SoSo Daily Aug 24

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on August 24, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.35 trillion US dollars, witnessing an increase of 3.24% compared to yesterday; the total trading volume is 109.32 billion US dollars, marking an increase of 55.4% from the previous day.

According to sosovalue, the price of $BTC is 63,984 USD, an increase of 5.14% from yesterday. The market cap of $BTC is 1.26 trillion USD, accounting for 53.7% of the total market cap; $BTC's 24-hour trading volume is 44.88 billion USD, making up 41.1% of the total trading volume.
The price of $ETH is 2,755.4 USD, up 3.02% from yesterday; the market cap of $ETH is 331.46 billion USD, representing 14.1% of the total market cap; $ETH's 24-hour trading volume is 17.62 billion USD, comprising 16.1% 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 57.2% 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 Alpaca Finance. As of today, its market cap is 38.68M, with a coin price of 0.25800 USD, witnessing a 24-hour increase of 95.9%.
The second is Cream. As of today, its coin price is 24.750 USD, with a 24-hour increase of 56.3%.
The third is Sun Token. As of today, its coin price is 0.024210 USD, showing a 24-hour increase of 49.4%.
In fourth place is BarnBridge. As of today, its coin price is 2.1520 USD, with a 24-hour rise of 44.4%.
In fifth place is Biswap. As of today, its coin price is 0.082030 USD, increasing by 44% 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 GameFi sectors are worth mentioning.
AI sector has risen 8.36% relative to the UTC 0 time, led by gains in aitech (25%), nos (16.4%), and paal (15.8%).
Meme sector has increased 7.78% relative to UTC 0, with mumu (52.1%), michi (29.5%), and sats (24.7%) leading the rise.
GameFi sector has risen 6.09%, with vidt (46%), ygg (20.5%), and polis (18.8%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:

According to SoSoValue, as of August 23th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $252.00M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $35.55M, bringing GBTC's total historical net outflow to $19.73B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net inflow of $ 50.83M，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $356.69M.

The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $86.83M, with IBIT's total historical net inflow reaching $20.71B.

Following that, Fidelity's ETF FBTC had a daily net inflow of $64.00M, with FBTC's total historical net inflow reaching $9.89B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $58.43B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.65%. The historical cumulative net inflow has reached $17.88B.

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

Next news:Kraken, a cryptocurrency exchange, attributes its recent court loss in Australia to ambiguous crypto regulations. The Australian federal court ruled that Kraken's local operator, Bit Trade Pty Ltd, violated the Corporations Act by not making a 'target market determination' before offering its 'margin extension' product. The Australian Securities and Investments Commission (ASIC), which filed the lawsuit, emphasized the need for compliance with regulatory obligations to protect consumers. Kraken expressed dissatisfaction with the regulatory clarity and is advocating for clearer legal guidelines in the crypto and Web3 sectors.
Next news:Bitcoin surged past $61,000 following comments by Fed Chair Jerome Powell at the Jackson Hole symposium, where he expressed confidence in U.S. inflation returning to 2% and hinted at potential interest rate cuts. Powell's remarks led to a rise in global cryptocurrency market capitalization and boosted U.S. stock markets, with significant gains in the Dow Jones, S&P 500, and Nasdaq. The CME FedWatch tool now shows a high probability of rate cuts at the upcoming FOMC meeting, reflecting investor anticipation.
Next news:Robert Kennedy Jr. has suspended his independent presidential campaign and endorsed former President Donald Trump, urging his supporters to vote for Trump in key battleground states. This move aligns the Kennedy name with the Republican candidate in the upcoming election.
Next news:Odaily Planet Daily News OKX market shows that $BTC touched 65000 USDT, now trading at 64620 USDT, with a 24-hour increase of 6.93%.
Next news:According to Arkham, Ethereum Foundation (0xde0) transferred 35,000 $ETH to Kraken Deposit (0xd86), worth about $94.07 million. The foundation should be selling coins for daily expenses.
Next news:

Foresight News reported that according to Coinglass data, the total liquidation across the network in the past 24 hours amounted to 177 million USD, with long positions liquidated at 38.63 million USD and short positions at 139 million USD. Specifically, Bitcoin liquidations reached 48.36 million USD, while Ethereum liquidations totaled 47.47 million USD.

Next news:Foresight News reported that according to Cointelegraph, Gavin Wood, the co-founder of Polkadot, under Parity Technologies, will launch a Web3 identity verification solution called Proof-of-Ink. This solution aims to authenticate users' digital identities through unique algorithmically generated tattoos. Gavin Wood stated that Proof-of-Ink is expected to be launched in the fourth quarter of 2024. Users will be required to tattoo a unique algorithmically generated tattoo on a specific part of their body and provide a video of the tattooing process as proof of their digital identity. Additionally, users will need to pay a small amount of DOT tokens or community-shared vouchers to prevent abuse.
Next news:MakerDAO, a decentralized autonomous organization, has proposed an optional redenomination of its MKR governance token into 24,000 NewGovToken (NGT) tokens as part of its strategic endgame plan. This initiative aims to broaden participation in governance by democratizing the decision-making process. Additionally, MakerDAO plans to introduce a new stablecoin, NewStable (NST), pegged 1:1 with Dai, while maintaining the existing Dai and MKR tokens. The transition to new tokens is optional, and users can revert to the original tokens if desired.
Next news:Foresight News reported that according to CoinPost, DMM.com and DMM Crypto, subsidiaries of the Japanese internet giant DMM Group, along with the blockchain technology company Progmat, have announced the joint development of a stablecoin that complies with Japan's new Fund Settlement Act. The stablecoin is planned to be first applied in DMM Group's 'Seamoon Protocol' digital economic ecosystem, working in conjunction with the native token SMP to expand the token economy and enhance the value of SMP. DMM Group will progress the stablecoin application in three stages: stabilizing the SMP price and developing the ecosystem, internal settlement within the group, and ultimately expanding to partner payments and user usage.

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.