SoSo Daily Oct. 10 | Thailand's SEC has proposed new regulations allowing mutual funds and private funds to invest in digital assets.

According to sosovalue, the price of $BTC is 61,259 USD, a decrease of 1.51% from yesterday. The market cap of $BTC is 1.21 trillion USD, accounting for 54.2% of the total market cap; $BTC's 24-hour trading volume is 27.98 billion USD, making up 31.1% of the total trading volume.
The price of $ETH is 2,406.2 USD, down 1.45% from yesterday; the market cap of $ETH is 289.66 billion USD, representing 13% of the total market cap; $ETH's 24-hour trading volume is 14.37 billion USD, comprising 16% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 47.1% 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 UTC0 time, according to sosovalue, the top five token gainers are:
Top 1 gainer is Silly Dragon. As of 11:55 today, its market cap is 16.68M, with a coin price of 0.016680 USD, witnessing a 24-hour increase of 86.2%.
The second is Prosper. As of 11:55 today, its market cap is 16.36M, with a coin price of 0.50190 USD, witnessing a 24-hour increase of 72.8%.
The third is Raft. As of 11:55 today, its market cap is 388.65K, with a coin price of 0.00045420 USD, showing a 24-hour increase of 43%.
In fourth place is Paris Saint-Germain Fan Token. As of 11:55 today, its market cap is 40.69M, its coin price is 3.3660 USD, with a 24-hour rise of 37.3%.
In fifth place is Dora Factory. As of 11:55 today, its market cap is 74.10M, its coin price is 0.074100 USD, increasing by 28.6% 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, all 16 are down. Notably, Layer2, Meme, and NFT sectors are worth mentioning.
Layer2 sector has fallen -2.56% relative to the UTC 0 time, led by declines in SAGA (-13.7%), pcx (-7.97%), and op (-6.1%).
Meme sector has decreased -2.76% relative to UTC 0, with mog (-9.81%), DOGS (-9.69%), and FIGHT (-9.52%) leading the drop.
NFT sector has fallen -2.85%, with epik (-16.7%), MOCA (-10.1%), and talk (-9.29%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:According to Decrypt, the Securities and Exchange Commission (SEC) of Thailand has proposed new regulations that allow mutual funds and private funds to invest in digital assets, aligning with international developments and meeting the growing interest of institutional investors. A draft proposal released on Wednesday is soliciting public input on the revision of fund standards for investing in digital assets. The SEC proposed to allow securities firms and asset management companies to provide services to large investors interested in investing in crypto-related products (such as ETFs), creating more opportunities for investors to diversify their portfolios under expert management.
Next news:Layer 2 network Optimism has completed its fifth airdrop, distributing 10.3 million OP tokens worth $16 million to 54,700 Superchain users. The airdrop rewarded users who interacted with various chains on the Superchain ecosystem. This brings the total number of distributed OP tokens to over 265 million, with 550 million remaining for future distributions.
Next news:South Korea’s top financial watchdog, the Financial Services Commission (FSC), will review the ban on local spot cryptocurrency exchange-traded funds (ETFs) and institutional accounts on crypto exchanges, signaling a shift from its strict opposition to digital asset exposure in traditional financial markets. The FSC's new cryptocurrency committee will discuss the current ban. The move comes after the approval of spot bitcoin ETFs in the U.S. earlier this year. The winning Democratic Party and the opposition party in South Korea had pledged to approve local spot bitcoin ETFs in their general election campaigns. The FSC will also investigate the monopolistic structure of South Korean digital asset exchanges, particularly Upbit, which dominates the market. Upbit accounted for over 61% of the trade volume in the past 24 hours. Concerns have been raised about the financial relationship between Upbit and its partner K-bank, as Upbit deposits make up 20% of K-bank's total deposits. K-bank is preparing for an IPO, and its reliance on Upbit is seen as a risk to its plan to go public.
Next news:According to @EmberCN, a whale/institution that accumulated 3,910 $BTC between June and July has transferred 710 $BTC to Bitfinex 6 hours ago, valued at approximately 43.78 million USD. Over the past day, this whale/institution has transferred a total of 1,500 $BTC to Bitfinex, valued at approximately 92.98 million USD. Meanwhile, the price of $BTC has dropped by 3% during this period, falling from 62,200 USD to 60,400 USD.
Next news:According to reports from Bloomberg, a new survey shows that nearly half of hedge funds focused on traditional asset classes are now involved in cryptocurrencies. According to the Global Cryptocurrency Hedge Fund Report published by the Alternative Investment Management Association (AIMA) and PwC, among hedge funds trading in traditional markets, 47% hold digital assets, up from 29% in 2023 and 37% in 2022. Among the funds that have already invested, 67% plan to maintain the same level of capital in cryptocurrencies, while the remaining funds plan to increase their investments before the end of 2024.
Next news:According to Cointelegraph, U.S. Congressman Tom Emmer stated that unless Congress passes legislation to limit the regulatory powers of federal agencies, the overturning of the Chevron doctrine will have limited impact on cryptocurrency regulation. Only if the Republican Party wins in the upcoming elections can this ruling have a substantial effect on the crypto industry. The Chevron doctrine is part of U.S. administrative law that grants federal agencies the authority to interpret laws when they are ambiguous. The U.S. Supreme Court overturned the Chevron doctrine in June, meaning that courts no longer need to follow the opinions of federal agencies such as the Securities and Exchange Commission when interpreting ambiguous regulations.
Next news:Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), stated during an event at New York University School of Law that he believes Bitcoin ($BTC) and other cryptocurrencies are unlikely to become widely used means of payment and are more likely to be viewed as a store of value. He emphasized, citing history and monetary theory, that nations tend to favor the use of a single currency. He also criticized the fraudulent activities within the cryptocurrency industry, pointing out that many of the so-called "leaders" in the field in 2024 are either in prison or facing extradition. He believes that the existing Howey Test is sufficient to regulate crypto assets without the need for an additional regulatory framework.
Next news:According to Cointelegraph, cryptocurrency mining company IREN (formerly known as Iris Energy) is facing a class action lawsuit from investors, accusing it of misleading them regarding its high-performance computing business. On October 7, a class action led by Paul Williams-Israel was filed in federal court in New York, claiming that IREN's facility in Childress, Texas, was falsely advertised as a data center suitable for high-performance computing (HPC) and that its computing capacity was exaggerated. The lawsuit also pointed out that there were significant false statements in IREN's expansion plans and HPC strategy announced in a statement in June 2023.
Next news:Payment processing giant Stripe has reinstated crypto payments for US businesses, allowing them to accept USDC via Ethereum, Solana, and Polygon. This comes after Stripe initially offered bitcoin payment support in 2014 but discontinued it in 2018. The integration works with checkout, elements, and payment intents, with support for subscriptions coming soon. Stripe had planned to roll out USDC payments in the US this summer but experienced delays. This follows Stripe's recent integration of crypto services in Europe and a partnership with Coinbase.
Next news:According to Wu's report, the German family office Lennertz has announced the raising of $165 million for its blockchain mother fund, further expanding its investment footprint in the cryptocurrency sector. Lennertz's portfolio includes well-known crypto venture capital firms such as Multicoin, Polychain, and Hack VC. They plan to invest in 8 to 10 blockchain venture capital funds in the new fund, primarily focusing on the U.S. market. Despite the severe volatility in the cryptocurrency market, Lennertz's first two funds have still achieved an annual internal rate of return of over 35%, demonstrating strong investment returns.

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.