SoSo Daily Sep 1

Let's turn our attention to today's overall Crypto market situation.
As of 6 PM Hong Kong time on September 1, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.12 trillion US dollars, witnessing a decrease of 2.88% compared to yesterday; the total trading volume is 52.69 billion US dollars, marking a decline of 12.5% from the previous day.

According to sosovalue, the price of $BTC is 58,128 USD, a decrease of 1.5% from yesterday. The market cap of $BTC is 1.15 trillion USD, accounting for 54% of the total market cap; $BTC's 24-hour trading volume is 20.64 billion USD, making up 39.2% of the total trading volume.
The price of $ETH is 2,470.8 USD, down 1.3% from yesterday; the market cap of $ETH is 297.26 billion USD, representing 14% of the total market cap; $ETH's 24-hour trading volume is 8.67 billion USD, comprising 16.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68% of the total cryptocurrency market cap, and their combined trading volumes constitute 55.7% 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 17:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is 00 Token. As of 17:55 today, its market cap is 12.54M, with a coin price of 0.0539 USD, witnessing a 24-hour increase of 73.9%.
The second is BarnBridge. As of 17:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Kava Lend. As of 17:55 today, its coin price is 0.1623 USD, showing a 24-hour increase of 33%.
In fourth place is Fight to MAGA. As of 17:55 today, its coin price is 0.0066820 USD, with a 24-hour rise of 28.8%.
In fifth place is L7DEX. As of 17:55 today, its coin price is 0.0041140 USD, increasing by 28.7% 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, all are down today. Notably, DeFi, GameFi, and Meme sectors are worth mentioning.
DeFi sector has fallen -2.9% relative to the UTC 0 time, led by declines in CVP (-62.5%), APTR (-42.2%), and FOR (-41.6%).
GameFi sector has decreased -3.44% relative to UTC 0, with ELIX (-24.3%), APRS (-16.4%), and FAR (-13.3%) leading the drop.
Meme sector has fallen -3.53%, with APU (-19.3%), SC (-15.9%), and PEOPLE (-10.5%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Odaily Planet Daily News According to Spot On Chain analysis, although Bitcoin usually experiences a decline in September, it is not inevitable. The reasons include: 1. In July and August, three major selling forces have sold 170,917 $BTC (10.69 billion USD) to the market, including: German government: - Sold 49,859 $BTC (3 billion USD) in early July - No longer holding $BTC Mt.Gox: - Repaid 95,958 $BTC (6.07 billion USD) in July and August - Still holding 44,898 $BTC (2.65 billion USD), only one-third of the initial holdings Genesis Trading: - Distributed 24,068 $BTC (1.55 billion USD) on August 2 for repayment; - No longer holding $BTC 2. It is worth noting that the U.S. government still holds confiscated 203,650 $BTC (12 billion USD), similar to the German government's situation, which may be a significant selling force, but the recent selling risk is limited. In 2023 and 2024, the U.S. government will transfer 35,516 $BTC (1.48 billion USD) to Coinbase at around 41,637 USD, but overall, the price response is weak because most sales are completed through OTC transactions, with minimal impact on the market. 3. Long-term holders remain firm: In August, the supply of Bitcoin held by long-term holders increased by 262 thousand, bringing the total holdings to 14.82 million, accounting for 75% of the total supply. Among the top 10 anonymous Bitcoin wallets, 7 wallets have been inactive for over 2 years, holding 237,816 $BTC (14.04 billion USD), accounting for 1.2% of the circulating supply. 4. Bitcoin ETF could be a new buying force: After several months of recovery, the net capital inflow in August slightly decreased, making the outlook for September uncertain. However, if the pattern of alternating positive and negative continues, there may be a positive net inflow in September, possibly between 500 million and 1.5 billion USD. Although this is just an estimate, past trends indicate that capital inflows may rebound. 5. Potential buying catalysts: - The Fed may cut interest rates in September, which could boost demand for risk assets like Bitcoin or Bitcoin ETFs; - FTX will repay creditors 16 billion USD in cash instead of cryptocurrency, which can reinject cash into Bitcoin and the entire market; - Both U.S. political parties express support for favorable crypto regulations, which can further enhance investor confidence.
Next news:Foresight News reported that Cipher Mining, a Bitcoin mining company (stock code: CIFR), announced an investment of $67.50 million to acquire a 250-acre property in western Texas, including a 300 MW data center, to expand its computing power to 2.5 GW.
Next news:Foresight News reported that, according to a TRM Labs report cited by CryptoPotato, due to the lack of strict KYC and AML protocols, crypto ATMs are more vulnerable to fraud and money laundering, having processed at least 160 million US dollars of illicit funds since 2019. In 2023 alone, the proportion of illicit transactions processed by crypto ATMs reached 1.2% of their total transaction volume, while the overall illicit transaction ratio in the entire crypto ecosystem was only 0.63%. The report also revealed that in 2023, over 30 million US dollars of illicit funds were linked to known scam addresses. German authorities recently seized 13 unauthorized Bitcoin ATMs and confiscated nearly 250 thousand euros in cash.
Next news:According to Bitcoin.com, the U.S. Department of Justice (DOJ) recently announced that Geoffrey K. Auyeung, a resident of Newcastle, Washington, has been indicted for an alleged cryptocurrency money laundering scheme. He faces charges of 'conspiracy to commit money laundering, as well as nine counts of money laundering through concealment or expenditure.' Auyeung impersonated a custodial agent for oil and gas investments to deceive investors, then transferred client funds to accounts under his control. 'Once the funds entered accounts controlled by Auyeung, the money would quickly be moved to other accounts, transferred overseas, or used to purchase cryptocurrencies through exchanges such as Gemini, Bitstamp, and Coinbase, including $BTC, USDT, USDC, and ETH.'
Next news:Foresight News reports that Bitget market data shows $BTC has fallen below 59000 USDT, currently trading at 58926 USDT, with a 24-hour decrease of 0.45%. $ETH briefly dropped below 2500 USDT, now trading at 2505.4 USDT, with a 24-hour decline of 0.76%.
Next news:Wu learned that, according to @OnchainDataNerd's monitoring, 8 hours ago, a wallet (possibly belonging to the ARB Foundation) deposited 60 thousand $ETH to Binance (approximately 150.33 million USD). In the past 24 hours, it has cumulatively deposited 90 thousand $ETH to Binance (approximately 226.02 million USD).
Next news:Wu learned that, according to Arkham monitoring, Vitalik Buterin: vitalik.eth (0xd8d) transferred 17.73 $ETH worth approximately 44.60 thousand USD to Gitcoin: Grants MultiSig (0xde2) at 0:25:23 UTC+8 today. The previous similar transfer occurred in August 2023.
Next news:Wu learned that, according to Whale Alert monitoring, at 10:50 this morning Beijing time, 1 billion XRP tokens were unlocked in three transactions from an unknown wallet custody, worth over 560 million US dollars.
Next news:According to a report by Cryptoslate, the investment immigration consulting firm Henley & Partners revealed that Asia is leading the global adoption of cryptocurrencies. Singapore, with its robust regulatory environment, financial technology innovation, and widespread public adoption, has emerged as a global leader. Hong Kong ranks second, followed by the UAE in third place, surpassing Singapore and Hong Kong in tax-friendliness. Malaysia and Thailand also made it to the top ten, ranking eighth and tenth respectively.
Next news:Wu learned that Galaxy Research tweeted that since its launch, the trading volume of Ethereum ETF is significantly lower than that of Bitcoin ETF, far below the trading volume and market value ratio of ETH/BTC on centralized exchanges. This is due to various factors, one of which is that major trading platforms have not yet provided leverage trading services for Ethereum ETF. To control for the impact of certain factors, such as the unavailability of leverage trading, the trading performance of the two products in the first 25 days after launch can be compared. The results show that the ratio of Ethereum ETF trading volume to Bitcoin ETF trading volume continued to decline in the first 25 days.

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.