SoSo Daily Jul 3

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on July 3, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.34 trillion US dollars, witnessing a decrease of 3.48% compared to yesterday; the total trading volume is 74.27 billion US dollars, marking an increase of 18.7% from the previous day.

According to sosovalue, the price of $BTC is 60,386 USD, a decrease of 3.89% from yesterday. The market cap of $BTC is 1.19 trillion USD, accounting for 50.8% of the total market cap; $BTC's 24-hour trading volume is 15.52 billion USD, making up 20.9% of the total trading volume.
The price of $ETH is 3,307.9 USD, down 4.21% from yesterday; the market cap of $ETH is 397.58 billion USD, representing 17% of the total market cap; $ETH's 24-hour trading volume is 11.43 billion USD, comprising 15.4% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 36.3% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Cryptex Finance (CTX). As of 11:55 today, its market cap is 20.59M, with a coin price of 3.1300 USD, witnessing a 24-hour increase of 29.9%.
The second is Petals (PTS). As of 11:55 today, its coin price is 0.00089760 USD, with a 24-hour increase of 28.2%.
The third is XDEFI. As of 11:55 today, its coin price is 0.083830 USD, showing a 24-hour increase of 23.4%.
In fourth place is ECOx (ECOX). As of 11:55 today, its coin price is 0.14267 USD, with a 24-hour rise of 22.7%.
In fifth place is Subsquid (SQD). As of 11:55 today, its coin price is 0.13260 USD, increasing by 19.6% over the last 24 hours.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:US spot bitcoin ETFs experienced net outflows of $13.62 million on Tuesday, marking a return to negative flows after five consecutive days of inflows. Grayscale’s GBTC led the outflows with $32.38 million, followed by Bitwise’s BITB with $6.76 million. Conversely, BlackRock’s IBIT and Fidelity’s FBTC saw significant inflows. Overall, the 11 bitcoin funds had a trading volume of less than $1 billion on Tuesday, a sharp decrease from March's daily volumes of eight to ten billion dollars. Since January, these ETFs have accumulated a total net inflow of $14.64 billion. Meanwhile, bitcoin's price dropped 3.51% to $60,876, despite predictions from Standard Chartered that it could reach $100,000 by November. The bank also noted that if President Biden exits the election race, bitcoin could fall to between $50,000 and $55,000.

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: 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: Bitcoin price fell below the key level of 60000 USDT, with a 4.57% decrease in the past 24 hours.

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: Fidelity, Sygnum, and Chainlink collaborate to bring NAV data onchain. The partnership focuses on providing transparency and accessibility for net asset value data in tokenized assets, specifically Sygnum’s $50 million onchain representation of Matter Labs’ treasury reserves held in Fidelity's $6.9 billion Institutional Liquidity Fund. Chainlink’s technology will facilitate secure storage and automated synchronization of NAV data on the ZKsync blockchain. The initiative aims to enhance real-time transparency and provide access to historical data for market participants.

Next news: RedStone, a blockchain oracle provider, has successfully raised $15 million in a Series A funding round led by Arrington Capital. The round, which also saw participation from several other investors including Kraken Ventures, White Star Capital, and Spartan Group, was structured as a simple agreement for future tokens (SAFT) with no equity component. This funding brings RedStone's total capital raised to approximately $23 million. The company, which offers a modular oracle design for quicker network launches and flexible market adaptation, is planning a token launch later this year with the ticker 'RED'. RedStone is currently the fifth-largest blockchain oracle, securing a total value of around $3.5 billion.

Next news: Pump.fun has recently surpassed the Ethereum network in daily revenue, generating $1.99 million compared to Ethereum's $1.91 million. This achievement makes Pump.fun the highest revenue-generating blockchain, as reported by DefiLlama. Additionally, Pump.fun, a platform on the Solana network known for its memecoin launchpad, has seen significant activity with 11,528 tokens deployed just on Monday, totaling 1,199,685 tokens to date. The platform's cumulative revenue has reached $51.3 million. Amidst a surge in meme-token popularity, Pump.fun benefits from Solana's low transaction fees and user-friendly interface, facilitating the creation of various themed cryptocurrencies. Meanwhile, Ethereum continues to attract investment, with predictions of significant growth in Ethereum exchange-traded products (ETPs), potentially reaching $15 billion in net flows by 2025.

Next news: Genesis Digital Assets, a bitcoin mining firm backed by Alameda Research, is considering an initial public offering (IPO) in the U.S., as reported by Bloomberg. The company is currently consulting with advisers and planning a pre-IPO funding round in the near future. This move follows the April bitcoin halving event, which cut mining rewards by 50%, prompting many mining firms to seek expansion. In 2022, Alameda Research invested approximately $1.15 billion in Genesis Digital Assets, valuing the company at $5.5 billion. Genesis Digital Assets operates over 20 mining facilities worldwide, with significant operations in the U.S. and a new mining center launched in Argentina.

Next news: Polychain Capital leads a $16 million seed funding round for the Bitcoin restaking platform Lombard, with participation from multiple investors including BabylonChain, dao5, and Franklin Templeton. Lombard plans to use the funds to expand the Bitcoin restaking ecosystem in collaboration with Babylon, a Bitcoin staking protocol. The platform issues a liquid and yield-bearing token, LBTC, representing staked Bitcoin to enhance liquidity. Lombard also aims to integrate LBTC across Ethereum DeFi protocols later this year.


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.