SoSo Daily Aug 12

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM Hong Kong time on August 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.14 trillion US dollars, witnessing a decrease of 3.95% compared to yesterday; the total trading volume is 72.34 billion US dollars, marking an increase of 56.6% from the previous day.

According to sosovalue, the price of $BTC is 58,592 USD, a decrease of 4.13% from yesterday. The market cap of $BTC is 1.16 trillion USD, accounting for 54% of the total market cap; $BTC's 24-hour trading volume is 25.12 billion USD, making up 34.7% of the total trading volume.
The price of $ETH is 2,553.9 USD, down 4.04% from yesterday; the market cap of $ETH is 307.15 billion USD, representing 14.3% of the total market cap; $ETH's 24-hour trading volume is 13.75 billion USD, comprising 19% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 53.7% 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 (LFT). As of 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 (BOND). As of today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Kujira (KUJI). As of today, its coin price is 0.53910 USD, showing a 24-hour increase of 41.9%.
In fourth place is Chain Games (CHAIN). As of today, its coin price is 0.026929 USD, with a 24-hour rise of 37.5%.
In fifth place is Agility (AGILITY). As of 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, all 16 are down. Notably, Meme, SocialFi, and AI sectors are worth mentioning.
Meme sector has fallen -7.24% relative to the UTC 0 time, led by declines in SC (-17.6%), APU (-17.1%), and michi (-16.8%).
SocialFi sector has decreased -7.68% relative to UTC 0, with gft (-11%), bbl (-8.78%), and cyber (-8.63%) leading the drop.
AI sector has fallen -7.76%, with MASA (-16.4%), man (-15.8%), and spec (-12.5%) 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:Last week (August 5 to August 9), Bitcoin spot ETFs had a net outflow of $169 million. Grayscale ETF GBTC had a weekly outflow of $392 million, BlackRock ETF IBIT had a weekly inflow of $220 million, and WisdomTree ETF BTCW had a weekly inflow of $129 million.

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:According to @EmberCN, a whale who participated in the 2015 ICO with 1 million $ETH (ICO price $0.311) has recently transferred 48,500 $ETH, worth approximately $154 million, to OKX Deposit over the past month from the address: 0xe1…0Ab7. The address still holds 15,600 $ETH, and this whale address cluster might hold a total of 682,000 $ETH, worth approximately $1.756 billion.


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:The burn rate of Ethereum ($ETH) has decreased to its lowest levels, coinciding with a period where gas fees are maintaining a low rate of 2 gwei. This situation reflects changes in network activity and transaction costs, potentially impacting Ethereum's economic dynamics.
Next news:Odaily Planet Daily News: Jessica Furr and consultant Bryan Edelman from Dragonfly Digital Management wrote to the U.S. CFTC, stating, "Political event contracts should not be equated with gambling activities like the Super Bowl. Elections have significant economic impacts, and these contracts are designed to provide essential risk hedging functions, complying with the Commodity Exchange Act (CEA) requirements and offering valuable predictive data to the public." Dragonfly also believes that the proposed CFTC rules may be overreaching as they broadly prohibit market predictions without proper evaluation, especially considering the recent Supreme Court ruling on the "Chevron" case, which limits the CFTC's interpretive authority without congressional authorization. Additionally, Joseph Fishkin, a law professor at the University of California, Los Angeles (UCLA), pointed out that prediction markets provide valuable insights for public opinion and political events and should not be regulated by shutting down prediction markets in the U.S. (CoinDesk) Earlier, the U.S. CFTC voted in May to pass a rule that, if finalized, would prohibit betting on political competitions and other event contracts in areas where such contracts are not allowed to be traded or cleared by entities registered with the CFTC. Earlier this week, Senator Elizabeth Warren urged CFTC Chairman Rostin Behnam to "promptly" finalize the rule banning political event contracts. In response, Steve Humenik, Senior Vice President and Global Head of Capital Markets and Legal at Crypto.com, and Paul Grewal, Chief Legal Officer at Coinbase, expressed their opposition successively.
Next news:Makoto Sakurai, a former member of the Bank of Japan's board of directors, said that the Bank of Japan will not raise interest rates again at least for the rest of this year, but whether it will raise interest rates once before March next year is still an uncertain question. Although the rate hike may disrupt global markets, it is a much-needed change for Japan.
Next news:Odaily Planet Daily News BitGo announced earlier that it would become a minority shareholder in a newly established joint venture with BiT Global in Hong Kong, providing "multi-jurisdictional and multi-institutional custody" for WBTC business. The company also described this as a "strategic partnership" between BitGo and Tron founder Justin Sun. Sun has a 60-day transition period to participate in the joint venture, prompting Block Analitica Labs, the risk management team of Maker DAO, to propose preventing new loans collateralized with WBTC on Maker's governance forum. Monetsupply, co-founder of BA Labs, wrote, "Overall, we find unacceptable risks with Justin Sun as the controlling shareholder of the newly established WBTC joint venture." BitGo CEO Mike Belshe downplayed the impact of Justin Sun's involvement in the joint venture in an interview, emphasizing BitGo's long-term commitment to security. He stated, "BiT Global has a whole team managing multiple client accounts, and they are responsible for proper custody. They cannot lend funds or hand over funds to Justin Sun, me, or anyone else at will, otherwise they would be illegally imprisoned. In terms of authentication, we have always owned wbtc.network, which will continue to operate." While some users in the crypto community have proposed decentralized alternatives to WBTC, Belshe believes that such products carry risks. He said, "DeFi products are not as decentralized. What happens if they decide to start earning profits and taking risks? So the structure we created legally does not allow that. That's its uniqueness. It also makes operating costs higher." Regarding Maker DAO, Belshe expressed willingness to assist in due diligence to alleviate any concerns. Yesterday, BitGo and BiT Global jointly established a joint venture to expand WBTC custody and cold storage services to multiple jurisdictions. BitGo will participate as a minority shareholder in the new joint venture. The transition is expected to be seamless and transparent for the WBTC community, with a 60-day transition period. The new solution will apply BitGo's multi-signature and cold storage technology used to protect Bitcoin since 2019 to ensure asset security. In response to some community concerns about Justin Sun's involvement in the project, the response stated that his participation in the WBTC project only provides strategic support and does not affect the project's security and decentralization core.

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.