SoSo Daily Sept. 18 | Many analysts on Wall Street expect the Federal Reserve to cautiously make its first rate cut.

Let's turn our attention to today's overall Crypto market situation.
As of 12 PM Hong Kong time on September 18, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.16 trillion US dollars, witnessing a decrease of 0.492% compared to yesterday; the total trading volume is 93.77 billion US dollars, marking an increase of 30.8% from the previous day.

According to sosovalue, the price of $BTC is 59,848 USD, an increase of 1.3% from yesterday. The market cap of $BTC is 1.18 trillion USD, accounting for 54.8% of the total market cap; $BTC's 24-hour trading volume is 37.75 billion USD, making up 40.3% of the total trading volume.
The price of $ETH is 2,300.1 USD, down 0.346% from yesterday; the market cap of $ETH is 276.8 billion USD, representing 12.8% of the total market cap; $ETH's 24-hour trading volume is 15.33 billion USD, comprising 16.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 56.6% 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 BarnBridge (BOND). As of 11:55 today, its market cap is 20.90M, with a coin price of 2.1520 USD, witnessing a 24-hour increase of 44.4%.
The second is Kadena (KDA). As of 11:55 today, its coin price is 0.62900 USD, with a 24-hour increase of 24.8%.
The third is Heroes of Mavia (MAVIA). As of 11:55 today, its coin price is 1.5210 USD, showing a 24-hour increase of 24.5%.
In fourth place is KALM. As of 11:55 today, its coin price is 0.040500 USD, with a 24-hour rise of 23.6%.
In fifth place is UXLINK. As of 11:55 today, its coin price is 0.64110 USD, increasing by 22.7% 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, 6 are up and 10 are down. Today, there are no sectors with a price change exceeding 2%.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Many analysts on Wall Street still expect the first move by the Federal Reserve to cut interest rates to be more cautious. "I hope they cut rates by 50 basis points, but I guess they will cut rates by 25 basis points," said Mark Zandi, chief economist at Moody's Analytics. "They have already completed their tasks of full employment and inflation target, and a fund rate of around 5.5% is too high. Therefore, I think they need to normalize rates quickly and there is ample room to do so." Tom Simmons, an economist at Jefferies, said, "Although the tightening policy seems effective, it has not worked out exactly as they imagined, so loose policy should be seen as equally uncertain." "So if you are unsure, you should not rush," said former Dallas Fed President Kaplan. "I guess they are divided in their opinions." "From a risk management perspective, some members just want to be more cautious," said Seema Shah, an analyst at Principal Global Investors. Ultimately for the Fed, it is about deciding which risk is greater - cutting rates by 50 basis points could reignite inflation pressure, while cutting rates by only 25 basis points could lead to an economic downturn. Criticized for reacting too slowly to the inflation crisis, the Fed may take a passive response to the risk of an economic downturn rather than an active one. (FX168)
Next news:

According to SoSoValue, as of September 17th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $186.76M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00 , bringing GBTC's total historical net outflow to $20.06B.

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 $382.59M.

The Bitcoin spot ETF with the highest net inflow for the day was Fidelity's ETF FBTC, with a daily net inflow of $56.61M, with FBTC's total historical net inflow reaching $9.70B.

Following that, Bitwise's ETF BITB had a daily net inflow of $45.35M, with BITB's total historical net inflow reaching $2.04B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $54.84B, 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 $17.50B.

Source: https://sosovalue.com/assets/etf

Next news:Google Cloud has launched a new Ethereum-compatible blockchain RPC service aimed at supporting web3 development. The service, compatible with the Ethereum JSON-RPC standard, allows developers to integrate it into existing applications easily. It supports the Ethereum mainnet and test networks initially, with plans to expand to more networks. This service positions Google Cloud to compete with other RPC providers like Infura and Alchemy, offering a free tier with up to 100 requests per second. Google Cloud also offers other blockchain services, including node hosting and data analytics.
Next news:Animoca Brands, a major player in the Web3 space, is considering going public. However, the company's chairman, Yat Siu, stated that the timeline for this move will depend on the market's status and other factors. This statement was made during an interview with CoinDesk in Singapore.
Next news:According to Foresight News, BNB Chain has launched a gas-free stablecoin payment plan, as reported by Cointelegraph. The aim is to make stablecoin payments easier, faster, and cheaper. Through partnerships with CEX, wallet providers, and cross-chain bridges, this plan supports gas-free transactions for USDT, USDC, FDUSD, and more.
Next news:

At the Token 2049 conference, Arthur Hayes discussed the Federal Reserve's interest rate decision and its potential impact on the market. He predicted a 60% to 70% chance that the Fed would choose to cut rates by 75 or 50 basis points. Hayes emphasized that the rate cut could potentially lead to a short-term market crash, particularly due to the narrowing interest rate differential between the US dollar and the Japanese yen. He also mentioned that Ethereum might perform well in this scenario, likening it to 'internet bonds,' and discussed its investment potential. Hayes reiterated that monitoring the USD/JPY exchange rate is crucial as it will be a key factor affecting the market.

Next news:Foresight News Alert: According to @ai_9684xtpa monitoring, the ETH/BTC exchange rate bull James Fickel has sold a total of 11,338 WETH for WBTC in the past 9 hours, equivalent to about 26.78 million USD, with an average selling price of 2,362 USD. Currently, he still holds 142,103 stETH and has borrowed 1,308 WBTC, with a health factor of 3.42.
Next news:According to Foresight News, based on SoSoValue data, the total net outflow of Ethereum spot ETF was 15.11 million US dollars on September 17th (US Eastern Time) yesterday. The Grayscale Ethereum Trust ETF ETHE had a net outflow of 17.89 million US dollars in a single day yesterday, with a historical net outflow of 2.75 billion US dollars for ETHE. The Grayscale Ethereum Mini Trust ETF $ETH had a net inflow of 2.77 million US dollars in a single day, with a total historical net inflow of 263 million US dollars for Grayscale Ethereum Mini Trust ETH. As of the time of publication, the net asset value of the Ethereum spot ETF was 6.41 billion US dollars, with an ETF net asset ratio (proportion of market value to total Ethereum market value) of 2.27%, and a total historical net outflow of 606 million US dollars.
Next news:A top financial regulator is closely monitoring offshore, unregulated companies that allow Americans to trade on US election outcomes. Rostin Behnam, chairman of the US Commodity Futures Trading Commission, emphasized the scrutiny of these platforms during a conference at Georgetown University.
Next news:BitGo, a digital asset services company, has announced its entry into the stablecoin market with the launch of USDS, a reward-bearing stablecoin. USDS is designed as an 'open participation' stablecoin, offering rewards to institutions that contribute liquidity to its ecosystem.

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.