Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on May 14, 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 the previous 24 hours; 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 61,799 USD, a decrease of 1.46% from yesterday. The market cap of $BTC is 1.22 trillion USD, accounting for 54.2% 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 2,907.9 USD, down 1.92% from yesterday; the market cap of $ETH is 349.28 billion USD, representing 15.5% 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 69.7% 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 SUDO. As of 11:55 today, its market cap is 4.41M, with a coin price of 0.17520 USD, witnessing a 24-hour increase of 60.4%.
The second is PEOPLE. As of 11:55 today, its coin price is 0.037020 USD, with a 24-hour increase of 27.7%.
The third is MOG. As of 11:55 today, its coin price is 0.00000059790 USD, showing a 24-hour increase of 25.4%.
In fourth place is POPCAT. As of 11:55 today, its coin price is 0.51030 USD, with a 24-hour rise of 23.8%.
In fifth place is PEPE. As of 11:55 today, its coin price is 0.000010710 USD, increasing by 22.1% 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 5.85% relative to the UTC 0 time, led by gains in mog (25.7%), popcat (25.2%), and people (24.6%).
AI sector has decreased -5.94% relative to UTC 0, with wld (-12.8%), rndr (-9.69%), and clore (-9.12%) leading the decline.
SocialFi sector has decreased -6.18%, with xtm (-7.41%), ton (-6.75%), and cyber (-6.17%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:GameStop stock experienced a significant surge in premarket trading as Keith Gill, known as 'Roaring Kitty,' made a return. This event led to a surge in stocks related to Keith Gill, while developers took the opportunity to launch numerous meme coins on different blockchains, aiming to capitalize on the surrounding hype.
Next news: Coinbase, a major cryptocurrency exchange, experiences a system-wide outage, causing disruptions for users attempting to access its platform. The outage, which started at 4:15 AM UTC on May 14, has made the platform unusable for desktop and mobile users. Despite the technical difficulties, Coinbase assures users that their funds are safe and that the issue is being actively investigated. Some users have reported problems with sending cryptocurrencies and transaction issues. The exact cause of the outage remains unknown, and Coinbase has committed to continuing its investigation. This incident highlights the vulnerability of centralized cryptocurrency exchanges and could impact mainstream trust in the crypto industry. Trading volumes on decentralized exchanges (DEXs) remain significantly lower than those on centralized platforms, underscoring the mainstream's reliance on exchanges like Coinbase for digital asset transactions.
Next news: Bitcoin's on-chain activity drops to historic lows, raising questions about a potential market bottom. Analysts closely monitor the trend for signs of panic selling that could foreshadow price rebounds. Bitcoin is trading at $60,994, with a slight increase over the past 24 hours but a 3.50% drop over the past week.
Next news: The US government has ordered a Chinese crypto mining company, MineOne Partners Ltd., to exit its property near the F.E. Warren Air Force Base in Wyoming, citing national security concerns. The company, which acquired real estate near the base in 2022, is said to pose a threat that could impair US national security, according to the White House. The base is known for housing US nuclear missiles, highlighting the sensitivity of the location.
Next news: GameStop's US stock price surge leads to gains in related meme coins on Ethereum and Solana. GME and Roaring Kitty meme coins experience significant increases. BlockBeats cautions investors about the high volatility and lack of practical use cases for these meme coins.
Next news: GameStop (GME.N) and AMC Cinemas (AMC.N) stocks surged in pre-market trading on May 14, with GameStop's pre-market gains reaching 83.55% in the U.S. stock market. AMC Cinemas also experienced a significant rise of 40% before the market opened. The surge in GameStop's stock value continued the upward trend from the previous day, with a notable increase of over 50%.
Next news: Bitcoin lending protocol Zest announced the completion of $3.5 million in financing on May 13, led by Tim Draper. The round also saw participation from Binance Labs, Flow Traders, Trust Machines, and others. Zest utilizes the Nakamoto upgrade of Bitcoin's Layer 2 stack and the bridge asset sBTC (pegged to Bitcoin 1:1) to offer a lending experience native to the Bitcoin blockchain network.
Next news: The United States Commodity Futures Trading Commission (CFTC) has settled charges against cryptocurrency brokerage firm Falcon Labs, owned by FalconX, for approximately $1.8 million. The charges were related to the firm's failure to register as a Futures Commission Merchant and facilitating access to digital asset exchanges for U.S. residents without proper registration. The settlement includes a requirement for FalconX to cease offering services to U.S. residents and to pay around $1.2 million in disgorgement and $600,000 in civil monetary penalties. This action is part of the CFTC's broader enforcement efforts to ensure compliance with its regulations in the derivatives markets, especially concerning digital asset exchanges. The settlement also noted FalconX's voluntary improvements in practices following a previous lawsuit with Binance and its former CEO Changpeng Zhao. The CFTC has been active in enforcing regulations against crypto firms, with 47 enforcement actions filed in 2023 alone.
Next news: Bitfarms, a cryptocurrency mining company, has fired CEO Geoffrey Morphy following a $27 million lawsuit he filed against the company. The lawsuit includes claims of breach of contract, wrongful dismissal, and aggravated and punitive damages. Bitfarms terminated Morphy, who was appointed as interim President and CEO in late 2022, ahead of the previously announced plan to find his replacement. The company stated that the claims are without merit and intends to defend itself vigorously. Nicolas Bonta, co-founder and chair of Bitfarms, will serve as interim President and CEO. Bitfarms operates 11 Bitcoin mining facilities across the United States, Canada, Paraguay, and Argentina, and plans to invest $240 million to upgrade its mining equipment. The firm reported earning 269 $BTC in April and is expected to announce its Q1 2024 earnings on May 15. Bitfarms' stock has fallen roughly 29% since March 25.
Next news: US spot Bitcoin ETFs experienced a strong start in their first four months since launch on January 11, with net inflows reaching approximately $11.7 billion. Despite this initial success, demand has slowed, influenced by factors such as profit-taking by investors, the Federal Reserve's interest rate policies, and a halving of per-block rewards for mining Bitcoin. Notably, the Grayscale Bitcoin Trust ETF (GBTC) saw net outflows of $17.6 billion. Recent weeks have seen a drop in demand for Bitcoin, with its price decreasing by about 6% from a month ago. The inflow total for the category once exceeded $12.5 billion before experiencing outflows that reduced it significantly. Exchange-Traded Product (ETP) volumes, primarily from US spot Bitcoin ETFs, have also declined, indicating reduced participation in the crypto ecosystem. Despite the slowdown, products by BlackRock and Fidelity initially attracted significant investor assets, with net inflows of $15.5 billion and $8.1 billion, respectively. However, even these products have seen a decrease in demand recently. Financial advisers are expected to play a significant role in future inflows, with some already holding substantial positions in various Bitcoin funds.
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.