SoSo Daily Aug 12

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on August 11, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.15 trillion US dollars, witnessing a decrease of 3.3% compared to yesterday; the total trading volume is 66.47 billion US dollars, marking an increase of 25.7% from the previous day.

According to sosovalue, the price of $BTC is 58,705 USD, a decrease of 3.64% from yesterday. The market cap of $BTC is 1.16 trillion USD, accounting for 53.9% of the total market cap; $BTC's 24-hour trading volume is 20.01 billion USD, making up 30.1% of the total trading volume.
The price of $ETH is 2,554.5 USD, down 2.12% from yesterday; the market cap of $ETH is 307.22 billion USD, representing 14.3% of the total market cap; $ETH's 24-hour trading volume is 13.24 billion USD, comprising 19.9% 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 50% 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 23:55, according to sosovalue, the top five gainers are:
Top 1 gainer is Lifeform. As of 23:55 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 23:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Kujira. As of 23:55 today, its coin price is 0.53910 USD, showing a 24-hour increase of 41.9%.
In fourth place is Chain Games. As of 23:55 today, its coin price is 0.026929 USD, with a 24-hour rise of 37.5%.
In fifth place is Agility. As of 23:55 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, 0 are up and 16 are down. Notably, GameFi, SocialFi, and Layer2 sectors are worth mentioning.
GameFi sector has fallen -6.36% relative to the UTC 0 time, led by declines in WAS (-16%), RBLS (-15.5%), and 1 CAT (-14.3%).
SocialFi sector has decreased -6.58% relative to UTC 0, with GFT (-13.9%), RSS3 (-9.89%), and CEEK (-7.77%) leading the drop.
Layer2 sector has fallen -6.61%, with TIA (-12.8%), GEL (-11.8%), and DYM (-8.71%) 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: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:Wu learned that Meow, the co-founder of Jupiter, posted on Twitter a letter titled 'A Letter to the New and Old Custodians of WBTC,' stating: Several years ago, when we started the WBTC project, we chose BitGo as our partner because we believed that having a partner solely focused on custody work to safeguard Bitcoin was crucial. However, the most important thing is that we have an implicit consensus that the Bitcoin behind WBTC should not be used for any purpose. Meow believes that WBTC and BitGo need to clarify the following issues: 1. Who are the multi-signers holding $BTC? 2. Will $BTC be used for any purpose? 3. What are the benefits of this collaboration for both parties, is it to promote TRON's adoption of WBTC? 4. What help does crossing jurisdictions provide? 5. Is it possible to have a highly respected independent party join the multi-signature group, acting as a communicator and signer?
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:Nigerian cryptocurrency advocate James Utudor has filed a lawsuit challenging the Nigerian government's restrictions on digital assets. The lawsuit, which names the Nigerian president, finance minister, and attorney general as defendants, seeks to protect the fundamental rights of Nigerians while also aiming to lift the block on cryptocurrency exchanges and ensure that all Nigerians have unrestricted access to cryptocurrency.

Next news:Wu learned that MakerDAO plans to initiate a proposal to "reduce the WBTC collateral size" in the voting on August 12 to address potential risks of custody changes. Regarding the core treasury, the proposal intends to decrease the WBTC-A DC-IAM limit (maximum collateral amount) from 500 million to 0; decrease the WBTC-B DC-IAM limit from 250 million to 0; decrease the WBTC-C DC-IAM limit from 500 million to 0. SparkLend: prohibit borrowing WBTC; reduce the loan-to-value ratio of WBTC from 74% to 0%. Cryptocurrency risk analysis firm BA Labs stated that the above actions are taken to limit the growth of WBTC exposure and address potential risks arising from WBTC custody changes.

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.