SoSo Daily Jul 12

Let's turn our attention to today's overall Crypto market situation.
As of 6:02 PM Hong Kong time on July 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.26 trillion US dollars, witnessing an increase of 0.977% compared to yesterday; the total trading volume is 72.10 billion US dollars, marking a decline of 9.03% from the previous day.

According to sosovalue, the price of $BTC is 58,110 USD, an increase of 0.547% from yesterday. The market cap of $BTC is 1.15 trillion USD, accounting for 50.7% of the total market cap; $BTC's 24-hour trading volume is 25.10 billion USD, making up 34.8% of the total trading volume.
The price of $ETH is 3,140.9 USD, up 0.253% from yesterday; the market cap of $ETH is 377.56 billion USD, representing 16.7% of the total market cap; $ETH's 24-hour trading volume is 12.53 billion USD, comprising 17.4% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 52.2% 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 18:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Mdex (HECO). As of 18:00 today, its market cap is 58.07M, with a coin price of 0.061110 USD, witnessing a 24-hour increase of 65%.
The second is Sperax. As of 18:00 today, its coin price is 0.0097290 USD, with a 24-hour increase of 43.1%.
The third is Moca Coin. As of 18:00 today, its coin price is 0.12337 USD, showing a 24-hour increase of 36.3%.
In fourth place is Cryptex Finance. As of 18:00 today, its coin price is 2.9200 USD, with a 24-hour rise of 21.2%.
In fifth place is Muse DAO. As of 18:00 today, its coin price is 11.205 USD, increasing by 20.5% 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, 10 are up and 6 are down. Notably, Payment, RWA, and AI sectors are worth mentioning.
Payment sector has risen 2.88% relative to the UTC 0 time, led by gains in PCI (5.28%), XRP (4.72%), and NIM (4.51%).
RWA sector has increased 2.62% relative to UTC 0, with MKR (8.41%), KLIMA (4.05%), and GFI (3.75%) leading the rise.
AI sector has fallen -2.5%, with IQ (-9.01%), MASA (-6.4%), and WLD (-5.69%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The German government has been actively transferring significant amounts of bitcoins to various exchanges and market makers. According to Arkham, a blockchain analytics platform, recent transactions include sending 133.722 bitcoins to Cumberland DRW, 150 to Kraken, 1,000 to B2C2 Group, 300 each to Coinbase and Bitstamp, and 1,000 to Flow Traders. These transfers are part of a broader selling spree, which also saw 250 bitcoins each moved to Bitstamp and Coinbase, and 500 to an unlabelled address earlier on the same day. This strategy has faced criticism from Joana Cotar, a member of the German Bundestag and bitcoin advocate, who argues that the government should hold bitcoin as a strategic reserve rather than selling it. Despite these sales, the price of bitcoin has remained relatively stable, showing a minor decrease of less than 0.6% over the past 24 hours. The German government still retains over $2 billion in bitcoin.

Next news: The address marked as "Genesis Trading" by Arkham has transferred a total of 12k $BTC to Coinbase in the past month, worth about $760 million. It is suspected to be in bankruptcy liquidation procedures and currently holds about 33,000 $BTC, worth $1.9 billion. In May this year, Genesis Global was approved to liquidate and distribute assets according to its bankruptcy reorganization plan.


Next news: Despite facing a fund outflow of over $18.60 billion, Grayscale's Bitcoin Spot ETF (GBTC) still leads in terms of asset under management, ranking second. Grayscale's high fee rate (1.5%) is relatively high compared to other ETFs, but its market performance, liquidity, and investment returns continue to attract a large number of investors. Grayscale also plans to launch a mini version of GBTC with a fee of only 0.15% to alleviate cost pressures and retain existing investors. Additionally, Grayscale is also considering the launch of an Ethereum Spot ETF, although the specific fee rate has not been disclosed yet.

Next news: Bitcoin briefly broke through 58000 USDT. According to Bitget's market data, the current price is 58004.16 USDT, with an intraday increase of 1.17%.

Next news: A New York judge has rejected Coinbase's attempt to subpoena SEC Chair Gary Gensler. The judge expressed her surprise in a negative context regarding the situation.

Next news: Coinbase is launching a new 'one-stop' crypto app aimed at simplifying the user experience. This initiative reflects the company's effort to make cryptocurrency trading and management more accessible and user-friendly.

Next news: According to Foresight News, the expiring Bitcoin and Ethereum options on the Deribit platform are 24 thousand and 157 thousand respectively, with nominal values of 14 billion dollars and 4.9 billion dollars. The Put Call Ratio for Bitcoin options is 1.08, with a maximum pain price of 58,500 dollars; the Put Call Ratio for Ethereum options is 0.37, with a maximum pain price of 3,100 dollars.

Next news: Compound's founder and CEO Jayson Hobby announced his resignation and, together with two other Compound Labs executives, launched a new DeFi protocol called Legend. The other two executives are Compound's founder and CTO Geoffery Hayes and Compound's Vice President of Product Mykel Pereira.

Next news: The German government recently transferred 748 bitcoins to Cumberland DRW, with a transaction value of approximately $42.78 million. According to Arkham monitoring, this transaction occurred 10 minutes ago.

Next news: Stablecoin issuer Paxos announced that the US Securities and Exchange Commission (SEC) has concluded its investigation into the Binance-branded stablecoin, BUSD, and will not recommend any enforcement action. The investigation's closure was first reported by Fortune, and confirmed by Paxos in a statement. The SEC has not made any public comments regarding the investigation.


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.