Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on May 17, 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 day; 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 66,214 USD, a decrease of 0.436% from yesterday. The market cap of $BTC is 1.30T USD, accounting for 58.1% 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 3,029.8 USD, up 0.775% from yesterday; the market cap of $ETH is 363.93B USD, representing 16.2% 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 74.3% 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 the latest data, the top five gainers are:
Top 1 gainer is CHEX Token. As of 11:55 today, its market cap is 258.45M, with a coin price of 0.25875 USD, witnessing a 24-hour increase of 35.8%.
The second is Covalent. As of 11:55 today, its coin price is 0.22460 USD, with a 24-hour increase of 28.5%.
The third is MANEKI. As of 11:55 today, its coin price is 0.0093170 USD, showing a 24-hour increase of 27.8%.
In fourth place is Umbrella Network. As of 11:55 today, its coin price is 0.021354 USD, with a 24-hour rise of 24.7%.
In fifth place is pSTAKE Finance. As of 11:55 today, its coin price is 0.10319 USD, increasing by 22.9% 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, DeFi sector has risen 4% relative to the UTC 0 time, led by gains in chex (35.8%), umb (24.4%), and RAFT (22.1%).
Meme sector has decreased -2.64% relative to UTC 0, with popcat (-16.5%), dino (-13.5%), and LOBO (-8.9%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The U.S. Senate has passed a resolution to overturn an SEC rule that mandates banks to include customers' digital assets on their balance sheets. However, President Joe Biden has expressed his intention to veto this joint resolution.
Next news: France's securities regulator warns against Bybit, urging customers to make arrangements for the eventuality that the platform may suddenly cease to provide services to customers in France. The Autorité des Marchés Financiers (AMF) has issued a new warning against cryptocurrency exchange Bybit, stating that the cryptocurrency exchange has been providing services in the country illegally. Bybit has been on the AMF's blacklist since May 2022 due to non-compliance with current French regulations. The AMF highlighted that Bybit, an unregistered crypto platform, has been offering digital asset services in France without the necessary registration, making its operations illegal under French law. The French Financial Market Authority (AMF) recently reminded investors to remain highly vigilant about Bybit, the third largest offshore exchange. The AMF stated that BYBIT is not approved to provide digital asset services in France and may take legal action to block the website.
Next news: PUMP.FUN, a Solana-based platform that streamlines token launches, has been exploited through a flash loan attack. The exploiter used flash loans to acquire enough SOL to manipulate the bonding curve for PUMP.FUN memecoins. This incident has raised concerns about the security of the platform, which prides itself on preventing 'rugs' by ensuring the safety of all created tokens. The platform charges users a small fee to mint new tokens, which can then be bought and sold on a bonding curve. Despite the exploit, PUMP.FUN had recently achieved a daily revenue high, showcasing its popularity within the Solana ecosystem.
Next news: Sam Trabucco, former co-CEO of Alameda Research, has called for a 'fair' sentencing of Ryan Salame, following his resignation in August 2022. Trabucco has been largely absent from the public eye since the collapse of FTX.
Next news: Boothbay Fund Management reports a $5.2 billion Bitcoin spot ETF purchase to the SEC, while Millennium Management and other firms invest in Bitcoin ETFs amid a price rally. Over 1500 investment firms hold $10.6 billion in Bitcoin ETF shares, with Millennium at the forefront. Additionally, over 600 firms invest billions in Bitcoin ETFs, with Millennium Management leading the way. The firm's significant stake in BlackRock's Bitcoin ETF is revealed in 13F filings, and hedge funds including Millennium and Point72 invest in Bitcoin ETFs. The latest SEC filings show that Millennium Management holds a $2 billion spot Bitcoin ETF portfolio, and the firm's total investment of $1.94 billion was spread across five main spot Bitcoin ETFs. The majority of new spot Bitcoin ETF buyers were investment advisory firms, with hedge funds making up about 25%.
Next news: US spot Bitcoin ETFs have seen mixed demand since their launch, with initial strong inflows followed by a slowdown. Factors such as profit-taking, interest rate policies, and reduced participation in the crypto ecosystem have influenced the demand. Despite the slowdown, products by BlackRock and Fidelity initially attracted significant investor assets. Financial advisers are expected to play a significant role in future inflows. Recent data shows net inflows ranging from $65.96 million to $302.97 million, with Fidelity's FBTC and Bitwise's BITB leading the inflows on different days.
Next news: Pump.Fun, a blockchain protocol, has responded to a contract attack by upgrading security and suspending trading to ensure the safety of its Total Value Locked (TVL). The protocol has also confirmed that its contract is secure and has been redeployed, ensuring safe trading for its users. Additionally, Pump.Fun plans to compensate users affected by the security breach by injecting SOL liquidity equal to or greater than the affected tokens within the next 24 hours.
Next news: Cumberland received 20 million USDT from Tether Treasury and deposited it into CEX 1 hour ago. Since October 20, 2023, Cumberland has received a total of 5.53 billion USDT from Tether Treasury and deposited it into CEX.
Next news: BlackRock IBIT disclosed having 414 holders at the end of its first 13F quarterly report, setting a new record. According to Bloomberg ETF analyst Eric Balchunas, having even 20 holders for a new entity is considered very rare and significant.
Next news: Tornado Cash developer Alexey Pertsev has appealed his conviction in the Netherlands on money laundering charges. Pertsev filed an appeal with the s-Hertogenbosch Court of Appeal, but the court has not confirmed if the appeal has been approved. It could take several months before a hearing takes place. Pertsev was sentenced to 64 months in prison by a Dutch court for facilitating $1.2 billion in money laundering through the crypto mixer between July 2019 and August 2022. He was escorted to prison immediately following the verdict but could request to await an appeal trial at home. Tornado Cash is a decentralized protocol designed to enhance transaction privacy on the Ethereum blockchain, allowing users to make anonymous transfers. While private financial transactions are not inherently illegal, platforms like Tornado Cash have been abused by some users for money laundering purposes. One of the judges reportedly characterized Tornado Cash as primarily a tool for criminal activity, influencing Pertsev’s conviction. Tornado Cash co-founder Roman Storm also faces similar charges in the U.S., with a trial set for September.
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.