SoSo Daily May 20

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on May 20, 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 67,136 USD, with a 24-hour change of 0.0577%. The market cap of $BTC is 1.32 trillion USD, accounting for 58.9% 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 3,124.3 USD, with a 24-hour change of 0.159%; the market cap of $ETH is 375.30 billion USD, representing 16.7% 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 75.6% 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 05:05, according to the latest data, the top five gainers are:
Top 1 gainer is Raft. As of 05:05 today, its market cap is 629.59K, with a coin price of 0.0012199, witnessing a 24-hour increase of 107%.
The second is Strips Finance. As of 05:05 today, its coin price is 1.0730, with a 24-hour increase of 55.8%.
The third is ALEX Lab. As of 05:05 today, its coin price is 0.21880, showing a 24-hour increase of 31.7%.
In fourth place is Cream. As of 05:05 today, its coin price is 76.150, with a 24-hour rise of 31.6%.
In fifth place is Zephyr Protocol. As of 05:05 today, its coin price is 5.3900, increasing by 30% 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, Layer2 sector is worth mentioning.
Layer2 sector has fallen -2.19% relative to the UTC 0 time, led by declines in MANTA (-8.21%), SAVM (-8.17%), and SAGA (-7.83%).

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The Venezuelan government plans to disconnect Bitcoin and cryptocurrency mining farms from the national electricity system to prevent power supply outages. This decision is in response to the high electricity consumption of these mines, which has been causing frequent power outages in surrounding areas. The Ministry of Electricity and Energy stated that the action is aimed at ensuring reliable service for all Venezuelans. The ban on cryptocurrency mining is part of an anti-corruption initiative and aims to protect the power grid. The government also plans to disconnect crypto mining farms from the national grid to regulate excessive energy consumption and ensure a stable power supply. The move is in response to the heavy electricity demands of crypto mining, which has led to recurring blackouts and impacted the country's economic performance. The government aims to reduce the high impact on energy demand to continue providing efficient and reliable service to the Venezuelan people.
Next news: The SEC is expected to make a crucial decision on the approval of Ethereum exchange-traded funds (ETFs) on May 23, which could significantly impact the cryptocurrency market. Analysts and industry experts have varying views on the potential approval, with some expressing optimism for a positive surprise, while others anticipate a rejection. Major investment firms, including BlackRock, Grayscale, ARK Invest, Fidelity, VanEck, and others, are eagerly awaiting the SEC's decision, with the possibility of launching Ethereum ETFs by the end of the year. The decision is anticipated to come down to a vote by the SEC's five commissioners, with differing opinions among the commissioners adding complexity to the decision-making process. The approval of spot Ether ETFs is seen as a significant milestone that could open up new avenues for mainstream investors to participate in the crypto market and have a huge impact on the market, potentially sending it to new highs.
Next news: Bitcoin falls below $67,000 and rebounds, now quoted at $66,566.
Next news: On May 19, an individual turned 13 SOL (about $2,275) into $2.26 million in just 8 hours by buying #1DOL, achieving a profit of 993 times. This person is the largest participant in the BOME pre-sale, having spent 421 SOL (about $72,000) to participate in the pre-sale and buy BOME, and is still the largest individual holder of BOME.
Next news: A whale withdrew 1,590 $BTC from Binance in the past 24 hours, worth about $106 million. According to Lookonchain monitoring, the whale address starting with 124BPP9 bought and withdrew 1,590 $BTC (about 106.8 million US dollars) from Binance.
Next news: Kraken's Global Head of Asset Growth and Management, Mark Greenberg, clarified that Kraken has no plans to delist USDT in the European market. The exchange understands the value of USDT to European customers and will continue to explore all options for providing USDT under the upcoming system. Kraken will comply with all legal requirements, even those it disagrees with, but the rules have not yet been finalized. Kraken is committed to providing stability to European customers.
Next news: Hong Kong Police Arrest Three Men for USDT Exchange Scam Involving Joss Paper link. The suspects deceived the victim by displaying 3,000 pieces of Joss paper, each with a face value of HKD 500, luring him to transfer the USDT to a designated cryptocurrency wallet. They then made various excuses to avoid paying cash and fled the scene.
Next news: BounceBit unveils its 2024 roadmap, which includes three main pillar products: BounceBit Portal, BounceBit Chain, and BounceClub. The project aims to build a portfolio of CeDeFi products on the chain, with BounceBit Portal acting as an operating system, BounceBit Chain as the settlement and execution layer, and BounceClub focusing on building CeDeFi as a service and ecosystem.
Next news: A whale who built an $ETH position in 2022 deposited 15,000 $ETH to Kraken 3 hours ago. BlockBeats reported that on May 20, according to Lookonchain monitoring, a whale address holding 120,874 $ETH deposited 15,000 $ETH to Kraken, worth about $46 million. The address withdrew 120,874 $ETH ($199 million) from Kraken at a price of $1,647 between August 31, 2022, and September 9, 2022, leaving 105,874 $ETH ($325.3 million). Its profit was about $171.5 million.
Next news: Justin Ðrake's Formal Relationship with EigenLayer Entities and Ethereum Foundation Staff

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.