SoSo Daily Mar 14 | Democratic lawmakers urge the Treasury Department to halt Trump's Bitcoin reserve plan.

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on March 14, 2025, according to sosovalue, the total market cap of the crypto market stands at 2.77 trillion US dollars, witnessing a decrease of 2.68% compared to yesterday; the total trading volume is 106.90 billion US dollars, marking a decline of 8.97% from the previous day.

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 LayerAI. As of 05:50 today, its market cap is 17.77M, with a coin price of 0.0076930 USD, witnessing a 24-hour increase of 85.6%.
The second is UNCX Network. As of 05:50 today, its coin price is 170.00 USD, with a 24-hour increase of 70%.
The third is Prisma Governance Token. As of 05:50 today, its coin price is 0.058000 USD, showing a 24-hour increase of 66.4%.
In fourth place is Lybra Finance. As of 05:50 today, its coin price is 0.022720 USD, with a 24-hour rise of 64.4%.
In fifth place is Omnia Protocol. As of 05:50 today, its coin price is 0.36000 USD, increasing by 60% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Gerald Connolly, a senior Democratic member of the House Oversight and Reform Committee, urged the U.S. Treasury to halt plans for creating a strategic cryptocurrency reserve. In a letter to the Treasury, Connolly pointed out that President Trump has a clear conflict of interest in promoting a national Bitcoin reserve and personal cryptocurrency holdings. Connolly stated that Trump did not consult Congress nor seek congressional authorization to create the reserve. Last week, Trump signed an executive order intending to bolster the reserve using Bitcoin held by the Treasury (acquired through criminal or civil asset forfeiture). Connolly also noted that Trump’s involvement with certain cryptocurrency projects presents a conflict of interest and requested the Treasury to provide a list of steps and safeguards to address these conflicts of interest.
Next news:

According to SoSoValue, as of March 13th (Eastern Time), Bitcoin spot ETFs experienced a total net outflow of $143.30M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $12.68M, bringing GBTC's total historical net outflow to $22.50B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net outflow of $ 0.00 ，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $1.09B.

The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $45.75M, with IBIT's total historical net inflow reaching $39.33B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $89.60B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 5.62%. The historical cumulative net inflow has reached $35.27B.

Source: https://sosovalue.com/assets/etf

Next news:BlackRock's BUIDL Fund has surpassed $1 billion in assets under management following a $200 million allocation to Ethena. This significant investment highlights BlackRock's continued interest in expanding its portfolio in the cryptocurrency sector. The BUIDL Fund, known for its focus on innovative and emerging technologies, aims to capitalize on the growing opportunities within the digital asset space. Ethena, a company involved in blockchain technology, is expected to benefit from this substantial financial backing, potentially accelerating its growth and development in the industry.
Next news:Ethereum developers launch a new testnet for the Pectra upgrade after early setbacks. Core developers hope that this third attempt will pave the way for a significant blockchain update before May.
Next news:According to reports, the inflation rate adjustment proposal SIMD-0228 for Solana did not pass the final validator on-chain vote. As of the voting termination date, Epoch 755, the approval rate only reached 61.39% of the total votes (approval + opposition), failing to exceed the two-thirds threshold of 66.67%. The support rate was about 43.6%, the opposition rate was about 27.4%, and the abstention rate was about 3.3%. A total of 910 validators participated in the vote, with a staking/voting weight of approximately 74%. It is understood that the proposal set a target staking rate of 50% to enhance the network's security and decentralization. If more than 50% of SOL is staked, the issuance will dynamically decrease in inverse proportion to the amount staked, thereby suppressing further staking by lowering the yield. Conversely, if less than 50% of SOL is staked, the issuance will dynamically increase to improve yield and encourage staking. According to a report by Coin Metrics, as of February, Solana's inflation rate was 4%, down from the initial 8%, but still far above the terminal target of 1.5%, and is currently decreasing at a rate of 15% per year.
Next news:

According to Wu's report, Coinbase has officially announced that it has added DOGINME (DOGINME) to its asset roadmap.

Next news:Wu said that Coinbase's Chief Legal Officer Paul Grewal tweeted that the state of Vermont has officially withdrawn its lawsuit against Coinbase's staking services. According to an official document released on March 13, the main reasons for Vermont's decision to withdraw the inquiry include the SEC's dismissal of similar charges against Coinbase in the Southern District of New York federal court, as well as the SEC's establishment of a new working group to formulate regulatory rules related to cryptocurrencies. It is worth noting that this withdrawal does not preclude possible future legal actions.
Next news:

According to Decrypt, this week the U.S. Treasury Department met with executives from three cryptocurrency custody firms to discuss the custody arrangements for the national Bitcoin reserves. Anchorage Digital CEO Nathan McCauley revealed that officials inquired about the custody methods for the Bitcoin reserves and the implications for stablecoins and market structure. Congressional sources indicated that the Treasury is still evaluating and has not yet formed a clear position, with initial considerations for third-party custody, while the long-term goal is for the government to manage it independently. Furthermore, since the digital assets held by the government involve multiple blockchain networks, some assets may be kept under third-party custody for an extended period.

Next news:

The U.S. Senate Banking Committee has passed the first committee approval of the cryptocurrency industry stablecoin regulation bill, the "GENIUS Act," which aims to establish federal-level oversight of stablecoin issuers in the United States. The bill now requires approval from the full Senate, while the House of Representatives is also considering a similar version. The committee advanced the bill with a vote of 18 to 6, but coordination between the Senate and House versions is still needed. (CoinDesk)

Next news:

According to SoSoValue data, it was reported that yesterday (Eastern Time March 13), the total net outflow of Ethereum spot ETFs was $73.63 million. Yesterday, Grayscale's Ethereum Trust ETF ETHE had a net outflow of $41.70 million. The Ethereum spot ETF with the highest net inflow yesterday was VanEck ETF ETHV, with a net inflow of $1.35 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.