Feb 15 AI Newsletter

As of 5:59 PM Hong Kong time on February 15, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.95 trillion US dollars, witnessing an increase of 1.72% compared to the previous day; the total trading volume is 90.79 billion US dollars, marking a 10% increase from the previous day.

According to sosovalue, the price of $BTC is 52,166 USD, up 1.19% from yesterday. The market cap of $BTC is 1.02T USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 37.33B USD, making up 41.1% of the total trading volume.
The price of $ETH is 2,788.9 USD, up 1.54% from yesterday; the market cap of $ETH is 335.13B USD, representing 17.2% of the total market cap; $ETH's 24-hour trading volume is 20.21B USD, comprising 22.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 63.4% 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 17:55, the top five gainers are:
Top 1 gainer is Drops Ownership Power. As of 17:55 today, its market cap is 1.62M, with a coin price of 0.12088 USD, witnessing a 24-hour increase of 89%.
The second is Nervos Network. As of 17:55 today, its coin price is 0.013841 USD, with a 24-hour increase of 63.5%.
The third is Berry. As of 17:55 today, its coin price is 0.00043000 USD, showing a 24-hour increase of 55.3%.
In fourth place is VeThor. As of 17:55 today, its coin price is 0.0044960 USD, with a 24-hour rise of 53.1%.
In fifth place is RSK Infrastructure Framework. As of 17:55 today, its coin price is 0.23050 USD, increasing by 49.8% 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, CEX sector has risen 3.38% relative to the UTC 0 time, led by gains in cho (26.2%), flex (10.8%), and tko (10.7%).
Layer2 sector has increased 3.07% relative to UTC 0, with SAVM (15.3%), mnt (12.4%), and skl (10.1%) leading the rise.
Meme sector has risen 3.03%, with $myro (39.7%), dino (17.4%), and bitcoin (14.9%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:CoinShares reports a record $1.1 billion inflow into digital asset investment products, driven by the newly issued spot Bitcoin ETFs in the United States. Bitcoin dominates the inflows, accounting for 98%, while Ethereum and Cardano also saw inflows. Outflows from Canada and Germany have slowed, while Switzerland saw an inflow of $35 million. Blockchain stocks experienced some outflows. The inflows into digital asset investment products since the start of the year have reached $2.7 billion, with assets under management (AUM) reaching $59 billion.
Next news: Genesis, a bankrupt cryptocurrency lender, has been granted court approval to sell a significant amount of Grayscale Bitcoin Trust (GBTC) shares, valued at over $1.3 billion and $1.6 billion. The court decision allows Genesis to begin selling the shares to compensate customers who lent it digital assets. The sales will be conducted gradually with the assistance of a broker, and the shares can be converted into Bitcoin or cash. The decision comes after legal disputes and objections from Digital Currency Group, Genesis' parent company. The approval also includes the sale of shares in Grayscale's Ethereum Trusts. The impact of the sale on Bitcoin's price is uncertain, and concerns have been raised about potential price depression due to the large amount of shares being divested. Genesis has also reached settlements with the U.S. SEC and New York Attorney General Letitia James, resolving objections to its bankruptcy plan, which includes shutting down the company and repaying customers in cash or cryptocurrency.
Next news: Citibank, in collaboration with WisdomTree and Wellington Management, explores the tokenization of private equity funds using the Avalanche blockchain platform. The initiative involves smart contract capabilities, peer-to-peer token transfers, secondary transfers for trading, and validation of new features through secured lending. Citi's experiment aims to transform the private equity industry and improve operational efficiencies and compliance. The proof-of-concept also addresses outstanding legal and technical issues, highlighting the transformative potential of blockchain for private equity.
Next news: Ethereum co-founder Jeffrey Wilcke transferred a significant amount of $ETH to Kraken, adding to previous transfers. He still holds a substantial amount of ETH. The total value of the transferred $ETH is approximately $38.27 million.
Next news: The open interest in Bitcoin futures has reached a new high, surpassing $21 billion for the first time since November 2021. Despite this significant increase in notional open interest, the overall leverage in the market remains relatively low. This suggests that while there is a growing interest in Bitcoin futures, investors are still cautious about leveraging their positions too heavily.
Next news: The crypto community is eagerly anticipating the launch of StarkNet's native token, marking a significant event in 2024. StarkNet, a leading ZK-rollup technology, aims to distribute its native token, although the exact size of the drop is uncertain due to a large number of sybiled wallets. StarkNet's technology enhances Ethereum's scalability and security by moving transaction computations off-chain while keeping transaction data on the Ethereum main chain. Utilizing a unique proof system known as STARK, StarkNet offers unparalleled scalability and efficiency, potentially resolving Ethereum's network congestion issues. Unlike optimistic rollups, ZK-rollups like StarkNet do not require a dispute period for transactions, enabling immediate transfers between layers. Additionally, StarkNet's compatibility with the Ethereum Virtual Machine (EVM) and the use of its programming language, Cairo, or a Solidity-to-Cairo compiler, presents vast opportunities for Ethereum users and developers. The launch of StarkNet's native token, $STRK, with an initial supply of 10 billion tokens, is highly anticipated by the crypto community.
Next news: U.S. Treasury calls for stronger tools against crypto crime risks. Treasury's Brian Nelson calls on Congress for enhanced resources to combat crypto crime and illicit finance misuse. In a significant move to bolster its fight against illicit finance, the U.S. Treasury has voiced its concerns regarding crypto crime to House lawmakers. The agency is pushing for enhanced legislative tools and resources to tackle these challenges effectively. The call for action was outlined by Brian Nelson, the Treasury's Under Secretary for Terrorism and Financial Intelligence, in his prepared testimony ahead of a congressional hearing focused on terrorism and crypto crimes. Nelson expressed the Treasury's deep-seated worries about using virtual assets in illicit financial activities. His comments come at a time when Washington lawmakers, spurred by figures such as Sen. Elizabeth Warren and Senate Banking Committee Chair Sherrod Brown, have been intensifying their focus on combating illicit finance within the cryptocurrency sector. The Treasury has been working over the past decade on a framework aimed at combating the financing of terrorism, balancing the need to mitigate illicit finance risks with promoting responsible innovation. Despite possessing certain tools to address issues, such as holding firms accountable for non-compliance with the Bank Secrecy Act, Nelson emphasized the necessity for additional tools and resources. He highlighted the importance of working alongside Congress to adopt reforms that would update the Treasury's tools and authorities better to address the evolving challenges of today's financial landscape. The Treasury Department has recommended that lawmakers amplify its authorities, including implementing new sanctions tools to pursue bad actors in the crypto space more effectively. Although stablecoins were not mentioned in Nelson's testimony, the Treasury has previously indicated that they require greater oversight. Nelson also discussed efforts to prevent groups like Hamas from utilizing digital assets to support terrorism, acknowledging the continuous evolution of methods used by such groups to raise, transfer, and store illicit proceeds. This proactive stance is part of a broader strategy to ensure that the financing mechanisms tied to entities like Hamas are targeted and disrupted. The Treasury's commitment to this cause was further underscored by the release of its 2024 National Risk Assessments on money laundering, terrorist financing, and proliferation financing. These reports highlight the persistent threat of illicit finance within the U.S., noting an increasing shift from traditional cash-based laundering to utilizing virtual assets. The Treasury's call for enhanced legislative tools and resources to combat crypto-related crimes is set against growing concern over using digital assets in illicit financial activities. The forthcoming hearings by the House Financial Services Committee on crypto and illicit activity signify the increasing attention paid to this issue at the highest levels of government.
Next news: COW DAO has launched an AMM trading platform aimed at protecting LPs from MEV impact. According to an official announcement on BlockBeats on February 15th, COW DAO has launched its first product, COW AMM, to protect LPs. This solution will safeguard LPs from the impact of MEV known as "Loss and Rebalancing (LVR)". LVR refers to the losses suffered by liquidity providers on decentralized AMM trading platforms due to constant rebalancing of liquidity pools by arbitrage robots.
Next news: Federal Reserve Chairman Powell informed House Democrats that legislation on stablecoins is necessary and emphasized that the Federal Reserve's digital currency would require approval from Congress. This statement was made on February 14th, as reported by Politico and Blockbeats News.

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.