Feb 20 AI Newsletter

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on February 20, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.96 trillion US dollars, witnessing a decrease of 1.2% compared to yesterday; the total trading volume is 69.64 billion US dollars, marking a decline of 0.326% from the previous day.

According to sosovalue, the price of $BTC is 51,772 USD, a decrease of 0.94% from yesterday. The market cap of $BTC is 1.02T USD, accounting for 51.8% of the total market cap; $BTC's 24-hour trading volume is 17.03B USD, making up 24.4% of the total trading volume.
The price of $ETH is 2,900.8 USD, down 0.243% from yesterday; the market cap of $ETH is 348.58B USD, representing 17.8% of the total market cap; $ETH's 24-hour trading volume is 24.08B USD, comprising 34.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 58.9% 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 17:55, the top five gainers are:
Top 1 gainer is Covalent. As of 17:55 today, its market cap is 195.73M, with a coin price of 0.3087 USD, witnessing a 24-hour increase of 48.8%.
The second is Trabzonspor Fan Token. As of 17:55 today, its coin price is 1.2394 USD, with a 24-hour increase of 43.4%.
The third is Golem. As of 17:55 today, its coin price is 0.3287 USD, showing a 24-hour increase of 38.1%.
In fourth place is Altair. As of 17:55 today, its coin price is 0.021455 USD, with a 24-hour rise of 32.3%.
In fifth place is Lybra Finance. As of 17:55 today, its coin price is 0.573 USD, increasing by 30.3% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, Layer2 sector has fallen -2.56% relative to the UTC 0 time, led by declines in lai (-20%), ever (-6.35%), and cweb (-6.13%).
AI sector has decreased -4.87% relative to UTC 0, with lai (-20%), aidoge (-16%), and heart (-10.7%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:According to the CoinShares weekly report on January 19th, the inflow of digital asset investment products reached a historical high last week, totaling $2.45 billion. The total inflow this year has reached $5.2 billion. The United States dominates the inflow, accounting for 99% of the total, totaling $2.4 billion. Bitcoin accounted for over 99% of the fund inflow, and some investors took the opportunity to increase their short positions in Bitcoin, resulting in an inflow of $5.8 million. Ethereum saw an inflow of $21 million. The recent outage of Solana affected market sentiment, resulting in an outflow of $1.6 million. Avalanche, Chainlink, and Polygon each saw inflows of $1 million, $900,000, and $900,000, respectively, with continuous inflows every week this year.
Next news: The Japanese Cabinet has approved a new proposal that would allow VC companies to directly invest in cryptocurrencies and Web3. According to BlockBeats news on February 19th, Japan's Ministry of Economy, Trade and Industry announced on February 16th that the Japanese Cabinet has approved a proposal to add cryptocurrencies to the list of assets that local investment limited partnership companies can purchase or hold. If the revision of this law is realized, Japanese venture capitalists (VCs) will be able to invest in projects that only issue virtual currencies, and the threshold for Japanese Web3 companies to raise funds and conduct business will be lowered. Previously, Japanese venture capital companies were unable to invest directly in cryptocurrency assets. The Japanese government is expected to submit a draft amendment to the LPS law to the National Diet as early as 2024.
Next news: The UK government plans to introduce new regulations for stablecoins and crypto staking services within the next six months. This move comes as the government faces increasing pressure to deliver specific proposals before the upcoming general election. Economic Secretary to the Treasury, Bim Afolami, announced the initiative during an industry event hosted by Coinbase in London, emphasizing the government's commitment to pushing for the legislation. The government aims to enact this legislation before this year's general election. Despite the UK Prime Minister Rishi Sunak's 2022 pledge to make the country a global crypto hub, progress on crypto regulation has been slow. However, in July 2022, the UK Law Commission recommended significant reforms for crypto use and ownership, including the creation of a new category of personal property for digital assets. On October 30, 2023, the government announced plans to introduce more crypto-specific regulation in 2024, including bringing fiat-backed stablecoins under the Financial Conduct Authority's purview. The upcoming general election, expected in the second half of this year, sees the Labour government, which is generally less favorable towards crypto, leading in early-stage polls.
Next news: The ruling party in South Korea, the National Power Party, is considering introducing a general election agreement related to cryptocurrency, including allowing Bitcoin spot ETFs and corporate investments. This initiative aims to attract voters in their 2030s by focusing on the development of the virtual asset industry, proposing the establishment of a "Digital Asset Promotion Special Committee" with regulatory proposal and sanction powers. The party plans to allow public issuance of cryptocurrency exchanges (IEO), corporate investment in virtual assets, and the introduction of investment products approved in advanced countries, such as Bitcoin spot trading exchange-traded funds (ETFs), in Korea. Additionally, the party is addressing inconsistencies in cryptocurrency-related policies and considering introducing blind trusts for cryptocurrency assets to manage the assets of congressmen and senior public officials.
Next news: A suspected address belonging to Justin Sun bought 54,721 $ETH in the past 32 hours, worth approximately $154 million. The purchase was made through Binance and DEX, as reported by BlockBeats news on January 20th. According to Lookonchain, the suspected Justin Sun address purchased 54,721 $ETH through Binance and DEX in the past 32 hours, worth approximately $154.4 million. The wallet withdrew 500 million USDT from HTX on February 18 and deposited 50 million USDT into Binance today. In the past 32 hours, someone purchased 54,721 $ETH ($154.4M) from Binance and DEX, speculated to be Justin Sun based on transaction patterns. A wallet, suspected to be Sun's, deposited 50M USDT into Binance and withdrew 500M USDT from HTX. The transactions of this wallet are consistent with another wallet, suggesting a connection. This includes significant deposits and withdrawals of USDT and $ETH from Binance and HTX, hinting at a possible link between the two wallets and Justin Sun.
Next news: Binance announced it will cease supporting leveraged token services starting from 14:00 (UTC+8) on April 3, 2024. Trading and subscription services for leveraged token trading pairs will be halted from 14:00 (UTC+8) on February 28, 2024, leading to the eventual delisting of leveraged tokens. Binance advises users to exchange their leveraged tokens for other tokens before the cessation of trading. For those holding leveraged tokens post-trading halt, Binance will convert them to an equivalent amount of USDT based on the net asset value at the time of delisting. Binance announced that it will stop trading and subscription services for leveraged tokens on February 28, 2024, at 6:00 (UTC), followed by the termination of redemption services and delisting of leveraged tokens; on April 3, 2024, at 6:00 (UTC), it will stop supporting leveraged token services. The affected trading pairs include: BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, BTCDOWN/USDT. Binance, the world's leading cryptocurrency exchange by trading volume, has announced a significant change in its product offerings. Effective February 28, 2024, at 6:00 p.m. (UTC), Binance will suspend trading and subscription services for leveraged tokens, leading to the eventual delisting of these products. The affected trading pairs include BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, and BTCDOWN/USDT. Leveraged tokens, which have been a niche offering on the platform, allow traders to gain leveraged exposure to cryptocurrency markets without the complexities of managing a margin account. These tokens, including two BNB pairs, two Ethereum pairs, and two Bitcoin pairs, represent a basket of perpetual contract positions and are designed primarily for short-term trading strategies. They automatically rebalance on a daily basis, differentiating them from traditional margin leveraged products. Binance has provided a schedule for the cessation of services: trading and subscription services for all affected leveraged tokens will be suspended on February 28, 2024. Following this date, automatic cancellation of all existing trade orders for these tokens will occur. Users are encouraged to trade or redeem these tokens before the suspension. After the cessation date, redemption can still be carried out via the wallet interface or the dedicated leveraged tokens page until the moment of delisting. Subsequent to the delisting, any remaining leveraged tokens will be converted to USDT based on the net asset value (NAV) at the time of delisting, and this USDT will be credited to users' accounts within a 24-hour window. Binance, a leading cryptocurrency exchange, has announced it will discontinue support for certain leveraged tokens linked to Bitcoin ($BTC), Ether ($ETH), and BNB (BNB) starting April 3. The decision follows an earlier announcement on February 19 to end support for leveraged tokens paired with Tether (USDT). The affected tokens include BTCUP and BTCDOWN, ETHUP and ETHDOWN, and BNBUP and BNBDOWN. Trading and subscription services for these leveraged token pairs will be suspended on February 28 at 06:00 UTC. Binance has advised users to convert or redeem their leveraged tokens into other assets before the deadline. Following the suspension, Binance will gradually delist and cease redemption of the tokens from April 1 to April 3. Users who fail to redeem their tokens by the deadline will have their tokens automatically converted into USDT based on their value on the delisting date, with the funds distributed to their accounts within 24 hours. Leveraged tokens are derivative products that offer leveraged exposure to the underlying crypto assets without requiring collateral or maintenance margins, but they also carry significant risks due to market volatility. Binance, one of the world's largest cryptocurrency exchanges, announced it will discontinue trading and subscription services for leveraged tokens, marking a significant change in its product offerings. This decision affects self-leveraged tokens like BTCDOWN, and will be implemented on February 28, 2024, with leveraged token trading and subscription services stopping at 09:00 on the same day. Following this, Binance will proceed with the termination of its services and delisting of leveraged tokens at 09:00 on April 3, 2024. Affected trading pairs include BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, and BTCDOWN/USDT. This move is part of Binance's broader efforts to streamline its offerings and focus on core products and services, although specific reasons for discontinuing its leveraged token services were not provided.
Next news: Cryptocurrency assets held at FTX/Alameda addresses are currently worth nearly $1.2 billion USD. According to statistics from Lookonchain on February 20th, the current total asset holdings of FTX/Alameda have reached $1.19 billion. These assets include: 266.84 million FTT tokens, worth approximately $482.98 million; 25 million WLD tokens, worth approximately $168 million; 105.47 million BIT tokens, worth approximately $83.33 million; 1,500 bitcoins, worth approximately $77.64 million; 104.02 million STG tokens, worth approximately $71.36 million.
Next news: Open interest in CME Bitcoin futures contracts rose to a record high of $6.75 billion. According to CoinGlass data reported by BlockBeats on February 18th, the total open interest of Bitcoin futures contracts across the entire network is 458,600 $BTC (approximately $23.72 billion USD). Among them, the open interest of Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) has reached 130,710 $BTC (approximately $6.75 billion USD), hitting a historical high and ranking first; while the open interest of Bitcoin contracts on Binance is 112,950 $BTC (approximately $5.84 billion USD), ranking second.
Next news: Worldcoin's World App, the first wallet developed for the Worldcoin project, has surpassed 1 million daily active users. This milestone coincides with a significant increase in the value of its cryptocurrency, WLD, which saw over a 100% rise in a week. The surge in WLD's value is part of a broader trend where AI tokens are gaining momentum, following the launch of SORA, a new AI model by OpenAI. Despite facing challenges, such as halting its iris recognition service in several countries, Worldcoin has continued to expand, notably launching its orb verification in Singapore.
Next news: eBay has laid off over 30% of its Web3 team employees, according to BlockBeats news on February 20th, citing sources from NFTGators. Stef Jay, the business and strategy officer of eBay's Web3 division, recently resigned, and David Moore, one of the founders of eBay's NFT marketplace KnownOrigin, was also laid off. eBay is rethinking its NFT strategy and has laid off more than 30% of its Web3 team, according to nftgators. Stef Jay, the business and strategy officer of the Web3 division, has resigned. The relationship between KnownOrigin, an NFT marketplace acquired in 2022, and eBay has deteriorated, and David Moore, one of the founders of Knownorigin, was also layoffed. eBay has suspended all digital art initiatives.

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.