SoSo Daily Aug 31

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM Hong Kong time on August 30, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.17 trillion US dollars, witnessing a decrease of 1.45% compared to yesterday; the total trading volume is 95.15 billion US dollars, marking an increase of 17% from the previous day.

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 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is L7DEX. As of 23:55 today, its market cap is 133.05K, with a coin price of 0.0027930 USD, witnessing a 24-hour increase of 45.7%.
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 SHILL Token. As of 23:55 today, its coin price is 0.0021330 USD, showing a 24-hour increase of 33.7%.
In fourth place is Sun Token. As of 23:55 today, its coin price is 0.036770 USD, with a 24-hour rise of 21.9%.
In fifth place is V.SYSTEMS. As of 23:55 today, its coin price is 0.0015550 USD, increasing by 19% over the last 24 hours.




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

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's X Is Reportedly Now Banned in Brazil Following Judge's Ruling
Next news:The U.S. core PCE price index for July was 2.6% on an annual basis, below the expected 2.70% and unchanged from the previous value of 2.60%. The U.S. core PCE price index for July increased by 0.2% on a monthly basis, in line with expectations of 0.20% and unchanged from the previous value of 0.20%. The sluggish growth in July continues to provide additional support for a rate cut in September.
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 Spot On Chain monitoring, four whales withdrew their ENA staking in the past 24 hours and deposited 15.86 million ENA (worth about 4 million US dollars) into Binance. These whales transferred ENA out of Binance from April to August 2024, then staked tokens through Pendle to earn hundreds of thousands of additional ENA, but overall, they suffered losses exceeding 5 million US dollars.
Next news:Telegram held $400 million in digital assets and generated significant revenues from crypto-related activities in 2023, according to a Financial Times report. The company's financials revealed that nearly $148 million, or about 40% of its annual revenue, came from its integrated wallet and the sale of collectibles. Additionally, Telegram's CEO Pavel Durov faced legal challenges as he was indicted by a French court over allegations that Telegram's services facilitated illicit activities. The report also highlighted Telegram's involvement in the sale of Toncoin tokens before a price drop and its growing popularity for hosting crypto games.
Next news:Foresight News reported that, according to Cointelegraph, as of August this year, law firms handling seven Chapter 11 bankruptcy cases involving cryptocurrency since 2022 have requested and received a total of $751 million in fees. Among the largest bankruptcy cases in the crypto industry, the law firms earning the most fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four companies have earned $484 million in revenue from handling cryptocurrency bankruptcy cases, accounting for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings.
Next news:Wu learned that, according to the official announcement, OKX will launch HMSTR (Hamster Kombat) on September 26th and will officially deliver HMSTR/USDT pre-trading (USDT margin delivery contract) on September 25, 2024. The specific timing will be announced separately. Hamster Kombat is a click-to-earn game that combines a cryptocurrency trading simulator.

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.