. technology and cryptocurrency landscape significantly. He also highlights the potential transformation of the banking industry through decentralized finance, which he believes the SEC is attempting to stifle.
Next news: Solana ecosystem tokenization platform AgriDex has completed a $5 million financing round led by Endeavor Ventures. Participants in this round include African Crops Limited, Oldenburg Vineyards, and former Goldman Sachs and Citadel executive Hank Oberoi. AgriDex, which is set to launch its platform and token AGRI in the third quarter of this year, aims to tokenize agricultural products and support the trading of these tokenized commodities. Each transaction on AgriDex is represented by the minting of a non-fungible token (NFT) that records all product, pricing, payment, and other details. The financing was completed as equity financing with a valuation of $18 million, and as part of the transaction, Bill Cunningham, co-founder and CEO of Endeavor Ventures, has joined the AgriDex board of directors.
Next news: Ripple and XRP Labs have joined the Decentralized Recovery (DEREC) Alliance, a digital asset recovery protocol founded by the Algorand Foundation and Hedera developers Swirlds Labs. The DEREC Alliance aims to provide an open-source process to accelerate the recovery of digital assets, developing a new interoperability recovery standard suitable for ordinary users. Other members of the alliance include Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, Hashgraph Association, HBAR Foundation, and Revive Labs.
Next news: Binance's internal dispute prevents ban on DWF Labs despite findings of market manipulation. The supervisory team was reorganized after the head of the team was fired, and several investigators were either dismissed or left voluntarily. The controversy arose from DWF Labs' alleged manipulation of YGG and six other tokens, which was initially identified by Binance's monitoring team but later questioned by other departments within Binance. Binance has refuted recent allegations of market manipulation involving DWF Labs, which were first raised in September 2023. An anonymous source alleged to the Wall Street Journal that Binance investigators discovered $300 million in wash trading by DWF Labs during 2023. Binance maintains a strong stance against market manipulation, highlighting its robust market surveillance program that has offboarded nearly 355,000 users for terms of use violations. The exchange also pointed to an independent investigation by Inca Digital, which found minimal signs of anomalous trading activities on Binance's platform. DWF Labs, a Web3 investment and market-making firm, has been under scrutiny after accusations from algorithmic trading firm Wintermute and others for manipulating the price of the Yield Guild Game (YGG) token and other cryptocurrencies. DWF Labs co-founder Andrei Grachev has denied these allegations.
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.