SoSo Daily Sept. 17 | Binance Founder CZ Scheduled for Release from Prison on September 29

Let's turn our attention to today's overall Crypto market situation.
As of 11:55 PM Hong Kong time on September 16, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.12 trillion US dollars, witnessing a decrease of 2.13% compared to yesterday; the total trading volume is 83.33 billion US dollars, marking an increase of 60.9% from the previous day.

According to sosovalue, the price of $BTC is 57,816 USD, a decrease of 3.27% from yesterday. The market cap of $BTC is 1.14 trillion USD, accounting for 53.9% of the total market cap; $BTC's 24-hour trading volume is 20.61 billion USD, making up 24.7% of the total trading volume.
The price of $ETH is 2,274.7 USD, down 3.66% from yesterday; the market cap of $ETH is 273.74 billion USD, representing 12.9% of the total market cap; $ETH's 24-hour trading volume is 17.87 billion USD, comprising 21.4% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.1% 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 23:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Baby Doge Coin. As of 23:55 today, its market cap is 283.85M, with a coin price of 0.0000000018750 USD, witnessing a 24-hour increase of 74.9%.
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 Elixir Games. As of 23:55 today, its coin price is 0.021108 USD, showing a 24-hour increase of 41%.
In fourth place is PARSIQ. As of 23:55 today, its coin price is 0.10500 USD, with a 24-hour rise of 30.8%.
In fifth place is Turbo. As of 23:55 today, its coin price is 0.0046463 USD, increasing by 22.6% 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, Layer2, GameFi, and AI sectors are worth mentioning.
Layer2 sector has fallen -5.54% relative to the UTC 0 time, led by declines in GEL (-11.7%), DYM (-9.47%), and TIA (-8.02%).
GameFi sector has decreased -5.58% relative to UTC 0, with PET (-20.4%), CHAIN (-18.7%), and DUEL (-17%) leading the drop.
AI sector has fallen -6.32%, with AITECH (-10.3%), TAO (-9.96%), and MAN (-9.96%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:CZ, the founder of Binance, is set to be released from prison on September 29. He is currently residing in a halfway house in San Pedro, California.
Next news:MicroStrategy plans to sell up to $700 million in convertible senior notes to fund additional bitcoin purchases and buy back debt. The offering, due in 2028, will be unsecured and pay interest semi-annually. The company aims to use the proceeds to redeem $500 million in senior secured notes and potentially buy more bitcoin. MicroStrategy's total debt is $3.90 billion, with significant investments in bitcoin, including a recent purchase worth over $1 billion.
Next news:The U.S. Federal Reserve is expected to cut its benchmark rate by 50 basis points this week, which could positively impact risk assets like bitcoin. This would be the first rate cut in four years, influenced by recent economic indicators such as the Empire State Manufacturing Survey. Bitwise analyst André Dragosch suggests that the rate cut, combined with expectations of further reductions, could boost bitcoin's value. Despite this, there are concerns about the U.S. economy's health, with indicators pointing towards a potential recession and continued economic challenges.
Next news:More than 40 financial firms will join central bank group the Bank for International Settlements to explore how tokenization can enhance wholesale cross-border payments in Project Agorá, the BIS said on Monday.
Next news:RISE, the Gigagas Layer 2, has successfully raised a $3.2 million seed round led by Finality Capital with contributions from various investors including Orange DAO, DACM, ether.fi Ventures, P2 Ventures, MH Ventures, and Public Works. Notable angel investors such as Vitalik Buterin and Stani Kulechov also participated. This funding will support RISE's development of advanced blockchain technologies, aiming to surpass 1 billion gas per second and enhance scalability for web3 applications. The company, founded by Sam Battenally, Hai Nguyen, and Sasha Mai, and incubated by Caliber Venture Builder, is introducing innovations like the pevm, a Parallel EVM engine, and a Continuous Block Pipeline to optimize performance and decentralization.
Next news:Multicoin Capital and Solana Ventures have invested $10 million in a Series A funding round for Permissionless Labs, a key contributor to the Pipe Network, a permissionless content delivery network (CDN) on the Solana blockchain. The funding round also saw participation from Robot Ventures and Solana co-founder Anatoly Yakovenko. The new funds will be utilized to hire for marketing and engineering roles, expand the network's points of presence (POPs), and launch a private beta and testnet at Breakpoint, Solana’s annual developer conference. Permissionless Labs aims to revolutionize the CDN industry by creating a decentralized digital content distribution system, competing with traditional centralized models. The Pipe Network is designed to support large enterprise traffic, similar to that of Netflix, with innovations in edge-video advertising insertion technology.
Next news:UK regulators have approved only four out of 35 crypto business registrations in the last 12 months, deterring others from engaging with the process.
Next news:Crypto funds globally experienced a net inflow of $436 million last week, led by Bitcoin-based funds, according to CoinShares. This rebound follows two weeks of net outflows. The surge in inflows is attributed to market expectations of a potential interest rate cut. Bitcoin funds alone accounted for $436 million in net inflows, while Ethereum funds continued to face struggles, recording $19 million in net outflows. U.S.-based Bitcoin ETFs dominated with $403.9 million in inflows. Other regions like Switzerland and Germany also saw inflows, whereas Canada experienced outflows. Additionally, Solana funds reported net inflows for the fourth consecutive week.
Next news:

According to Arkham monitoring, about 10 minutes ago, Grayscale transferred 3041 $ETH to the Coinbase Prime address, worth approximately 7 million US dollars.

Next news:TechFlow News: Ki Young Ju, the founder of CryptoQuant, posted on Platform X, stating that the crypto industry is in crisis. In the past, the crypto industry itself was like a game. The game abstracted the path to human happiness, providing experiences of joy similar to real life by triggering dopamine release. The performance of altcoins in 2024 was dismal, with funds not flowing into the industry. If we do not create a new game to stimulate traders' dopamine, the crypto industry will face long-term stagnation. Ki Young Ju said, 'Some are even building completely different ecosystems to the extent that they are classified as outside the crypto industry. Where have the builders who incentivize us and explore new technologies gone? Why did they leave? I don't know. I want to ask Vitalik Buterin.' Ki Young Ju added, 'It needs to be clear that I am referring to Web3/Crypto, not Bitcoin.'

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.