Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on July 6, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.19 trillion US dollars, witnessing an increase of 3.91% compared to yesterday; the total trading volume is 91.69 billion US dollars, marking a decline of 39.5% from the previous day.
According to sosovalue, the price of $BTC is 56,731 USD, an increase of 2.24% from yesterday. The market cap of $BTC is 1.12 trillion USD, accounting for 51% of the total market cap; $BTC's 24-hour trading volume is 34.72 billion USD, making up 37.9% of the total trading volume.
The price of $ETH is 3,005.2 USD, up 1.96% from yesterday; the market cap of $ETH is 361.22 billion USD, representing 16.5% of the total market cap; $ETH's 24-hour trading volume is 15.87 billion USD, comprising 17.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 55.2% 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 Drops Ownership Power (DOP). As of 11:55 today, its market cap is 403.99K, with a coin price of 0.030040 USD, witnessing a 24-hour increase of 143%.
The second is sudoswap (SUDO). As of 11:55 today, its coin price is 0.14063 USD, with a 24-hour increase of 109%.
The third is Omega Network (OMN). As of 11:55 today, its coin price is 0.0035240 USD, showing a 24-hour increase of 66.5%.
In fourth place is GAMEE (GMEE). As of 11:55 today, its coin price is 0.032100 USD, with a 24-hour rise of 36.5%.
In fifth place is SUIA. As of 11:55 today, its coin price is 0.060050 USD, increasing by 34.5% 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, 16 are up and 0 are down. Notably, Meme, SocialFi, and Layer1 sectors are worth mentioning.
Meme sector has risen 9.19% relative to the UTC 0 time, led by gains in mumu (33.1%), dino (28.4%), and turbo (18.3%).
SocialFi sector has increased 6.98% relative to UTC 0, with SUIA (30.3%), chz (9.44%), and deso (8.93%) leading the rise.
Layer1 sector has risen 5.67%, with OMN (73.5%), core (27.6%), and lat (20.7%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:
According to SoSoValue, as of July 5th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $143.10M.
Yesterday, Grayscale's ETF GBTC had a net outflow of $28.57M, bringing GBTC's total historical net outflow to $18.60B.
The Bitcoin spot ETF with the highest net inflow for the day was Fidelity's ETF FBTC, with a daily net inflow of $117.38M, with FBTC's total historical net inflow reaching $9.36B.
Following that, Bitwise's ETF BITB had a daily net inflow of $30.19M, with BITB's total historical net inflow reaching $2.08B.
As of this writing, the total net asset value of Bitcoin spot ETFs stands at $49.15B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.42%. The historical cumulative net inflow has reached $14.76B.
Source: https://sosovalue.com/assets/etf
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 U.S. House is scheduled to vote next week on whether to override President Biden's veto of Staff Accounting Bulletin 121 (SAB 121), a measure that has stirred controversy in the crypto industry. The bulletin, vetoed by Biden in May, mandates that firms holding customer crypto assets record these as liabilities, which has raised concerns about its impact on banks' ability to safeguard digital assets. The House previously passed the measure with bipartisan support, but overriding the veto requires a two-thirds majority in both chambers, a threshold that experts believe will be challenging to meet.
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: Nick Timiraos, a journalist from The Wall Street Journal, predicts that based on the June employment report, the July Federal Reserve meeting may discuss the possibility of a rate cut for the first time. This would mark the first debate this year at a Federal Reserve meeting on whether to cut rates at the next meeting in September.
Next news: Grayscale survey shows that if the Ethereum (spot) ETF is approved, nearly 25% of potential US voters will be more interested in investing in Ethereum. Nearly half of voters (47%) expect to include cryptocurrencies in their portfolios, up from 40% at the end of last year.
Next news: Multicoin Capital, a crypto and blockchain investment firm, has pledged to donate up to $1 million to support pro-crypto Republican lawmakers through matching SOL donations. This initiative, in collaboration with The Sentinel Action Fund, aims to bolster political engagement and support candidates who advocate for crypto-friendly policies in the U.S. The donation process is facilitated by the crypto exchange Gemini. Prominent crypto figures and firms have also made significant contributions to political candidates, reflecting the growing influence of cryptocurrency in political funding.
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: 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: QCP: Spot prices have stabilised suggesting decent support around 54k. Today’s US jobs data shows a downward revisions for both the April and May numbers. This confirms Powell's disinflationary path and potentially earlier rate cuts with both September and December starting to price a higher probability.
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.