SoSo Daily Jul 5
Let's turn our attention to today's overall Crypto market situation.
As of 12 PM Hong Kong time on July 5, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.13 trillion US dollars, witnessing a decrease of 5.36% compared to yesterday; the total trading volume is 151.49 billion US dollars, marking an increase of 45.3% from the previous day.
According to sosovalue, the price of $BTC is 55,483 USD, a decrease of 3.94% from yesterday. The market cap of $BTC is 1.09 trillion USD, accounting for 51.4% of the total market cap; $BTC's 24-hour trading volume is 53.26 billion USD, making up 35.2% of the total trading volume.
The price of $ETH is 2,946.3 USD, down 6.75% from yesterday; the market cap of $ETH is 354.13 billion USD, representing 16.6% of the total market cap; $ETH's 24-hour trading volume is 28.81 billion USD, comprising 19% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68% of the total cryptocurrency market cap, and their combined trading volumes constitute 54.2% 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 V.SYSTEMS. As of 11:55 today, its market cap is 4.91M, with a coin price of 0.0015550 USD, witnessing a 24-hour increase of 19%.
The second is Horizen. As of 11:55 today, its coin price is 9.0300 USD, with a 24-hour increase of 16.1%.
The third is Socean Staked Sol. As of 11:55 today, its coin price is 199.37 USD, showing a 24-hour increase of 14.6%.
In fourth place is Chromia. As of 11:55 today, its coin price is 0.25670 USD, with a 24-hour rise of 11.6%.
In fifth place is TARS Protocol. As of 11:55 today, its coin price is 0.12754 USD, increasing by 11.3% 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, 0 are up and 16 are down. Notably, Layer2, GameFi, and NFT sectors are worth mentioning.
Layer2 sector has fallen -10.3% relative to the UTC 0 time, led by declines in SAGA (-21.3%), MANTA (-18%), and nvir (-17.2%).
GameFi sector has decreased -10.4% relative to UTC 0, with MAVIA (-24.4%), dfl (-23.9%), and bigtime (-21.7%) leading the drop.
NFT sector has fallen -10.6%, with mtd (-23.7%), TNSR (-21.3%), and nfp (-19.8%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin's price fell below $57,000 as Mt Gox, a defunct crypto exchange, moved nearly 47,229 $BTC worth $2.71 billion to another wallet. This move is part of a plan to distribute over $9 billion in assets to creditors starting from early July. The distribution includes 142,000 $BTC, 143,000 bitcoin cash, and fiat currency worth 69 billion yen. Analysts predict this could add selling pressure on bitcoin but also note the market's ability to absorb such pressures. The payout process is expected to last from July to October, potentially influencing bitcoin's price during this period.
Next news: Bitcoin and other cryptocurrencies have recently experienced a significant decline, mainly due to a large transfer of Bitcoin from Mt.Gox, Bitcoin sell-offs by the US and German governments, and outflows from Bitcoin ETFs. The transfer of Bitcoin from Mt.Gox has triggered market panic, causing the Bitcoin price to briefly drop below 54,000 USDT, hitting a recent low. Additionally, the Bitcoin sell-offs by the German government and the outflows from Bitcoin ETFs have exacerbated market volatility. Market analysts predict that the future market may be influenced by the results of the US election and expectations of a Fed rate cut, with Trump's re-election potentially having a positive impact on the cryptocurrency market.
Next news: On-chain analyst Yu Jin has detected that a leveraged long whale has transferred 33,099 $ETH to Binance and extracted $83.43 million stablecoins to repay on-chain loans from Compound and Aave. Currently, the whale's borrowing balance on the lending platform is $48.37 million, with collateral of 31,269 ETH.
Next news: Mt Gox has begun repaying some creditors in bitcoin and bitcoin cash, as announced by its rehabilitation trustee. The repayments are being processed through designated crypto exchanges as per the rehabilitation plan. Creditors who meet specific conditions, such as account validation and agreement subscription with exchanges, will receive their payments promptly. This follows the transfer of a significant amount of bitcoin by Mt Gox, which has influenced the market, causing a notable drop in bitcoin's price and substantial liquidations in the crypto market.
Next news: The cryptocurrency market experienced significant liquidations totaling over $665 million in the past 24 hours, primarily due to a sharp decline in bitcoin prices below $55,000. This downturn was influenced by the defunct crypto exchange Mt Gox moving approximately $2.7 billion worth of bitcoin as it prepares for payouts to creditors. Bitcoin's price dropped to $54,422, resulting in the liquidation of many traders' positions. Ether also saw substantial liquidations, with a notable decrease in its price. The movements by Mt Gox have added to the market's volatility, impacting both bitcoin and other cryptocurrencies like BCH, which faces selling pressure due to a weaker investor base.
Next news: $ETH rebounded and broke through 2900 USDT, with a 24-hour decrease narrowed to 6.95%. According to the OKX market, the price of $ETH is now at 2929.8 USDT.
Next news: The German government has transferred an additional $175 million worth of bitcoin, including significant amounts to various cryptocurrency exchanges. This move involves a total of 3,000 bitcoins, with 1,700 $BTC sent to an unidentified address and the rest distributed among well-known exchanges like Bitstamp, Coinbase, and Kraken. These transactions are part of a series of similar transfers over recent weeks, totaling over $300 million sent to exchanges. The government currently holds over 40,000 bitcoins, valued at approximately $2.32 billion. This activity has drawn attention from crypto traders and coincides with a notable drop in bitcoin's price.
Next news: Mt.Gox related address transferred 1200 $BTC to a new address starting with 34X3kp.
Next news: Just In: According to Arkham, Mt. Gox has a large amount of movement. At 8:27 UTC+8, Mt. Gox: 1HeHLv...vHoV68 transferred 47.229k $BTC to an unknown address: 1L7Xbx...5J6onk, worth $2.71 billion.
Next news: German MP Joana Cotar strongly criticized the government's decision to sell Bitcoin, believing that this move exacerbated market volatility and could have a long-term negative impact on the stability of the cryptocurrency market, and that Bitcoin should be used as a national strategic reserve. These Bitcoins came from an investigation into the illegal website Movie2kto, which confiscated about 50,000 Bitcoins.
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.