SoSo Daily Jun 20

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on June 20, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.51 trillion US dollars, witnessing an increase of 0.128% compared to yesterday; the total trading volume is 67.00 billion US dollars, marking a decline of 35.8% from the previous day.

According to sosovalue, the price of $BTC is 65,542 USD, an increase of 0.197% from yesterday. The market cap of $BTC is 1.29 trillion USD, accounting for 51.5% of the total market cap; $BTC's 24-hour trading volume is 41.39 billion USD, making up 61.8% of the total trading volume.
The price of $ETH is 3,582.6 USD, up 0.913% from yesterday; the market cap of $ETH is 438.07 billion USD, representing 17.5% of the total market cap; $ETH's 24-hour trading volume is 21.65 billion USD, comprising 32.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69% of the total cryptocurrency market cap, and their combined trading volumes constitute 94.1% 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 05:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Polkadex. As of 05:55 today, its market cap is 3.24M, with a coin price of 0.43470 USD, witnessing a 24-hour increase of 40.6%.
The second is Fetch.ai. As of 05:55 today, its coin price is 1.6920 USD, with a 24-hour increase of 33.1%.
The third is Holograph Utility Token. As of 05:55 today, its coin price is 0.0041270 USD, showing a 24-hour increase of 33.1%.
In fourth place is Strips Finance. As of 05:55 today, its coin price is 0.63620 USD, with a 24-hour rise of 28.6%.
In fifth place is SingularityNET. As of 05:55 today, its coin price is 0.68110 USD, increasing by 28.4% 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, 11 are up and 5 are down. Notably, AI, SocialFi, and DePIN sectors are worth mentioning.
AI sector has risen 16.3% relative to the UTC 0 time, led by gains in FET (35.5%), AGIX (29.4%), and OCEAN (27%).
SocialFi sector has increased 2.34% relative to UTC 0, with XTM (22.2%), SNT (5.77%), and CBK (3.21%) leading the rise.
DePIN sector has risen 2.17%, with OCEAN (27%), DVPN (13%), and WMT (11.2%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The U.S. Securities and Exchange Commission (SEC) has ended its investigation into Ethereum 2.0, stating that the sale of $ETH will not be considered a securities transaction. Consensys, a major Ethereum infrastructure development company, welcomed this decision as a victory for Ethereum developers and industry participants. The closure of the investigation resolves legal uncertainties surrounding Ethereum's status and marks a significant development for the crypto community.
Next news: Kraken, a cryptocurrency exchange, faces a $3 million extortion attempt by a security researcher who exploited a bug to steal digital assets. The incident, treated as extortion rather than ethical hacking, involved the researcher and associated accounts withdrawing funds after discovering the bug. Kraken's Chief Security Officer stated that no user funds were compromised in the exploit.
Next news: Martin Shkreli claims involvement in the creation of the DJT token, a cryptocurrency linked to Donald Trump, amidst controversies and investigations by crypto figures. Shkreli's assertion has sparked skepticism and concerns about the token's authenticity and risks associated with meme coins like DJT. The token's market value is $199 million, priced at $0.0199. ZachXBT and other prominent figures are actively investigating the legitimacy and origins of the token.
Next news: Montenegrin Prime Minister Milojko Spajic's early investment in Terraform Labs, the company behind the cryptocurrency Terra (LUNA), has been revealed through court documents released by the SEC. Spajic invested $75,000 in April 2018, just days before the company's official registration in Singapore. This disclosure contradicts his previous denials of personal investment in failed crypto projects, potentially leading to further complications for him. The collapse of Terraform Labs in May 2022 resulted in a significant $40 billion loss in the crypto market.
Next news: Bitcoin spot ETFs in the U.S. have seen significant net outflows, with amounts reaching $145.9 million and $152.4 million on different days. Fidelity FBTC, Grayscale GBTC, and Bitwise BITB were major contributors to these outflows. The outflows have impacted Bitcoin's price and the broader crypto market, with continuous withdrawals affecting market dynamics.
Next news: Jump Crypto has donated $10 million to the U.S. Political Action Committee (PAC) to support pro-cryptocurrency members in Congress. The Fairshake PAC, backed by the digital asset industry, has raised $169 million, becoming a significant campaign financing force for the 2024 election.
Next news: Bernstein predicts an increase in Bitcoin ETF inflows and institutional demand in Q3/Q4, with only 22% institutional participation in the spot Bitcoin ETF. Despite recent outflows, turbulent market conditions are viewed as new entry points for investors. Approval of the Bitcoin ETF on major platforms is expected later this year, potentially boosting institutional demand. Additionally, Bernstein anticipates institutional adoption of Bitcoin with upcoming ETF approvals from major wirehouses and large private bank platforms in the third and fourth quarters, marking a significant step towards institutional adoption of Bitcoin and related cryptocurrencies.
Next news: Binance introduces HODLer Airdrops for BNB holders through Simple Earn, offering airdropped tokens from projects planning to list on Binance. The program rewards long-term BNB holders with retrospective benefits based on their holdings. Binance will take snapshots of user balances to calculate average balances for distribution.
Next news: Exploring the factors that contribute to the success of Memecoins in the cryptocurrency market.
Next news: Bitwise has submitted an amended S-1 registration statement for its Ethereum spot ETF, revealing a $2.5 million seed investment and plans for Bitwise Investment Manager, LLC to purchase 100,000 initial shares at $25 each. Pantera Capital Management LP has expressed interest in buying up to $100 million worth of shares. Additionally, Bitwise has disclosed Pantera's interest in investing in its upcoming spot Ether ETF, with the potential investment amount ranging from over $100 million to possibly nothing.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.