SoSo Daily Jun 13

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time on June 13, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.56 trillion US dollars, witnessing a decrease of 4.04% compared to yesterday; the total trading volume is 180.21 billion US dollars, marking an increase of 64.7% from the previous day.

According to sosovalue, the price of $BTC is 66,920 USD, a decrease of 4.13% from yesterday. The market cap of $BTC is 1.32 trillion USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 38.51 billion USD, making up 21.4% of the total trading volume.
The price of $ETH is 3,470.7 USD, down 4.21% from yesterday; the market cap of $ETH is 417.01 billion USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 19.62 billion USD, comprising 10.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 32.3% 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 17:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Ultima. As of 17:55 today, its market cap is 93.91M, with a coin price of 3294.6 USD, witnessing a 24-hour increase of 28%.
The second is V.SYSTEMS. As of 17:55 today, its coin price is 0.0015550 USD, with a 24-hour increase of 19%.
The third is Morpheus Network. As of 17:55 today, its coin price is 0.87610 USD, showing a 24-hour increase of 13.8%.
In fourth place is Lovely Inu finance. As of 17:55 today, its coin price is 0.00000012023 USD, with a 24-hour rise of 13%.
In fifth place is Agility. As of 17:55 today, its coin price is 0.0034750 USD, increasing by 13% over the last 24 hours.

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, including disgorgement fines, prejudgment interest, and civil penalties, to settle a lawsuit stemming from the company's collapse in 2022. The settlement also involves former CEO Do Kwon contributing to the Terraform bankruptcy estate. This judgment aims to address fraud and provide recovery for affected investors.
Next news: US SEC Chairman Gary Gensler anticipates the approval of Ethereum spot ETF S-1 by the end of summer 2024. The SEC has made progress on Ether ETFs, with initial approvals granted and final S-1 registration statements pending. Analysts have differing predictions on the launch timing, with some expecting it as early as this summer. The regulatory landscape for cryptocurrencies was also discussed, emphasizing ongoing debates and the SEC's cautious approach to ETF approvals.
Next news: Curve founder Michael Egorov faces liquidation risk as his $140 million CRV collateral is at stake due to stablecoin loans across multiple platforms. Despite efforts to manage the debt, the plummeting CRV price poses a threat to his positions. Egorov's lending activities and debt management strategies are under scrutiny amid the volatile DeFi sector.
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: 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: MicroStrategy plans to raise $500 million through a private offering of convertible senior notes to purchase more Bitcoin and for other corporate purposes. The notes will mature in 2032, aligning with the company's strategy of using $BTC as its treasury reserve asset.
Next news: During a hearing, U.S. SEC Chairman Gary Gensler remained uncertain about Ethereum ($ETH) being classified as a commodity, while CFTC Chairman Rostin Behnam affirmed it as such. The discussion at the budget hearing included questions on crypto regulation, the timeline for an $ETH ETF, and the classification of ETH. Gensler mentioned partial approval of Ethereum ETFs, aligning them with bitcoin ETFs as commodities. Behnam emphasized the CFTC's success in crypto enforcement and the potential need for increased budget for overseeing crypto markets.
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: 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: Terraform Labs, led by CEO Chris Amani, plans to dissolve the company and sell its projects within the Terra ecosystem following a settlement with the SEC. The CEO calls for community takeover of projects like Pulsar Finance and Station Wallet. This decision marks a significant shift in the company's strategy as it ceases all operations.

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.