SoSo Daily Nov 8 | The Federal Reserve cuts interest rates by 25 basis points.

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM UTC0 time on November 8, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.69 trillion US dollars, witnessing an increase of 0.338% compared to yesterday; the total trading volume is 169.48 billion US dollars, marking a decline of 30.7% from the previous day.

According to sosovalue, the price of $BTC is 75,975 USD, an increase of 1.61% from yesterday. The market cap of $BTC is 1.50 trillion USD, accounting for 55.9% of the total market cap; $BTC's 24-hour trading volume is 63.46 billion USD, making up 37.4% of the total trading volume.
The price of $ETH is 2,923.6 USD, up 2.76% from yesterday; the market cap of $ETH is 352.06 billion USD, representing 13.1% of the total market cap; $ETH's 24-hour trading volume is 32.56 billion USD, comprising 19.2% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69% 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 05:50 UTC0 time, according to sosovalue, the top five token gainers are:
Top 1 gainer is The Virtua Kolect (TVK). As of today, its market cap is 22.99M, with a coin price of 0.13443 USD, witnessing a 24-hour increase of 67.7%.
The second is Plian (PI). As of today, its market cap is 872.10K, with a coin price of 0.00085600 USD, witnessing a 24-hour increase of 66.2%.
The third is Meter Governance (MTRG). As of today, its market cap is 12.59M, with a coin price of 0.46220 USD, showing a 24-hour increase of 58.1%.
In fourth place is BarnBridge (BOND). As of today, its market cap is 20.93M, its coin price is 2.1520 USD, with a 24-hour rise of 44.4%.
In fifth place is Fartcoin. As of today, its market cap is 85.98M, its coin price is 0.085981 USD, increasing by 43.3% 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, 10 are up and 6 are down. Notably, $ETH, Meme, and Layer1 sectors are worth mentioning.
$ETH sector has risen 2.98% relative to the UTC 0 time, led by gains in $eth (2.98%).
Meme sector has increased 2.52% relative to UTC 0, with fartcoin (44.3%), FLAVIA (36.3%), and gnon (36.2%) leading the rise.
Layer1 sector has risen 2.45%, with mtrg (57.5%), wit (33.6%), and fx (31.6%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:According to Deep Tide TechFlow news, on November 8, the U.S. Federal Reserve decided to lower the benchmark interest rate by 25 basis points to 4.50% - 4.75%. This marks the second interest rate cut by the Fed this year. However, with Trump being re-elected as President of the United States, the Fed will face increased pressure.
Next news:Detroit will become the largest city in the United States to accept cryptocurrency payments, city officials announced Thursday. Residents can pay taxes and other city fees using crypto through a secure platform managed by PayPal. The option will become available in mid-2025, along with additional improvements to city payment services. Detroit aims to explore innovative technologies that could enhance public services, strengthen civic engagement, and foster economic growth. The city is also inviting blockchain entrepreneurs to pitch their ideas for blockchain civic applications.
Next news:

According to SoSoValue, as of November 7th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $1.38B.

Yesterday, Grayscale's ETF GBTC had a net inflow of $7.31M, bringing GBTC's total historical net outflow to $20.19B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net inflow of $ 20.38M，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $541.77M.

The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $1.12B, with IBIT's total historical net inflow reaching $27.18B.

Following that, Fidelity's ETF FBTC had a daily net inflow of $190.92M, with FBTC's total historical net inflow reaching $10.73B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $78.50B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 5.19%. The historical cumulative net inflow has reached $25.49B.

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

Next news:Pond, a crypto startup building a decentralized AI model layer, has raised $7.5 million in a seed funding round led by Archetype. Other investors include Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation and several angel investors. Pond plans to expand its crypto-AI use cases to include DeFi risk management, insider trading detection, and personalized recommendations.
Next news:The company's shares fell after reporting third quarter sales that missed estimates by 4%.
Next news:According to Wu's report, Onchain Lens has monitored that Paradigm Capital (@paradigm) transferred another 6.93 million LDO to Coinbase 2 hours ago, valued at 9.32 million USD. Yesterday, they transferred 70 million LDO into 2 different wallets. In total, they have sent 15.11 million LDO, valued at 18.77 million USD. Currently, they still hold 54.88 million LDO, valued at 70.99 million USD.
Next news:According to Wu Shuo, based on data from SoSoValue, the total net inflow for Ethereum spot ETFs yesterday (Eastern Time on November 7) was $79.74 million. Grayscale's Ethereum mini trust ETF $ETH saw a net inflow of $5.48 million in a single day, and the historical total net inflow for Grayscale's Ethereum mini trust $ETH is now $302 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was Fidelity ETF FETH, with a net inflow of $28.93 million. This was followed by BlackRock ETF ETHA, with a single-day net inflow of $23.66 million.
Next news:According to the Canadian Broadcasting Corporation, Dean Skurka, the CEO of Toronto-based WonderFi, was kidnapped and released after a ransom of 1 million USD was paid. The kidnapping occurred on Wednesday when Skurka was forcibly shoved into a vehicle in downtown Toronto. Although he was subsequently released through electronic payment of the ransom, he stated that the funds and data of the company's clients were not affected. The police are investigating the matter but have not disclosed further details. This kidnapping incident highlights the security threats faced by the cryptocurrency industry, as similar cases have occurred multiple times. (TheBlock)
Next news:Upbit will launch DRIFT trading pairs for Korean Won, $BTC, and USDT.
Next news:According to Reuters, Trump's transition team is considering nominating Dan Gallagher, the Chief Legal Officer of Robinhood, to serve as the Chairman of the U.S. Securities and Exchange Commission (SEC). Gallagher previously served as a Republican SEC commissioner (2011-2015) and is known for supporting financial innovation and market liberalization, particularly taking a lenient stance on cryptocurrency regulation. He advocates for recognizing cryptocurrencies as an independent asset class rather than strictly categorizing them as securities. In addition to Gallagher, the Trump transition team is also considering former SEC commissioner Paul Atkins and Robert Stebbins, who previously served as the SEC's General Counsel. Cryptocurrency supporter Hester Peirce is another strong candidate, but she has expressed her unwillingness to take on the role. The team is expected to submit a list of candidates to the president-elect in the coming weeks.

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.