SoSo Daily Jul 2

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time on July 2, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.41 trillion US dollars, witnessing a decrease of 1.21% compared to yesterday; the total trading volume is 63.20 billion US dollars, marking a decline of 10.1% from the previous day.

According to sosovalue, the price of $BTC is 62,142 USD, a decrease of 2.44% from yesterday. The market cap of $BTC is 1.23 trillion USD, accounting for 50.8% of the total market cap; $BTC's 24-hour trading volume is 22.47 billion USD, making up 35.6% of the total trading volume.
The price of $ETH is 3,424.5 USD, down 1.9% from yesterday; the market cap of $ETH is 411.6 billion USD, representing 17.1% of the total market cap; $ETH's 24-hour trading volume is 9.61 billion USD, comprising 15.2% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 50.8% 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 Holograph Utility Token (HLG). As of 17:55 today, its market cap is 7.60M, with a coin price of 0.004984 USD, witnessing a 24-hour increase of 205%.
The second is Petals (PTS). As of 17:55 today, its coin price is 0.0007927 USD, with a 24-hour increase of 70.8%.
The third is XDEFI. As of 17:55 today, its coin price is 0.08514 USD, showing a 24-hour increase of 37.5%.
In fourth place is ZKFair (ZKF). As of 17:55 today, its coin price is 0.001928 USD, with a 24-hour rise of 23.6%.
In fifth place is V.SYSTEMS (VSYS). As of 17:55 today, its coin price is 0.001555 USD, increasing by 19% 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, 1 is up and 15 are down. Notably, the SocialFi, DeFi, and Meme sectors are worth mentioning.
SocialFi sector has risen 3.95% relative to the UTC 0 time, led by gains in pts (56.8%), cyber (5.71%), and ton (4.7%).
DeFi sector has decreased -3.14% relative to UTC 0, with rstk (-100%), sure (-100%), and cow (-100%) leading the drop.
Meme sector has fallen -3.46%, with corgiai (-100%), DEGEN (-15%), and mog (-12.5%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Circle predicts non-compliant stablecoins will disappear from the EU market as the MiCA regulation takes effect, aiming to standardize crypto regulations across the EU. Key implementation dates are set for June 30 for stablecoins and December 30 for crypto asset service providers. Circle's strategists liken MiCA's impact to that of GDPR on privacy, expecting it to transform the European crypto market significantly. They anticipate more compliance announcements from crypto exchanges and believe that the regulation will foster a more localized, institutionalized, and professional market environment. Circle has already obtained a digital asset regulatory license in France under MiCA, positioning itself as a compliant stablecoin issuer in Europe.

Next news: Peter Thiel’s Founders Fund, along with Pantera Capital and Framework Ventures, has invested $85 million in Sentient Labs, a new AI startup co-founded by an executive from Polygon blockchain. The investment marks a significant seed funding round for the company, which has not disclosed its valuation.

Next news: Robinhood Markets is planning to launch Bitcoin and Ether futures in the U.S. and perpetual futures for Bitcoin and other tokens in Europe, leveraging Bitstamp's licenses. Despite receiving a Wells notice from the SEC, Robinhood aims to expand its crypto operations, with a significant increase in crypto trading and an upcoming acquisition of Bitstamp for $200 million. The acquisition will introduce Robinhood to institutional crypto clients and is expected to close in the first half of 2025. Robinhood CEO Vlad Tenev expressed disappointment with the SEC's regulatory approach but emphasized the importance of defending their stance and advocating for customer access to crypto assets.

Next news: Former executives from Apple, Google, Meta, Tesla, and X have joined the Worldcoin project, led by Sam Altman. Worldcoin, developed by Tools for Humanity, uses an eyeball-scanning system to distribute a global digital currency fairly by verifying individuals' uniqueness. The project aims to address privacy and security challenges in the age of AI and develop a just economic system. New hires include Rich Heley as Chief Device Officer, Damien Kieran as Chief Privacy Officer, Adrian Ludwig as Chief Information Security Officer, and Ajay Patel as Head of World ID.

Next news: The US Securities and Exchange Commission (SEC) has filed a lawsuit against Silvergate Capital Corp., a California-based lender, in federal court in Manhattan. The lawsuit, which cites securities fraud as the cause, is linked to the bank's downfall following the collapse of the cryptocurrency exchange FTX. Several former executives of Silvergate are also named as defendants in the case, although specific details of the charges have not been disclosed.

Next news: Vitalik Buterin made remarks on social media, stating that prediction markets and Community Notes are the two flagship social cognitive technologies of the 2020s. He emphasized that the purpose of these technologies is to seek truth and democracy, based on open public participation rather than pre-selected elites. Vitalik expressed his desire to see more development of such technologies.

Next news: Singapore’s largest bank, DBS Group Holdings Ltd., has partnered with Paxos Trust Co. to custody stablecoin reserves and offer related cash management services. This marks the first time DBS is engaging in such a service. The collaboration follows Paxos’ local unit receiving a license from the Monetary Authority of Singapore, highlighting DBS’s expanding role in the digital-asset ecosystem.

Next news:

According to SoSoValue, as of July 1th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $129.45M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00 , bringing GBTC's total historical net outflow to $18.51B.

The Bitcoin spot ETF with the highest net inflow for the day was Fidelity's ETF FBTC, with a daily net inflow of $65.03M, with FBTC's total historical net inflow reaching $9.23B.

Following that, Bitwise's ETF BITB had a daily net inflow of $41.40M, with BITB's total historical net inflow reaching $2.06B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $54.92B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.4%. The historical cumulative net inflow has reached $14.65B.

Source: https://sosovalue.com/assets/etf

Next news: A Texas judge has approved an expedited schedule for the SEC's case against Consensys, a blockchain software firm. The legal proceedings are set between July 29 and November 26, with a potential decision by the end of the year or early 2025. The case focuses on whether the SEC has the authority to regulate MetaMask, a product of Consensys, as a securities broker and issuer. This follows allegations by the SEC that Consensys violated securities regulations through its MetaMask Staking and MetaMask Swaps services, which involve the staking of $ETH and MATIC and the exchange of cryptocurrencies, respectively.

Next news: Polychain Capital and Borderless Capital lead an $8 million seed funding round for blockchain firm OpenLedger. Other participants included HashKey Capital, Finality Capital, Hash3, STIX, MH Ventures, EigenLayer's Sreeram Kannan, Polygon's Sandeep Nailwal, Manta's Kenny Li, among others. OpenLedger, which focuses on building permissionless and data-focused infrastructure for AI development, plans to use the funds to expand its team and enhance its data pipeline infrastructure. The firm aims to launch its mainnet in the upcoming quarter, addressing the growing relevance of data in AI through decentralized solutions.


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.