SoSo Daily Jun 17

Let's turn our attention to today's overall Crypto market situation.
As of 12 PM Hong Kong time on June 17, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.52 trillion US dollars, witnessing a decrease of 1.41% compared to yesterday; the total trading volume is 97.91 billion US dollars, marking an increase of 29.8% from the previous day.

According to sosovalue, the price of $BTC is 65,828 USD, a decrease of 1% from yesterday. The market cap of $BTC is 1.30 trillion USD, accounting for 51.5% of the total market cap; $BTC's 24-hour trading volume is 13.47 billion USD, making up 13.8% of the total trading volume.
The price of $ETH is 3,528.4 USD, down 0.755% from yesterday; the market cap of $ETH is 423.96 billion USD, representing 16.8% of the total market cap; $ETH's 24-hour trading volume is 12.06 billion USD, comprising 12.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 26.1% 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 Convex Finance (CVX). As of 11:55 today, its market cap is 291.80M, with a coin price of 3.5590 USD, witnessing a 24-hour increase of 34.9%.
The second is PepeFork (PORK). As of 11:55 today, its coin price is 0.00000024390 USD, with a 24-hour increase of 31.1%.
The third is V.SYSTEMS (VSYS). As of 11:55 today, its coin price is 0.0015550 USD, showing a 24-hour increase of 19%.
In fourth place is Wasder (WAS). As of 11:55 today, its coin price is 0.0066410 USD, with a 24-hour rise of 14.7%.
In fifth place is Unifi Protocol DAO (UNFI). As of 11:55 today, its coin price is 4.1030 USD, increasing by 14.2% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, all 16 sectors are down today. Notably, Others, GameFi, and AI sectors are worth mentioning.
Others sector has fallen -6.06% relative to the UTC 0 time, led by declines in nu (-100%), RSC (-100%), and qtcon (-17.7%).
GameFi sector has decreased -6.23% relative to UTC 0, with hxro (-100%), mix (-14.6%), and vidt (-11.5%) leading the drop.
AI sector has fallen -7.16%, with iq (-16%), agix (-11.9%), and ocean (-11.8%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin's market sentiment is showing signs of a potential rally despite the recent price decline. Key metrics like the Taker Buy Sell Ratio and Exchange Netflow indicate a shift towards a bullish sentiment, with buying pressure increasing. The current price is around $66,360, with support at $65,000, while the Relative Strength Index (RSI) suggests a bear trend. On the other hand, Bitcoin struggles to turn bullish amid selling pressure, with indicators like MACD, CMF, and RSI pointing towards a bearish outlook. Miners selling off holdings and high net deposits on exchanges contribute to the negative sentiment. Despite these challenges, the Bollinger Bands hint at a possible price recovery.
Next news: On June 17, the ZK chain opened at $0.42 and dropped to $0.34. Subsequently, the price fell to $0.29, marking a 30% decrease from its launch price. Bitget market data reported that ZK opened at $0.34 and is now at $0.28.
Next news: Convex Finance's native token, CVX, surged by 90.85% in just 24 hours, peaking at $4.50 before stabilizing at $4.17. The rally was driven by events related to Curve Finance, including the founder's liquidation, which caused a CRV price drop and boosted CVX. Trading volumes soared on platforms like Binance, indicating heightened interest. Despite being overbought with an RSI of 87.96, analysts foresee a potential correction due to market dynamics. The bullish market sentiment, supported by a positive funding rate, suggests ongoing optimism, but CVX's future trajectory hinges on market trends and trading activities.
Next news: Malaysia launches 'Ops Token' to combat cryptocurrency tax evasion, with an official from the Inland Revenue Board warning traders to declare taxes or face compliance actions.
Next news: South Korea is preparing to enforce the virtual asset user protection law by July 19, focusing on monitoring 600 crypto tokens to improve user safety. The regulation aims to provide continuous oversight and enhance protection for cryptocurrency users.
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: The cryptocurrency market anticipates a significant number of token unlocks for various altcoins in the upcoming week, including The Graph, Velo, SuperRare, Oxygen, and ApeCoin. Details such as specific unlock dates, market values, and the percentage of market cap represented by the unlocked tokens are closely monitored. These events could impact market volatility and prices.
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.

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.