SoSo Daily Jun 5

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Core Scientific has signed a lucrative 12-year contract with AI supercomputing company CoreWeave, expected to generate over $3.5 billion in total revenue. The contract involves Core Scientific providing 200 megawatts of infrastructure and transforming existing sites to support CoreWeave's operations, with the sites expected to be operational by the first half of 2025. This partnership aims to diversify Core Scientific's business model and balance its portfolio between Bitcoin mining and alternative computing hosting.
Next news: Bitfinex analysts suggest that the cryptocurrency market has transitioned into an accumulation phase, indicating a potential price increase. Investors are increasingly purchasing Bitcoin ($BTC) and Ethereum ($ETH) at a consistent rate. The shift from consolidation to accumulation is evident through Bitcoin ETFs and exchange reserves. Despite a pullback from the mid-March peak of $73,700 to $57,500, the market shows signs of bullish sentiment with increased accumulation addresses and transaction sizes. Decreasing exchange reserves signal a positive outlook as it reduces the available $BTC for sale.
Next news: Deutsche Bank and BitPanda have joined forces to offer real-time crypto payments for German users, enhancing transaction efficiency and security. Through an API-based account solution, BitPanda gains access to German IBANs for seamless fiat transactions via Deutsche Bank. This partnership signifies a step towards mainstreaming cryptocurrencies with a focus on compliance and security.
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 about 2,920 $BTC worth approximately 201 million US dollars. On the other hand, $BTC spot ETFs experienced a total net inflow of $105.12 million on June 3, with Fidelity's ETF FBTC leading with a daily net inflow of $77.05 million. Grayscale's ETF GBTC had a net outflow of $0.00, while Bitwise's ETF BITB had a daily net inflow of $14.31 million. The total net asset value of Bitcoin spot ETFs stands at $59.42 billion, with a historical cumulative net inflow of $13.96 billion.
Next news: Polygon Labs acquires Toposware, a zero-knowledge-focused blockchain research and engineering firm, as part of its strategy to enhance zero-knowledge capabilities. This marks Polygon Labs' third major zero-knowledge acquisition in less than three years. The financial details were not disclosed, but Toposware was last valued between $20 million and $30 million. Toposware's CEO, Theo Gauthier, will join Polygon Labs' engineering team. Polygon Labs has invested over $1 billion in zero-knowledge technology and firms, with previous acquisitions including Hermez Network and Mir Protocol. The acquisition aims to improve interoperability across ZK-powered Ethereum Layer 2s.
Next news: The crypto market on June 4, 2024, experienced fluctuations with the total market cap at 2.70-2.72 trillion USD and varying trading volumes. $BTC and $ETH prices fluctuated, with the top token gainers including WOZX, LINA, LOBO, PSTAKE, and NOT. Sector performance showed mixed results, with some sectors up and others down. Noteworthy news included the implementation of new MICA stablecoin rules in the EEA by Binance and the launch of Australia's first spot Bitcoin ETF. MicroStrategy settled a tax evasion lawsuit, and digital asset investment products saw increased interest. Coinbase and Ripple made significant donations to pro-crypto PACs, and Ethereum ETF approval led to $ETH outflows. Additionally, a dormant Bitcoin address transferred 25 $BTC for a substantial profit.
Next news: On June 4 and 5, BNB experienced significant price movements, breaking through various price levels. Initially, BNB briefly surpassed $650, quoted at $648.9 with a 1.90% increase. Subsequently, it surged past $660 with a 5.33% daily increase. Finally, BNB reached $670 briefly, registering a 7.34% increase and is now quoted at $666.8 according to OKX market data.
Next news: Ark Labs has launched a new Bitcoin Layer 2 payment network based on the Ark protocol to enhance user experience by providing a streamlined solution that maintains self-custody. The team behind Bitcoin's Layer 2 Ark Protocol has established a new company to compete with the Lightning Network, aiming to enhance Bitcoin's scalability and transaction efficiency. Ark Labs has developed a Bitcoin Layer 2 payments network based on the Ark protocol to simplify transactions, involving Ark Service Providers for low-cost transfers and on-chain redemption, funded by Vulpem Ventures.
Next news: K33 Research's report highlights the anticipation surrounding the Ethereum ETF launch, with expectations of accumulating over 1 million ETH. Additionally, analysts project that U.S. spot Ethereum ETFs could absorb up to 1.26 million $ETH in the initial five months of trading, potentially attracting billions in net inflows. The approval of 19b-4 forms for eight spot Ethereum ETFs by the U.S. SEC from firms like BlackRock and Fidelity sets the stage for significant supply absorption and potential price appreciation in ETH.
Next news: According to Farside Investors, the US Bitcoin spot ETF saw a net inflow of $105.1 million yesterday, marking 15 consecutive trading days of net inflows. Fidelity FBTC led with a net inflow of $77 million, followed by Bitwise's BITB with $14.3 million, ARK 21Shares' ARKB with $10.7 million, VanEck HODL with $2 million, and WisdomTree's BTCW with $1.1 million. Other ETFs like BlackRock IBIT, Grayscale GBTC, Franklin Templeton's EZBC, Invesco BTCO, and Valkyrie's BRRR had net inflows of $0.

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.