SoSo Daily Aug 30
Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on August 30, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.18 trillion US dollars, witnessing a decrease of 2.06% compared to yesterday; the total trading volume is 83.63 billion US dollars, marking a decline of 8.37% from the previous day.
According to sosovalue, the price of $BTC is 59,396 USD, a decrease of 1.37% from yesterday. The market cap of $BTC is 1.17 trillion USD, accounting for 53.8% of the total market cap; $BTC's 24-hour trading volume is 32.66 billion USD, making up 39% of the total trading volume.
The price of $ETH is 2,512.5 USD, down 1.85% from yesterday; the market cap of $ETH is 302.25 billion USD, representing 13.9% of the total market cap; $ETH's 24-hour trading volume is 13.27 billion USD, comprising 15.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 54.9% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is BarnBridge (BOND). As of 11:55 today, its market cap is 20.89M, with a coin price of 2.1520 USD, witnessing a 24-hour increase of 44.4%.
The second is Polkadex (PDEX). As of 11:55 today, its coin price is 0.25100 USD, with a 24-hour increase of 43.8%.
The third is Alongside Crypto Market Index (AMKT). As of 11:55 today, its coin price is 179.65 USD, showing a 24-hour increase of 36%.
In fourth place is SHILL Token (SHILL). As of 11:55 today, its coin price is 0.0020110 USD, with a 24-hour rise of 30.7%.
In fifth place is Orderly Network (ORDER). As of 11:55 today, its coin price is 0.19380 USD, increasing by 22.7% 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, SocialFi, Layer2, and AI sectors are worth mentioning.
SocialFi sector has fallen -3.17% relative to the UTC 0 time, led by declines in berry (-6.87%), moon (-6.73%), and cyber (-4.87%).
Layer2 sector has decreased -3.45% relative to UTC 0, with TIA (-7.43%), cweb (-6.2%), and ZK (-5.96%) leading the drop.
AI sector has fallen -5.96%, with fet (-10.3%), moov (-8.08%), and tao (-7.74%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:El Salvador's President Nayib Bukele, in an interview with TIME Magazine, expressed that Bitcoin has not achieved the widespread adoption he had hoped for since its legalization as legal tender in the country. Despite this, he highlighted the voluntary nature of its adoption and the benefits to those who chose to use it. The Bitcoin Law, enacted on September 7, 2021, aimed to digitize the economy and reduce reliance on the U.S. dollar. The government also invested in bitcoin as a treasury asset and planned a nationalized bitcoin mine. Bukele noted the positive impacts on the country's branding, foreign investment, and tourism, despite mixed domestic success and criticism from entities like Moody's and the IMF.
Next news:U.S. spot bitcoin ETFs experienced $71.73 million in net outflows on Thursday, marking a three-day outflow streak. BlackRock’s IBIT reported its first negative flows since May 1, with $13.51 million in net outflows. Other funds like Grayscale’s GBTC, Fidelity’s FBTC, Bitwise’s BITB, and Valkyrie’s BRRR also saw significant outflows. Conversely, Ark and 21Shares’ ARKB recorded net inflows of $5.34 million. The total trading volume for bitcoin ETFs decreased, while spot Ethereum ETFs also resumed negative flows, led by the Grayscale Ethereum Trust.
Next news:
According to SoSoValue, as of August 29th (Eastern Time), Bitcoin spot ETFs experienced a total net outflow of $71.73M.
Yesterday, Grayscale's ETF GBTC had a net outflow of $22.68M, bringing GBTC's total historical net outflow to $19.78B.
Grayscale Bitcoin Mini Trust ETF $BTC had a net outflow of $ 0.00 ，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $347.92M.
The Bitcoin spot ETF with the highest net inflow for the day was Ark Invest and 21Shares's ETF ARKB, with a daily net inflow of $5.34M, with ARKB's total historical net inflow reaching $2.37B.
As of this writing, the total net asset value of Bitcoin spot ETFs stands at $54.36B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.62%. The historical cumulative net inflow has reached $17.78B.
Source: https://sosovalue.com/assets/etf
Next news:Elon Musk and Tesla won a class action lawsuit alleging that Musk's comments manipulated Dogecoin's market, harming investors. U.S. District Judge Alvin Hellerstein dismissed the lawsuit with prejudice, meaning it is permanently dismissed. The lawsuit, filed in June 2022, claimed Musk and his firms, Tesla and SpaceX, defrauded investors through tweets and statements about Dogecoin. However, the judge ruled these statements as 'aspirational and puffery,' not factual, and stated that no reasonable investor could rely on them. Dogecoin's market value slightly declined following the decision.
Next news:Bridge, a web3 payment firm founded by former Coinbase and Square employees, has successfully raised $58 million in funding. The company, backed by notable investors such as Sequoia, Ribbit, Index, and Haun Ventures, is developing a stablecoin-powered platform for money movement. This platform will facilitate various financial services including payouts, cross-border payments, and foreign currency exchanges. Bridge has already established a partnership with Bitso for business-to-business cross-border payments using stablecoins in Latin America. Additionally, Bridge is enhancing its offerings with stablecoin Orchestration and Issuance services, which include APIs for converting between dollar formats and customizing stablecoins for developers.
Next news:Former President Donald Trump announced his plan to make the U.S. the 'crypto capital of the planet.' He revealed this on X, mentioning that the plan would be unveiled on Thursday. Trump's announcement is linked with World Liberty Financial, a DeFi project promoted by his sons. Trump's involvement in crypto has increased since speaking at the Bitcoin 2024 conference, where he discussed creating a 'strategic bitcoin reserve' and expressed intentions to fire the SEC chair if elected. Additionally, there are warnings about scams on World Liberty Financial's Telegram channel, cautioning against fake airdrops and token sales.
Next news:Foresight News reported that according to Cointelegraph, the Chicago Board Options Exchange (Cboe Exchange) submitted a revised application to regulators on August 28, seeking to list Bitcoin and Ethereum ETF options. The proposed rule changes would categorize spot cryptocurrency ETFs, such as the physical gold ETF from Goldman Sachs and the iShares Silver Trust, as "securities deemed suitable for options trading." The platform aims to list options linked to Ethereum and Bitcoin ETFs issued by asset management companies, including Fidelity, 21Shares, Invesco, VanEck, Grayscale, Bitwise, BlackRock's iShares, and Valkyrie.
Next news:Gnosis Chain community members are reevaluating their choice of gas tokens due to MakerDAO's rebranding to Sky and the introduction of its new stablecoin, Sky Dollar (USDS). Currently, Gnosis uses xDAI, a bridged version of DAI, for gas fees. MakerDAO's new USDS stablecoin, which allows for the freezing of wallet addresses, contradicts Gnosis' decentralization principles. This has led to discussions about potential alternatives, including decentralized stablecoins like RAI and LUSD, or using Gnosis' native token, GNO, as the gas token.
Next news:Wu learned that, according to Bloomberg, the number of cryptocurrency ATMs in Australia is rapidly increasing, making it the fastest-growing market globally. According to Coin ATM Radar data, the number of cryptocurrency ATMs in Australia has surged from 73 to nearly 1,200 in the past two years, with over 200 new devices awaiting regulatory approval. While operators claim that these ATMs can enhance financial inclusion, critics warn that these machines may be used for money laundering and fraud.
Next news:Foresight News reported that according to Cointelegraph, Alexandre de Moraes, a judge of the Supreme Court of Brazil, stated that if Musk does not designate a legal representative for X's business in Brazil, the X social media platform will be temporarily suspended in Brazil before August 29, 2024. Two weeks ago, X stated that Supreme Court Justice Alexandre de Moraes threatened to arrest its legal representative in Brazil. In response, X announced on August 17 that it would close its operations in Brazil, but social media services will continue to be open to all Brazilian users. Earlier this year, Musk stated that Moraes took "illegal" and secret measures to force content moderation on X. Moraes claimed that X allows the promotion of "false information" about the Brazilian government on social media websites.
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.