SoSo Daily Aug 11

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time on August 11, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.20 trillion US dollars, witnessing a decrease of 0.714% compared to yesterday; the total trading volume is 55.65 billion US dollars, marking a decline of 14.2% from the previous day.

According to sosovalue, the price of $BTC is 60,280 USD, a decrease of 0.904% from yesterday. The market cap of $BTC is 1.19 trillion USD, accounting for 54.1% of the total market cap; $BTC's 24-hour trading volume is 18.23 billion USD, making up 32.8% of the total trading volume.
The price of $ETH is 2,637.2 USD, up 0.87% from yesterday; the market cap of $ETH is 317.17 billion USD, representing 14.4% of the total market cap; $ETH's 24-hour trading volume is 11.30 billion USD, comprising 20.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 53.1% 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 17:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Lifeform. As of 17:55 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 17:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Kujira. As of 17:55 today, its coin price is 0.53910 USD, showing a 24-hour increase of 41.9%.
In fourth place is Chain Games. As of 17:55 today, its coin price is 0.026929 USD, with a 24-hour rise of 37.5%.
In fifth place is Agility. As of 17:55 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, 3 are up and 13 are down. Notably, Layer2, Payment, and SocialFi sectors are worth mentioning.
Layer2 sector has fallen -3.04% relative to the UTC 0 time, led by declines in zkf (-8.6%), TIA (-5.52%), and BLAST (-5.48%).
Payment sector has decreased -3.34% relative to UTC 0, with zpay (-39.8%), xrp (-4.25%), and SAFE (-4.23%) leading the drop.
SocialFi sector has fallen -5.34%, with gft (-10.5%), bbl (-7.54%), and ton (-5.82%) leading the decline.

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:Hong Kong Legislative Council member Dennis Kwok stated at the FORESIGHT 2024 Summit that a robust exchange system should be established. Legislation related to stablecoins will soon be introduced, and there may be stablecoins in Hong Kong by the end of this year, with sandbox testing already underway. Additionally, there are plans to enhance the regulation and enforcement of legislation related to digital asset financial products within one to one and a half years. The next step will be to encourage project parties to explore more innovative financial products in Hong Kong.
Next news:Foresight News reported that according to Cointelegraph, the legal dispute of Tornado Cash developer Alexey Pertsev has reached a critical moment, and he is seeking to raise more funds to deal with the lawsuit. Last month, a court in the Netherlands announced the refusal to release Alexey Pertsev, so he has to prepare for further appeals. In addition, another Tornado Cash developer, Roman Storm, will stand trial in the United States in September. He is accused of money laundering, conspiring to operate an unlicensed money transmission business, and conspiring to violate US sanctions laws.
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: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 News.Bitcoin, the U.S. Commodity Futures Trading Commission (CFTC) announced that it paid a $1 million reward to a whistleblower for providing details of improper trading on a cryptocurrency platform. CFTC's Enforcement Director, Ian McGinley, stated that as more Americans fall victim to cryptocurrency scams, the CFTC increasingly relies on tips from whistleblowers for investigations. Whistleblowers can receive between 10% and 30% of the fine amount. These funds come entirely from the agency's customer protection fund. Under the Commodity Exchange Act (CEA), CFTC does not disclose the whistleblower's identity, specific enforcement actions, or the exact reward amount.
Next news:According to The Data Nerd's monitoring, an address suspected to be owned by Justin Sun deposited approximately 31.45 million US dollars worth of Bitcoin into Binance 3 hours ago, equivalent to about 513.4 coins.
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: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).

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.