SoSo Daily Jul 23

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on July 23, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.55 trillion US dollars, witnessing a decrease of 0.935% compared to yesterday; the total trading volume is 110.43 billion US dollars, marking an increase of 19.5% from the previous day.

According to sosovalue, the price of $BTC is 66,676 USD, a decrease of 1.24% from yesterday. The market cap of $BTC is 1.32 trillion USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 26.41 billion USD, making up 23.9% of the total trading volume.
The price of $ETH is 3,516 USD, up 0.449% from yesterday; the market cap of $ETH is 422.73 billion USD, representing 16.6% of the total market cap; $ETH's 24-hour trading volume is 22.21 billion USD, comprising 20.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 44.0% 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 Bitkub Coin (KUB). As of 11:55 today, its market cap is 131.93M, with a coin price of 1.4849 USD, witnessing a 24-hour increase of 92.9%.
The second is BarnBridge (BOND). As of 11:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Slerf (SLERF). As of 11:55 today, its coin price is 0.29610 USD, showing a 24-hour increase of 33.6%.
In fourth place is ECOx (ECOX). As of 11:55 today, its coin price is 0.12137 USD, with a 24-hour rise of 26.2%.
In fifth place is The Doge NFT (DOGNFT). As of 11:55 today, its coin price is 0.0059100 USD, increasing by 24.9% 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, 1 is up and 15 are down. Notably, AI, Meme, and RWA sectors are worth mentioning.
AI sector has fallen -3.28% relative to the UTC 0 time, led by declines in dsla (-16.4%), num (-10.1%), and clore (-9.59%).
Meme sector has decreased -4.21% relative to UTC 0, with LHINU (-42.9%), SC (-24%), and rats (-15.9%) leading the drop.
RWA sector has fallen -4.31%, with tru (-11.4%), PROPC (-6.25%), and token (-6.21%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Wintermute predicts that the spot Ethereum ETF will attract a maximum of 4 billion US dollars in fund inflows in the next year, which is lower than the 45 billion to 65 billion US dollars expected by most analysts. However, Wintermute expects Ethereum's price to rise by 24% in the next 12 months due to these fund inflows. According to the Kaiko report, the implied volatility of Ethereum surged over the weekend, with the closest expiry contract (July 26) rising from 59% to 67%. This indicates a lack of market confidence in the launch of the $ETH ETF. (CoinDesk)
Next news:ZK rollup Zircuit, with AI-enhanced sorter-level security and EVM compatibility, has announced the completion of a new round of financing. Angel investors from Binance Labs, Mirana Ventures, Amber Group, Selini, Robot Ventures, Nomad Capital, Borderless Capital, as well as Renzo, Etherfi, Pendle, Parallel, LayerZero, Axelar, F2Pool, Nonce, KelpDAO, ETHGlobal, Maelstrom, and other projects participated. With this financing, Zircuit can accelerate the growth of the ecosystem and network activities based on its technical foundation and over $2.90 billion in staked assets. Since 2022, the Zircuit team has introduced new on-chain security measures to establish a new L2 network. Zircuit protects DApps and their users from blockchain vulnerabilities through its innovative infrastructure, which is safeguarded by sorter-level security and built-in automated AI technology to prevent smart contract vulnerabilities and malicious actor attacks. The network's hybrid architecture constitutes a fast, low-cost, EVM-compatible ZK rollup, providing users with high security without compromising speed and compatibility. With its robust security infrastructure, Zircuit plans to become a center for staked assets, providing security while enabling users to earn native rewards. The staking track is still in its early stages and rapidly evolving, with new LRT protocols emerging continuously, making it challenging even for experienced users to track and select the safest and best protocols to deploy their funds. Zircuit aims to address this issue by becoming the primary liquidity hub for staked assets ($ETH, $BTC, LST, and LRT), allowing users to easily allocate funds to be deployed in highly secure, high-quality protocols. Co-founder of Binance and head of Binance Labs, He Yi, stated: "At Binance Labs, we support projects that innovate in the Web3 space and drive the development of the blockchain industry. By integrating sorter-level security, Zircuit offers a more secure L2 solution, and we look forward to seeing its further development and growth." Erick Zhang, Managing Partner of Nomad Capital, said: "Security is an ongoing issue in the crypto space, with vulnerabilities appearing almost daily. Founded by top security experts, Zircuit's best-in-class security architecture leads the industry. The team's clear growth strategy has led to explosive growth in TVL, and we are pleased to support and continue working with the Zircuit team." Co-founder of Zircuit, Martin Derka, stated: "As the Web3 space accelerates towards mainstream adoption, Zircuit will drive this growth by providing the necessary infrastructure. Our years of research on rollups and blockchain security have enabled us to build an L2 network with high security and scalability. As we approach the mainnet's first phase, we are proud to have the support of Binance Labs, Mirana Ventures, and other investors." The mainnet's first phase of Zircuit is expected to launch in the coming weeks. Learn more about Zircuit: Website | Twitter
Next news:Foresight News reported that the cryptocurrency exchange Gate.io announced the suspension of its services in Japan. Starting on July 22, it will stop opening new accounts for residents in Japan. Gate.io will support customers who wish to migrate their trading to cryptocurrency asset trading providers that comply with Japanese regulations. Additionally, detailed information on the plan to cease services and transition trades in accordance with the compliance requirements of the Financial Services Agency and other authorities will be announced in due course.
Next news:Foresight News reports that according to SEC filings, the New York Stock Exchange ARCA has confirmed the approval of Grayscale Ethereum ETF for the listing and registration of partially undivided beneficial common shares under the 1934 Exchange Act.
Next news:NPC Labs, a web3 gaming infrastructure startup co-founded by three former Coinbase employees, has successfully raised $21 million through pre-seed and seed funding rounds. The seed round, led by Pantera Capital, contributed $18 million to the total. Other investors include Makers Fund, Hashed, and several others. Founded in April, NPC Labs is focused on enhancing on-chain gaming adoption and is developing B3.fun, a gaming scaling ecosystem. This platform aims to simplify the onboarding process for game developers and players, promising high transaction speeds and minimal gas fees. The B3.fun platform, currently in testnet, supports Ethereum and other EVM-compatible blockchains, with plans for future expansion.
Next news:India's crypto industry had a primary demand to reduce the tax-deducted-at-source (TDS) policy on crypto transactions from 1% to 0.01%. However, during the Finance Minister's budget speech, it was announced that the controversial crypto tax rules would remain unchanged.
Next news:Foresight News reports that according to Bitget market data, Bitcoin has dropped below 67000 USDT, currently trading at 66940 USDT, with a 24-hour decrease of 1.43%.
Next news:Bitcoin mining company Marathon Digital was fined $138 million for violating a confidentiality or non-avoidance agreement. Michael Ho, former co-founder of US Bitcoin Corp and Chief Strategy Officer of mining company Hut 8, won a unanimous jury verdict in the breach of contract lawsuit against Marathon Digital. Ho had developed a growth strategy for Marathon in 2020, and the court found that Marathon's uncompensated implementation of the strategy violated the non-avoidance agreement. A non-avoidance agreement is a legally binding agreement designed to protect companies or individuals from being circumvented by other parties involved in transactions. (Cointelegraph)
Next news:Swan Bitcoin, a California-based bitcoin-only investment platform, has announced the cancellation of its plans to go public and the closure of its Bitcoin mining unit. CEO Cory Klippsten cited the lack of significant near-term revenue from the Managed Mining business as the reason for these decisions. The company has also laid off several employees across various functions and scaled back its growth strategy. Despite previous plans to increase its mining capacity and go public by the end of the year, the company is now retracting these ambitions. This comes amid a challenging time for Bitcoin miners due to revenue cuts from the Bitcoin halving and shifting interest towards other sectors like AI and cloud computing.
Next news:Wu learned that according to Spot On Chain monitoring, about 55 minutes ago, the Ethereum Foundation exchanged 100 $ETH for 345 thousand DAI through CoWSwap. In 2024, the Ethereum Foundation sold 2,366 $ETH (approximately 6.90 million USD), with an average price of 2,916 USD. The last sale occurred on July 2nd (21 days ago). Notably, another wallet associated with the Ethereum Foundation/ICO, '0xdb3', also transferred 3,200 $ETH (11.20 million USD) to Kraken 19 hours ago.

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.