SoSo Daily Jun 17

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on June 17, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.55 trillion US dollars, witnessing an increase of 0.591% compared to yesterday; the total trading volume is 54.49 billion US dollars, marking an increase of 11.5% from the previous day.

According to sosovalue, the price of $BTC is 66,359 USD, an increase of 0.144% from yesterday. The market cap of $BTC is 1.31 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 13.47 billion USD, making up 24.7% of the total trading volume.
The price of $ETH is 3,575.6 USD, up 0.213% from yesterday; the market cap of $ETH is 429.63 billion USD, representing 16.8% of the total market cap; $ETH's 24-hour trading volume is 12.06 billion USD, comprising 22.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.8% 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 05:55, according to sosovalue, the top five gainers are:
Top 1 gainer is Convex Finance (CVX). As of today, its market cap is 341.90M, with a coin price of 4.1700 USD, witnessing a 24-hour increase of 92.8%.
The second is DinoLFG (DINO). As of today, its coin price is 0.015592 USD, with a 24-hour increase of 26.9%.
The third is Apu Apustaja (APU). As of today, its coin price is 0.00063520 USD, showing a 24-hour increase of 22.9%.
In fourth place is Boson Protocol (BOSON). As of today, its coin price is 0.41734 USD, with a 24-hour rise of 22.9%.
In fifth place is BurgerCities (BURGER). As of today, its coin price is 0.63100 USD, increasing by 20.6% over the last 24 hours.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin's market sentiment shows signs of a potential rally as key metrics like the Taker Buy Sell Ratio and Exchange Netflow suggest a shift towards a bullish sentiment. Despite the recent price decline, the increased buying pressure and positive Exchange Netflow could support a bullish outlook. Bitcoin is currently trading at around $66,360 with a support range at $65,000, while the Relative Strength Index (RSI) sits at 45, indicating a bear trend.
Next news: The SoSo Value Crypto Market Weekly Report from 6.10 to 6.16 covers key industry events like Uniswap Labs' community survey and Tether CEO's statements, along with Biden's upcoming Bitcoin roundtable. The market saw a 5.88% decrease in capitalization, notable fluctuations in trading volume, a $354 million drop in the top 5 stablecoins' supply, and declines in DeFi and Layer 2 TVL. NFT market value is declining while trading volume is up by 2.46%.
Next news: The SEC rejected Ripple's proposal for a lower civil penalty, deeming it inadequate. The SEC emphasized that there is no basis for comparison with its settlement with Terraform Labs.
Next news: Hong Kong brokerages, including Victory Securities, Tiger Brokers, and Interactive Brokers, are now offering Bitcoin trading services through their brokerage apps. These firms expect revenues related to virtual assets to make up around a quarter of their total income.
Next news: Three groups file competing claims for assets seized from Sam Bankman-Fried in FTX's bankruptcy. The FTX debtors' estate, Emergent, and FTX creditors all assert ownership over the assets. The debtors' estate argues the assets never belonged to Bankman-Fried, Emergent claims ownership including proceeds from the sale of Robinhood shares, and FTX creditors argue for return to customers. Hearings requested to adjudicate the claims.
Next news: Stablecoins that offer yield to users are gaining popularity, but their sustainability is questioned if interest rates decline. Mountain Protocol and Paxos International have launched yield-bearing stablecoins, USDM and USDL, respectively. These stablecoins provide daily yield through auto-rebasing and are backed one-to-one with the U.S. dollar. However, regulatory restrictions and the need for strong distribution channels pose challenges for their widespread adoption. Despite this, yield-bearing products have experienced significant growth, reflecting strong demand. The future of yield-bearing stablecoins may involve more innovation and the inclusion of other investment-grade assets.
Next news: Deutsche Telekom, the largest telecommunication provider in Europe, has announced plans to mine Bitcoin and run nodes. The company has been running a Bitcoin node since 2023 and will now expand its involvement in cryptocurrency activities. Deutsche Telekom has also been engaged with other blockchains such as Polkadot, Flow, Celo, Ethereum, and more.
Next news: Biden administration officials, including Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler, along with entrepreneur Mark Cuban and others, will attend a crypto roundtable hosted by Representative Ro Khanna. The roundtable aims to discuss the regulatory framework for cryptocurrencies and blockchain technology. The event is expected to address topics such as investor protection, market integrity, and innovation in the crypto industry.
Next news: Arthur Hayes, founder of BitMEX, believes that the Dogecoin ETF may be launched before the end of this cycle. He also states that most memecoins lack long-term cultural value.
Next news: Several Hong Kong Brokerage Apps Begin Offering Bitcoin Trading Services, Singapore Enhances Scrutiny on Family Office Wealth, Turkey Considers Imposing 0.03% Tax on Crypto Transactions.

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.