SoSo Daily Feb 5 | The U.S. Senate Introduces New Legislation for Stablecoin Regulation

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on February 4, 2025, according to sosovalue, the total market cap of the crypto market stands at 3.33 trillion US dollars, witnessing a decrease of 5.83% compared to yesterday; the total trading volume is 230.43 billion US dollars, marking a decline of 48% from the previous day.

According to sosovalue, the price of $BTC is 97,776 USD, a decrease of 3.48% from yesterday. The market cap of $BTC is 1.94 trillion USD, accounting for 58.2% of the total market cap; $BTC's 24-hour trading volume is 69.15 billion USD, making up 30% of the total trading volume.
The price of $ETH is 2,731.9 USD, down 4.92% from yesterday; the market cap of $ETH is 329.26 billion USD, representing 9.89% of the total market cap; $ETH's 24-hour trading volume is 52.18 billion USD, comprising 22.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.09% of the total cryptocurrency market cap, and their combined trading volumes constitute 52.6% 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 Jeo Boden (BODEN). As of 23:50 today, its market cap is 3.52M, with a coin price of 0.0051 USD, witnessing a 24-hour increase of 59.4%.
The second is Comedian (BAN). As of 23:50 today, its coin price is 0.0573 USD, with a 24-hour increase of 59.2%.
The third is Saros (SAROS). As of 23:50 today, its coin price is 0.0116 USD, showing a 24-hour increase of 34.9%.
In fourth place is LUCE. As of 23:50 today, its coin price is 0.01068 USD, with a 24-hour rise of 29.3%.
In fifth place is Ampleforth Governance (FORTH). As of 23:50 today, its coin price is 4.547 USD, increasing by 28.6% 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, 0 are up and 16 are down. Notably, GameFi, Meme, and AI sectors are worth mentioning.
GameFi sector has fallen 7.33% relative to the UTC 0 time, led by declines in CGG (-16%), CHAIN (-15.1%), and MAX (-14.1%).
Meme sector has decreased 7.44% relative to UTC 0, with BULLY (-32.1%), ELIZA (-26.9%), and PIPPIN (-22.1%) leading the drop.
AI sector has fallen 9.49%, with SWARMS (-22.4%), PIPPIN (-22.1%), and HAT (-20.7%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The U.S. Senate has introduced a new bill proposed by Bill Hagerty aimed at regulating the use and oversight of stablecoins. The introduction of this bill marks a further deepening of the United States' regulatory efforts in the field of digital currencies.
Next news:The Taproot Wizards, a group involved in the Bitcoin community, have successfully raised $30 million to support the Bitcoin OP_CAT proposal. This proposal aims to enhance Bitcoin's functionality. The fundraising effort highlights the growing interest and investment in Bitcoin-related projects. The Taproot Wizards are also associated with NFTs, as indicated by their connection to TaprootWizards.com and ordinals.com.
Next news:The price of $BTC has dropped below $98,000, down 0.90% on the day. According to a PANews report on February 4, the OKX market shows that $BTC has just fallen below $98,000, with the current trading price at $97,938.40, a decrease of 0.90% for the day.
Next news:

According to Wu, the Berachain Foundation officially announced that the Berachain mainnet will launch on February 6, 2025. Berachain is a new EVM-compatible Layer 1 blockchain designed to align the value of the network with the value of the applications built on it through a Proof of Liquidity (PoL) mechanism.

Next news:Coinbase Global Inc. is advocating for US banking regulators to revise their policies to enable banks to offer cryptocurrency custody and trading services. In a letter to the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corp., Coinbase requested the withdrawal of an interpretive letter that it claims creates unnecessary barriers for banks entering the digital-asset market. Coinbase also seeks confirmation from the Fed and FDIC that state-chartered banks can provide and outsource crypto-related services.
Next news:Wu said that Eric Semler, Chairman of the US-listed company Semler Scientific, announced on Twitter that today he has invested $88.50 million to purchase 871 BTC. Since July 1, 2024, he has achieved a 152% return on BTC. Currently, Semler Scientific holds 3,192 $BTC but is still in the early stages of its investment strategy.
Next news:According to Wu, FTX creditor representative Sunil disclosed via Twitter that FTX repayments will start on February 18, 2025, at 10 AM Eastern Time, prioritizing creditors with claims under $50,000. The repayment distribution will include 100% of the adjudicated claim value (up to $50,000), along with an additional compensation amount of 9.0% annual interest on the adjudicated claim value from November 11, 2022, to the initial distribution date. This will be the first and final payout for creditors, and all related claims will be fully extinguished upon completion of the payment.
Next news:David Sacks stated at a press conference attended by leaders of relevant congressional committees that the U.S. House of Representatives and Senate are forming a joint working group to advance cryptocurrency legislation. Senate Banking Committee Chairman Tim Scott indicated that the committee will first address the issue of stablecoins. Additionally, both the House and Senate will push for legislation related to market structure. House Financial Services Committee Chairman French Hill noted that, alongside the stablecoin bill, legislation similar to the "Financial Innovation and Technology for the 21st Century Act" (FIT21) will also be advanced in the House. (CoinDesk)
Next news:Bullish Global, a cryptoasset exchange backed by billionaire Peter Thiel, is contemplating an initial public offering (IPO) potentially within this year. The company is collaborating with Jefferies Financial Group Inc. for the possible listing, as per confidential sources.
Next news:

The decentralized gaming infrastructure platform Beamable has completed a $13.50 million Series A funding round, led by Bitkraft Ventures. This funding aims to accelerate the development and expansion of the Beamable network, which is a decentralized physical infrastructure network (DePIN) designed to transform the way gaming backend infrastructure is built and operated. (The Block)

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.