Feb 24 AI Newsletter

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on February 24, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.94 trillion US dollars, witnessing a decrease of 0.366% compared to yesterday; the total trading volume is 65.04 billion US dollars, marking a decline of 13.5% from the previous day.

According to sosovalue, the price of $BTC is 50,850 USD, a decrease of 0.489% from yesterday. The market cap of $BTC is 998.47 billion USD, accounting for 51.4% of the total market cap; $BTC's 24-hour trading volume is 23.73 billion USD, making up 36.5% of the total trading volume.
The price of $ETH is 2,930.2 USD, down 0.871% from yesterday; the market cap of $ETH is 352.09 billion USD, representing 18.1% of the total market cap; $ETH's 24-hour trading volume is 20.35 billion USD, comprising 31.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 67.8% 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 11:55, according to sosovalue, the top five gainers are:
Top 1 gainer is Uniswap. As of 11:55 today, its market cap is 9.14B, with a coin price of 12.127 USD, witnessing a 24-hour increase of 67.3%.
The second is Pangolin. As of 11:55 today, its coin price is 0.29168 USD, with a 24-hour increase of 48.8%.
The third is COTI. As of 11:55 today, its coin price is 0.13198 USD, showing a 24-hour increase of 35.3%.
In fourth place is Lambda. As of 11:55 today, its coin price is 0.0051710 USD, with a 24-hour rise of 34.2%.
In fifth place is SUKU. As of 11:55 today, its coin price is 0.081210 USD, increasing by 32.5% 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, DeFi sector has risen 8.66% relative to the UTC 0 time, led by gains in uni (71.4%), png (51.3%), and AGI (30.5%).
Others sector has decreased -3.2% relative to UTC 0, with avt (-17.7%), jasmy (-17%), and adp (-13.3%) leading the decline.
AI sector has decreased -4.56%, with num (-17.6%), ali (-17.2%), and vxv (-12.8%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Kraken is seeking to dismiss the lawsuit filed by the SEC, arguing against the SEC's claims and regulatory authority. The company contends that the SEC's complaint lacks legal basis and sets a dangerous precedent for the agency's authority. Kraken's defense invokes the Ripple case and emphasizes the lack of direct connection between token issuers and buyers. The outcome of this legal battle will have significant implications for the broader cryptocurrency industry and regulatory approaches. Kraken's motion to dismiss is part of its efforts to challenge the SEC's overreach in the crypto industry and establish a more precise legal framework for digital assets.
Next news: BlackRock and Grayscale Bitcoin ETFs plunged significantly in the pre-market session today after registering weak inflows on Tuesday. Two major spot Bitcoin ETFs, BlackRock's iBit and Grayscale's GBTC, witnessed a significant decline in the pre-market trading session today. The plunge comes after the Bitcoin ETFs registered weak inflows on Tuesday. Moreover, their prominent competitors, including VanEck's HODL and Valkyrie's BRRR, registered a pullback. According to Yahoo Finance data, BlackRock's iShares Bitcoin ETF recorded a drop of 2.02% as it was valued at $29.07 at press time in the pre-market trading session today. Earlier, iBit closed at $29.67 on Tuesday with a 0.17% gain. Grayscale's GBTC dropped 1.94%, reaching $45.51 at the time of writing. However, the Bitcoin ETF had noted a slight uptick in the previous trading session. On Tuesday, the Grayscale Bitcoin ETF closed at $46.41, gaining 0.28% in value. The recent declines could be attributed to the disappointing inflow figures reported lately. On the other hand, VanEck's HODL dropped 1.44% to $58 in the pre-market session, setting the stage for a gap down. Furthermore, Valkyrie's BRRR dipped 1.06% to $14.47. Additionally, Invesco Galaxy's BTCO attracted a loss of 1.94%, settling at $51.00. Moreover, Franklin Templeton's EZBC slumped 0.96% to $29.92. However, Hashdex's DeFi extended its profits with a 1.90% hike in value, reaching $62.84. Earlier, the Hashdex Bitcoin ETF closed at $61.67, up by 0.30%. The 11 spot Bitcoin ETFs net inflow recorded a 60% decline from last week's close, reaching $135.60 million, according to BitMEX Research. After recording the largest single-day net inflow of more than $630 million last week, the numbers dropped gradually thereafter. Moreover, the BlackRock's iBit net inflow plunged over 50% from previous week's close to $154.3 million. In addition, Grayscale's GBTC continued registering a net outflow with $137 million outflows. However, GBTC has managed to shrink the net outflow figure significantly. Whilst, Invesco Galaxy's BTCO and Franklin Templeton's EZBC garnered 'zero' net inflows on Tuesday. Meanwhile, ARK 21 Shares' ARKB witnessed a net inflow of $27.4, indicating a poor performance.
Next news: The Uniswap Foundation has proposed a governance upgrade to reward UNI token holders with protocol fees, leading to a surge in UNI token price. The proposal aims to enhance resilience and decentralization of Uniswap governance by distributing protocol fees to token holders who have staked and delegated their UNI votes. The price of UNI surged over 40% in less than an hour following the announcement. The proposal is seen as a significant step to maintain Uniswap's market leadership amidst increasing competition and market fragmentation. Voting on the proposal is set to begin on March 8. Additionally, Uniswap has introduced 'UNI.ETH' subdomains using the Ethereum Name Service infrastructure, allowing users to convert complex Ethereum addresses into human-readable names.
Next news: Former President Donald Trump has expressed a more neutral stance on Bitcoin, acknowledging its growing popularity and the need for potential regulation. This marks a significant shift from his previous criticisms and opposition to cryptocurrencies. Trump's evolving view on Bitcoin reflects the cryptocurrency's increasing mainstream acceptance and the influence of pro-Bitcoin figures within his circle. He emphasized his preference for the U.S. dollar but noted the increasing interest in using Bitcoin for transactions. Despite this, Trump has vowed to oppose the creation of a Central Bank Digital Currency in the U.S. if re-elected, citing threats to freedom.
Next news: According to a report released by Matrixport on February 23rd, as reported by BlockBeats, the goal of $BTC reaching $63,000 in March 2024 is achievable. Matrixport states that historical data shows that the price of Bitcoin usually rebounds during halving. Catalysts for Bitcoin include the approval of Bitcoin spot ETFs, which have already brought in $10 billion, as more investors merge Bitcoin with traditional investment portfolios, the marketing activities conducted by these ETF issuers will continue to support the price of Bitcoin. Additionally, as measured by the first two months before halving, the price of Bitcoin often rises by more than 32% during halving. The expectation of a Fed rate cut after the June FOMC meeting and the US presidential election also tend to drive up the price of Bitcoin, with an average return rate of +192%.
Next news: Avalanche, a leading layer-one blockchain, is experiencing a major outage, as reported on their official status page. The outage, ongoing for about 16 minutes at the time of reporting, is due to a stall in block finalization, preventing blocks from being accepted by the primary network. Developers are currently investigating the issue. Meanwhile, Avalanche's AVAX token is experiencing a dip in price, down over 1.3% in the past few minutes, nearly 3% on the day, and 12% on the week. The Avalanche blockchain experienced significant downtime, failing to produce new blocks for over an hour, as reported by PeckShield, a blockchain security and data analytics company. The Avalanche developers have acknowledged the issue, stating they are actively investigating block finalization issues on the mainnet. Users have been directed to the official Avalanche status page for ongoing updates. Despite the unexpected downtime, the AVAX token experienced only a minor price drop, shedding about 2.1% of its price, currently trading at $36.24, according to CoinGecko data. This price drop aligns with the broader altcoin market, indicating that AVAX has been hardly affected by the network experiencing more than an hour of downtime. Solana, another major blockchain network, experienced a similar outage two weeks ago, lasting approximately five hours. The incident led to a temporary dip in Solana's SOL token price, though it notably rebounded shortly thereafter. JUST IN! THERE IS A PROBLEM IN THE AVALANCHE (AVAX) NETWORK! ACCORDING TO THE BLOCK'S POST, AN OUTAGE WAS DETECTED IN THE AVALANCHE NETWORK. AVAX PRICE EXPERIENCED A SMALL DECLINE. ACCORDING TO THE BLOCK'S POST, AN OUTAGE WAS DETECTED IN THE AVALANCHE NETWORK. AVAX PRICE FELL 1.4%. ACCORDING TO THE POSTS, IT HAS BEEN REPORTED THAT BLOCK PRODUCTION IN AVALANCHE'S C-CHAIN HAS STOPPED. AT THIS POINT, IT WAS STATED THAT BLOCK PRODUCTION IN THE AVALANCHE (AVAX) NETWORK STOPPED. KEVIN SEKNIQI, ONE OF THE FOUNDERS OF AVALABS, SAID IN HIS STATEMENT ON HIS X ACCOUNT: "CURRENTLY INVESTIGATING AVALANCHE'S PRIMARY NETWORK BLOCK PRODUCTION ISSUE. IT APPEARS TO BE RELATED TO A NEW INSCRIPTION WAVE THAT LAUNCHED APPROXIMATELY AN HOUR AGO. OBVIOUSLY THIS IS AN ESOTERIC ERROR CAUSED BY SOME EDGE CASES THAT NEED TO BE ADDRESSED QUICKLY. "POSSIBLY SOME MEMORY POOL PROCESSING ISSUES WITH INSCRIPTIONS AFFECTING SOME UNTESTED EDGE CASES." Avalanche (AVAX) price dips as the platform faces a major outage, drawing comparisons to the recent Solana disruption, sparking market concerns. The Avalanche platform experienced a significant outage, leading to a drop in AVAX price as the market participants grow increasingly wary. The platform grapples with issues related to block finalization, with a statement from the Avalanche status page indicating a 'block finalization stall.' Developers are actively investigating the issue, with Ava Labs co-founder Kevin Sekniqi addressing the situation on social media, mentioning a potential connection to a recent inscription wave. Despite the outage, Sekniqi's assurance has sent some relief to the cryptocurrency community, describing the incident as an 'esoteric bug' stemming from untested edge cases. The outage has prompted discussions within the crypto community, drawing comparisons to the recent Solana blockchain network outage. As of writing, the Avalanche price slipped 3.08% and traded at $36.38, with its trading volume slipping 16.83% to $422 million. The AVAX crypto has lost nearly 12% in the last seven days, while noting monthly gains of 30%.
Next news: A whale address starting with 0xEAB transferred 1 million UNI tokens to Binance 40 minutes ago. According to BlockBeats news on February 23, as monitored by Lookonchain, the UNI liquidity provider address starting with 0xEAB has just removed 1.2 million UNI tokens (approximately $8.7 million) of liquidity and deposited 1 million UNI tokens (approximately $7.25 million) into Binance.
Next news: Craig Wright, who has claimed to be the pseudonymous creator of Bitcoin, Satoshi Nakamoto, admitted to editing the Bitcoin white paper during the COPA trial. The trial, which is in its third week, aims to determine whether Wright is indeed Nakamoto.
Next news: The Uniswap Foundation has proposed a governance upgrade titled "Activate Uniswap Protocol Governance". The proposal is set for a snapshot vote on March 1, 2024, followed by on-chain voting on March 8, 2024. The upgrade aims to enable permissionless and programmatic collection of protocol fees, distribute these fees proportionally to UNI token holders who have staked or delegated their voting rights, and allow governance to control core parameters such as which pools require fees and the size of these fees.
Next news: Ge Xiaoyan, a member of the Party Group of the Supreme People's Procuratorate and Deputy Procurator-General, highlighted that cybercrime is evolving with new technologies and business models. The emergence of gimmicks such as metaverse, blockchain, and binary futures platforms has accelerated the iteration and upgrading of black and grey industries. Virtual currencies have become a significant breeding ground for cybercrime. Cryptocurrency money laundering has become a mainstream method for transferring fraudulent funds. The Supreme People's Procuratorate of China has identified virtual currencies as a major source of cybercrime.

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.