SoSo Daily Mar 7

As of 5:59 AM on March 8, 2024, the total market cap of the crypto market is 2.55 trillion US dollars, showing a 1.76% increase from the previous day. The 24-hour trading volume is 139.13 billion US dollars, indicating a decrease of 25.7% compared to the previous day.

According to sosovalue, the price of $BTC is 67,230 USD, an increase of 1.22% from yesterday. The market cap of $BTC is 1.32 trillion USD, accounting for 51.8% of the total market cap; $BTC's 24-hour trading volume is 73.15 billion USD, making up 52.6% of the total trading volume.
The price of $ETH is 3,869.4 USD, up 0.621% from yesterday; the market cap of $ETH is 464.77 billion USD, representing 18.2% of the total market cap; $ETH's 24-hour trading volume is 39.70 billion USD, comprising 28.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 81.1% 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 05:55, the top five gainers are:
Top 1 gainer is XYO. As of 05:55 today, its market cap is 201.01M, with a coin price of 0.014429 USD, witnessing a 24-hour increase of 50.6%.
The second is PHB. As of 05:55 today, its coin price is 3.5427 USD, with a 24-hour increase of 46%.
The third is SYLO. As of 05:55 today, its coin price is 0.0041910 USD, showing a 24-hour increase of 45.4%.
In fourth place is LUNR. As of 05:55 today, its coin price is 0.12823 USD, with a 24-hour rise of 42.5%.
In fifth place is SHR. As of 05:55 today, its coin price is 0.0023200 USD, increasing by 41.2% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, CeFi sector has risen 8.05% relative to the UTC 0 time, led by gains in bnb (10%), ox (8.89%), and lcx (7.21%).
AI sector has increased 6.96% relative to UTC 0, with vxv (45.5%), man (39.1%), and clore (29.1%) leading the rise.
Layer1 sector has risen 6.07%, with phb (44.2%), hc (29.8%), and htr (27.5%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Do Kwon, the co-founder of Terra, has won his appeal against extradition to the United States in Montenegro. The appeals court overturned a lower court's decision, citing 'serious violations of criminal procedure rules'. This decision came after Kwon appealed last month's ruling to extradite him to the US.
Next news: ARKHAM: TESLA AND SPACEX JOINTLY HOLD 19,800 BITCOINS. BLOCKBEATS REPORTED ON MARCH 7TH THAT THE DATA ANALYSIS PLATFORM ARKHAM CONFIRMED THE BITCOIN HOLDINGS OF TESLA AND SPACEX. TESLA CURRENTLY HOLDS 11,510 $BTC (APPROXIMATELY $780 MILLION) ACROSS 68 ADDRESSES, WHILE SPACEX HOLDS 8,290 $BTC (APPROXIMATELY $560 MILLION) ACROSS 28 ADDRESSES. ARKHAM CONFIRMED THAT THE ON-CHAIN FUND FLOWS MATCH THE FINANCIAL STATEMENTS OF TESLA AND SPACEX. TESLA PURCHASED $1.5 BILLION WORTH OF BITCOIN IN JANUARY 2021 AND SOLD BITCOIN IN TWO TRANSACTIONS: SELLING $272 MILLION WORTH OF BITCOIN IN THE FIRST QUARTER OF 2021 AND SELLING $936 MILLION WORTH OF BITCOIN IN THE SECOND QUARTER OF 2022.
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: FTX and BlockFi have reached a tentative settlement agreement, subject to court approval, to resolve all litigation and disputes. This agreement, involving affiliated debtors, marks a significant development in the legal proceedings following FTX's collapse in 2022. Under the plan, BlockFi will receive $185.2 million as a customer claim against FTX debtors and a separate claim of $689 million against Alameda for former loans, totaling around $900 million, with $250 million secured. BlockFi's plan administrator, Mohsin Meghji, stated that BlockFi is ensured to receive the $250 million shortly after the FTX plan is confirmed and goes effective, potentially allowing a second interim distribution before general FTX unsecured claims distributions begin. The settlement also includes FTX waiving claims against BlockFi, with BlockFi supporting and voting in favor of the FTX plan. This agreement is seen as an excellent outcome for BlockFi and its customers, coming months after a US bankruptcy court judge lifted a holding that prevented the companies from continuing proceedings. BlockFi filed for Chapter 11 bankruptcy in November 2022 following FTX's implosion, with its CEO testifying that actions by FTX's founder forced the company into bankruptcy.
Next news: Pantera raised funds to purchase a large amount of SOL assets from FTX estate. According to BlockBeats news on March 7th, cryptocurrency investment firm Pantera Capital raised funds to purchase a large position of Solana from FTX estate, according to market sources.
Next news: The Securities and Exchange Commission (SEC) is delaying its decision on whether to allow NASDAQ ISE, LLC to list and trade options on BlackRock's spot Bitcoin exchange-traded fund (ETF) until next month. The SEC extended the decision timeline to April 24, citing the need for more time to consider the proposed rule change. This delay also affects decisions on similar applications from CBOE Exchange, Inc. and MIAX Pearl LLC for listing and trading options on spot Bitcoin ETFs. CBOE had submitted an SEC rule filing earlier this year, noting that its current rules generally permit listing options on an ETP three days after shares begin trading on a national securities exchange, but these rules do not apply to ETPs holding commodities like Bitcoin.
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: 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: Injective will launch a Layer 2 rollup solution in EVM on the mainnet. According to BlockBeats news on March 7th, Injective announced the launch of its second layer rollup solution inEVM on the mainnet to enhance the on-chain composability of Ethereum, Cosmos, and Solana. inEVM enables Ethereum developers to deploy applications on Injective without changing their code. Projects currently released on the inEVM mainnet of Injective include Celestia, Pyth, TimeSwap, and ThetaNauts. LayerZero, a cross-chain interoperability protocol, has been launched on the X platform via INEVM to safeguard digital assets from the risks of theft and private key compromise. Injective announced it will launch a second-layer rollup solution INEVM on its mainnet to promote on-chain composability of Ethereum, Cosmos, and Solana. INEVM allows Ethereum developers to deploy applications on Injective without the need to change their code.
Next news: 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.

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.