SoSo Daily Sep 12

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time on September 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.13 trillion US dollars, witnessing a decrease of 0.167% compared to yesterday; the total trading volume is 78.18 billion US dollars, marking a decline of 12.4% from the previous day.

According to sosovalue, the price of $BTC is 58,410 USD, an increase of 1.24% from yesterday. The market cap of $BTC is 1.15 trillion USD, accounting for 54.1% of the total market cap; $BTC's 24-hour trading volume is 29.12 billion USD, making up 37.3% of the total trading volume.
The price of $ETH is 2,349.9 USD, down 0.31% from yesterday; the market cap of $ETH is 282.76 billion USD, representing 13.3% of the total market cap; $ETH's 24-hour trading volume is 11.68 billion USD, comprising 14.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 52.2% 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 17:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is BarnBridge (BOND). As of 17:55 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 Dimitra (DMTR). As of 17:55 today, its coin price is 0.082050 USD, with a 24-hour increase of 38%.
The third is Nimiq (NIM). As of 17:55 today, its coin price is 0.0013506 USD, showing a 24-hour increase of 29.7%.
In fourth place is Big Time (BIGTIME). As of 17:55 today, its coin price is 0.10370 USD, with a 24-hour rise of 28.1%.
In fifth place is Tectum (TET). As of 17:55 today, its coin price is 8.8934 USD, increasing by 26.9% 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, SocialFi, AI, and Payment sectors are worth mentioning.
SocialFi sector has risen 5.54% relative to the UTC 0 time, led by gains in TAKI (11.6%), POOLX (7.47%), and SUIA (6.55%).
AI sector has increased 3.42% relative to UTC 0, with WLD (10.7%), TAI (6.97%), and PRE (6.61%) leading the rise.
Payment sector has risen 3.12%, with NIM (29.9%), TWT (12.3%), and VELO (10.3%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:eToro has settled with the SEC for $1.5 million and agreed to limit its crypto offerings to a select few, including bitcoin, Bitcoin Cash, and ether. The settlement resolves charges of operating unlawfully as a broker and clearing agency in its crypto operations. eToro, while not admitting to the SEC's findings, will comply with U.S. securities laws moving forward. This agreement enhances investor protection and provides a regulatory framework for other crypto intermediaries.
Next news:Grayscale announced the launch of a new XRP closed-end fund, which led to an 8% increase in the token's value. The fund aims to provide investors with exposure to XRP, the world's seventh most popular cryptocurrency with a market capitalization of over $32 billion. Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary, highlighted XRP's potential to transform financial infrastructure through fast cross-border payments. Additionally, Grayscale recently launched an Avalanche trust and has converted its bitcoin and ether trusts into ETFs.
Next news:Coinbase has introduced a new wrapped bitcoin alternative, cbBTC, on the Ethereum and Base networks. This ERC-20 token, backed 1:1 by bitcoin held at Coinbase, aims to facilitate decentralized finance (DeFi) applications by providing liquidity and serving as collateral. At launch, cbBTC is supported by various DEXs and lending protocols. The token can be exchanged on-chain with Coinbase accounts and is initially available to users in select regions. This move positions cbBTC as a competitor to Wrapped Bitcoin (WBTC), amidst recent security concerns with WBTC's custodian changes.
Next news:According to SoSoValue data, as of yesterday (September 11, Eastern Time), the total net outflow of Ethereum spot ETF was 542.90 thousand US dollars. The Ethereum spot ETF with the highest net inflow yesterday was the Fidelity ETF FETH, with a net inflow of 1.17 million US dollars. As of the time of publication, the net asset value of the Ethereum spot ETF was 6.42 billion US dollars, and the ETF net asset ratio (market value as a percentage of Ethereum's total market value) reached 2.27%. The historical cumulative net outflow has reached 563 million US dollars.
Next news:Standard Chartered's Geoff Kendrick predicts that Bitcoin could reach new all-time highs by the end of the year, regardless of the U.S. presidential election outcome. He suggests that a Trump victory could push Bitcoin's price to $125,000, while a Harris win might see it at $75,000. Kendrick highlights that the impact of the U.S. election on Bitcoin is less significant than in previous years and points to regulatory changes and developments in U.S. Treasury markets as key drivers for Bitcoin's potential growth. He also notes a seasonal rebound in Bitcoin ETF inflows expected in October.
Next news:The UK government is considering a new law to formally recognize crypto assets as a distinct form of property, according to a press release by Heidi Alexander MP, Minister of State at the Ministry of Justice. The proposed law aims to clarify the legal status of digital assets, which have previously been in a grey area under English and Welsh property law. The bill introduces a third category of property, alongside 'things in possession' and 'things in action', to accommodate digital assets with personal property rights. This move is part of Britain's strategy to maintain a leading position in the global crypto market and attract more business and investment, contributing £34 billion annually to the UK economy. The initiative responds to a 2023 Law Commission report which suggested that digital assets should be treated as property, despite not fitting traditional property categories.
Next news:Anchorage Digital, the first and only U.S. federally chartered crypto bank, has been selected to take on the custody role for the ARK 21Shares Bitcoin ETF, according to a statement released by the companies on Thursday.
Next news:A judge ruled that the Commodity Futures Trading Commission (CFTC) does not have the authority to reject election contracts, stating that elections are not a form of "gaming." This decision came in response to the CFTC's public review of Kalshi's political prediction markets.
Next news:According to Wu, as reported by Forbes, Flowcarbon, a climate technology startup co-founded by former WeWork CEO Adam Neumann, is quietly returning investors' funds. The company's previously highly anticipated 'Goddess Nature Token' (GNT) project has failed. In May 2022, Flowcarbon announced the completion of a $70 million financing, with at least $38 million from token sales. Prominent investment firms such as a16z, General Catalyst, and Samsung NEXT were involved. However, GNT has yet to be issued, and the company has recently started refunding investors.
Next news:

Foresight News reports that according to Cointelegraph, Republican members of the U.S. House of Representatives are investigating Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). Three Republican legislators have raised questions about the SEC's hiring process, alleging that the agency may be recruiting based on political affiliation, potentially violating federal laws, and demanding transparency in its recruitment decisions. During Gensler's tenure as SEC chairman, enforcement actions have significantly increased, with enforcement actions against cryptocurrency companies in 2023 reaching the highest point in a decade, doubling from 2021.

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.