SoSo Daily Nov 27 | Brazilian Congressman Eros Biondini proposed a Bitcoin Strategic Reserve Bill.

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on November 27, 2024, according to sosovalue, the total market cap of the crypto market stands at 3.34 trillion US dollars, witnessing a decrease of 3.02% compared to yesterday; the total trading volume is 291.91 billion US dollars, marking a decline of 14.4% from the previous day.

According to sosovalue, the price of $BTC is 92,688 USD, a decrease of 2.24% from yesterday. The market cap of $BTC is 1.83 trillion USD, accounting for 54.9% of the total market cap; $BTC's 24-hour trading volume is 89.08 billion USD, making up 30.5% of the total trading volume.
The price of $ETH is 3,398.5 USD, down 2.09% from yesterday; the market cap of $ETH is 409.30 billion USD, representing 12.2% of the total market cap; $ETH's 24-hour trading volume is 42.49 billion USD, comprising 14.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.1% of the total cryptocurrency market cap, and their combined trading volumes constitute 45.1% 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 Zircuit (ZRC). As of 05:50 today, its market cap is 0E-8, with a coin price of 0.067280 USD, witnessing a 24-hour increase of 573%.
The second is sudoswap (SUDO). As of 05:50 today, its coin price is 0.36666 USD, with a 24-hour increase of 135%.
The third is Muse DAO (MUSE). As of 05:50 today, its coin price is 19.767 USD, showing a 24-hour increase of 115%.
In fourth place is Dasha (VVAIFU). As of 05:50 today, its coin price is 0.062430 USD, with a 24-hour rise of 82%.
In fifth place is Altered State Machine (ASTO). As of 05:50 today, its coin price is 0.028550 USD, increasing by 73.6% 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, 1 is up and 15 are down. Notably, Meme, CeFi, and PayFi sectors are worth mentioning.
Meme sector has fallen by 3.88% relative to the UTC 0 time, led by declines in eliza (-27.9%), KAMA (-18.4%), and DOGE (-15.9%).
CeFi sector has decreased by 3.96% relative to UTC 0, with solo (-9.28%), ngc (-8.07%), and bmex (-7.69%) leading the drop.
PayFi sector has fallen by 7.63%, with RUBY (-26.8%), xlm (-16.4%), and kasta (-13%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:According to Wu, Brazilian Congressman Eros Biondini has proposed a bill suggesting the establishment of a "Bitcoin Strategic Sovereign Reserve" (RESBit), allocating up to 5% of international reserves to Bitcoin to diversify national assets, address exchange rate fluctuations, and mitigate geopolitical risks. The bill stipulates that reserve management must adhere to principles of transparency, utilizing high-security storage methods such as cold wallets, and it will be jointly managed by the central bank and the treasury, with regular disclosure of reports. This proposal also aims to support the development of blockchain technology and provide reserve support for the future digital Brazilian Real (Real Digital).
Next news:The Trump team plans to transfer cryptocurrency regulatory authority to the CFTC, weakening the role of the SEC. According to Fox Business, Trump and his incoming administration may empower the Commodity Futures Trading Commission (CFTC) to regulate certain digital assets. This change could include oversight of cryptocurrency exchanges and spot markets, such as Bitcoin and Ethereum, that are considered commodities, thereby diminishing the regulatory power of the Securities and Exchange Commission (SEC) in the industry. Outgoing SEC Chairman Gary Gensler supports the CFTC gaining the authority to regulate Bitcoin, stating that Bitcoin is a commodity. In March of this year, the CFTC referred to Ethereum as a commodity in its complaint against the cryptocurrency exchange Kucoin. Trump has pledged to strengthen the U.S. cryptocurrency industry, including the creation of a federal Bitcoin reserve, appointing the White House's first full-time cryptocurrency role, and firing Gary Gensler, who has taken a hard stance on cryptocurrencies. Last week, Gensler announced plans to resign as SEC chairman on January 20, 2025, the same day Trump is set to be inaugurated as the 47th president of the United States.
Next news:Kraken, a major crypto exchange, announced the closure of its NFT marketplace to allocate resources to new projects. The marketplace will cease operations on February 27, 2025, with users only able to withdraw assets after November 27, 2024. This decision aligns with Kraken's strategy to focus on developing new products and services. The NFT marketplace, launched in beta in November 2022, has seen stagnant sales, with weekly trading volumes not exceeding $200 million since April 2024.
Next news:A U.S. federal appeals court has overturned the U.S. Treasury Department's sanctions on Tornado Cash, a crypto mixing service. The court ruled that the government lacked the necessary legal framework to sanction the technology itself as an entity.
Next news:According to Wu, Bitwise has announced the launch of a Bitcoin and Ethereum ETF which is proposed to be listed on the New York Stock Exchange and has submitted an S-1 registration filing to the U.S. SEC. This ETF offers passive investment exposure based on the relative market value of Bitcoin and Ether, with assets custodied by Coinbase Custody and net asset value (NAV) calculated using the CME CF benchmark pricing. It provides investors with a way to invest without directly holding cryptocurrencies and ensures asset security through cold storage technology, making it suitable for users looking to invest indirectly in digital assets.
Next news:

According to SoSoValue, as of November 26th (Eastern Time), Bitcoin spot ETFs experienced a total net outflow of $122.78M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $36.14M, bringing GBTC's total historical net outflow to $20.52B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net inflow of $ 4.84M，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $702.10M.

The Bitcoin spot ETF with the highest net inflow for the day was Bitwise's ETF BITB, with a daily net inflow of $6.47M, with BITB's total historical net inflow reaching $2.16B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $98.15B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 5.45%. The historical cumulative net inflow has reached $30.28B.

Source: https://sosovalue.com/assets/etf

Next news:Justin Sun has joined Donald Trump's World Liberty Financial Inc. (WLFI) as an adviser. This move comes alongside his investment in the company, indicating a strategic partnership between Sun and Trump's financial venture.
Next news:Ripple Labs has committed an additional $25 million to the political action committee Fairshake, increasing its total funds to $103 million for the 2026 U.S. congressional elections. This substantial financial backing aims to support pro-crypto candidates, building on the committee's previous successes in recent elections.
Next news:Pantera Capital Management's Bitcoin Fund, launched in July 2013, has achieved a 1,000-fold increase in value, with returns exceeding 132,118%. The fund began purchasing Bitcoin when the price was $74 per token. CEO Dan Morehead predicts Bitcoin could reach $740,000 by April 2028.
Next news:

According to Deep Tide TechFlow, on November 27, a new address 0xB14...6284f has cumulatively withdrawn 1.16 million $EIGEN from Coinbase in the past 3 hours, totaling a value of $3.91 million, with an average price of $3.37. Despite $BTC briefly dropping below $91 thousand this morning, $EIGEN has risen 8%, currently priced at $3.33.

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.