SoSo Daily May 31

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on May 31, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.67 trillion US dollars, witnessing a decrease of 0.525% compared to yesterday; the total trading volume is 87.15 billion US dollars, marking an increase of 3.46% from the previous day.

According to sosovalue, the price of $BTC is 68,449 USD, a increase of 0.462% from yesterday. The market cap of $BTC is 1.35 trillion USD, accounting for 50.5% of the total market cap; $BTC's 24-hour trading volume is 24.32 billion USD, making up 27.9% of the total trading volume.
The price of $ETH is 3,746.7 USD, down 1% from yesterday; the market cap of $ETH is 450.12 billion USD, representing 16.9% of the total market cap; $ETH's 24-hour trading volume is 15.29 billion USD, comprising 17.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 45.4% 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 05:55, the top five gainers are:
Top 1 gainer is Lifeform. As of 05:55 today, its market cap is 26.50M, with a coin price of 0.22083 USD, witnessing a 24-hour increase of 42.5%.
The second is Stargate Finance. As of 05:55 today, its coin price is 0.69530 USD, with a 24-hour increase of 41.3%.
The third is Rebel Bots. As of 05:55 today, its coin price is 0.026040 USD, showing a 24-hour increase of 25.3%.
In fourth place is JasmyCoin. As of 05:55 today, its coin price is 0.031734 USD, with a 24-hour rise of 24.2%.
In fifth place is BEPRO Network. As of 05:55 today, its coin price is 0.00080000 USD, increasing by 22.6% 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 15 sectors, 13 are up and 2 are down. Notably, AI sector has fallen -2.98% relative to the UTC 0 time, led by declines in nos (-7.6%), dbc (-6.83%), and soph (-6.19%).
GameFi sector has decreased -3.15% relative to UTC 0, with hxro (-100%), starl (-28.6%), and kap (-22.5%) leading the decline.
Meme sector has fallen -5.2%, with corgiai (-100%), LHINU (-16.1%), and dino (-13.8%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:A whale sold 66.07 billion PEPE and made a profit of 4.95 million US dollars. BlockBeats reported that on May 30, according to Lookonchain monitoring, in the past 10 minutes, a whale deposited all 66.07 billion PEPE (US$9.52 million) purchased a month ago into Binance and made a profit of about US$4.95 million, with a return on investment of 52%. The price of PEPE has fallen nearly 20% from its peak.
Next news: Elon Musk may become a policy adviser for Donald Trump, influencing economic and border security policies, according to the Wall Street Journal. This potential role could boost Trump's pro-crypto agenda.
Next news: US SEC Commissioner Hester Peirce proposes a joint UK-US "Digital Securities Sandbox" to allow companies in both countries to safely experiment with blockchain technology for securities trading without regulatory concerns. The proposal suggests a collaborative effort with the UK, initially proposed by the Bank of England and the Financial Conduct Authority, to create a cross-border sandbox that could be more transformative than domestic versions. The sandbox would permit US companies to conduct business and trade securities using blockchain, with a maximum participation time of 2 years, extendable under certain conditions. Companies would have some autonomy in choosing regulatory rules but must adhere to government guidelines to protect investors. Successful sandbox participants may graduate to continue activities with special regulatory permission.
Next news: Bitcoin staking protocol Babylon has completed a $70 million financing round, led by Paradigm. Bitcoin-based project, Babylon, has raised $70 million in a funding round led by cryptocurrency investment firm Paradigm. This marks the largest investment in the Bitcoin ecosystem in recent times. Binance Labs had previously announced its investment in Babylon. The news was reported by Bloomberg and further details are expected to be updated. Paradigm leads a $70 million funding round for Babylon, a crypto startup co-founded by Stanford University engineering professor David Tse. The startup, which aims to bridge the gap between Bitcoin and Ethereum, also saw participation from Polychain and Bullish Capital in this round. Previously, in December, Babylon raised $18 million from investors including HACK VC and Framework Ventures. The company has not disclosed its current valuation or the specifics of the investment arrangement. The funds will be used for staff expansion, as well as research and development. Paradigm leads a $70 million funding round for the Bitcoin staking protocol Babylon, with participation from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures, and others. Babylon aims to enhance the utility of Bitcoin beyond its traditional roles by building infrastructure that allows proof-of-stake systems to obtain staking capital from Bitcoin. The platform's modular design and slashing functionality enable stake-based systems, including blockchains, layer 2s, DA layers, and oracles, to incorporate Bitcoin as a staking and restaking asset. Co-founder David Tse emphasizes the goal of making Bitcoin the security backbone of PoS systems. Binance Labs had previously invested an undisclosed sum in Babylon, which also completed a Series A funding round of $18 million led by Polychain Capital and Hack VC in December 2023. Polychain Capital reiterates its support for Babylon, highlighting the potential to redefine the utility of $BTC and pave the way for Bitcoin-native applications. The Bitcoin staking project Babylon has successfully raised $70 million in a funding round led by Paradigm. This round also saw contributions from Polychain Capital and the venture arm of the crypto exchange and CoinDesk parent company, Bullish. This significant investment underscores the growing interest and confidence in the potential of Bitcoin staking solutions.
Next news: New York State's top financial regulator announced on May 30 that virtual currency entities (VCEs) in the state are required to develop policies and procedures for handling customer service requests and complaints in a timely manner. Adrienne Harris, Director of the New York State Department of Financial Services, emphasized the importance of a transparent and timely complaint resolution and problem-solving process for consumers. Virtual currency companies licensed in New York must now analyze the requests and complaints received every quarter and will be monitored by the New York State Department of Financial Services.
Next news: DBS Bank, Singapore's largest bank, has been identified as an Ethereum whale by on-chain analysis firm Nansen. The bank holds approximately $650 million worth of $ETH, making it one of the largest holders of Ethereum. According to Nansen, an address associated with DBS Bank holds 173,753 $ETH, valued at around $647 million. This discovery highlights DBS Bank's significant investment in cryptocurrencies, particularly Ethereum, and its positive stance towards Bitcoin and other digital currencies.
Next news: Terraform Labs and its CEO Do Kwon have reached a preliminary settlement with the SEC regarding a fraud case. The SEC had demanded Do Kwon and Terraform to pay approximately $4.7 billion in forfeiture gains and pre-judgment interest, as well as a total of $520 million in civil penalties. However, Terraform's legal team proposed a $1 million civil penalty and no forfeiture gains. Both parties will submit supplementary proposals by May 6 and May 1, respectively. The settlement terms are expected to be finalized and submitted for court approval by June 12, 2024. Terraform and Kwon were found liable for defrauding investors in its civil case with the SEC in February. The SEC case focused on the misleading promotion and sale of crypto tokens, particularly the algorithmic stablecoin Terra USD (UST) and its related tokens. The collapse of Terraforms in May 2022 triggered the latest crypto winter, leading to a sharp downturn across markets and affecting multiple crypto firms and investors. Kwon and Terraform face a significant financial penalty as the SEC sought approximately $5.3 billion in disgorgement, prejudgment interest, and civil penalties. Meanwhile, Terraform Labs proposed a significantly lower penalty of $1 million, arguing against disgorgement, especially from affiliated entities not directly named in the SEC’s case, like the Luna Foundation Guard. The SEC went further to propose a prohibition on Kwon’s roles as an officer or director in any securities-issuing entity. The regulator also demanded Kwon fully disclose details about his financial accounts and assets. In a separate filing, Kwon claimed that providing details of his assets and accounts would violate his Fifth Amendment rights against self-incrimination. Kwon was arrested in March 2023 for falsifying travel documents while trying to leave Montenegro, where he also faces potential charges. He was later released on bail, and the U.S. seeks his extradition.
Next news: US Bitcoin spot ETFs recorded a net inflow of $45 million, with BlackRock iBit, Fidelity FBTC, and GBTC experiencing significant inflows and outflows. The total net inflow of Bitcoin spot ETFs was $45.14 million on May 28, marking 11 consecutive days of consistent inflow. Grayscale's ETF GBTC had a net outflow of $105 million, BlackRock's ETF IBIT had a net inflow of $102.5 million, and Fidelity's ETF FBTC had a net inflow of $34.3 million. The US Bitcoin ETF has seen a significant net inflow of $13.7322 billion since its launch, with varying performance among different ETFs. The US Bitcoin ETF recorded inflows for 11 consecutive days, adding over 30,000 $BTC, equivalent to approximately $2.06 billion. Bitcoin spot ETFs in the US experienced daily net inflows totaling $28.32 million on May 29, marking the 12th consecutive day of net inflows. BlackRock's iShares Bitcoin Trust (IBIT) led the way with $24.5 million in new funding, while Grayscale's Bitcoin Trust (GBTC) experienced a net outflow of $31 million. The US Bitcoin spot ETF recorded a net inflow of $28.3 million on May 30, with BlackRock iBit and Fidelity FBTC experiencing significant inflows, while Grayscale GBTC saw a net outflow. Spot Bitcoin ETFs in the US experienced daily net inflows totaling $28.32 million on Wednesday, marking the 12th consecutive day of net inflows, the longest streak since late February. BlackRock's iShares Bitcoin Trust (IBIT) led the way with $24.5 million in new funding, solidifying its position as the largest Bitcoin ETF by net assets under management. In contrast, Grayscale's Bitcoin Trust (GBTC) experienced a net outflow of $31 million. The third-largest spot Bitcoin ETF, Fidelity's Fidelity Bitcoin Trust (FBTC), followed IBIT with net inflows of $18 million. The US Bitcoin spot ETF had a net inflow of $48.8 million on May 31, with BlackRock iBit gaining $1.6 million. Bitcoin spot ETFs experienced a total net inflow of $48.71 million on May 30, marking 13 consecutive days of consistent inflow, with Fidelity's ETF FBTC leading with a daily net inflow of $119.06 million.
Next news: Ripple has donated $25 million to the cryptocurrency Super PAC FairShake, bringing the total donations to nearly $100 million ahead of the general election in November. FairShake supports political candidates who are in favor of cryptocurrency and blockchain technology. Ripple's donation aims to educate voters on the role of crypto and the dangers of anti-crypto policies in Washington.
Next news: The SEC has requested that issuers of spot Ethereum ETFs submit their initial draft S-1 forms by Friday, following the approval of the 19b-4 forms on May 23. This step is crucial for the ETFs to begin trading, as the S-1 forms need to become effective. The request came after a last-minute policy shift by the SEC, which left issuers unprepared with their S-1 forms. However, progress is being made, with VanEck and BlackRock already submitting amended versions of their S-1 forms. The process is expected to involve at least two more rounds of draft filings and could take weeks or months, depending on the SEC's feedback and the speed of revisions.

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.