SoSo Daily Sept. 19 | The Federal Reserve announced its interest rate decision, cutting rates by 50 basis points.

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM Hong Kong time on September 18, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.20 trillion US dollars, witnessing an increase of 0.459% compared to yesterday; the total trading volume is 114.41 billion US dollars, marking an increase of 31.1% from the previous day.

According to sosovalue, the price of $BTC is 61,780 USD, an increase of 2.43% from yesterday. The market cap of $BTC is 1.22 trillion USD, accounting for 55.4% of the total market cap; $BTC's 24-hour trading volume is 40.47 billion USD, making up 35.4% of the total trading volume.
The price of $ETH is 2,375.4 USD, up 1.44% from yesterday; the market cap of $ETH is 285.86 billion USD, representing 13% of the total market cap; $ETH's 24-hour trading volume is 16.72 billion USD, comprising 14.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 50% 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 23:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Polkadex. As of 23:55 today, its market cap is 1.84M, with a coin price of 0.24690 USD, witnessing a 24-hour increase of 48.6%.
The second is BarnBridge. As of 23:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is SuiPad. As of 23:55 today, its coin price is 0.057410 USD, showing a 24-hour increase of 37.6%.
In fourth place is mfercoin. As of 23:55 today, its coin price is 0.012100 USD, with a 24-hour rise of 32.8%.
In fifth place is Kadena. As of 23:55 today, its coin price is 0.68900 USD, increasing by 32.2% 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, 16 are up and 0 are down. Notably, AI, RWA, and DePIN sectors are worth mentioning.
AI sector has risen 4.64% relative to the UTC 0 time, led by gains in moov (10.5%), dsla (8.99%), and MASA (8.35%).
RWA sector has increased 3.99% relative to UTC 0, with PRCL (14.4%), klima (11.1%), and om (9.39%) leading the rise.
DePIN sector has risen 3.98%, with zcn (13.4%), cru (8.58%), and hnt (8.28%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Foresight News reports that the Federal Reserve has announced the US Federal Reserve interest rate decision (upper limit) value at 5% until September 18, indicating a 50 basis point rate cut.
Next news:Hemi Labs has successfully raised $15 million in a funding round led by Binance Labs to launch a modular blockchain. The Hemi testnet is currently operational, and there are plans to launch the mainnet in the fourth quarter.
Next news:Many analysts on Wall Street still expect the first move by the Federal Reserve to cut interest rates to be more cautious. "I hope they cut rates by 50 basis points, but I guess they will cut rates by 25 basis points," said Mark Zandi, chief economist at Moody's Analytics. "They have already completed their tasks of full employment and inflation target, and a fund rate of around 5.5% is too high. Therefore, I think they need to normalize rates quickly and there is ample room to do so." Tom Simmons, an economist at Jefferies, said, "Although the tightening policy seems effective, it has not worked out exactly as they imagined, so loose policy should be seen as equally uncertain." "So if you are unsure, you should not rush," said former Dallas Fed President Kaplan. "I guess they are divided in their opinions." "From a risk management perspective, some members just want to be more cautious," said Seema Shah, an analyst at Principal Global Investors. Ultimately for the Fed, it is about deciding which risk is greater - cutting rates by 50 basis points could reignite inflation pressure, while cutting rates by only 25 basis points could lead to an economic downturn. Criticized for reacting too slowly to the inflation crisis, the Fed may take a passive response to the risk of an economic downturn rather than an active one. (FX168)
Next news:Revolut, a fintech giant known for its crypto-friendly stance, is reportedly in advanced stages of developing its own stablecoin, as per sources familiar with the matter.
Next news:The U.S. Securities and Exchange Commission (SEC) has settled charges against DeFi platform Rari Capital, Inc. and its co-founders for misleading investors and engaging in unregistered broker activities. The SEC's investigation revealed that Rari Capital misrepresented the autonomous nature of its Earn and Fuse pools, which were manually rebalanced rather than being automated as claimed. Additionally, the firm was involved in unregistered broker activities, with over $1 billion in assets locked in its pools. The SEC continues to enforce regulations on crypto firms, emphasizing the need for transparency and adherence to securities laws.
Next news:The U.S. Federal Reserve cut interest rates by 50 basis points, leading to a spike in Bitcoin prices. The rate was reduced to a range of 4.75% to 5.00%. The Fed's decision aligns with its objectives of managing inflation and employment rates, which are showing signs of balance. The central bank remains open to further adjustments based on economic data and risks. Analysts from QCP Capital predict significant market impacts and advise focusing on long-term investment strategies to capitalize on potential Bitcoin price increases.
Next news:Hacking group Dark Angels executed the largest crypto heist in history by attacking drug distributor Cencora, resulting in a $75 million ransom paid in bitcoin. This incident, reported by Bloomberg, marks the largest known ransomware attack to date. Dark Angels, a cybercrime syndicate based in Russia, has been active since 2021 and targets sectors like healthcare, finance, government, and education. The group employs a highly targeted approach, attacking one large company at a time. Cencora disclosed the hack in a regulatory filing, noting the exfiltration of sensitive data but believes the incident won't materially impact its financial condition. The initial ransom demand was $150 million, significantly higher than previous records. Blockchain sleuth ZachXBT identified the on-chain payments made to Dark Angels.
Next news:REX Shares and Tuttle Capital Management are launching the first ETFs to offer 200% leveraged and -200% inverse exposure to MicroStrategy's stock, trading on the Cboe BZX Exchange. MicroStrategy, a business intelligence company, holds a significant amount of Bitcoin, making it a proxy for the cryptocurrency. The new ETFs, MSTU and MSTZ, aim to provide traders with tools to capitalize on MicroStrategy's digital asset ventures. This follows the SEC's approval of the MSTX ETF, which targets 175% exposure to MicroStrategy.
Next news:Cryptocurrency exchange Bitget and Foresight Ventures announced a $30 million investment into The Open Network (TON) blockchain. This investment aims to enhance the development of Telegram-based projects, particularly tap-to-earn games. The funds will be used to acquire TON tokens and engage more deeply in TON blockchain governance and development. The TON ecosystem, integrated with Telegram, is seen as a significant growth opportunity in the cryptocurrency market. Despite their operational independence, Telegram and TON work closely together.
Next news:Borderless Capital has launched a new $100 million DePIN Fund, supported by Peaq and the Solana Foundation. DePIN, or decentralized physical infrastructure networks, utilizes blockchain technology and token incentives to allow projects to use shared infrastructure without the need to purchase and manage their own equipment.

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.