SoSo Daily Mar 7

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on March 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.51 trillion US dollars, witnessing an increase of 0.531% compared to the previous 24 hours; the total trading volume is 157.15 billion US dollars, marking a decline of 38.4% from the previous day.

According to sosovalue, the price of $BTC is 66,713 USD, a increase of 0.897% from yesterday. The market cap of $BTC is 1.31T USD, accounting for 52.1% of the total market cap; $BTC's 24-hour trading volume is 96.40B USD, making up 61.3% of the total trading volume.
The price of $ETH is 3,784.6 USD, down 0.201% from yesterday; the market cap of $ETH is 454.60B USD, representing 18.1% of the total market cap; $ETH's 24-hour trading volume is 48.67B USD, comprising 31% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 92.3% 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 17:55, the top five gainers are:
Top 1 gainer is Ribbon Finance. As of 17:55 today, its market cap is 1.29B, with a coin price of 1.3840 USD, witnessing a 24-hour increase of 64.1%.
The second is Lunr. As of 17:55 today, its coin price is 0.12823 USD, with a 24-hour increase of 51.1%.
The third is Phoenix. As of 17:55 today, its coin price is 2.7271 USD, showing a 24-hour increase of 45%.
In fourth place is Matrix AI Network. As of 17:55 today, its coin price is 0.056697 USD, with a 24-hour rise of 43.2%.
In fifth place is Fetch.ai. As of 17:55 today, its coin price is 2.7370 USD, increasing by 42.7% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, AI sector has risen 18.9% relative to the UTC 0 time, led by gains in fet (42.3%), man (42.2%), and rndr (37.2%).
DePIN sector has increased 8.84% relative to UTC 0, with hopr (59.9%), ator (37.3%), and rndr (37.2%) leading the rise.
Meme sector has fallen 7.5%, with dino (-18.1%), pepe (-12%), and shib (-11.8%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Several Bitcoin ETFs experienced significant cash outflows as the price of Bitcoin flirted with its all-time high, according to the latest data from BitMEX Research. On March 4, 2024, Bitcoin ETFs witnessed a net inflow of $562 million, with notable contributions from industry giants such as iBit by BlackRock and FBTC by Fidelity. However, smaller players like BTCO from Invesco, HODL from VanEck, and BTCW from WisdomTree experienced combined outflows totaling $34.6 million. This cash exodus coincided with Bitcoin's price surge, as it recorded a substantial increase to $68,686, nearing its historical peak of $69,000. The timing of these outflows raises questions about investor sentiment and market dynamics. While outflows from smaller Bitcoin ETFs are relatively minor, they may indicate a pattern of investor behavior. The coincidence of these withdrawals with Bitcoin's price reaching near-record levels suggests a potential trend worth monitoring closely. The data underscores the ongoing interest in Bitcoin ETFs, with large institutional players continuing to drive significant inflows. However, the divergence in investment behavior among different ETFs highlights the diverse strategies and risk appetites within the market. As the crypto market continues to evolve, analysts will closely watch for any emerging patterns that could provide insights into future market sentiment and investment trends. The interplay between ETF flows and Bitcoin's price movements remains a key area of interest for investors and industry observers right now.
Next news: Cryptography company Zama has completed a $73 million Series A financing round, led by Multicoin Capital and Protocol Labs, with participation from MetaPlanet, Blockchange Ventures, VSquared Ventures, and Stake Capital, among others. Angel investors include Filecoin founder Juan Benet, Solana co-founder Anatoly Yakovenko, and Ethereum co-founder and Polkadot co-founder Gavin Wood. Zama co-founder and CEO Rand Hindi stated that the company has raised this significant amount of funds in two stages over the past two years. This is an equity financing round, and Zama's total financing to date has exceeded $80 million, but he refused to comment on the valuation.
Next news: Bitcoin has reached new record highs, with its price surging above $69,000. Traders are betting on prices reaching even higher levels, with options showing expectations of a run to as high as $80,000 by the end of March. Analysts predict significant price rises for Bitcoin, potentially reaching $100,000 by the end of the year and $150,000 by the end of 2025. However, there are also warnings of potential corrections. Bitcoin's recent surge is driven by factors such as demand from new US exchange-traded funds and a reduction in the token's supply growth.
Next news: Binance US has laid off more than 200 employees since June, doubling the previously reported figure, amid the fallout from an ongoing SEC lawsuit. The company's COO, Christopher Blodgett, described the lawsuit's impact as a "near-mortal blow," affecting people, trust, and economics, and highlighted significant severance and termination-related costs. Previously, Reuters reported the departure of Binance US CEO Brian Shroder and an initial round of layoffs affecting 100 employees. The interim CEO, Norman Reed, stated that the restructuring provided a substantial financial runway for the company. Binance and its US affiliate maintain they operate independently, despite SEC allegations of a "web of deception" aimed at circumventing securities laws. Binance has been active on the legal front, challenging the SEC's lawsuit and the application of the "Howey Test," arguing against what it perceives as regulatory overreach and accusing the SEC of hindering the growth of innovative financial technologies.
Next news: Wormhole, an interoperability platform supporting multi-chain applications, has announced the airdrop of its native token W. The token will have a total supply of 10 billion, with an initial circulation of 1.8 billion, distributed across Ethereum, Solana, Arbitrum, Optimism, and Base in ERC20 and SPL formats. The distribution includes allocations to guardian nodes, community and launch, core contributors, ecosystem and incubation, strategic network participants, and the foundation treasury, with 82% of the tokens initially locked and set to unlock over four years. A significant portion of the W supply, 617,305,000 tokens, is allocated to the community and launch category, targeting 397,704 wallets following anti-Sybil measures. The airdrop also rewards on-chain activity within the Wormhole ecosystem across over 30 connected blockchains, including Wormhole Discord users, various NFT communities, the Monad community, and Pyth stakers. Eligibility for the airdrop is based on past interaction with the ecosystem, with priority given to users based on the length of interaction, volume of messages and transfers, and consistency of use.
Next news: DCG and CEO Barry Silbert have filed motions to dismiss the lawsuit brought by the New York Attorney General (NYAG) against them, Gemini, and Genesis. They argue that the allegations are baseless and that the Gemini Earn loan agreements do not qualify as securities under the Howey test. DCG claims it has acted properly and invested significantly in Genesis following the collapse of Three Arrows Capital. The lawsuit accuses DCG and others of conspiring in fraudulent schemes with the Gemini Earn product, resulting in significant losses. DCG contests a settlement agreement between Genesis and the NYAG, calling it a circumvention of US bankruptcy law.
Next news: MicroStrategy plans to raise $600 million through a private offering of convertible senior notes to increase its Bitcoin holdings and for general corporate purposes. The notes will be unsecured, senior obligations of MicroStrategy, with a maturity date of March 15, 2030. MicroStrategy currently holds 193,000 Bitcoin worth nearly $13 billion. The company's stock surged 23% but fell 5% in after-hours trading following the announcement.
Next news: BlackRock is leading the Bitcoin ETF market with its iShares Bitcoin Trust (IBIT) surpassing $10 billion in assets under management in just seven weeks, a record pace not seen by any other ETF. This significant achievement places BlackRock ahead of competitors like Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) and others in the segment. Industry watchers believe BlackRock may maintain its lead, especially as it continues to outperform in terms of inflows and trading volumes. Despite the competition, there's room for multiple players in the Bitcoin ETF space, but BlackRock's early success and market dominance are making it increasingly difficult for others to catch up.
Next news: Binance announces the launch of Futures Next platform. BlockBeats reported on March 7th that Binance Futures will launch the Futures Next platform, which allows users to predict which tokens will be listed on the USDⓈ-M market of the Binance contract trading platform and receive rewards based on a prediction mechanism. The Next Mining Pool is a part of the Futures Next platform and is a curated collection of potential listing tokens nominated by users. Users can use this feature by "choosing" tokens they like to allocate to the Next Mining Pool. If the token is successfully listed on the USDⓈ-M Futures market, the user can receive a reward.
Next news: FTX and Alameda have reached an 'in principle' settlement with BlockFi, agreeing to pay $874 million. This settlement resolves the disputes between the bankrupt crypto companies and could potentially lead to a full recovery for BlockFi's customers.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.