SoSo Daily Aug 7

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on August 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.10 trillion US dollars, witnessing an increase of 3% compared to yesterday; the total trading volume is 122.26 billion US dollars, marking a decline of 37.4% from the previous day.

According to sosovalue, the price of $BTC is 56,938 USD, an increase of 3.13% from yesterday. The market cap of $BTC is 1.12 trillion USD, accounting for 53.6% of the total market cap; $BTC's 24-hour trading volume is 46.02 billion USD, making up 37.6% of the total trading volume.
The price of $ETH is 2,472.2 USD, up 0.54% from yesterday; the market cap of $ETH is 297.3 billion USD, representing 14.2% of the total market cap; $ETH's 24-hour trading volume is 19.80 billion USD, comprising 16.2% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 53.8% 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 11:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Lifeform. As of 11:55 today, its market cap is 4.22M, with a coin price of 0.035180 USD, witnessing a 24-hour increase of 53.7%.
The second is BarnBridge. As of 11:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Kujira. As of 11:55 today, its coin price is 0.53910 USD, showing a 24-hour increase of 41.9%.
In fourth place is Chain Games. As of 11:55 today, its coin price is 0.026929 USD, with a 24-hour rise of 37.5%.
In fifth place is Agility. As of 11:55 today, its coin price is 0.0016940 USD, increasing by 34.4% 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, 15 are up and 1 is down. Notably, Meme, Layer1, and SocialFi sectors are worth mentioning.
Meme sector has risen 5.1% relative to the UTC 0 time, led by gains in LOBO (33.6%), popcat (30.3%), and mumu (25.7%).
Layer1 sector has increased 4.37% relative to UTC 0, with go (37.6%), tara (13.3%), and alph (10.6%) leading the rise.
SocialFi sector has risen 3.54%, with poolx (17.6%), snt (5.59%), and taki (4.75%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Foresight News: According to Bitget market data, Bitcoin has dropped below 50000 USDT, currently trading at 49974.90 USDT, with a daily decline of 14.20%.
Next news:

According to SoSoValue, as of August 6th (Eastern Time), Bitcoin spot ETFs experienced a total net outflow of $148.56M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $32.18M, bringing GBTC's total historical net outflow to $19.16B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net outflow of $ 0.00 ，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $240.81M.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $51.47B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.61%. The historical cumulative net inflow has reached $17.19B.

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

Next news:Odaily Planet Daily News: According to OKX market data, $BTC has dropped below 61000 USDT, currently trading at 60995 USDT, with a 24-hour decrease of 6.12%.
Next news:Yesterday afternoon (August 6), according to PeckShield monitoring, the gaming blockchain Ronin was suspected to have been hacked, with approximately 4000 $ETH and 2 million USDC stolen, worth about 12 million US dollars. After the theft incident spread rapidly in the community, the price of RON further declined from its original downward trend, dropping to a low of 1.25 US dollars, with a short-term decline of over 8%. The team responded promptly: Ronin Bridge has been temporarily suspended, and more information will be released regarding the community's concerns about the Ronin Bridge being attacked. Ronin COO Psycheout immediately posted on X platform, stating that the Ronin Network bridge was suspended while investigating a white-hat hacker's report on a potential MEV vulnerability. The team will soon release more information and emphasize that the Ronin Bridge currently secures over 850 million US dollars. In response to the theft incident, Ronin also posted on X platform that earlier today, a white-hat notified Ronin of a possible vulnerability. After verifying the report, the Ronin Bridge was paused approximately 40 minutes after the first on-chain operation was discovered. The attacker withdrew approximately 4000 $ETH and 2 million USDC, worth about 12 million US dollars. This is the maximum amount of $ETH and USDC that can be withdrawn in a single transaction withdrawal from the bridge, and the bridge limit increase is an important safeguard to enhance the security of large fund withdrawals, effectively preventing further damage caused by this vulnerability. Ronin stated that due to an issue introduced during the deployment of a governance process upgrade to the bridge, a misunderstanding occurred in the cross-chain bridge regarding the voting threshold required by the bridge operator to withdraw funds. Efforts are currently underway to find a solution to the root cause, and the bridge update will undergo strict review before being voted on by the bridge operator for deployment. Negotiations are ongoing with the individuals involved in these seemingly white-hat hacker actions, and they have responded positively. Regardless of the negotiation outcome, all user funds are secure, and any shortfall funds will be re-deposited when the bridge reopens. A post-analysis will be shared next week, detailing the technical aspects and planned measures to prevent similar incidents in the future. Vulnerability Cause: The Ronin Bridge vulnerability was due to the weight being changed to an unexpected value, allowing funds to be withdrawn without multi-signature approval. After the theft incident, according to the analysis by the Beosin security team, the root cause of this abnormal behavior was that the project did not properly initialize the configuration of the operator weight required for cross-chain transaction confirmation during the contract upgrade, resulting in the minimumVoteWeight parameter in the contract being zero, allowing anyone's signature to pass the cross-chain verification. Currently, Ronin Bridge has lost 3996 $ETH, with the funds held at 0xc6aec68dd6272efcbc74fb5308fe7f070437465e (this address is an MEV bot, hence it is speculated to be white-hat behavior). Fortunately, this Ronin hack attack was indeed carried out by a white-hat hacker. According to the information released by Ronin on the X platform, the white-hat hacker has returned approximately 10 million US dollars' worth of $ETH and 2 million USDC, and has stated that a bug bounty program will reward the white-hat hacker with a bounty of 500,000 US dollars. Meanwhile, the Ronin Bridge will undergo an audit before reopening, and the latest updates will be provided during the audit progress. Ensuring fund security is always the top priority. This theft incident by Ronin has sparked strong negative emotions in the community, as Ronin Chain has previously experienced multiple hacker attacks, further exacerbating everyone's sensitivity and panic about security issues. Fortunately, this incident only involved an attack by a white-hat hacker, and user funds on the Ronin Chain are safe. However, according to a recent report released by the blockchain intelligence company TRM Labs, cryptocurrency theft in the first half of 2024 (measured in USD value) was more than twice that of the first half of 2023. Data shows that as of June 24 this year, the total amount of cryptocurrency stolen reached 1.38 billion US dollars, compared to 657 million US dollars in the same period in 2023. The five largest hacking incidents this year accounted for 70% of the total amount stolen. It is evident that with the rapid development of the Web3 industry, the amount stolen has significantly increased. Therefore, ensuring fund security is always the top priority for both users and projects. For projects, a single theft can result in the loss of a large number of real users; for users, a theft may mean a year's worth of work going to waste.
Next news:In a document released on the U.S. Securities and Exchange Commission (SEC) website, BlackRock and Nasdaq proposed rule changes to launch and trade options on the iShares Ethereum Trust (ETHA). The document states: "Providing options on the trust fund will offer investors an additional, relatively low-cost investment tool to gain exposure to spot Ether and provide them with hedging tools to meet their investment needs for Ethereum products and positions, thereby benefiting investors."
Next news:U.S. Vice President and Democratic presidential candidate Kamala Harris announced her running mate for the 2024 presidential election as Tim Walz, the Governor of Minnesota. According to Walz's information on iSideWith, he believes that the U.S. government should impose stricter regulations on cryptocurrencies. Walz does not support the idea of classifying cryptocurrencies as a legal form of payment, nor does he believe that the use of cryptocurrencies for cross-border payments should be completely banned. (Cointelegraph)
Next news:Following the WazirX hack, CoinDCX, an Indian cryptocurrency exchange, has initiated an investor protection fund with a $6 million investment. Sumit Gupta, co-founder of CoinDCX, emphasized the importance of such funds for the ecosystem's health, suggesting that other exchanges should also consider similar initiatives.
Next news:According to Lookonchain monitoring, a whale sold 540 WBTC at a price of $54,853 each in the past two days, making a profit of approximately $15.50 million. Previously, the whale purchased 721 WBTC from Binance at an average price of $26,191 between August 21-25, 2023.
Next news:Foresight News: According to Arkham monitoring, Grayscale transferred 700 $BTC to the Coinbase Prime address 9 minutes ago, worth approximately 38.37 million dollars.
Next news:Odaily Planet Daily News Cyvers Alerts system detected suspicious transactions involving the proxy contract of Nexera. An address has acquired ownership of Nexera's proxy contract and upgraded it. Subsequently, the address transferred all NXRA tokens using the withdrawal function. The address is currently exchanging tokens for $ETH, with some funds bridged to the BNB chain. The estimated total loss is approximately 1.50 million dollars.

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.