SoSo Daily Jun 13

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM New York time on June 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.62 trillion US dollars, witnessing an increase of 1.91% compared to yesterday; the total trading volume is 108.34 billion US dollars, marking a decline of 19.4% from the previous day.

According to sosovalue, the price of $BTC is 68,264 USD, an increase of 1.41% from yesterday. The market cap of $BTC is 1.35 trillion USD, accounting for 51.4% of the total market cap; $BTC's 24-hour trading volume is 19.34 billion USD, making up 17.8% of the total trading volume.
The price of $ETH is 3,560.1 USD, up 1.8% from yesterday; the market cap of $ETH is 427.76 billion USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 8.79 billion USD, comprising 8.11% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 25.91% 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 23:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Blockchain Brawlers. As of 23:55 today, its market cap is 11.45M, with a coin price of 0.011451 USD, witnessing a 24-hour increase of 26.7%.
The second is LOBO•THE•WOLF•PUP. As of 23:55 today, its coin price is 0.0024709 USD, with a 24-hour increase of 26.6%.
The third is BakerySwap. As of 23:55 today, its coin price is 0.37130 USD, showing a 24-hour increase of 25.6%.
In fourth place is Raft. As of 23:55 today, its coin price is 0.00080850 USD, with a 24-hour rise of 24.9%.
In fifth place is Livepeer. As of 23:55 today, its coin price is 25.043 USD, increasing by 24.5% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
According to sosovalue, out of 16 sectors, 15 are up and 1 is down. Notably, AI, DePIN, and SocialFi sectors are worth mentioning.
AI sector has risen 9.2% relative to the UTC 0 time, led by gains in rndr (13.1%), fet (11.7%), and glm (9.16%).
DePIN sector has increased 7.11% relative to UTC 0, with lpt (24.5%), wsi (16.1%), and nodl (14.3%) leading the rise.
SocialFi sector has risen 6.57%, with moon (20.3%), ton (7.46%), and poolx (4.2%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Terraform Labs agrees to pay $4.47 billion in SEC case. The settlement includes disgorgement fines, prejudgment interest, and a civil penalty, aiming to address the significant fraud and provide recovery for investors affected by Terraform's collapse in 2022.
Next news: Former President Donald Trump expresses support for Bitcoin miners and advocates for U.S.-based Bitcoin mining to counter CBDCs. He met with industry executives, promising support if re-elected and emphasizing the strategic importance of domestic Bitcoin mining for national energy mastery.
Next news: Zimbabwe is actively engaging with the cryptocurrency industry to develop a regulatory framework for virtual assets. The government seeks input from both local and global crypto service providers to align with international standards and address risks like money laundering and terrorism financing. A committee, led by Nick Mangwana, is overseeing this initiative with a deadline set for June 26. Zimbabwe has also introduced a successful gold-backed digital currency, ZiG, as part of its economic management strategy.
Next news: Bitcoin price surges following positive inflation data releases in the US, with the Consumer Price Index indicating a slowdown to 3.3% year-over-year. The surge in Bitcoin's value is attributed to the better-than-expected inflation data, impacting major stock indexes as well. However, market sentiment remains cautious pending Federal Reserve Chairman Jerome Powell's speech at the FOMC meeting today, which could influence Bitcoin's future trajectory based on his remarks on monetary policy.
Next news: Bitcoin's price drops to $67K amid investor concerns ahead of the Federal Open Market Committee (FOMC) meeting and a strong US Jobs report. Trading firms like QCP Capital remain optimistic, betting on a bullish recovery. Key liquidity levels are identified at $70K and $72K, suggesting possible reversal points if bullish trends resume. The market is closely watching the $67K support level and potential impacts from the upcoming FOMC decision and calls for lower interest rates.
Next news: The Federal Reserve (FED) is set to announce its interest rate decision today at 21:00 CET, with expectations largely leaning towards maintaining the current rate of 5.25-5.50%. Market participants are closely watching the impact of this decision on various assets including gold, the dollar, oil, and cryptocurrencies like Bitcoin. Economists have adjusted their expectations, now foreseeing fewer rate cuts in 2024, and are particularly interested in upcoming US inflation data which could influence the timing of these cuts. Bitcoin has reacted to the uncertainty with a slight decline, currently trading around $67,380. The Federal Reserve's decision to maintain interest rates at 5.25-5.5% following a cooler-than-expected CPI report has influenced a positive movement in Bitcoin prices, which held steady at $69,000. Analysts now consider potential rate cuts later this year, with Bitcoin's performance closely watched as it attempts to reclaim the $70,000 mark. The market's reaction reflects ongoing uncertainties and the complex interplay between monetary policy and cryptocurrency valuations. The Federal Reserve has announced its decision to keep interest rates unchanged, maintaining them at a range of 5.25% to 5.5%, the highest in 23 years. Following the announcement, Bitcoin's value dropped by $1000. The market is now focused on the upcoming press conference by Jerome Powell, where he is expected to discuss the decision and the overall economic outlook. Inflation remains a significant concern, still above the Fed's target despite a recent decrease.
Next news: U.S. Bitcoin ETFs acquired a significant amount of $BTC in the first week of June, nearly matching the total acquired in May. The 11 funds bought 25,729 $BTC, equivalent to two months of mining supply, with total net inflows of $15.69 billion since January. Despite the surge in inflows, Bitcoin's price struggles to surpass $70,000 due to macroeconomic influences. In contrast, Bitcoin spot ETFs experienced a $65 million outflow, ending a 19-day streak of inflows, with Grayscale's GBTC leading the outflows.
Next news: Coinbase's 2024Q2 report reveals a significant rise in blockchain adoption among Fortune 100 companies, with a 39% increase over the past year. The report highlights the growing interest in blockchain projects among top executives, particularly in consumer-facing payment applications. However, a shortage of skilled talent remains a major barrier for companies not yet adopting blockchain. The U.S. is also experiencing a decline in the proportion of cryptocurrency developers, emphasizing the need for clearer regulatory frameworks to retain talent and leadership in the global crypto market.
Next news: Hong Shuning, a former 20-year veteran at the Chinese Central Bank, advocates for a Bitcoin bank and national mining efforts. After suggesting China utilize its computing power for Bitcoin, he has departed from PBOC to join RBG's startup.
Next news: The US unadjusted CPI for May matched the forecast of 3.40%, meeting the condition set by 10x Research for a potential Bitcoin high. Wall Street giants anticipate the CPI to remain around 3.4%, with some expecting a slight decrease to 3.3%, impacting Bitcoin prices. Despite the CPI data showing a 3.3% annual change, slightly below expectations, Bitcoin fell to $66,000, with mixed reactions expected in the dollar's value.

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.