SoSo Daily Dec 14 | French Hill elected as Chairman of the U.S. House Financial Services Committee, focusing on cryptocurrency legislation.

$BTC

$ETH

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Dec 14, 2024

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on December 13, 2024, according to sosovalue, the total market cap of the crypto market stands at 3.81 trillion US dollars, witnessing a decrease of 0.629% compared to yesterday; the total trading volume is 243.03 billion US dollars, marking a decline of 20.7% from the previous day.

According to sosovalue, the price of $BTC is 101,420 USD, an increase of 1.42% from yesterday. The market cap of $BTC is 2.01 trillion USD, accounting for 52.7% of the total market cap; $BTC's 24-hour trading volume is 79.13 billion USD, making up 32.6% of the total trading volume.
The price of $ETH is 3,906.2 USD, up 0.633% from yesterday; the market cap of $ETH is 470.48 billion USD, representing 12.3% of the total market cap; $ETH's 24-hour trading volume is 36.49 billion USD, comprising 15% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 65% of the total cryptocurrency market cap, and their combined trading volumes constitute 47.6% 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 VaderAI by Virtuals. As of 23:50 today, its market cap is 43.42M, with a coin price of 0.043547 USD, witnessing a 24-hour increase of 110%.
The second is Velodrome Finance. As of 23:50 today, its coin price is 0.28041 USD, with a 24-hour increase of 89.9%.
The third is Firo. As of 23:50 today, its coin price is 2.8790 USD, showing a 24-hour increase of 78.6%.
In fourth place is Project WITH. As of 23:50 today, its coin price is 0.011506 USD, with a 24-hour rise of 74.4%.
In fifth place is Elixir Games. As of 23:50 today, its coin price is 0.073897 USD, increasing by 66.4% 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, 14 are up and 2 are down. Notably, PayFi, RWA, and CeFi sectors are worth mentioning.
PayFi sector has risen 3.29% relative to the UTC 0 time, led by gains in VELO (6.34%), XVG (4.99%), and LTC (4.47%).
RWA sector has increased 2.31% relative to UTC 0, with CPOOL (13.5%), ONDO (12.6%), and SMT (8.29%) leading the rise.
CeFi sector has risen 2.16%, with WRX (25.8%), SCLP (9.88%), and TKO (8.77%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:French Hill, the newly elected chairman of the U.S. House of Representatives Financial Services Committee, said that establishing a digital asset regulatory framework in the next 100 days will be his top priority. He plans to promote bills related to stablecoins and market structure, and criticized Gary Gensler's law enforcement on cryptocurrencies. Regarding the establishment of strategic Bitcoin reserve, Hill said that its value to the United States needs to be further evaluated.
Next news:Galaxy Digital has appointed Tony Paquette as its new Chief Financial Officer. Paquette, who has over 25 years of experience in financial services and fintech, previously served as CFO at Point72, a hedge fund founded by Steve Cohen. He has also held leadership roles at SoFi, JPMorgan Chase, and Bank of America. Galaxy Digital, founded by Mike Novogratz, focuses on digital assets and cryptocurrency. Paquette succeeds Alex Ioffe, who will become a senior advisor in 2025. The appointment comes as Galaxy Digital experiences significant growth and aims to enhance its operational infrastructure and global business scale.
Next news:Wu reported that Vaneck published an article predicting that the cryptocurrency bull market will peak in the first quarter of 2025 and reach a new high in the fourth quarter; Bitcoin will peak at 180 thousand USD, and Ethereum will exceed 6,000 USD; SOL and Sui will surpass 500 USD and 10 USD respectively. However, after the first peak, $BTC is expected to experience a 30% pullback, and with the summer market consolidation, altcoins may face significant declines of up to 60%.
Next news:

According to Chainwire, the decentralized protocol Prosper has announced the purchase of 7,000 ASIC miners from Bitmain to enhance its Bitcoin mining hash rate. In addition, Prosper has completed strategic financing, with participation from Metalpha, Waterdrip Capital, BIT Mining, Animoca Brands, and others.

Next news:Riot Platforms acquired 5,117 bitcoins between December 10 and 12, 2024, increasing its total holdings to 16,728 bitcoins. The acquisition cost approximately $510.00 million, with an average price of about $99,669 per bitcoin. The funds came from the net proceeds of its 0.75% convertible senior notes and existing cash reserves. As a result, Riot's stock price rose by over 7%. Previously, the company reported a net loss of $154.40 million in the third quarter due to rising costs and unrealized investment losses. Starboard Value has purchased Riot shares and suggested converting part of the mining facilities into data centers to meet the growing demand for artificial intelligence.
Next news:

According to Foresight News and reported by Bitcoin Magazine, Japanese lawmakers submitted a Q&A document on December 11 titled "Understanding the Current Status of Bitcoin Reserves Introduced by the United States and Other Countries."

Next news:

According to Foresight News, Sui announced a collaboration with Ant Digital Technologies and ZAN to tokenize ESG-supported green assets on the Sui blockchain.

Next news:Wu learned that Tether's affiliated broker, Cantor Fitzgerald, agreed yesterday to pay a fine of $6.75 million to the U.S. Securities and Exchange Commission (SEC), neither admitting nor denying the charges brought against it by the SEC. It was previously accused of making misleading statements to investors in two SPAC projects, which raised $750 million in IPO funding.
Next news:

Australian pension and wealth management company AMP announced an allocation of 27 million AUD (approximately 17.20 million USD) to Bitcoin futures products on the Chicago Mercantile Exchange, representing 0.05% of its total pension assets. This marks the first entry of Australia’s 4.10 trillion AUD pension system into the cryptocurrency asset space. Despite the cautious stance of Reserve Bank of Australia Governor Michele Bullock towards cryptocurrency assets, AMP stated it will strictly adhere to its risk control framework and prudently manage the related investment portfolio. (Bloomberg)

Next news:

Foresight News reports that the Ethereum Layer 2 network Metis has announced the launch of a decentralized sequencer (DSEQ) restart plan. The DSEQ restart plan will offer multiple rewards, including node rewards (up to 5,000 METIS per month), node and LST protocol rewards (an additional up to 10,000 METIS per month), as well as special rewards in the form of tokens from ecosystem cooperation projects. The rewards will be launched next week.

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.

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