SoSo Daily Mar 8

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on March 8, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.56 trillion US dollars, witnessing an increase of 2.56% compared to the previous day; the total trading volume is 133.71 billion US dollars, marking a decline of 24.7% from the previous day.

According to sosovalue, the price of $BTC is 67,140 USD, an increase of 1.96% from yesterday. The market cap of $BTC is 1.32T USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 73.15B USD, making up 54.7% of the total trading volume.
The price of $ETH is 3,900.4 USD, up 3.32% from yesterday; the market cap of $ETH is 468.49B USD, representing 18.3% of the total market cap; $ETH's 24-hour trading volume is 39.70B USD, comprising 29.7% 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 84.4% 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 11:55, according to the latest data, the top five gainers are:
Top 1 gainer is DeXe. As of 11:55 today, its market cap is 682.20M, with a coin price of 11.947 USD, witnessing a 24-hour increase of 65.3%.
The second is Vectorspace AI. As of 11:55 today, its coin price is 1.1699 USD, with a 24-hour increase of 58.2%.
The third is Milady Meme Coin. As of 11:55 today, its coin price is 0.00000015491 USD, showing a 24-hour increase of 48.3%.
In fourth place is Lunr. As of 11:55 today, its coin price is 0.12823 USD, with a 24-hour rise of 42.8%.
In fifth place is AIOZ Network. As of 11:55 today, its coin price is 0.44655 USD, increasing by 39.6% 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, Meme sector has risen 11.6% relative to the UTC 0 time, led by gains in ladys (51%), floki (36.1%), and bonk (28.6%).
CeFi sector has increased 7.25% relative to UTC 0, with bnb (8.98%), ox (8.89%), and kcs (6.35%) leading the rise.
DeFi sector has risen 4.8%, with rbn (75.5%), dexe (68.2%), and AGI (55.2%) 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: 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: The Bitcoin trading app OYL raised $3 million in pre-seed funding. The round was led by the venture firm ARCA, with additional support from Arthur Hayes's Maelstrom Fund and DOMO, creator of the BRC-20 token standard. BRC-20 is a Bitcoin-specific token standard that enables metadata to be minted on the smallest units of Bitcoin, called satoshis. Bitcoin ordinals are the non-fungible assets minted with associated metadata on the Bitcoin network. OYL is building a trading platform for the Bitcoin ecosystem, including a market aggregation tool for BRC-20 tokens, in-wallet trading features for Bitcoin, and integration with a Bitcoin-focused DeFi platform Omnisat. The platform, OYL Wallet, is set to launch in the coming weeks. Arthur Hayes commented on the potential of Bitcoin DeFi, noting the infra winners in 'Bitcoin DeFi' are yet to be determined, highlighting it as a huge opportunity. Bitcoin transactions have seen a rise in the past few months, partly due to Bitcoin ordinals. In November 2023, Bitcoin transaction costs surpassed that of Ethereum due to increased Bitcoin ordinals trading volume.
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.
Next news: Binance has added BNB/JPY, BTC/JPY, and ETH/JPY trading pairs, and launched a zero fee promotion for JPY spot trading pairs. According to official sources, on March 7th, BlockBeats reported that Binance will add BNB/JPY, BTC/JPY, and ETH/JPY trading pairs on March 12th at 16:00, and launch a zero fee promotion for JPY spot trading pairs.

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.