SoSo Daily Dec 9 | The Iranian government plans to embrace cryptocurrency through regulation.

According to sosovalue, the price of $BTC is 99,413 USD, a decrease of 0.122% from yesterday. The market cap of $BTC is 1.97 trillion USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 74.28 billion USD, making up 33% of the total trading volume.
The price of $ETH is 3,942.6 USD, down 0.71% from yesterday; the market cap of $ETH is 474.87 billion USD, representing 12.4% of the total market cap; $ETH's 24-hour trading volume is 24.28 billion USD, comprising 10.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 64% of the total cryptocurrency market cap, and their combined trading volumes constitute 43.8% 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 Fartcoin. As of 05:50 today, its market cap is 323.10M, with a coin price of 0.32310 USD, witnessing a 24-hour increase of 61.2%.
The second is Voyager VGX. As of 05:50 today, its coin price is 0.022910 USD, with a 24-hour increase of 59.2%.
The third is IDEX. As of 05:50 today, its coin price is 0.098120 USD, showing a 24-hour increase of 58.2%.
In fourth place is Vega Protocol. As of 05:50 today, its coin price is 0.049200 USD, with a 24-hour rise of 43.9%.
In fifth place is ChainX. As of 05:50 today, its coin price is 0.24001 USD, increasing by 34.5% 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, 2 are up and 14 are down. Notably, Meme and CeFi sectors are worth mentioning.
Meme sector has fallen by 2.06% relative to the UTC 0 time, led by declines in gnon (-27.4%), slop (-24.6%), and GAME (-16.7%).
CeFi sector has decreased by 2.41% relative to UTC 0, with cho (-10.4%), bitci (-10.2%), and apx (-8.88%) leading the drop.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The Iranian government plans to embrace cryptocurrencies by increasing regulation rather than imposing direct restrictions. Minister of Economic Affairs and Finance Abdul Nasser Hemmati stated that the government aims to eliminate the negative impacts of cryptocurrencies on the economy while leveraging their positive effects. Hemmati hopes that cryptocurrencies can promote youth employment in Iran, help resist U.S. sanctions, and align the country's activities with the global economy. The Central Bank of Iran has released a document outlining upcoming cryptocurrency policies aimed at supporting crypto traders in complying with local tax and anti-money laundering laws. Iranian investors currently hold approximately $30 billion to $50 billion in crypto assets, which is equivalent to one-third of the country's entire gold market.
Next news:

According to Wu, the L1 blockchain Zilliqa reported that the network encountered technical issues, resulting in a block production interruption. The team then attempted a quick restart to minimize the time required to restore the network. However, this method was unsuccessful, and a comprehensive re-initialization of the network is currently underway. Preliminary investigations indicate that the issue is similar to previous interruptions.

Next news:

According to SoSoValue data, last week (Eastern Time from December 2 to December 6), the Ethereum spot ETF saw a net inflow of $837.00 million, reaching a historical weekly net inflow high. The Ethereum spot ETF with the highest net inflow last week was Blackrock's Ethereum ETF ETHA, which had a weekly net inflow of $573 million, bringing ETHA's total historical net inflow to $2.68 billion.

Next news:Coinbase has addressed concerns over account restrictions following reports of increased fraudulent activities. The company reassured users via its @CoinbaseSupport X account, urging them not to believe all online claims and explaining that their fraud-prevention systems have been effective in preventing significant losses. The use of VPNs has been a point of contention, with Coinbase clarifying that VPN usage alone does not trigger account restrictions, but may do so when combined with other suspicious activities. Criticism has been directed at Coinbase for its perceived lack of timely support, especially during weekends, as users experience longer wait times due to a surge in fraudulent attempts.
Next news:

The Polish authorities have arrested Dmitry V, the former CEO of the Russian cryptocurrency exchange WEX, in the center of Warsaw. He is suspected of engaging in fraud and money laundering activities during his management of WEX, which collapsed in 2018. A spokesperson for the Polish police stated that Dmitry V is in custody awaiting the completion of the entire extradition process. If extradited to the United States, he faces charges that could result in a maximum of 20 years in prison. (Cointelegraph)

Next news:

According to SoSoValue data, the cryptocurrency market sector is experiencing a pullback, with most crypto sectors seeing a 24-hour decline of about 1.5% to 3%. Notably, the previously strong sectors of CeFi, Layer 1, AI, and PayFi have experienced a significant pullback, with a 24-hour drop of around 3%. Additionally, the DeFi sector has maintained a 0.63% increase over the past 24 hours.

Next news:

According to Foresight News, based on data from SoSoValue, during the last trading week (Eastern Time from December 2 to December 6), the Ethereum spot ETFs saw a net inflow of $837.00 million, setting a new historical weekly net inflow record. Among them, the Grayscale Ethereum Trust ETF (ETHE) experienced a net outflow of $101 million, with a historical total net outflow of $3.47 billion. The Ethereum spot ETF with the highest net inflow last week was the BlackRock Ethereum ETF (ETHA), which had a weekly net inflow of $573 million, bringing its historical total net inflow to $2.68 billion. Following it was the Fidelity Ethereum ETF (FETH), with a weekly net inflow of $296 million, and its historical total net inflow reached $1.12 billion.

According to Foresight News, based on data from SoSoValue, during the last trading week (Eastern Time from December 2 to December 6), the Ethereum spot ETFs saw a net inflow of $837.00 million, setting a new historical weekly net inflow record. Among them, the Grayscale Ethereum Trust ETF (ETHE) experienced a net outflow of $101 million, with a historical total net outflow of $3.47 billion. The Ethereum spot ETF with the highest net inflow last week was the BlackRock Ethereum ETF (ETHA), which had a weekly net inflow of $573 million, bringing its historical total net inflow to $2.68 billion. Following it was the Fidelity Ethereum ETF (FETH), with a weekly net inflow of $296 million, and its historical total net inflow reached $1.12 billion.

Next news:According to Wu, Tim Kotzman, founder and CEO of Jubilee Royalty, tweeted that the National Center for Public Policy Research (NCPPR) has submitted a shareholder proposal to Amazon. The proposal suggests that Amazon discuss the inclusion of Bitcoin in its financial reserve strategy at the 2025 annual shareholder meeting and recommends that the company invest at least 5% of its total assets in this cryptocurrency. Currently, the SEC's official website does not list any related documents, and Tim stated that this proxy statement will not be released until April 2025.
Next news:

According to Wu, monitored by @EmberCN, a whale that withdrew 96,638.9 $ETH from Coinbase at a price of $1,567 in 2022 completed the last transfer/sale of $ETH 7 hours ago: transferring 11,638.9 $ETH (approximately $46.40 million) to Kraken. He withdrew 96,638.9 $ETH from Coinbase at $1,567 in 2022 and has transferred and sold all of it in 8 transactions over the past 9 months from March to December this year, with an average price of $3,078. Overall, his 2-year $ETH investment has brought approximately $146 million in returns (+96%).

Next news:Since Donald Trump was elected president, the inflow of Bitcoin ETFs in the United States has approached 10 billion. Since Trump became the presidential nominee, nearly 10 billion has flowed into U.S. exchange-traded funds (ETFs) directly investing in Bitcoin, which is seen as a signal that his support for the cryptocurrency industry will drive market prosperity. Twelve funds from issuers including BlackRock and Fidelity Investments saw a net inflow of approximately 9.90 billion after election day, bringing the group's total assets to around 113 billion.

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.