SoSo Daily Aug 11

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on August 11, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.24 trillion US dollars, witnessing an increase of 1.5% compared to yesterday; the total trading volume is 46.18 billion US dollars, marking a decline of 55.8% from the previous day.

According to sosovalue, the price of $BTC is 61,118 USD, an increase of 1.26% from yesterday. The market cap of $BTC is 1.21 trillion USD, accounting for 53.9% of the total market cap; $BTC's 24-hour trading volume is 13.11 billion USD, making up 28.4% of the total trading volume.
The price of $ETH is 2,662.3 USD, up 2.16% from yesterday; the market cap of $ETH is 320.18 billion USD, representing 14.3% of the total market cap; $ETH's 24-hour trading volume is 8.34 billion USD, comprising 18.1% 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 46.5% 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 Lifeform. As of 05:55 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 05:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Kujira. As of 05:55 today, its coin price is 0.53910 USD, showing a 24-hour increase of 41.9%.
In fourth place is Chain Games. As of 05:55 today, its coin price is 0.026929 USD, with a 24-hour rise of 37.5%.
In fifth place is Agility. As of 05:55 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, AI, Meme, and CeFi sectors are worth mentioning.
AI sector has risen 6.32% relative to the UTC 0 time, led by gains in CTXC (20.6%), ALI (19.7%), and AKT (15.2%).
Meme sector has increased 3.71% relative to UTC 0, with GME (32.4%), TREMP (9.42%), and SATS (8.32%) leading the rise.
CeFi sector has risen 3.51%, with YLD (169%), ZIG (9.56%), and SCLP (5.08%) 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: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:Foresight News reported that Celsius Network Limited has filed a lawsuit against Tether Limited and some of its affiliated companies in the Southern District of New York Bankruptcy Court in the United States through the Blockchain Recovery Investment Consortium, LLC, demanding Tether to return approximately $2.40 billion worth of Bitcoin.
Next news:Crypto.com and Gemini have joined Coinbase in opposing a proposal by the Commodity Futures Trading Commission (CFTC) that could potentially ban prediction markets. This move highlights the concerns of major cryptocurrency exchanges regarding regulatory measures that might restrict their operations or affect the broader crypto market.
Next news:The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Ideanomics regarding a $40 million cryptocurrency revenue fraud financial report. The SEC accused Ideanomics of overstating revenue by over $40 million in 2019 through false accounting reports related to cryptocurrency transactions. These false reports led to an overvaluation of financial statements, deceiving shareholders and the public, creating a misunderstanding of the company's financial condition. All parties involved agreed to the settlement, with Ideanomics' former Chairman and CEO, Bruno Wu, agreeing to pay over $3.30 million in ill-gotten gains, prejudgment interest, and a $200,000 penalty. Ideanomics agreed to pay a $1.40 million fine and will hire an independent compliance advisor to review and strengthen its internal accounting controls. (Cointelegraph)
Next news:BA Labs Team: Bitgo announced it is planning to transfer control of the WBTC product to a joint venture with BiT Global. This will result in custody being split including HK and Singapore, compared with current US based custody. Justin Sun will have significant influence or control over the joint venture managing WBTC. BA Labs recommends the Stability Facilitator to propose the following immediate actions to limit growth of WBTC exposure.
Next news:Foresight News reported that, according to Bitcoinist, John Reed Stark, the former head of the Internet Enforcement Division of the U.S. Securities and Exchange Commission (SEC), stated that Morgan Stanley's recent move to aggressively promote Bitcoin Exchange-Traded Funds (ETFs) to its clients could lead to increased regulatory scrutiny for the U.S. bank. Earlier this week, Morgan Stanley announced plans to allow its 15,000 licensed financial advisors to promote Bitcoin spot ETFs to clients, including IBIT from BlackRock and FBTC from Fidelity. However, this is limited to high-net-worth individuals with a net worth of $1.50 million or more and a high risk tolerance.
Next news:Foresight News reports that according to Ember Monitor, the ETH/BTC exchange rate long position holder James Fickel has started to reduce his position. In the past 8 hours, he sold 10 thousand $ETH to acquire 425.75 WBTC to repay his loan, aiming to decrease his ETH/BTC exchange rate long position. From January to July this year, he continuously borrowed WBTC from Aave and sold it for $ETH to long the ETH/BTC exchange rate, with a cost basis of around 0.054. Even after partially reducing his position today, his ETH/BTC exchange rate long position remains significant: he still holds a loan of 2438.5 WBTC (valued at approximately 148 million USD).
Next news:Foresight News reported that Sun Yuchen, the founder of TRON and a member of the Huobi HTX Global Advisory Committee, responded to community concerns about his involvement in various projects, including WBTC, on the X platform. He stated that, compared to before, WBTC has not undergone any changes. Auditing is conducted in real-time and can be accessed at http://wbtc.network. The minting process is entirely managed by custodians Bitglobal and Bitgo following the previous procedures. In simple terms, Bitglobal and Bitgo will not sign any unaudited transactions. The keys are still protected using the same Bitgo cold wallet technology and offline keys, with backups in multiple countries and regions. His personal involvement in WBTC is purely strategic, as he does not hold the private keys to the WBTC reserves and cannot move any $BTC reserves.
Next news:Polymarket shows that Harris has surpassed Trump, with 52% of people believing Harris will win and 45% believing Trump will win. When Harris just announced her candidacy, it was only 33%. Harris is ahead of Donald Trump in the key battleground states of Michigan, Wisconsin and Pennsylvania, according to a new New York Times/Siena College poll.

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.