Feb 8 AI Newsletter

Let's turn our attention to today's overall Crypto market situation.
As of 4:28 PM Hong Kong time on February 8, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.71 trillion US dollars, witnessing an increase of 3.45% compared to yesterday; the total trading volume is 55.36 billion US dollars, marking a rise of 21.2% from the previous day.

According to sosovalue, the price of $BTC is 44,626 USD, a increase of 3.89% from yesterday. The market cap of $BTC is 875.61 billion USD, accounting for 51.4% of the total market cap; $BTC's 24-hour trading volume is 17.13 billion USD, making up 30.9% of the total trading volume.
The price of $ETH is 2,423 USD, up 2.59% from yesterday; the market cap of $ETH is 291.20 billion USD, representing 17.1% of the total market cap; $ETH's 24-hour trading volume is 10.53 billion USD, comprising 19% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 49.9% 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 16:25, the top five gainers are:
Top 1 gainer is GamerCoin. As of 16:25 today, its market cap is 35.16M, with a coin price of 0.056453, witnessing a 24-hour increase of 43.2%.
The second is Silly Dragon. As of 16:25 today, its coin price is 0.057080, with a 24-hour increase of 30.9%.
The third is Cellframe. As of 16:25 today, its coin price is 0.56000, showing a 24-hour increase of 29.7%.
In fourth place is BitTorrent. As of 16:25 today, its coin price is 0.0000010100, with a 24-hour rise of 29.5%.
In fifth place is Dymension. As of 16:25 today, its coin price is 6.5410, increasing by 29.1% 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 15 sectors, 14 are up and 1 is down. Notably, DePIN, Layer2, and Layer1 sectors are worth mentioning.
DePIN sector has risen 5.22% relative to the UTC 0 time, led by gains in btt (33.8%), hns (20.3%), and dvpn (8.11%).
Layer2 sector has increased 4.59% relative to UTC 0, with MANTA (13%), ALT (12.2%), and boba (9.67%) leading the rise.
Layer1 sector has risen 4.42%, with xprt (20.8%), kas (20.7%), and arrr (12.9%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The Ethereum Dencun upgrade is set to be activated on the Holesky test network. BlockBeats reported on February 7th that the Ethereum Dencun upgrade is set to activate on the Holesky testnet in less than 12 hours. This is the final testnet fork before the mainnet launch, which is expected to be confirmed during tomorrow's AllCoreDevs conference call (all indications point to early to mid-March). EIP-4844 is coming soon.
Next news: Just two months after the merger between Hut 8 and US Bitcoin Corp, the combined Bitcoin miner has named a new CEO, Asher Genoot, replacing Jaime Leverton. This leadership change aligns with Hut 8's aim for a new strategic direction following the merger. The merger, described as transformational, aimed to diversify geographic presence and add new business lines, including AI infrastructure. Genoot, a co-founder of US Bitcoin Corp and its former COO and President, is tasked with defining a new strategy for Hut 8, which holds a significant Bitcoin balance and has a strong mining capacity.
Next news: On February 5th, the Bitcoin spot ETF saw a net inflow of $68 million, as reported by BitMEX Research and Blockbeats. Notably, iBit, a subsidiary of BlackRock, contributed significantly to this with a net inflow of $137.3 million. According to SoSoValue, the total net inflow of Bitcoin spot ETF on February 5 was $68.11 million, which has been the seventh consecutive day of net inflow. Grayscale ETF GBTC had a single-day net outflow of $107 million. The other 9 ETFs except Grayscale had a total net inflow of $175 million. BlackRock ETF IBIT had a single-day net inflow of $137 million.
Next news: Farcaster's Dan Romero explains how 'Frames' did what X (Twitter) doesn't. The decentralized social network Farcaster is enjoying a breakout after last week's introduction of "Frames"
a new feature that could attract attention from developers and, eventually, mainstream users. CoinDesk's Jenn Sanasie sat down with co-founder Dan Romero in an exclusive interview.
Next news: BAKKT, a digital asset platform, has issued a warning in documents submitted to the US Securities and Exchange Commission, stating that the company may not be able to continue operating. The warning indicates that BAKKT believes its cash and restricted cash may not be sufficient to support its operations for the 12 months following the filing. This announcement was reported by BlockBeats on February 8th. Crypto firm Bakkt, backed by the owner of the NYSE, warned it might not be able to remain in business. The company was introduced in 2018 with the initial goal of helping Starbucks customers buy coffee with Bitcoin. Bakkt, once hailed as Bitcoin's 'savior,' is facing financial difficulties, revealing it may not have enough cash to continue operations over the next 12 months. Launched in 2019 with support from the Intercontinental Exchange (ICE), Bakkt warned in a recent SEC filing that it might not be able to continue as a going concern. The company, which was founded in 2018 amid significant excitement for its potential to open Bitcoin to institutional investors, now faces uncertainty due to the rapidly evolving crypto asset environment. Bakkt is considering raising up to $150 million in registered securities in the public markets to fund its long-term vision. Crypto firm Bakkt, once hailed as the 'Bitcoin saviour', is facing severe financial difficulties, with a possibility of shutting down in the next 12 months if it fails to secure additional capital. In a recent filing with the U.S. Securities and Exchange Commission (SEC), Bakkt revealed its concerns about its financial stability, stating that its current cash reserves may not be sufficient to sustain operations for the next year. The company is exploring options such as debt financing or equity dilution to raise the necessary funds. This announcement has raised concerns among investors, especially given Bakkt's ambitious plans to expand into new markets and grow its revenue base in the volatile cryptocurrency landscape. The company also anticipates operating losses and existing cash burn to continue, which could hinder its ability to maintain sufficient liquidity and effectively operate. Additionally, Bakkt's stock price saw a significant drop of 7.5% in aftermarket hours following the filing. Founded by Intercontinental Exchange (ICE) and initially aimed at facilitating Bitcoin payments for Starbucks customers, Bakkt has since pivoted its focus towards providing business-to-business technology services.
Next news: The U.S. Treasury Department has released its 2024 National Risk Assessments on money laundering, terrorist financing, and proliferation financing, highlighting the increasing use of virtual assets by criminals, scammers, and illicit actors for activities such as fraud, drug trafficking, human smuggling, and corruption. The reports detail the challenges in regulating virtual asset service providers (VASPs) and decentralized finance (DeFi) platforms, which often fail to comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations. The Treasury plans to release a strategic plan addressing these issues, emphasizing the growing concern over the use of virtual assets in illegal activities and the need for stricter compliance and regulation.
Next news: The in-game currency Berry in Pixels surged over 57% due to Binance's new coin mining news. Additionally, the blockchain game PIXELS announced the gradual phase-out of the BERRY currency, allowing players to exchange BERRY for the main coin PIXEL at a certain ratio.
Next news: Prometheum Capital LLC, a subsidiary of the digital asset firm Prometheum, Inc., is set to offer crypto custodial services, starting with Ether as its initial offering. The services, aimed at institutional clients such as asset management firms, hedge funds, banks, and registered investment advisors, are scheduled to launch in the first financial quarter of the year. The firm plans to extend these services to retail clients in 2024. Prometheum, Inc. Co-CEO Aaron Kaplan highlighted the alignment of these services with federal security laws' regulatory and compliance mandates. The offering follows the Financial Industry Regulatory Authority's approval for Prometheum to provide crypto clearing and settlement services, a license granted by the SEC in May 2023. Amidst regulatory debates over Ether's classification, Prometheum's move could prompt a decision from the SEC. The firm's progress occurs as the SEC intensifies its scrutiny over crypto exchanges, urging registration. Despite criticism from some quarters, Prometheum emphasizes the importance of working within regulatory frameworks.
Next news: Chainlink (LINK) has experienced a surge in price and market value due to aggressive accumulation by whales and institutions. Multiple large transactions involving the withdrawal of LINK tokens from Binance have been observed, indicating a focused strategy to accumulate the cryptocurrency. The timing of these withdrawals coincided with significant price increases for LINK, further fueling speculation about the influence of these entities on the market. The crypto community is closely monitoring the situation to assess the impact on Chainlink's trajectory.
Next news: Bitcoin tops $44K, with whale accumulation suggesting conviction in more price gains. $BTC broke above $44,000 for the first time since Jan. 12, the day after the spot ETF debuts.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.