SoSo Daily Mar 9 | Crypto Tsar David Sacks Opposes Crypto Trading Tax

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on March 9, 2025, the total market cap of the crypto market stands at 2.93 trillion US dollars, witnessing a decrease of 2.02% compared to yesterday; the total trading volume is 59.02 billion US dollars, marking a decline of 56.4% from the previous day.

According to sosovalue, the price of $BTC is 86,029 USD, a decrease of 0.244% from yesterday. The market cap of $BTC is 1.71 trillion USD, accounting for 58.2% of the total market cap; $BTC's 24-hour trading volume is 14.81 billion USD, making up 25.1% of the total trading volume.
The price of $ETH is 2,182.6 USD, up 2.07% from yesterday; the market cap of $ETH is 263.23 billion USD, representing 8.98% of the total market cap; $ETH's 24-hour trading volume is 10.21 billion USD, comprising 17.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.18% of the total cryptocurrency market cap, and their combined trading volumes constitute 42.4% 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 on ETH. As of 05:50 today, its market cap is 416.52K, with a coin price of 0.00041652 USD, witnessing a 24-hour increase of 435%.
The second is Metronome. As of 05:50 today, its coin price is 0.50000 USD, with a 24-hour increase of 95.5%.
The third is ChainX. As of 05:50 today, its coin price is 0.068540 USD, showing a 24-hour increase of 41%.
In fourth place is Omega Network. As of 05:50 today, its coin price is 0.00023130 USD, with a 24-hour rise of 33.1%.
In fifth place is Drops Ownership Power. As of 05:50 today, its coin price is 0.00040370 USD, increasing by 30.6% over the last 24 hours.

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

David Sacks, the "crypto czar" of the United States, refuted the proposal of imposing a 0.01% tax on every cryptocurrency transaction during the "All In Podcast". The proposal was put forward by host Jason Calacanis, suggesting that taxes be levied on the asset itself to bolster the United States' strategic Bitcoin reserves and cryptocurrency inventory. Sacks pointed out, "This is exactly how taxes come into being. The original income tax only targeted a very small number of people, but eventually affected the middle class." (Cointelegraph)

Next news:

According to a post-incident report by Decurity, 1inch has largely recovered the $5 million in funds stolen after negotiating with the hacker, who kept a portion as a bounty for the vulnerability. The attack originated from a vulnerability in the Fusion v1 smart contract, primarily affecting those who used outdated versions of the parser, while regular users' funds remained unaffected.

Next news:

According to Wu, Mysten Labs, the company behind Sui, announced the acquisition of the game development platform Parasol, with the specific acquisition amount yet to be disclosed. Parasol is an end-to-end platform that enables game developers to integrate blockchain infrastructure into their games.

Next news:According to Wu Shuo's report, monitored by @ai_9684xtpa, in the past 12 hours, two whale addresses have cumulatively increased their holdings by 7,591 Ethereum. Among them, the address redbase.eth purchased 6,100 $ETH on-chain at an average price of $2,200, with a total value of approximately $13.42 million. The other address 0x42a...C42f8 withdrew 1,491 $ETH from Binance nine hours ago, valued at about $3.29 million. This address has accumulated a total of 4,505 $ETH over the past 5 days, with a total value of $9.78 million and an average purchase price of $2,171. Currently, the tokens held by this address have been allocated to three different addresses for storage.
Next news:

Wu reported that the famous trend artist Kanye West tweeted that he is learning about Bitcoin from crypto KOL Ansem (Ye learning bit coin from Ansem), and included an audio recording.

Next news:

Despite pressure from the International Monetary Fund (IMF) for El Salvador to stop accumulating decentralized value storage assets, the country has still purchased 13 bitcoins since March 1. According to the El Salvador Bitcoin Office, the country's Bitcoin reserves now hold over 6.11 $BTC, valued at over 527.00 million USD at current prices. (Cointelegraph)

Next news:

According to Wu's report, Conic Finance, the Omnipools protocol within the Curve Finance ecosystem, has announced the cessation of operations, and the project is officially terminated. The reason for stopping operations is the failure to resolve critical issues in the new version, during which multiple core members chose to leave. After evaluation, the remaining team ultimately decided to terminate the Conic project. All LPs should withdraw their funds from Omnipools, and the Conic treasury will return the remaining portion of Michael Egorov's investment from July 2023 to Michael. Conic will cease all Votium bribery and incentive measures for the CNC/ETH Curve pool.

Next news:MicroStrategy's Michael Saylor shared a bold crypto strategy at a White House summit, suggesting a potential $100 trillion market opportunity. Saylor's insights focused on the transformative potential of cryptocurrencies and their role in the future economy.
Next news:

According to reports from @EmberCN, Cooker.hl (@CookerFlips) has become the address with the highest losses on Cocoro. They invested $534 thousand to purchase 6.40 million Cocoro tokens at an average price of $0.0836 during the peak price, and then sold all of them 2 hours ago at a price of $0.0338, incurring a loss of $317 thousand, with a loss rate of 59%. Previously, the owner of the DOGE prototype Shiba Inu KABOSU announced the launch of the Cocoro token on the Base chain.

Next news:

The President of the International Football Federation (FIFA), Gianni Infantino, stated that the organization may develop its own cryptocurrency token. Infantino expressed FIFA's interest in creating a digital token to engage with global fans during President Trump's White House cryptocurrency summit on March 7. "FIFA is very interested in developing the FIFA token, starting from here, starting from the United States, to conquer the 5 billion football fans worldwide." (Crypto.news)

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.