SoSo Daily Jun 13

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM Hong Kong time on June 13, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.59 trillion US dollars, witnessing a decrease of 0.382% compared to yesterday; the total trading volume is 132.67 billion US dollars, marking an increase of 28.3% from the previous day.

According to sosovalue, the price of $BTC is 67,736 USD, a decrease of 0.0628% from yesterday. The market cap of $BTC is 1.34 trillion USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 38.51 billion USD, making up 29% of the total trading volume.
The price of $ETH is 3,497.2 USD, down 0.978% from yesterday; the market cap of $ETH is 420.20 billion USD, representing 16.2% of the total market cap; $ETH's 24-hour trading volume is 19.62 billion USD, comprising 14.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 43.8% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Ultima. As of 11:55 today, its market cap is 86.47M, with a coin price of 3035.0 USD, witnessing a 24-hour increase of 37.5%.
The second is Bitcoin Diamond. As of 11:55 today, its coin price is 0.069020 USD, with a 24-hour increase of 20.3%.
The third is Alongside Crypto Market Index. As of 11:55 today, its coin price is 172.89 USD, showing a 24-hour increase of 19.2%.
In fourth place is Banana Gun. As of 11:55 today, its coin price is 57.712 USD, with a 24-hour rise of 19.1%.
In fifth place is Ionet. As of 11:55 today, its coin price is 5.5180 USD, increasing by 19% 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 16 sectors, 4 are up and 12 are down. Notably, SocialFi and RWA sectors are worth mentioning.
SocialFi sector has risen 5.02% relative to the UTC 0 time, led by gains in TON (6.2%), MOON (1.7%), and XTM (1.14%).
RWA sector has decreased -2.01% relative to UTC 0, with KLIMA (-31.6%), GFI (-7.72%), and PRO (-3.15%) leading the drop.

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 significant fraud and provide recovery for affected investors. This agreement concludes legal proceedings between the SEC and Terraform after the collapse of TerraUSD in 2022.
Next news: U.S. Bitcoin ETFs acquired record amounts of $BTC in a week, surpassing May's total, with $1.83 billion inflows buying 25,729 BTC. The 11 ETFs have amassed $15.69 billion since January, with assets around $61 billion. Bitcoin touched $71,093 last week amid the surge. In contrast, Bitcoin spot ETFs saw a $64.9 million net outflow on June 11, ending a 19-day inflow streak.
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 is attributed to better-than-expected economic indicators, impacting major stock indexes. Market sentiment remains cautious pending Federal Reserve Chairman Jerome Powell's speech at the FOMC meeting.
Next news: Singapore market maker QuantMatter reported the theft of $11.6 million from its OKX institutional account on May 30. The stolen funds were quickly converted into cryptocurrencies and transferred to an on-chain address within 25 minutes. The incident, suspected to involve the exploitation of an offline Google Authenticator setup, is under investigation by security agencies and the Singapore police. The exact cause of the theft is yet to be determined.
Next news: Curve founder Michael Egorov faces liquidation risk and significant financial challenges due to his CRV lending positions. He has used $140 million in CRV as collateral for $95.7 million in stablecoin loans across multiple platforms, risking liquidation if CRV prices drop by 10%. Despite facing potential liquidation, Egorov managed to earn $100 million from a CRV position initially worth $140 million, as reported by an Ethereum developer. The recent liquidation of his CRV borrowing positions amounted to $27 million, leaving him with 39.35 million CRV pledged on a lending platform. Egorov's efforts to repay stablecoins and manage his debt reflect the volatile nature of the DeFi sector.
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: Bitcoin's price drops to $67K amid anticipation of the Federal Open Market Committee (FOMC) meeting and a strong US Jobs report, triggering liquidations and market volatility. Trading firms like QCP Capital remain optimistic about a bullish recovery, closely monitoring support levels and key liquidity points. The market is cautious as it awaits the FOMC decision and potential impacts from US Senators' calls for lower interest rates.
Next news: Bitfarms implements a 'poison pill' strategy to thwart a hostile takeover attempt by Riot Platforms, ensuring corporate stability. Riot Platforms challenges Bitfarms' 'poison pill' anti-takeover strategy, opposing the policy designed to prevent a takeover. Riot Platforms acquires a 13% stake in Bitfarms amid takeover controversy, criticizing Bitfarms' strategy. Riot Platforms increases stake in Bitfarms to 13.1%, criticizing the 'poison pill' plan. Riot Platforms criticizes Bitfarms' poison pill strategy in takeover attempt.
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.

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.