Feb 8 AI Newsletter

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on February 8, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.73 trillion US dollars, witnessing an increase of 4.47% compared to yesterday; the total trading volume is 61.46 billion US dollars, marking a rise of 43.2% from the previous day.

According to sosovalue, the price of $BTC is 45,435 USD, an increase of 5.49% from yesterday. The market cap of $BTC is 891.49 billion USD, accounting for 51.5% of the total market cap; $BTC's 24-hour trading volume is 17.13 billion USD, making up 27.9% of the total trading volume.
The price of $ETH is 2,454.2 USD, up 3.57% from yesterday; the market cap of $ETH is 294.95 billion USD, representing 17% of the total market cap; $ETH's 24-hour trading volume is 10.53 billion USD, comprising 17.1% 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 45% 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, according to the latest data, the top five gainers are:
Top 1 gainer is MANTRA. As of 23:55 today, its market cap is 178.32M, with a coin price of 0.22428 USD, witnessing a 24-hour increase of 46%.
The second is Goldfinch. As of 23:55 today, its coin price is 1.4324 USD, with a 24-hour increase of 35.4%.
The third is Cellframe. As of 23:55 today, its coin price is 0.56850 USD, showing a 24-hour increase of 31%.
In fourth place is Tribe. As of 23:55 today, its coin price is 0.44600 USD, with a 24-hour rise of 30.7%.
In fifth place is dogwifhat. As of 23:55 today, its coin price is 0.23970 USD, increasing by 29.9% 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 15 sectors, 15 are up and 0 are down. Notably, Layer1 sector has risen 5.62% relative to the UTC 0 time, led by gains in tara (23.3%), xprt (14.4%), and kas (14.3%).
$BTC sector has increased 5.49% relative to UTC 0, with $btc (5.49%) leading the rise.
DePIN sector has risen 5.1%, with btt (29.5%), pokt (15.3%), and aleph (9.18%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is: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: 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. Bakkt, a publicly-traded company backed by the Intercontinental Exchange (ICE), which also owns the New York Stock Exchange, has announced it may not have enough cash reserves to stay in business for the next 12 months. Founded in 2018 to allow corporations like Starbucks to accept crypto payments, Bakkt quickly expanded its services, including the introduction of a digital wallet in 2021. However, in February 2023, Bakkt announced the discontinuation of its wallet app to focus on business-to-business solutions. Despite this pivot, a recent amendment to its quarterly report to the SEC indicates the company is struggling financially, warning it may not be able to operate for the next 12 months. Bakkt has submitted an S-3 form to potentially sell up to $150 million in equity to stay afloat, but it's unclear if this will be approved or if the deletion of a related post on X was due to this information being sensitive. Bakkt, the digital asset firm once backed by major partners like Starbucks and Mastercard, has informed regulators that it is running out of money due to the rapidly evolving environment in the crypto industry. In an SEC filing, Bakkt disclosed that it may not have enough cash to continue operations for the next 12 months and cited uncertainty associated with its expansion and revenue growth. The company is now seeking additional financing to meet its needs. Bakkt, the cryptocurrency platform backed by the Intercontinental Exchange (ICE), has warned it may not have enough funds to stay in business over the next 12 months. The company made this revelation in a filing with the United States Securities and Exchange Commission, stating that its financial condition resulted from the “rapidly evolving environment” of the crypto space. In the amended report, Bakkt highlighted potential market uncertainties it could face, such as possible disruptions in the crypto market, rejections from banking services, compliance failures, and other economic and business factors that could impact its operations. Additionally, Bakkt disclosed it is looking to raise fresh capital by issuing its registered securities in the public markets to help fund its long-term vision. The company also announced its expansion into international and domestic markets, with plans to extend its crypto capabilities across numerous markets, serving existing and new partnerships. Bakkt expanded its operations into Mexico and Argentina with the help of its partnership with the stock trading platform Hapi, and was set to launch in Brazil before the end of 2023. Bakkt has also made several strategic partnerships with AWS and Starbucks to enable digital asset transactions and services.
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: 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: 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. Bitcoin breaks above $44K for the first time since the ETF market mania. At the time of writing, Bitcoin was trading around $44,170 on Coinbase, after reaching a local high of $44,430. The cryptocurrency last traded above $44,000 on January 12 amid the market mania around spot ETFs. Last month, the Securities and Exchange Commission granted approval to a group of ETFs after a protracted regulatory process. The price of Bitcoin gyrated during that period and at one point climbed above $48,000. Today's move represents a notable breakout, given the relatively moribund trading seen in recent days. Major cryptos like $BTC and $ETH were either flat or seeing minor gains amid speculation about future moves by the US Federal Reserve. "It is important to note that Bitcoin has been resilient over the last week despite higher US interest rates and a stronger US dollar," said Zach Pandl, Grayscale’s Managing Director of Research. The exact catalyst for today's price action isn't clear. Coinbase's stock climbed 1.9% today, while the Nasdaq overall rose 0.9%. Amid a broader market recovery, Bitcoin ($BTC) has seen a significant increase, rising over 4% and nearing $45,000. This surge is attributed to substantial whale accumulation over the past four weeks, with on-chain data showing Bitcoin whale supply at a 14-month high. Analysts suggest a potential pre-halving rally, with predictions of $BTC price reaching between $48,000 to $51,000. However, Bitcoin miners have been selling to fund new mining equipment, introducing potential volatility. The correlation between crypto and the S&P 500 suggests that cryptocurrencies might catch up with equities, especially with equities reaching new all-time highs.
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: As of February 8, 2024, the total market cap of the crypto market is 1.71 trillion USD, with a 3.45% increase from the previous day. The total trading volume is 55.36 billion USD, marking a rise of 21.2% from the previous day. $BTC's price is 44,626 USD, with a 3.89% increase from yesterday, and its market cap is 875.61 billion USD. $ETH's price is 2,423 USD, up 2.59% from yesterday, and its market cap is 291.20 billion USD. 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. The top 5 token gainers of the day are GamerCoin, Silly Dragon, Cellframe, BitTorrent, and Dymension. Sector performance shows 14 sectors up and 1 down, with notable gains in the DePIN, Layer2, and Layer1 sectors. Key news includes the Ethereum Dencun upgrade, leadership change at Hut 8 and US Bitcoin Corp, Bitcoin spot ETF net inflow, Farcaster's 'Frames' feature, Bakkt's financial difficulties, U.S. Treasury Department's National Risk Assessments, PIXELS in-game currency surge, Prometheum Capital LLC's crypto custodial services, Chainlink's surge, and Bitcoin's price increase.
Next news: Justin Sun deposited 109,327 stETH, approximately $259 million, into EigenLayer. According to BlockBeats news on February 8th, as monitored by @AI_9684XTPA, 9 hours ago, Justin Sun unwrapped all of his wstETH in Lido and converted them into 109,327 stETH (approximately $259 million USD), which he then transferred to two new addresses and stored in EigenLayer.
Next news: Coinbase's latest "State of Crypto Report" reveals that blockchain technology could have saved American consumers at least $74 billion in credit card transaction fees in 2022. The report, which utilized data from the SEC, U.S. Census Bureau, and Statista, highlights the potential for blockchain to make financial transactions cheaper, faster, and more accessible. It also notes that merchants could significantly reduce their costs, with credit card processing fees being their second largest expense after labor. Additionally, Coinbase is expanding its reach globally, while continuing to lobby for clearer digital asset regulations in the U.S. The company also plays a key role in the custody of newly launched spot Bitcoin ETFs, which have seen over $30 billion in trading volume.

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.