SoSo Daily Jul 3

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time 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 2.61% compared to yesterday; the total trading volume is 78.05 billion US dollars, marking an increase of 23.5% from the previous day.

According to sosovalue, the price of $BTC is 60,346 USD, a decrease of 2.9% 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 27.62 billion USD, making up 35.4% of the total trading volume.
The price of $ETH is 3,302.2 USD, down 3.57% from yesterday; the market cap of $ETH is 396.91 billion USD, representing 16.9% of the total market cap; $ETH's 24-hour trading volume is 13.02 billion USD, comprising 16.7% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 52.1% 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 Cryptex Finance (CTX). As of 17:55 today, its market cap is 22.76M, with a coin price of 3.46 USD, witnessing a 24-hour increase of 47.2%.
The second is holoride (RIDE). As of 17:55 today, its coin price is 0.004771 USD, with a 24-hour increase of 32.5%.
The third is Taboo (TABOO). As of 17:55 today, its coin price is 0.00040400 USD, showing a 24-hour increase of 27.4%.
In fourth place is Beta Finance (BETA). As of 17:55 today, its coin price is 0.090040 USD, with a 24-hour rise of 26.2%.
In fifth place is Hivemapper (HONEY). As of 17:55 today, its coin price is 0.070200 USD, increasing by 23.8% 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: Bitcoin price once again fell below 60000 USDT, with a 4.77% decrease in the past 24 hours. This decline is related to the disappointing US non-farm payroll data, indicating a weakening demand in the labor market.

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: Galaxy Digital reports that despite a market lull, crypto venture capital investment continued to rebound in Q2, with a more active fundraising environment compared to previous quarters. Investment in crypto and blockchain-focused companies reached $3.19 billion in Q2, slightly up from Q1. The median deal size increased marginally, while the median pre-money valuation saw a significant jump. Deal count also rose by 8% quarter-over-quarter. Notably, Web3 and Layer 1s attracted substantial investments, with early-stage deals dominating the funding landscape. Despite challenges, the U.S. remains a major player in the venture scene, but regulatory issues could push more companies abroad. A breakdown in the correlation between bitcoin’s price and venture investments was observed, with bitcoin trading at $60,117, up 43% year-to-date but down 12% in Q2.

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: Indian crypto exchange CoinDCX has acquired Dubai-based BitOasis, marking its first step towards global expansion. This acquisition provides CoinDCX a significant presence in the MENA region, serving a wide range of retail and institutional clients. The terms of the deal were not disclosed.

Next news: Blast, an Ethereum Layer 2 network, has announced the allocation of 10 billion tokens for phase 2 rewards, aimed at supporting mobile dapp development and incentivizing users. The rewards will be split between Blast Points and Blast Gold, with each category receiving 5 billion tokens. The airdrop is scheduled to last 12 months, focusing on building infrastructure and supporting new applications. The announcement follows the allocation of 17 billion tokens in the first-phase rewards. Blast's token price has recently dropped by 11%, and the network's total value locked is currently $1.36 billion.

Next news: Bitcoin has experienced a significant drop, losing 14% of its value in just four weeks. This decline has brought its price below the $60,000 mark, which according to analysts, could potentially trigger a wave of ETF liquidations.

Next news: Mantra to Tokenize $500M Real Estate Assets for UAE Builder MAG Group

The firm will tokenize the real estate assets in several tranches.

Next news: K33 analyst said that the upcoming ETF is a solid catalyst for $ETH's relative strength, and that $ETH is expected to fall after the launch of the ETF, but as happened with $BTC later, the inflows into the fund could boost $ETH's price, net inflows are expected to be equivalent to 0.75%-1% of $ETH's circulating supply within 5 months of launch.


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.