SoSo Daily Feb 20 | Nigeria has filed a lawsuit against Binance, seeking compensation for economic losses and the recovery of taxes.

According to sosovalue, the price of $BTC is 96,896 USD, an increase of 1.69% from yesterday. The market cap of $BTC is 1.92 trillion USD, accounting for 57.7% of the total market cap; $BTC's 24-hour trading volume is 27.34 billion USD, making up 28.7% of the total trading volume.
The price of $ETH is 2,732.9 USD, up 1.7% from yesterday; the market cap of $ETH is 329.48 billion USD, representing 9.89% of the total market cap; $ETH's 24-hour trading volume is 15.05 billion USD, comprising 15.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.59% of the total cryptocurrency market cap, and their combined trading volumes constitute 44.5% 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 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is NEIRO. As of 05:50 today, its market cap is 34.82K, with a coin price of 0.000034816 USD, witnessing a 24-hour increase of 454%.
The second is CLANKER. As of 05:50 today, its coin price is 61.950 USD, with a 24-hour increase of 79%.
The third is SUNDOG. As of 05:50 today, its coin price is 0.064100 USD, showing a 24-hour increase of 78.1%.
In fourth place is DIAM. As of 05:50 today, its coin price is 0.014000 USD, with a 24-hour rise of 75.4%.
In fifth place is jellyjelly. As of 05:50 today, its coin price is 0.0083671 USD, increasing by 75.2% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:

According to Reuters, Nigeria has filed a lawsuit against the cryptocurrency exchange Binance, demanding $79.50 billion in economic damages and $2 billion in unpaid taxes. Court documents show that the Nigerian government accuses Binance of causing local currency issues and detained two of its executives in 2024. Binance has not responded to requests for comment but stated that it is working with the Nigerian Federal Inland Revenue Service to address potential historical tax liabilities.

Next news:The cryptocurrency industry is urging Congress to eliminate a proposed rule by the IRS that would classify decentralized finance (DeFi) platforms as brokers. This rule would require these platforms to report user transactions, which the industry argues could stifle innovation and privacy. The proposal has sparked significant debate, with industry leaders advocating for a regulatory approach that supports growth and technological advancement.
Next news:

The U.S. SEC voluntarily withdrew its appeal on Wednesday regarding a ruling that prevented the agency from expanding the scope of existing securities laws to cover DeFi users and projects. In a four-page motion submitted to the U.S. Fifth Circuit Court of Appeals, the SEC expressed its desire to "voluntarily withdraw this appeal," a move that faced no opposition. Last November, a federal judge in Texas ruled that the SEC's expansion of the legal definition of "dealer" exceeded the agency's authority. The judge found that the modification of the SEC's dealer rules was unlawful, as it conflated DeFi traders with financial brokers. Kristin Smith, CEO of the Blockchain Association, stated in a statement that the SEC's voluntary withdrawal of the appeal is a significant victory for the digital asset industry. (Decrypt)

Next news:According to Wu, Alexander Spiegelman, the research director at Aptos, tweeted that he does not understand why Monad is taking so long to copy Aptos's technology. "It's all open source, and there are already many peer-reviewed papers; instead of being secretive, it would be better to just copy openly." In response, Monad co-founder James Hunsaker stated, "While you were still in diapers, I was already researching Software Transactional Memory (STM) in a Haskell environment; BlockSTM is a simple extension of these concepts. I have never looked at any Aptos code; in fact, if you hadn't published this nonsense, I wouldn't have even thought of Aptos."
Next news:Wu learned that the minutes from the Federal Reserve's January monetary policy meeting showed that the committee discussed the possibility of pausing or slowing the reduction of the balance sheet before addressing the debt ceiling issue, as the debt ceiling problem could lead to significant fluctuations in reserve balances. Despite continued expansion in economic activity and a stable low unemployment rate, the committee believes that inflation remains above the target and needs to be monitored for progress towards returning to the 2% target. In particular, potential changes in trade and immigration policies may lead to higher inflation.
Next news:Metaplanet, a prominent investment firm, has increased its Bitcoin holdings to 2,100 $BTC by purchasing an additional 68 BTC. This move reflects the firm's continued confidence in Bitcoin as a valuable asset. The acquisition was reported by FastNews via CoinDesk.
Next news:

According to Wu, Nate Geraci, president of The ETF Store, tweeted that the SEC has acknowledged the 19b-4 filing submitted by Cboe, which seeks approval for the staking feature in the 21Shares Core Ethereum ETF.

Next news:On Wednesday, Trump stated at the Future Investment Initiative Institute conference in Miami: "Bitcoin has hit multiple historical highs because everyone knows I am committed to making America the capital of cryptocurrency." He added, "We want to be at the forefront of everything, and one of those things is cryptocurrency, and Miami seems to be the hub of action. Think about it carefully; maybe it will always exist." Trump also mentioned his executive order to keep America "at the forefront of artificial intelligence and to end Biden's war on Bitcoin and cryptocurrency." (TheBlock)
Next news:

Foresight News reports that, according to on-chain analyst @ai_9684xtpa, the PAIN team's associated address sold tokens worth 2.53 million USD in the past 7 hours. The source of the funds traces back to the team's presale associated address, rather than the 20% holding address used for airdrop distribution, with the tokens being sold after three transfers.

Foresight News reports that, according to on-chain analyst @ai_9684xtpa, the PAIN team's associated address sold tokens worth 2.53 million USD in the past 7 hours. The source of the funds traces back to the team's presale associated address, rather than the 20% holding address used for airdrop distribution, with the tokens being sold after three transfers.

Next news:According to Wu Shuo, on-chain analyst @ai_9684xtpa has monitored that, aside from Harold's own locked position of 50% PAIN, a total of 15% of tokens from the community/partners have not yet been transferred or sold. The mainstream liquidity pool distribution of PAIN is as follows: currently, a total of $11.37 million has been injected into liquidity (accounting for 82% of the mainstream liquidity pool under a 1% fee), which includes 129,000 PAIN and 52,490 SOL, with unclaimed fee income reaching as high as $344,000. Currently, only the price range [0.104251 - 0.205086] is still effective, equivalent to $[17.88 - 35.2], while all other positions have temporarily expired. GMGN data shows that the market cap of the Solana-based meme coin PAIN is currently reported at $231 million.

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.