SoSo Daily Oct. 13 | The South African tax authority has included cryptocurrency in its compliance program.

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM UTC0 time on October 13, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.29 trillion US dollars, witnessing a decrease of 1.64% compared to yesterday; the total trading volume is 58.45 billion US dollars, marking a decline of 30.3% from the previous day.

According to sosovalue, the price of $BTC is 62,557 USD, a decrease of 0.604% from yesterday. The market cap of $BTC is 1.24 trillion USD, accounting for 54% of the total market cap; $BTC's 24-hour trading volume is 15.43 billion USD, making up 26.4% of the total trading volume.
The price of $ETH is 2,458.5 USD, up 0.245% from yesterday; the market cap of $ETH is 295.96 billion USD, representing 12.9% of the total market cap; $ETH's 24-hour trading volume is 8.26 billion USD, comprising 14.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 40.5% 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 L7DEX. As of 11:55 today, its market cap is 147.25K, with a coin price of 0.0030910 USD, witnessing a 24-hour increase of 39.1%.
The second is Dust Protocol. As of 11:55 today, its market cap is 6.58M, with a coin price of 0.19770 USD, witnessing a 24-hour increase of 35.7%.
The third is Prism. As of 11:55 today, its market cap is 1.65M, with a coin price of 0.00089900 USD, showing a 24-hour increase of 31.6%.
In fourth place is CARV. As of 11:55 today, its market cap is 0E-8, its coin price is 0.74240 USD, with a 24-hour rise of 28.9%.
In fifth place is Slerf. As of 11:55 today, its market cap is 97.20M, its coin price is 0.19440 USD, increasing by 23% 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, 2 are up and 14 are down. Notably, AI, DePIN, and RWA sectors are worth mentioning.
AI sector has fallen -2.07% relative to the UTC 0 time, led by declines in DBC (-6.28%), PRE (-5.23%), and TAI (-5.21%).
DePIN sector has decreased -2.91% relative to UTC 0, with SHDW (-9.06%), HNT (-7.06%), and STOS (-6.87%) leading the drop.
RWA sector has fallen -3.18%, with CPOOL (-10.2%), OM (-5.29%), and HIFI (-4.31%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:According to Bitcoin.com, the South African Revenue Service (SARS) has announced plans to incorporate crypto assets into its tax compliance program. SARS is seeking information about crypto users and is intensifying efforts to identify and audit non-compliant taxpayers. Taxpayers concerned about compliance are urged to participate in a voluntary disclosure program, but those who have already been audited will not be eligible. SARS emphasized the consequences of intentional tax evasion and stated that it will pursue all non-compliant taxpayers.
Next news:According to Protos, Bitcoin developers recently disclosed a serious software vulnerability, CVE-2024-35202, which affects nodes running versions prior to Bitcoin Core 25.0, putting approximately 13.7% of nodes worldwide at risk. This vulnerability allows attackers to crash nodes by manipulating block transaction messages. The issue originates from the compact block protocol of Core, and while it does not provide any economic incentive to ordinary attackers, developers strongly recommend that node operators update to the latest version. Niklas Gögge discovered and fixed the vulnerability, and Bitcoin Core 25.0 has resolved this issue.
Next news:Longling Capital related wallet purchased 5,000 $ETH about 12.34 million USD 20 minutes ago. According to Foresight News, a wallet associated with Longling Capital purchased another 5,000 $ETH (12.34 million USD) 20 minutes ago, as monitored by Lookonchain. The wallet currently holds 68,064 $ETH (168 million USD) and has borrowed 44 million USDT from Aave. Previously, during the market crash in 2022, Longling Capital was liquidated for 93,793 $ETH (about 114 million USD).
Next news:SlowMist has discovered and reported a new type of arbitrage MEV bot scam, where scammers exploit the popularity of AI (especially ChatGPT) to deceive users. They do this by using counterfeit smart contracts and backdoors to transfer users' $ETH funds to their own wallets. The SlowMist security team has recently observed an increase in users falling victim to such scams. The SlowMist security team urges all users to avoid clicking on unknown links or running suspicious code. If scammers claim that the code was generated by ChatGPT, users can at least use tools like ChatGPT or Claude to review the code and check for any malicious behavior.
Next news:Elon Musk changed his profile and avatar picture, stating that the avatar has been updated to "Starship Flight 5."
Next news:According to @ai_9684xtpa's monitoring, the smart money address starting with F4Kpk, which previously profited 920 thousand USD on MOTHER, is currently accumulating RETARDIO on a large scale. In the past 14 hours, it has spent a total of 7,686 SOL (1.11 million USD) to buy RETARDIO through Jupiter DCA, and has currently purchased tokens worth 708 thousand USD at an average cost of 0.15 USD, resulting in an unrealized profit of 73 thousand USD.
Next news:Vitalik sold 8 types of meme coins 1 hour ago, exchanging them for approximately 1.61 million USD in ETH.
Next news:Wu learned that Kevin Sekniqi, co-founder of Ava Labs, tweeted that Avalanche has focused on achieving horizontal scaling (such as application chains) over the past few years and seems poised to dominate this area soon. However, there is still much work to be done in vertical scaling, which is the next issue that must be addressed. I believe that more powerful hardware must be a key part of this.
Next news:According to Wu, Andre Cronje, a director of the Fantom Foundation, tweeted that Layer 2 (L2) as an application chain is unreasonable for developers: there is almost no infrastructure support at deployment (such as stablecoins, oracles, and institutional custody), there are no foundations or labs providing assistance, centralized architecture is vulnerable to attacks, disperses liquidity, and forces cross-chain bridges, there is a lack of user and developer communities, which increases the time costs for developers dealing with infrastructure issues, stifles network effects, and still requires long transaction confirmation times (some providers are unwilling to collaborate with you), and developing in isolation (with no friends). Cronje also pointed out that application chains greatly underestimate the costs of infrastructure and compliance (blockchain explorers, custody, exchanges, oracles, cross-chain bridges, toolkits, IDEs, on/off ramps, native issuance and integration, regulation, compliance). He revealed that in 2024 alone, $14 million has already been spent, a significant portion of which is recurring costs.
Next news:A certain whale is going long on AAVE, purchasing approximately 4.80 million USD worth of AAVE and depositing it into Aave's cyclical lending.

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.