SoSo Daily Jul 7

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on July 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.21 trillion US dollars, witnessing an increase of 0.883% compared to yesterday; the total trading volume is 62.99 billion US dollars, marking a decline of 31.3% from the previous day.

According to sosovalue, the price of $BTC is 57,460 USD, an increase of 1.28% from yesterday. The market cap of $BTC is 1.13 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 19.85 billion USD, making up 31.5% of the total trading volume.
The price of $ETH is 3,015.7 USD, up 0.333% from yesterday; the market cap of $ETH is 362.48 billion USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 9.69 billion USD, comprising 15.4% 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 46.9% 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 0.03004 USD, witnessing a 24-hour increase of 179%.
The second is Notcoin (NOT). As of 11:55 today, its coin price is 0.01595 USD, with a 24-hour increase of 54.1%.
The third is NADA Protocol Token (NADA). As of 11:55 today, its coin price is 0.0049510 USD, showing a 24-hour increase of 40.1%.
In fourth place is Saga (SAGA). As of 11:55 today, its coin price is 1.2971 USD, with a 24-hour rise of 38.2%.
In fifth place is Ribbon Finance (RBN). As of 11:55 today, its coin price is 0.46720 USD, increasing by 28.5% over the last 24 hours.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Justin Sun, founder of Tron, announced plans to develop a stablecoin that allows gasless transfers, initially on the Tron blockchain and later expanding to Ethereum and EVM-compatible chains. The stablecoin will cover gas fees internally, aiming to facilitate blockchain adoption by large companies. This initiative may compete with similar services like PayPal's PYUSD and USDC on Coinbase's Layer 2 blockchain, which currently offer fee-free transfers in different formats. The launch is expected in Q4 of this year, although technical details on the implementation remain undisclosed.

Next news: William Lonergan Hill, co-founder of Samourai Wallet, who was arrested on charges of money laundering and operating an unlicensed money transmitting business, has been granted bail. His co-founder, Keonne Rodriguez, has already pleaded not guilty and was released on a $1 million bond. Hill's bail terms are still being negotiated, with a proposed bail package of up to $4.4 million if he is allowed to stay in Portugal. Hill plans to contest the charges, with a trial possibly delayed until 2025. His defense includes arguments about the legality of Samourai Wallet's operations and the implications of its availability on Google's App Store.

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: The Celo Foundation, through its core contributor cLabs, has launched the Celo L2 testnet Dango based on the OP Stack. This step marks a significant milestone in introducing an EVM-compatible standalone blockchain to Ethereum. The Dango testnet was first proposed during EthCC 2023 and is a fork from the Alfajores test network, retaining all historical data, including smart contracts, accounts, and balances. This testnet aims to provide a fast, low-cost payment solution globally. Dango is built on Optimism's OP Stack and utilizes EigenDA as the data availability layer to maintain low transaction fees.

Next news: Bitcoin price breaks 58,000 USDT

Next news: Michael Saylor, co-founder of MicroStrategy, announced on Twitter that Bitcoin remains the best-performing asset since 2011. From 2011 to 2024, Bitcoin has achieved a cumulative return of 18881969% and an annualized return of 145.9%, significantly higher than other mainstream assets such as US Growth, NASDAQ 100, US Large Caps, and gold.

Next news: Ethereum co-founder vitalik.eth transferred 100 $ETH worth about $300,000 to the multi-signature contract: 0x82…a9FE at 19:44 UTC+8 today, which is suspected to be a donation to 2077 Collective. 2077 Collective is a community-driven organization dedicated to promoting Ethereum adoption.

Next news: According to Coinglass data, the total open positions of $BTC futures contracts across all platforms have reached 488.99 thousand $BTC, with a total value of approximately 28.28 billion US dollars, showing a 24-hour increase of 1.18%. Among them, CME $BTC contracts lead with 138.85 thousand $BTC (approximately 80.2 billion US dollars) in open positions, with a 24-hour increase of 2.29%; Binance $BTC contracts rank second with 120.03 thousand $BTC (approximately 69.4 billion US dollars), showing a 24-hour increase of 0.27%.

Next news: Despite recent price drops, Bitcoin ETFs experienced their highest net inflows in 30 days on July 5, totaling $143 million. Four out of the top 11 spot Bitcoin ETFs accounted for over 3,000 $BTC, primarily led by Fidelity's FBTC fund. Other notable ETFs included offerings from Bitwise, Ark 21Shares, and VanEck, while Grayscale's GBTC saw significant outflows. This surge in inflows, despite the volatility from the Mt. Gox unlocks, indicates a strong consumer optimism in the market.

Next news: According to the Solana Q2 financial report released by Coin98 Analytics, the Solana network fees and revenue experienced significant growth in the quarter, with a year-on-year increase of over 42 times. The total transaction volume of SOL reached 292 billion US dollars, nearly 7 times higher year-on-year. Additionally, Solana's TVL reached 3.40 billion US dollars, a 10-fold increase year-on-year; the newly minted NFTs exceeded 98 million, a 54-fold increase year-on-year; the on-chain USDC market value reached 2.15 billion US dollars, accounting for approximately 70% of the total USDC market value.


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.