SoSo Daily Jun 4
Crypto Market Overview
Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on June 4, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.70 trillion US dollars, witnessing a decrease of 0.138% compared to yesterday; the total trading volume is 78.31 billion US dollars, marking an increase of 1.14% from the previous day.
Cryptocurrency Market Update
According to sosovalue, the price of $BTC is 68,956 USD, a decrease of 0.18% from yesterday. The market cap of $BTC is 1.36 trillion USD, accounting for 50.3% of the total market cap; $BTC's 24-hour trading volume is 16.14 billion USD, making up 20.6% of the total trading volume.
The price of $ETH is 3,764.5 USD, down 1.17% from yesterday; the market cap of $ETH is 452.29 billion USD, representing 16.7% of the total market cap; $ETH's 24-hour trading volume is 9.92 billion USD, comprising 12.7% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.0% of the total cryptocurrency market cap, and their combined trading volumes constitute 33.3% of the total trading volume.
Top 5 Token Gainers of the 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 Efforce (WOZX). As of 11:55 today, its market cap is 8.59M USD, with a coin price of 0.013788 USD, witnessing a 24-hour increase of 61.8%.
The second is pSTAKE Finance (PSTAKE). As of 11:55 today, its coin price is 0.14736 USD, with a 24-hour increase of 57%.
The third is Findora (FRA). As of 11:55 today, its coin price is 0.00069290 USD, showing a 24-hour increase of 44.1%.
In fourth place is Linear (LINA). As of 11:55 today, its coin price is 0.014018 USD, with a 24-hour rise of 41.7%.
In fifth place is LOBO•THE•WOLF•PUP (LOBO). As of 11:55 today, its coin price is 0.0027900 USD, increasing by 37% over the last 24 hours.
Crypto Market Sector Performance
Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 16 sectors, 5 are up and 11 are down. Notably, SocialFi and Meme sectors are worth mentioning.
SocialFi sector has risen by 3.01% relative to the UTC 0 time, led by gains in DESO (5.32%), MOON (4.91%), and TON (3.68%).
Meme sector has fallen by 4.23% relative to the UTC 0 time, with declines in CORGIAI (-100%), SILLY (-11%), and WSM (-7.68%).
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:On June 30, 2024, the new MICA stablecoin rules will be implemented in the European Economic Area (EEA) by Binance, impacting the stablecoin market. Binance will restrict the availability of 'unauthorized stablecoins' for EEA users, maintaining sell-only mode for these stablecoins in Binance Convert, coexistence of trading pairs with unauthorized and regulated stablecoins in spot trading, and continued custody and wallet services for unauthorized stablecoins. The adjustments aim to facilitate a smooth transition to regulated stablecoins, ensuring compliance with the new regulations.
Next news: Australia is launching its first spot Bitcoin ETF, the Monochrome Bitcoin ETF (IBTC), on the CBOE Australia Exchange. This ETF allows direct holding of Bitcoin under the new crypto asset licensing category established by Australian Financial Services rules. Monochrome Asset Management expects strong interest in IBTC and plans to launch an Ether ETF. The CEO anticipates significant net inflows within the first three years. The ETF's holdings are securely stored offline meeting Australian custody standards.
Next news: MicroStrategy and its founder, Michael Saylor, have settled a tax evasion lawsuit with the District of Columbia Attorney General for $40 million. This settlement concludes accusations against Saylor for evading over $25 million in income taxes with the alleged assistance of MicroStrategy, by submitting false tax forms from 2005 to 2020. This case marks the largest income tax fraud recovery in the District's history and is the first lawsuit filed under the revised False Claims Act, which encourages whistleblowers to report tax evasion.
Next news: On June 4, 2024, the crypto market witnessed fluctuations with the total market cap at 2.70 trillion USD and a significant rise in trading volume. $BTC and $ETH prices experienced changes, with $BTC at 69,096 USD and $ETH at 3,774.5 USD. The top 5 token gainers included WOZX, LINA, LOBO, PSTAKE, and NOT. Sector performance showed variations, with SocialFi rising and Meme sector falling. Noteworthy news included the MICA stablecoin rules in the EEA, Australia's first spot Bitcoin ETF launch, and MicroStrategy settling a tax evasion lawsuit.
Next news: Coinbase donated $25 million to the pro-crypto Federal Super Political Action Committee Fairshake to support pro-crypto candidates in this year's elections. The donation aims to defend the rights of Coinbase's customers and promote crypto-friendly legislation. Coinbase emphasized that its support is non-partisan, highlighting that crypto ownership crosses party lines. Additionally, Coinbase will back the grassroots organization StandWithCrypto.org, which advocates for pro-crypto policies and has gathered nearly 1 million signatures. Fairshake, as a Super PAC, can run ads for candidates but cannot directly donate to them. This donation follows similar contributions from Ripple and venture firm a16z, bringing Fairshake's total funds to around $160 million, making it one of the best-funded Super PACs in the U.S. Cryptocurrency has become a significant issue in this year's presidential election, with both the Trump and Biden campaigns engaging with the crypto community.
Next news: Digital asset investment products have experienced a significant uptick in interest, with a net inflow of $185 million in the last week, marking the fourth consecutive week of inflows. According to CoinShares' latest weekly data, the total inflow for May was $2 billion, contributing to a year-to-date total of over $15 billion. Bitcoin specifically saw inflows of $148 million, despite a $3.5 million outflow from short-selling Bitcoin products.
Next news: Deutsche Bank and BitPanda partner to provide real-time crypto payments for German users, enhancing transaction efficiency and security. BitPanda will access German IBANs through an API-based account solution, enabling real-time fiat currency services via Deutsche Bank.
Next news: Hong Kong Bitcoin Spot ETF had a net inflow of 456.42 $BTC, equivalent to about 31 million US dollars, holding a total of approximately 2,920 $BTC valued at around 201 million US dollars. Source: SoSoValue
Next news: Following the approval of Ethereum ETFs by the US Securities and Exchange Commission, approximately 777,000 $ETH, valued at around $3 billion, were withdrawn from cryptocurrency exchanges, indicating a potential increase in buying pressure. Despite this, Ethereum's price has not shown bullish trends post-approval, with a more than 2% decrease over the last seven days. Analysis of on-chain metrics by AMBCrypto and data from Santiment and Glassnode suggests mixed signals regarding Ethereum's market behavior. While there's an increase in exchange outflow and a slight uptick in the Chaikin Money Flow and Relative Strength Index indicating potential for price increase, other metrics like the NVT ratio and supply held by top addresses suggest increased selling pressure and a possible price correction.
Next news: My Neighbor Alice wallet transferred 2.09 million ALICE tokens to Binance, equivalent to approximately 5.44 million US dollars. The transfer was noted on June 4, as per Lookonchain monitoring. Additionally, the ALICE price surged by over 70% on the same day.
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.