SoSo Daily May 29

As of 5:59 PM on May 29, 2024, the total market cap of the crypto market is 2.67 trillion US dollars, showing a decrease of 0.423% over the last 24 hours. The 24-hour trading volume is 90.75 billion US dollars, with a decrease of 6.53% from the previous day.


According to sosovalue, the price of $BTC is 67,605 USD, a decrease of 0.262% from yesterday. The market cap of $BTC is 1.33T USD, accounting for 49.9% of the total market cap; $BTC's 24-hour trading volume is 18.98B USD, making up 20.9% of the total trading volume.
The price of $ETH is 3,766.1 USD, down 1.54% from yesterday; the market cap of $ETH is 452.46B USD, representing 16.9% of the total market cap; $ETH's 24-hour trading volume is 15.29B USD, comprising 16.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 37.7% 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 Shentu (CTK). As of 17:55 today, its market cap is 152.34M, with a coin price of 1.1516 USD, witnessing a 24-hour increase of 66%.
The second is BOSagora (BOA). As of 17:55 today, its coin price is 0.032400 USD, with a 24-hour increase of 52.8%.
The third is Lifeform (LFT). As of 17:55 today, its coin price is 0.22083 USD, showing a 24-hour increase of 42.5%.
In fourth place is NFTX. As of 17:55 today, its coin price is 27.638 USD, with a 24-hour rise of 37.7%.
In fifth place is Bounce (AUCTION). As of 17:55 today, its coin price is 24.710 USD, increasing by 36.9% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, Today, there are no sectors with a price change exceeding 2%.


Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Semler Scientific, a healthcare technology company, has adopted Bitcoin as its primary treasury reserve asset, purchasing 581 Bitcoins for $40 million. The decision to use Bitcoin as its main reserve asset was made by the company's chairman, Eric Semler, who highlighted Bitcoin's unique scarcity, limited characteristics, and its potential as an inflation hedge and safe haven during global instability. The stock price of Semler Scientific surged significantly following the announcement, reflecting the company's confidence in Bitcoin as a valuable asset for its treasury management. The move aligns Semler Scientific with companies like MicroStrategy, emphasizing Bitcoin's potential as 'digital gold' and its strategy to devote excess cash to Bitcoin purchases, reflecting a broader corporate trend towards cryptocurrency investment.
Next news: Former FTX executive Ryan Salame has been sentenced to 7.5 years in prison after pleading guilty to two felony charges, including conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud. This sentencing follows his guilty plea in September 2023 and comes after he reported FTX’s fraudulent activities to the Securities Commission of the Bahamas in November 2022. Salame is one of the first individuals connected to FTX and Alameda Research to receive prison time after Sam Bankman-Fried, who was sentenced to 25 years earlier. Prosecutors had recommended up to seven years in prison for Salame, while his lawyers argued for an 18-month sentence. Salame has also agreed to pay roughly $12 million in penalties and surrender two properties and a business as part of his deal with prosecutors. Other former FTX and Alameda Research executives, including Caroline Ellison, Nishad Singh, and Gary Wang, have pleaded guilty to charges and testified in Bankman-Fried’s trial, with their sentencing yet to be scheduled.
Next news: PayPal has expanded its stablecoin, PayPal USD (PYUSD), to the Solana blockchain, in addition to its existing presence on Ethereum. This move aims to leverage Solana's high transaction speed and low costs to enhance PYUSD's utility as a payment method for small and daily purchases. Solana can process up to 65,000 transactions per second at costs as low as $0.0025, offering a significant advantage over Ethereum's capacity and cost. PayPal's integration into Solana is part of its broader mission to provide a stable digital currency for commerce and payments, ensuring a chain-agnostic experience for PayPal and Venmo wallet users. The expansion also reflects the growing use of the Solana network for stablecoin transfers, with its volume reaching $1.5 trillion over the past year, surpassing Ethereum's $885 billion. Despite its advantages, Solana faces challenges such as network outages, with a recent incident halting transactions for nearly five hours. PayPal launched PYUSD in August 2023 in collaboration with Paxos Trust Company, initially as an ERC-20 token on Ethereum, backed by U.S. dollar deposits, short-term treasuries, and cash equivalents. The stablecoin market is currently dominated by Tether (USDT), with PYUSD holding a market capitalization of $272.96 million.
Next news: Bitcoin mining company Riot Platforms Inc. has acquired a 9.25% stake in Bitfarms Ltd. and plans to publicly acquire the smaller bitcoin miner, but Bitfarms rejected Riot's acquisition offer last month. Riot proposed to acquire Bitfarms for $2.30 per share in cash and stock, equivalent to an equity value of $950 million. Riot believes that Bitfarms' recent management changes indicate problems with corporate governance, and plans to call for a vote to add directors to the Canadian company.
Next news: According to SoSoValue, as of May 28th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $45.14M. Yesterday, Grayscale's ETF GBTC had a net outflow of $105.17M, bringing GBTC's total historical net outflow to $17.75B. The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $102.51M, with IBIT's total historical net inflow reaching $16.46B. Following that, Fidelity's ETF FBTC had a daily net inflow of $34.35M, with FBTC's total historical net inflow reaching $8.75B. As of this writing, the total net asset value of Bitcoin spot ETFs stands at $58.47B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.34%. The historical cumulative net inflow has reached $13.73B.
Next news: Ripple has donated an additional $25 million to the cryptocurrency Super PAC FairShake, bringing the total donations to nearly $100 million ahead of the general election in November. This follows a previous fundraising effort on May 19, where FairShake and two affiliated Super PACs, "Defend American Jobs" and "Protect Progress", raised a total of $85 million. FairShake supports political candidates who are in favor of cryptocurrency and blockchain technology. Notably, venture capitalists Marc Andreessen and Ben Horowitz have each contributed $9 million to FairShake.
Next news: BlackRock's iBit Bitcoin holdings have surpassed Grayscale's GBTC, becoming the Bitcoin ETF with the largest number of BTC. According to Hodl15Capital monitoring, as of May 29, BlackRock iBit's holdings reached 288,670 $BTC, overtaking Grayscale GBTC's 287,450 BTC.
Next news: A federal judge has ordered the SEC to pay approximately $1.8 million in attorney and receivership fees in the civil case against digital licensing firm Debt Box. The case was dismissed without prejudice on May 28, following a March ruling where the court found the SEC engaged in bad faith conduct over a temporary restraining order to freeze Debt Box's assets. The SEC's lawsuit against Debt Box in July 2023 alleged the firm perpetrated an illegal $50 million crypto scheme. However, Debt Box presented documents suggesting the SEC made false statements in attempting to obtain the restraining order, leading to the dismissal of the case and the order for the SEC to cover the legal costs. This event has been highlighted as an example of regulatory overreach in the crypto space, amidst ongoing lawsuits by the SEC against other crypto firms and calls for regulatory clarity over digital assets.
Next news: Tigran Gambaryan, the head of compliance at Binance, who is currently detained in Nigeria, is suspected of suffering from malaria, according to a statement from a family spokesperson to CoinDesk.
Next news: Cathie Wood, CEO of ARK Invest, expressed her belief on social media that Salvadoran President Nayib Bukele is committed to transforming El Salvador into a hub for the Bitcoin and AI communities. She highlighted the potential for these sectors to represent two of the most significant economic and technological revolutions in history. Wood predicts that this focus could result in a tenfold increase in El Salvador's real GDP over the next five years.

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.