Feb 9 AI Newsletter

As of 5:59 AM on February 10, 2024, the total market cap of the crypto market is 1.78 trillion US dollars, showing a 3.49% increase from the previous day. The 24-hour trading volume is 76.86 billion US dollars, indicating a 31.4% increase from the previous day.

According to sosovalue, the price of $BTC is 47,514 USD, a increase of 4.84% from yesterday. The market cap of $BTC is 932.37 billion USD, accounting for 52.2% of the total market cap; $BTC's 24-hour trading volume is 27.71 billion USD, making up 36.1% of the total trading volume.
The price of $ETH is 2,503.1 USD, up 3.19% from yesterday; the market cap of $ETH is 300.81 billion USD, representing 16.9% of the total market cap; $ETH's 24-hour trading volume is 11.00 billion USD, comprising 14.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.1% of the total cryptocurrency market cap, and their combined trading volumes constitute 50.4% 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 Huobi BTC. As of 05:55 today, its market cap is 334.25M, with a coin price of 37268 USD, witnessing a 24-hour increase of 186%.
The second is FIO Protocol. As of 05:55 today, its coin price is 0.046730 USD, with a 24-hour increase of 75.4%.
The third is Walken. As of 05:55 today, its coin price is 0.0073110 USD, showing a 24-hour increase of 54.7%.
In fourth place is Victoria VR. As of 05:55 today, its coin price is 0.055793 USD, with a 24-hour rise of 51.3%.
In fifth place is MANTRA. As of 05:55 today, its coin price is 0.31126 USD, increasing by 40.8% 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, AI sector has risen 10.9% relative to the UTC 0 time, led by gains in paal (31.6%), tao (23.5%), and aidoge (14.3%).
GameFi sector has increased 4.94% relative to UTC 0, with vr (54.5%), wlkn (44.2%), and derc (23.9%) leading the rise.
$BTC sector has risen 4.84%, with $btc (4.84%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin has experienced a surge in price, reaching new highs and surpassing key resistance levels. Analysts are divided on the future direction of $BTC, with some predicting further gains and others expecting a potential pullback. The surge is attributed to factors such as market optimism, bullish futures data, and hoarding by large holders. Bitcoin's price trajectory and potential for further gains are closely monitored amid market volatility and economic uncertainty. The cryptocurrency's surge coincides with historic highs for U.S. equities and the launch of spot Bitcoin ETFs, contributing to a bullish narrative. Traders are advised to remain cautious and closely monitor key resistance levels and market indicators.
Next news: Genesis Global HoldCo LLC has settled a lawsuit with New York's Attorney General Letitia James over allegations of defrauding customers through its now-terminated Gemini Earn program. The settlement ensures that assets will be returned to former Earn customers and other Genesis creditors instead of going to state authorities. This agreement requires approval from a bankruptcy judge and comes after a separate settlement with the US Securities and Exchange Commission over the Earn program.
Next news: The New York Attorney General has expanded a lawsuit against Gemini Trust Co. and Barry Silbert's Digital Currency Group, now seeking $3 billion in restitution for over 230,000 investors. The alleged fraud was found to be three times larger than initially thought. The civil complaint, originally filed in October seeking $1.1 billion, was amended after thousands of investors claimed they had been misled about the safety of their investments. New York Attorney General Letitia James has expanded the state's lawsuit against Digital Currency Group, tripling the estimated size of alleged fraud to more than $3 billion. The lawsuit, initially focusing on the losses of retail investors in the Gemini Earn investment program, now includes additional complaints revealing a broader scope of fraud involving other investors and DCG’s affiliate Genesis. The NYAG's investigation found that over 230,000 investors were defrauded out of more than $3 billion. This expansion comes after Genesis Global Holdco, a DCG affiliate, filed for bankruptcy protection and reached a settlement with the NYAG. Additionally, the SEC settled a lawsuit with Genesis Global Holdco, agreeing to a $21 million payment over allegations related to the Gemini Earn program being an unregistered securities offering. The New York Attorney General's Office has expanded its lawsuit against Digital Currency Group (DCG), alleging that the extent of fraud committed by the company is more than $3 billion, three times the initial estimate. New York Attorney General Letitia James today expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of the alleged fraud scheme to more than $3 billion. James filed the lawsuit in October against Digital Currency, a unit of Genesis Global Capital, and Gemini Capital, the exchange run by twin brothers Cameron and Tyler Winklevoss. The Attorney General alleged that they caused losses of more than $1 billion by misleading investors about Gemini Earn, a program that allowed customers to lend crypto assets to Genesis in exchange for a promised high rate of return. Other investors have since complained, James said in a statement, and it appears the complex scam also ensnared other investors who sent money directly to Genesis. James is seeking more than $3 billion in damages for more than 230,000 investors he believes were defrauded.
Next news: According to DeFiLlama, the Restaking protocol EigenLayer TVL has increased by 171% in the past 7 days to US$5.66 billion, surpassing Uniswap and becoming the fifth largest TVL protocol. EigenLayer deposits will be open until 4:00 UTC+8 on February 10th.
Next news: U.S. Senators criticize SEC Chair Gensler over the agency's handling of the Debt Box case, expressing concerns about misleading statements and the impact on crypto regulation. The SEC admitted to inaccuracies in its case against Debt Box and decided to dismiss the case without prejudice. This controversy highlights the challenges regulatory bodies face in adapting to the rapidly evolving crypto sector and may influence future regulatory activity and legislative initiatives regarding cryptocurrency regulation. The senators' letter reflects rising stakes and uses the incident to further concerns about Gensler's administration, especially regarding crypto. Industry groups, including the American Securities Association, also criticized the SEC's actions, accusing it of misleading a federal court for a political agenda against the crypto industry.
Next news: Polygon Labs, the infrastructure team behind the Polygon ecosystem, has revealed its latest innovation of a Polygon Zero-Knowledge Ethereum Virtual Machine (ZKEVM) Type 1 Prover. Provers on the blockchain are computational entities that attest to whether or not a piece of information is accurate without revealing the underlying data. These provers create
proofs" that are then validated by verifiers. A Type 1 Prover indicates the highest level of compatibility with the Ethereum blockchain. This means that it does not need to change any part of Ethereum in order to generate a proof. This includes storage structure, hash functionality or any other consensus logic. According to Brendan Farmer, co-founder of Polygon, Type 1 ZKEVMs must make performance trade-offs when it comes to proof generation and requires more computation, but ultimately makes Ethereum Layer-1 itself much more scalable. The Polygon team has worked on the proving system — Plonky2 — for over 16 months. By the end of this year, it is expected that the team will release Plonky3, which will see significant performance improvements, Farmer notes. The new Type 1 ZKEVM Prover is completely open source, with a dual license under MIT and Apache 2.0. The MIT license carries very few restrictions, as does the Apache 2.0 license, though users who make significant changes to the code must mark the modifications. By introducing the Type 1 Prover, any existing EVM equivalent blockchain can become a ZK Layer-2 solution and integrate into the Polygon ecosystem through its aggregation layer without having to fork its network. This includes the likes of Manta, Canto and Celo, Farmer said. Polygon’s ZKEVM Prover will also be compatible with Type 2 ZKEVMs at a lower cost. Polygon’s aggregation layer was introduced in January as an alternative to existing scaling narratives — monolithic and modular blockchains — and is designed to center scaling around its own unified AggLayer, a protocol that provides cross-chain UX. Polygon is not the first team to have introduced this type of architecture. In August last year, RISC Zero introduced its “Type 0” ZKEVM, Zeth, a general-purpose programming language that could be EVM equivalent. Unlike Type 1 ZKEVMs, Type 0 ZKEVMs are designed in a way so that developers can modify and customize their ZK stack for compatibility with any network, like ZKSolana, for example. Its downside, according to Farmer, is that it could be a little more costly. Farmer predicts that in the coming weeks, performance on Polygon’s ZKEVM Prover will improve by around 35% and be roughly 50 times more affordable than its competitors'.
Next news: Bitcoin's price movements from February 7th to February 9th, as reported by OKX market data and Blockbeats.
Next news: BLOCKBEATS reported on February 9th that the total value locked (TVL) in the DeFi yield market Pendle has surpassed $1 billion. DeFi platform Pendle has nearly reached $1 billion in total value locked (TVL), crossing the $100 million mark in mid-June 2023.
Next news: On February 5th and 6th, Bitcoin spot ETFs experienced net inflows of $68 million and $33 million, respectively. BlackRock's iBit and Fidelity's FBTC were among the ETFs with significant inflows. However, Grayscale's GBTC saw outflows on both days. On February 7th, it was predicted that $179 million would be transferred to various ETF custody addresses after the US stock market opened. The total net inflow of Bitcoin spot ETFs on February 7th was $146 million, marking the ninth consecutive day of net inflows. On February 8th, Bitcoin spot ETFs saw a significant inflow of $403 million, the third-largest influx, despite over $100 million in outflows from GBTC. The total net inflow of the US Bitcoin spot ETF on February 8th exceeded $400 million. Bitcoin's price surged beyond $46,000, reaching a one-month high, driven by consistent inflows into Bitcoin ETFs and anticipation of the upcoming Bitcoin halving event. Bitcoin ETFs have seen significant inflows, with $400 million recorded in a single day, pushing the total since their launch beyond $2 billion. The surge in investment coincides with Bitcoin's price increase to $48,000. Notably, Bitcoin ETF inflows are outpacing those of Grayscale, which has experienced $6.3 billion in outflows since converting to a spot ETF.
Next news: Ethereum introduces a new experimental token standard, ERC-404, which explores the integration of tokens and NFTs. The article discusses the potential risks associated with this new standard.

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.