SoSo Daily May 23

As of 11:59 AM on May 23, 2024, the total market cap of the crypto market is 2.74 trillion US dollars, showing a 0.245% increase from the previous day. The 24-hour trading volume is 102.99 billion US dollars, with a decrease of 12.1% compared to the previous day.

According to sosovalue, the price of $BTC is 70,002 USD, with a 24-hour percentage change of 0.381%. The market cap of $BTC is 1.38 trillion USD, accounting for 50.3% of the total market cap; $BTC's 24-hour trading volume is 41.11 billion USD, making up 39.9% of the total trading volume.
The price of $ETH is 3,920.2 USD, with a 24-hour percentage change of 6.22%; the market cap of $ETH is 470.93 billion USD, representing 17.2% of the total market cap; $ETH's 24-hour trading volume is 37.37 billion USD, comprising 36.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 76.2% 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 LOBO•THE•WOLF•PUP. As of 11:55 today, its market cap is 0E-8, with a coin price of 0.0011478, witnessing a 24-hour increase of 73.4%.
The second is CorgiAI. As of 11:55 today, its coin price is 0.0023967, with a 24-hour increase of 59.4%.
The third is sETH2. As of 11:55 today, its coin price is 3840.1, showing a 24-hour increase of 29.9%.
In fourth place is MANEKI. As of 11:55 today, its coin price is 0.011664, with a 24-hour rise of 28.7%.
In fifth place is LUKSO. As of 11:55 today, its coin price is 4.5130, increasing by 28.1% 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, $ETH sector has risen 6.2% relative to the UTC 0 time, led by gains in $eth (6.2%).
Layer2 sector has increased 3.72% relative to UTC 0, with nvir (21.9%), MERL (13.1%), and MANTA (11.1%) leading the rise.
SocialFi sector has risen 2.8%, with moon (4.42%), ton (3.43%), and kin (2.1%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The U.S. House of Representatives has passed the Financial Innovation Technology (FIT) for the 21st Century Act with strong Democrat support. The bill, known as FIT21, aims to provide legal clarity for the crypto industry and establish regulations for digital assets markets. It received bipartisan support with 279 votes in favor and 136 against. The bill seeks to clarify the roles of the US securities and commodities regulators in overseeing the cryptocurrency market, but faces opposition from the White House and SEC. Despite this, it marks a significant policy victory for the crypto industry and now moves to the Senate for further consideration.
Next news: Grayscale GBTC and other ETFs achieved comprehensive net inflows, with ARKB's net inflow exceeding US$68 million. According to Farside Investors data on May 21, Grayscale GBTC had a net inflow of $9.3 million, ARK 21Shares' ARKB had a net inflow of $68.3 million, and Bitwise's BITB had a net inflow of $24 million.
Next news: MetaMask is integrating native Bitcoin into its wallet. According to two sources familiar with the matter, the Ethereum wallet MetaMask is working on integrating native Bitcoin ($BTC). One source mentioned that access might be achieved within the next month, while another indicated that the functions have not yet been determined. However, it's expected that the functionalities may be limited initially and expanded over time. MetaMask, the most used wallet in the Ethereum ecosystem, is working on integrating native BTC. MetaMask may launch this feature next month. MetaMask is developed by Consensys and currently has over 30 million monthly active users. CoinDesk
Next news: The physical ETPs for Bitcoin and Ethereum have made their debut on the London Stock Exchange after receiving approval from the Financial Conduct Authority (FCA). However, these ETPs will only be available to professional and institutional investors due to the retail ban on crypto trading and the sale of crypto derivatives.
Next news: The White House has expressed opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21 or H.R.4763), citing a lack of sufficient protections for consumers and investors in digital asset transactions. Despite this opposition, the administration is open to collaborating with Congress to develop a comprehensive and balanced regulatory framework for digital assets. The bill, which aims to enhance the Commodity Futures Trading Commission's (CFTC) authority over crypto spot markets and digital commodities, faces criticism from various quarters, including SEC Chair Gary Gensler and House Financial Services Committee Ranking Democrat Maxine Waters. The bill's future in the Senate remains uncertain, with no companion bill present and little interest from top lawmakers. The broader political context includes the Biden administration's increased attention to crypto regulation amid the upcoming presidential election, with presumptive Republican nominee Donald Trump showing support for crypto.
Next news: Proposed Ether ETFs would not stake their $ETH, according to new filings. Amendments to the planned funds clarify that they would not earn yield by staking $ETH, coming just ahead of a key SEC deadline. Issuers like Fidelity, Franklin Templeton, ARK Invest, Invesco, and VanEck, through filings by CBOE, and similar statements by NASDAQ for the iShares Ethereum Trust, and NYSE ARCA for Grayscale's Ethereum Mini Trust and the planned Bitwise Ethereum ETF, have made it clear to the SEC that the funds' $ETH would not be used for staking. This decision comes as the SEC is expected to rule on all Ether ETF proposals at once, ahead of its May 23 deadline for a decision on a proposal by VanEck. The SEC's stance on whether Ether is a commodity or a security remains unclear, affecting the approval process for spot Ether ETFs. Industry observers note this could be a long way from launch, despite recent optimism for approval.
Next news: Worldcoin has been ordered to cease its operations in Hong Kong by the Office of the Privacy Commissioner for Personal Data (PCPD) due to violations of the privacy ordinance. The PCPD's investigation, initiated in January 2024, found that Worldcoin's collection and retention of sensitive biometric data, including face and iris images for up to 10 years for AI model training, was unjustified. The inquiry revealed that the collection of face images was unnecessary for verifying participants' humaneness, as this could be done in person by the iris scanning device operators. Furthermore, Worldcoin failed to provide sufficient information for informed consent, including not offering its privacy notice in Chinese, which limited non-English speakers' understanding of the project's policies. As a result, the PCPD deemed the collection of face and iris images unfair and unlawful, violating data protection principles. Worldcoin had scanned the faces and irises of 8,302 individuals in Hong Kong. The project, which began in 2021 and officially launched in July 2023, has faced regulatory scrutiny in other countries over privacy concerns.
Next news: Ethereum co-founder Jeffrey Wilcke deposited 10,000 $ETH to Kraken, equivalent to about 37.38 million US dollars. Since the beginning of 2024, he has deposited a total of 24,300 $ETH (about 75.52 million US dollars) into Kraken. Currently, Jeffrey Wilcke still holds 126,000 $ETH (about 473 million US dollars).
Next news: Affected by the possible approval of spot ETFs, Ethereum futures ETF trading volume hit a record high yesterday. According to The Block, Ethereum futures ETF generated $47.75 million in trading volume on Tuesday, 40% higher than the peak of $34.18 million set on March 5 when Ethereum approached the $4,000 mark. Data shows that ProShares' Ethereum Strategy ETF (EETH) dominates the category, accounting for 90% of yesterday's trading volume, reaching 43.14 million yuan.
Next news: Happy Bitcoin Pizza Day! Laszlo Hanyecz made history in 2010 by spending 10,000 Bitcoin for two Papa John's pizzas, which would be worth over $700 million today. This day celebrates the first time Bitcoins were used as currency in exchange for real-world goods.

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.