SoSo Daily Jun 25

Let's turn our attention to today's overall Crypto market situation.
As of 6 PM Hong Kong time on June 25, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.40 trillion US dollars, witnessing an increase of 2.98% compared to yesterday; the total trading volume is 97.45 billion US dollars, marking a decline of 1.46% from the previous day.

According to sosovalue, the price of $BTC is 61,420 USD, an increase of 1.95% from yesterday. The market cap of $BTC is 1.21 trillion USD, accounting for 50.5% of the total market cap; $BTC's 24-hour trading volume is 10.75 billion USD, making up 11% of the total trading volume.
The price of $ETH is 3,388.9 USD, up 2.87% from yesterday; the market cap of $ETH is 407.27 billion USD, representing 17% of the total market cap; $ETH's 24-hour trading volume is 8.95 billion USD, comprising 9.18% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 20.18% 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 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is MICHI. As of 17:55 today, its market cap is 93.48M, with a coin price of 0.16820 USD, witnessing a 24-hour increase of 93.6%.
The second is POPCAT. As of 17:55 today, its coin price is 0.46660 USD, with a 24-hour increase of 58.2%.
The third is Lifeform. As of 17:55 today, its coin price is 0.23107 USD, showing a 24-hour increase of 51.3%.
In fourth place is Apu Apustaja. As of 17:55 today, its coin price is 0.00050730 USD, with a 24-hour rise of 47.7%.
In fifth place is Shark Cat. As of 17:55 today, its coin price is 0.054500 USD, increasing by 47.3% 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 16 sectors, 16 are up and 0 are down. Notably, AI, Meme, and RWA sectors are worth mentioning.
AI sector has risen 9.55% relative to the UTC 0 time, led by gains in nos (35.1%), paal (17.4%), and vai (17.2%).
Meme sector has increased 9.25% relative to UTC 0, with popcat (57%), LOBO (35.6%), and wojak (35.2%) leading the rise.
RWA sector has risen 8.6%, with klima (22.9%), PRCL (11.3%), and om (11.1%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Jump Crypto President Kanav Kariya resigns after several years at Jump Trading amidst an investigation by the U.S. Commodity Futures Trading Commission (CFTC). The investigation focuses on Jump Crypto's trading activities, with details of potential charges remaining undisclosed. Kariya's departure coincides with the ongoing scrutiny by the CFTC into the firm's crypto division.
Next news: CoinShares reports a significant outflow of $584 million from digital asset investments last week, with Bitcoin alone experiencing $630 million in outflows. However, there were inflows of $98 million into multiple asset products, indicating investor interest in the altcoin market. This trend suggests a strategic shift in investment preferences within the cryptocurrency space.
Next news: The German government has been actively involved in transferring significant amounts of Bitcoin to exchanges like Coinbase and Kraken. These transactions have raised concerns about potential impacts on the market, especially considering the government's substantial Bitcoin holdings valued at over $2.8 billion. Despite recent market fluctuations and intense sales by Bitcoin miners, the government's transfers do not seem to have a significant effect on Bitcoin's price, which remains around $60,800.
Next news: Grayscale GBTC and Franklin Templeton's ETFs, along with other US Bitcoin spot ETFs, have been experiencing significant net outflows in recent days. Grayscale GBTC saw a net outflow of $90.4 million, while Franklin Templeton's Bitcoin spot ETF EZBC had a net outflow of $20.9 million. The total net outflow for Bitcoin spot ETFs reached $174.45 million, marking seven consecutive days of outflows. Grayscale recorded the largest outflow of $517.3 million, with IBIT being the only ETF reporting net inflows. Despite market downturns, experts like Jonathan de Wet of ZeroCap remain optimistic about Bitcoin's long-term potential, although short-term price drops are anticipated.
Next news: Bitcoin and other cryptocurrencies face a significant downturn as Mt. Gox announces a $9 billion repayment plan to creditors, causing panic among investors and leading to a sharp decline in Bitcoin's price. Over $122 million in Bitcoin long positions were liquidated amid concerns over the Mt. Gox repayment process, triggering a broader decline in Bitcoin's value. Analysts predict a potential month-long correction for Bitcoin as Mt. Gox prepares to repay users and the German government sells off Bitcoin holdings. Bitcoin's price falls post Mt. Gox repayment news, with further decline expected as it trades below a critical support level. The market sees major liquidations as Mt. Gox begins creditor payments, contributing to a sharp decline in Bitcoin's value. Bitcoin falls below $60,000, prompting discussions on market support and a potential rebound, while facing downward pressure as Mt. Gox prepares for July 2024 repayments.
Next news: VanEck has submitted Form 8-A for a spot Ethereum ETF, hinting at a potential launch date in early July. Bloomberg ETF analyst Eric Balchunas highlighted the comparison to previous Bitcoin ETF submissions and the pending final S-1 approvals crucial for trading. The approval process for Ethereum ETFs is progressing, with VanEck's application moving forward, suggesting a launch around July 2 based on the Bitcoin ETF timeline.
Next news: Colosseum, the Solana ecosystem accelerator, has raised $60 million to fund early-stage projects and has already invested $250,000 in 11 companies. The accelerator aims to support promising teams from Solana hackathons, with a focus on both present and future potential. Colosseum's limited partners are optimistic about the Solana ecosystem's growth. The program offers pre-seed investments, mentorship, and access to venture funds, contributing significantly to Solana's development.
Next news: A series of significant PEPE transfers by a whale to Binance have been observed, impacting the asset's value and the whale's holdings. The transfers involve billions of PEPE tokens worth millions of dollars, with potential losses and retained assets highlighted.
Next news: Stocks struggled as Nvidia Corp. faced a substantial decline, sparking concerns about a tech-driven market slowdown. The company's shares plummeted by over 10% in three days, signaling a technical correction. Despite progress in other sectors, Nvidia, the priciest stock in the S&P 500, trades at 23 times estimated sales.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.