SoSo Daily Aug 1

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on August 1, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.42 trillion US dollars, witnessing a decrease of 2.28% compared to yesterday; the total trading volume is 95.29 billion US dollars, marking an increase of 18.6% from the previous day.

According to sosovalue, the price of $BTC is 64,276 USD, a decrease of 2.87% from yesterday. The market cap of $BTC is 1.27 trillion USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 36.02 billion USD, making up 37.8% of the total trading volume.
The price of $ETH is 3,184.7 USD, down 3.53% from yesterday; the market cap of $ETH is 382.96 billion USD, representing 15.9% of the total market cap; $ETH's 24-hour trading volume is 18.69 billion USD, comprising 19.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 57.4% 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 05:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is L7DEX. As of today, its market cap is 376.33K, with a coin price of 0.0079 USD, witnessing a 24-hour increase of 96%.
The second is BarnBridge. As of today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is GALAXIS Token. As of today, its coin price is 0.0059100 USD, showing a 24-hour increase of 41.4%.
In fourth place is Fight to MAGA. As of today, its coin price is 0.0078620 USD, with a 24-hour rise of 41.4%.
In fifth place is FARCANA. As of today, its coin price is 0.018090 USD, increasing by 37.8% 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, all are down. Notably, NFT, Layer2, and Meme sectors are worth mentioning.
NFT sector has fallen -4.48% relative to the UTC 0 time, led by declines in VEE (-17.8%), ORB (-10.2%), and LOOKS (-8.26%).
Layer2 sector has decreased -4.96% relative to UTC 0, with SAVM (-10.7%), METIS (-9.35%), and SKL (-7.7%) leading the drop.
Meme sector has fallen -5.01%, with SC (-22.4%), MICHI (-20.5%), and POPCAT (-15.4%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Tether, a prominent company in the digital currency sector, has reported a significant profit of $5 billion this year. Additionally, the company revealed that its holdings in U.S. Treasuries have surpassed those of Germany, with an exposure amounting to $97 billion. This positions Tether 18th in the global ranking of countries by U.S. debt holdings.
Next news:According to CNBC, Federal Reserve Chairman Powell said that if inflation tests meet the target, 25bps interest rate cuts may be made as early as September. Powell emphasized that the decision to cut interest rates will not be affected by the upcoming presidential election and the Federal Reserve will remain absolutely neutral.
Next news:

Foresight News reported that according to SoSoValue data, the total net outflow of Ethereum spot ETF on July 31st was 77.21 million US dollars. Grayscale's Ethereum Trust ETF ETHE had a net outflow of 133 million US dollars yesterday, bringing the total historical net outflow of ETHE to 1.98 billion US dollars. Grayscale's Ethereum Mini Trust ETF $ETH had a net inflow of 19.54 million US dollars yesterday, with a total historical net inflow of 201.00 million US dollars for Grayscale Ethereum Mini Trust ETH.

Next news:

According to SoSoValue, as of July 31th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $298.93K.

Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00 , bringing GBTC's total historical net outflow to $18.94B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net inflow of $ 18.00M，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $18.00M.

The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $20.99M, with IBIT's total historical net inflow reaching $20.03B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $60.12B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.72%. The historical cumulative net inflow has reached $17.69B.

Source: https://sosovalue.com/assets/etf

Next news:Grayscale Bitcoin Mini Trust ($BTC) Debuts in US to Vie for Flows
A lower-fee version of the world’s second-largest Bitcoin fund began trading in the US, intensifying competition for crypto investor flows. The Grayscale Bitcoin Mini Trust listed on Wednesday with a 0.15% expense ratio — the lowest for US exchange-traded funds holding the digital asset, fee waivers aside. The product is being seeded with 10% of the assets from the more than decade-old Grayscale Bitcoin Trust, which converted into an ETF in January.
Next news:The Fed announced that it will maintain the interest rate at 5.25-5.5%, in line with market expectations.

FOMC statement：The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.

Next news:Foresight News: According to Arkham monitoring, Grayscale transferred 63.40 thousand $ETH to the Coinbase Prime address 8 minutes ago.
Next news:MtGox: Following repayments on July 5 ,16 and 24, 2024, on July 31, 2024, the Rehabilitation Trustee made repayments in $BTC and BCH to some of the rehabilitation creditors through Exchanges. We has now made repayments in $BTC and BCH to over 17,000 rehabilitation creditors to date.
Next news:The price of Bitcoin fell below $65,000 following the Federal Open Market Committee (FOMC) meeting, coinciding with escalating tensions in the Middle East. This drop occurred as Iran reportedly ordered retaliatory attacks against Israel, raising fears of a wider regional conflict.
Next news:In the latest issue of CoinDesk's newsletter, the focus is on U.S. Senator Cynthia Lummis's proposal for a national "Bitcoin Strategic Reserve." The newsletter also covers the Bitcoin Nashville conference, highlighting discussions about enhancing the original blockchain with layer-2 networks.

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.