SoSo Daily Jul 6

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM Hong Kong time on July 5, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.18 trillion US dollars, witnessing a decrease of 2.39% compared to yesterday; the total trading volume is 164.39 billion US dollars, marking an increase of 46.5% from the previous day.

According to sosovalue, the price of $BTC is 56,623 USD, a decrease of 0.748% from yesterday. The market cap of $BTC is 1.12 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 61.59 billion USD, making up 37.5% of the total trading volume.
The price of $ETH is 2,981.6 USD, down 2.55% from yesterday; the market cap of $ETH is 358.37 billion USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 32.61 billion USD, comprising 19.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 57.3% 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 23:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Sommelier. As of 23:55 today, its market cap is 9.09M, with a coin price of 0.030730 USD, witnessing a 24-hour increase of 32.6%.
The second is GAMEE. As of 23:55 today, its coin price is 0.029630 USD, with a 24-hour increase of 27.6%.
The third is LayerZero. As of 23:55 today, its coin price is 3.9060 USD, showing a 24-hour increase of 27.1%.
In fourth place is Ferro. As of 23:55 today, its coin price is 0.0064350 USD, with a 24-hour rise of 23.9%.
In fifth place is Popcat. As of 23:55 today, its coin price is 0.51390 USD, increasing by 21.7% 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, 3 are up and 13 are down. Notably, GameFi, NFT, and Layer2 sectors are worth mentioning.
GameFi sector has fallen -3.16% relative to the UTC 0 time, led by declines in rbls (-37.5%), nada (-20.1%), and MAVIA (-18.5%).
NFT sector has decreased -4.45% relative to UTC 0, with TNSR (-12.5%), epik (-12.2%), and nfp (-11.9%) leading the drop.
Layer2 sector has fallen -4.61%, with MANTA (-15.8%), DYM (-14.2%), and SAGA (-14%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Despite the broad sell-off in the crypto market following Mt Gox's moves to pay out its creditors — resulting in over $665 million in daily liquidations — some market makers and investors remain optimistic about bitcoin's midterm prospects. The amount set to be paid out is “proving to be a burden on Q3,” according to Co-CEO and co-founder of GSR Rich Rosenblum. He mentioned that the amount is almost as much $BTC as will be mined in the first year post-halving, but he believes there is still plenty of time to reach new all-time highs before year-end. Bitwise President Teddy Fusaro commented on the downward pressure on price but noted uncertainty about how many coins will be sold. Galaxy's Head of Research, Alex Thorn, expects that much of the $BTC will be held and speculated that fewer coins will be distributed than expected, causing less sell pressure than the market anticipates. Mt Gox lost 940,000 $BTC but only recovered 141,868 $BTC, or around 15%, and creditors who wish to be paid now must accept a 10% reduction. Thorn argued that since creditors were mainly early adopters of Bitcoin, they are more likely to hold than sell. Mt Gox recently moved 47,228.7 $BTC to another wallet, raising fears of a market flood that could push prices below $54,000. Creditors may have to wait up to three months for repayment, depending on the exchange.

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 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: 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: 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.


Next news: According to Arkham, the total value of Bitcoin seized in government wallets in multiple countries is about $17.8 billion. The US government holds about $12 billion in Bitcoin, mainly from the 2013 Silk Road case. The British government holds about $3.3 billion in Bitcoin. The German government holds about $2.2 billion in Bitcoin.

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: In June, the U.S. economy added 206,000 jobs, marking a significant increase in employment. However, the unemployment rate also rose, reaching its highest level since November 2021. Prior to the release of this jobs report, market participants anticipated a potential decrease in interest rates, with the CME FedWatch Tool indicating a nearly 70% probability of lower rates in September.

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: Mt.Gox related address transferred 1200 $BTC to a new address starting with 34X3kp.


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.