Feb 20 AI Newsletter

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on February 21, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.98 trillion US dollars, witnessing an increase of 0.394% compared to the previous day; the total trading volume is 91.31 billion US dollars, marking a significant increase of 32.3% from the previous day.

According to sosovalue, the price of $BTC is 52,031 USD, an increase of 0.244% from yesterday. The market cap of $BTC is 1.02T USD, accounting for 51.5% of the total market cap; $BTC's 24-hour trading volume is 22.56B USD, making up 24.7% of the total trading volume.
The price of $ETH is 2,988.2 USD, up 0.687% from yesterday; the market cap of $ETH is 359.08B USD, representing 18.1% of the total market cap; $ETH's 24-hour trading volume is 16.45B USD, comprising 18% 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 42.7% 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 JasmyCoin. As of 05:55 today, its market cap is 562.30M, with a coin price of 0.011613 USD, witnessing a 24-hour increase of 51.1%.
The second is Golem. As of 05:55 today, its coin price is 0.34320 USD, with a 24-hour increase of 41.6%.
The third is Gearbox. As of 05:55 today, its coin price is 0.012619 USD, showing a 24-hour increase of 34.2%.
In fourth place is Crypton. As of 05:55 today, its coin price is 0.0075120 USD, with a 24-hour rise of 24.5%.
In fifth place is Chain Games. As of 05:55 today, its coin price is 0.021374 USD, increasing by 23.1% 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, 13 are up and 2 are down. Notably, DePIN sector has fallen by 2.02% relative to the UTC 0 time, led by declines in lpt (-12.7%), dvpn (-9.49%), and ncdt (-9.05%).
DeFi sector has decreased by 2.88% relative to UTC 0, with deus (-14.4%), astro (-13.5%), and pica (-12.1%) leading the decline.
Meme sector has fallen by 3.72%, with aidoge (-15.7%), $myro (-12.5%), and silly (-12.4%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is: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: StarkNet has initiated trading of its token, STRK, at a price of $5 after conducting what is considered the largest airdrop of the year. The project distributed a total of 728 million tokens to approximately 1.3 million addresses, marking a significant event in the cryptocurrency space.
Next news: The Bitcoin options market is experiencing a significant surge in activity, highlighted by a notable $20 million Bitcoin butterfly spread trade aiming for a maximum profit at the $47,000 mark. This strategy reflects a cautious yet opportunistic outlook among large-scale investors. Bitcoin options, a type of derivative contract, allow holders to buy or sell Bitcoin at a predetermined price before a specified date. The butterfly spread, a sophisticated strategy, aims to profit from a narrow price range around $47,000, combining both bullish and bearish outlooks with limited risk. Current market sentiment, according to data from CoinGass and CoinGecko, shows a lean towards a bullish outlook among traders, with Bitcoin's price currently at $51,936.48 and a market cap exceeding $1 trillion.
Next news: Binance Finance will support the distribution plan of StarkNet (STRK) to Binance $ETH staking users. According to an official announcement from BlockBeats on February 20th, eligible Binance $ETH staking users will receive STRK tokens in their spot wallets based on their total BETH holdings in eligible wallets at the time of the snapshot on September 16th, 2022 at 07:59 (GMT+8). The STRK token distribution will occur within 30 days after the official distribution date determined by the StarkNet Foundation, which is February 20th, 2024 at 20:00 (GMT+8).
Next news: Despite a steep downturn in crypto startup funding over the last year, HACK VC has raised a $150 million fund dedicated to the digital asset industry. The venture capital firm, based in New York, plans to announce this on Tuesday. HACK VC has already deployed about a third of the new fund, which focuses on early-stage startups. According to Managing Partner Alex Pack, HACK VC, which has invested in companies including blockchain startup Mysten Labs and crypto financial firm Amber Group, previously raised a $200 million fund in 2022.
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: John Deaton, a pro-XRP lawyer, is challenging Senator Elizabeth Warren for her Massachusetts Senate seat. Warren, a vocal critic of crypto, has raised concerns over Deaton's potential challenge and has rallied her donor base. Deaton, known for his advocacy in the crypto industry, has officially launched his campaign without explicitly mentioning digital assets. He aims to unseat Warren, who has served since 2013 and has raised approximately $16 million for her 2024 reelection campaign. The election day is set for November 5. Deaton must first secure the GOP nomination to face Warren in the general election.
Next news: eBay has laid off over 30% of its Web3 team, including key figures such as Stef Jay and David Moore. The company is rethinking its NFT strategy and has suspended all digital art initiatives. This move comes 18 months after eBay's acquisition of the NFT marketplace KnownOrigin. The decision has raised internal criticisms and uncertainty about the future of digital collectibles on the platform.
Next news: On February 20th, STRK experienced price movements on different exchanges. According to market data from OKX, STRK opened at $3 and is currently trading at $2.71. On Binance, STRK opened at $7.7 and is currently priced at $4.7.
Next news: An early Ethereum investor who had been dormant for over 8 years has transferred 1732 $ETH to Kraken, worth $5.15 million. According to BlockBeats news on February 20th, Lookonchain monitoring reported that a dormant early Ethereum investor transferred 1732 $ETH, worth $5.15 million, to Kraken after the price of $ETH exceeded $3,000. The investor had received 3,465 $ETH (approximately $10.3 million) during the Ethereum genesis, with an ICO price of around $0.31 per ETH.

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.