SoSo Daily Sep 3

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on September 3, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.16 trillion US dollars, witnessing a decrease of 0.42% compared to yesterday; the total trading volume is 61.66 billion US dollars, marking a decline of 18.7% from the previous day.

According to sosovalue, the price of $BTC is 59,080 USD, an increase of 1.13% from yesterday. The market cap of $BTC is 1.17 trillion USD, accounting for 54% of the total market cap; $BTC's 24-hour trading volume is 17.52 billion USD, making up 28.4% of the total trading volume.
The price of $ETH is 2,509 USD, down 0.271% from yesterday; the market cap of $ETH is 301.85 billion USD, representing 14% of the total market cap; $ETH's 24-hour trading volume is 8.14 billion USD, comprising 13.2% 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 41.6% 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 UXLINK. As of 11:55 today, its market cap is 54.18M, with a coin price of 0.31870 USD, witnessing a 24-hour increase of 113%.
The second is BarnBridge. As of 11:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is Galaxia. As of 11:55 today, its coin price is 0.0016682 USD, showing a 24-hour increase of 36%.
In fourth place is Kava Lend. As of 11:55 today, its coin price is 0.16720 USD, with a 24-hour rise of 29.3%.
In fifth place is Flux. As of 11:55 today, its coin price is 0.68190 USD, increasing by 28.2% 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, 13 are up and 3 are down. Notably, CeFi, RWA, and Meme sectors are worth mentioning.
CeFi sector has risen 2.78% relative to the UTC 0 time, led by gains in SHX (3.48%), BNB (3.29%), and APX (3.18%).
RWA sector has increased 2.43% relative to UTC 0, with OM (10.1%), GFI (7.3%), and TRU (5.17%) leading the rise.
Meme sector has risen 2.39%, with TREMP (23.2%), GME (11.7%), and ORDI (10.5%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The hacking entity responsible for the WazirX exploit appears to have transferred 2,600 $ETH ($6.5 million) to the U.S.-sanctioned cryptocurrency mixer Tornado Cash to launder the stolen funds, security firm PeckShield noted. Sending funds to a mixer is a common tactic cybercriminals use to make it harder for law enforcement to track and recover stolen crypto. On July 18, 2024, cryptocurrency exchange WazirX reported a major cyber attack targeting its multi-signature wallet, resulting in a loss exceeding $230 million. The exchange stated that this incident has impacted WazirX’s ability to maintain balanced collaterals against its assets. Withdrawals remain frozen, and trading has been paused since July 21 as the team focuses on partial recovery, with losses expected to be socialized among users. According to reports, the restructuring efforts may result in users not receiving the total value of their cryptocurrency held on the platform during the attack. This attack is believed to be the work of the North Korean Lazarus Group, a notorious state-sponsored hacking organization known for executing high-profile exploits, including a $600 million hack on the Ronin sidechain in 2022.
Next news:

Next news:Qatar has enhanced its cryptocurrency regulatory framework with the introduction of the 'QFC Digital Assets Framework 2024' by the Qatar Financial Centre, a special economic zone in Doha. This new framework aims to provide clearer legal and regulatory guidelines for digital assets, including aspects such as tokenization, property rights in tokens, and custody arrangements. It was developed after extensive consultations with an advisory group of 37 domestic and international organizations and is part of Qatar's broader strategy to lead regional financial and capital market innovation. The framework also supports the establishment of the QFC Digital Assets Lab, which has already welcomed over 20 startups and fintech firms to foster crypto asset development.
Next news:During the Korea Blockchain Week 2024 in Seoul, SEC Commissioner Mark T. Uyeda advocated for the creation of specialized S-1 registration forms for digital asset securities. He highlighted the need for tailored registration requirements to accommodate the unique aspects of digital assets, which are often treated as securities. Uyeda criticized the current one-size-fits-all approach and expressed frustration over the lack of progress in adapting regulations to better suit digital asset securities. The discussion also touched on the broader regulatory landscape, including the challenges of defining digital assets under existing securities laws.
Next news:Foresight News reported that Nubit has released a letter to the community, unveiling a Minichain construction solution targeting consumer-level applications. This solution is an extension of the Nubit Data Availability (DA) scheme, introducing tools such as DeKit, Minichain-as-a-Service, Universal Bridge, and more to assist developers in focusing on product development without worrying about technical complexity.
Next news:Hearings resumed in Tigran Gambaryan’s money laundering trial on Monday, with the Binance executive entering the Abuja court in a very distressed state on crutches having been denied the use of a wheelchair, according to a family statement. The Binance executive has been held by Nigerian authorities for six months, with his physical and mental health deteriorating rapidly having suffered a herniated disc in his back and bouts of Pneumonia, Malaria and Tonsillitis. Lawyers for Gambaryan also claim that his detention conditions at Kuje prison have meant they have been unable to meet with him to prepare for trial. Gambaryan was in visible pain and broke down in court crying at one point, the family said. Gambaryan’s lawyers filed a new bail application for him on medical grounds, and the alleged block on access to their client. Economic and Financial Crimes Commission prosecutors opposed the application, reportedly claiming that the Binance executive was not unwell and had refused treatment in any case, the family claimed. That’s despite the prosecutors handing over part of his medical records recommending surgery as soon as possible, they added, alleging key parts of the record had also been removed. Gambaryan filed a lawsuit in March against Nigeria’s National Security Adviser and the EFCC for violating his basic human rights. He made a further plea to the judge on Monday, saying that he is not receiving proper medical care at the prison and is being denied access to his legal counsel and embassy representatives. The judge ordered Gambaryan to be allowed to use a wheelchair and will continue to hear the bail application when the trial continues on Wednesday. "My husband was unlawfully detained by the Nigerian government after being invited under false pretenses for a meeting in their country. During this prolonged imprisonment, his health continues to deteriorate, and now, he is in so much pain that he can barely walk. The U.S. Government must do more to help Tigran,” Gambaryan’s wife Yuki said in the statement. “I am also deeply concerned about recent statements from Nigerian authorities denying Tigran's health issues. The truth is that the prison has withheld his medical records for months, and even the partial records they finally released today say that Tigran needs surgery. This entire situation is inhumane and degrading, and I am fed up. There must be consequences for this disregard of law and human rights," she added. Nigeria's EFCC did not immediately respond to a request for comment from The Block. Gambaryan, a former Special Agent for the U.S. IRS and Binance’s Head of Financial Compliance, and Nadeem Anjarwalla, Binance’s Africa Regional Manager, were detained following their arrival in Nigeria’s capital city, Abuja, on Feb. 26, amid accusations of Binance making profits from illegal transactions locally. Criminal charges were filed against Binance and the two executives on Feb. 28 in a $35 million money laundering and tax violation indictment. The tax charges against the executives were later dropped in June, leaving Binance as the sole defendant, but the money laundering charges against all the defendants remain. Anjarwalla escaped from custody on March 22, though Gambaryan remained in detention. The Nigerian government previously called the allegations of Gambaryan’s poor healthcare "false," asserting that the Binance executive "has access to quality medical care whenever required" along with consular services from the United States. Last week, Binance urged the U.S. government to exert political pressure to secure the release of Gambaryan on humanitarian grounds.
Next news:Foresight News reported that Vitalik Buterin, co-founder of Ethereum, stated at the 2024 South Korea Blockchain Week, as per Cointelegraph, that he believes artificial intelligence and prediction market technology can accelerate the generation speed of community notes on Twitter. Community notes are a feature on Twitter aimed at providing background information for potentially misleading posts. Contributors can leave 'notes' on posts, and if enough contributors find the note helpful, it will be publicly displayed below the post. He explained that prediction markets can serve as a building block to make other mechanisms faster. Whenever a new post is made, a question can be set to determine if a community note is needed. Users can use large AI language models and bots to bet small amounts of money on this prediction market, which can expedite the process of obtaining the truth and provide incentives for participants. This mechanism is cost-effective and fast.
Next news:Foresight News reports that the game startup company Playtron has partnered with Mysten Labs to launch the gaming handheld console SuiPlay0x1, which is now available for pre-order until all available slots are sold out. Each device is priced at $600 (including shipping and taxes) and can be purchased using SUI, $ETH, and SOL tokens. The first one thousand customers who pre-order the SuiPlay device will receive a non-transferable soul-bound NFT, which will provide special access privileges, rewards, and benefits. The delivery of the reserved devices will begin in 2025.
Next news:Foresight News: Ethena Labs has announced the conclusion of its second-quarter airdrop campaign. The points for the third-quarter airdrop campaign will automatically start accumulating on September 2nd, and the campaign will run for 6 months until March 23, 2025. During the second-quarter airdrop campaign, 5% of the total supply of ENA was distributed as rewards. Users will be able to check the amount of ENA they will receive on a specified website on September 9th and claim their ENA by September 30th.
Next news:Foresight News reported that Sun Yuchen, the founder of TRON and a member of the Huobi HTX Global Advisory Committee, stated on the X platform that after discussions, the community agreed to adopt a better approach, namely, implementing a 100% on-chain repurchase and burn process for SunPump revenue to be directly returned to the community. Personally, he believes this may be a better way, and the plan will be implemented starting today.

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.