Feb 24 AI Newsletter

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on February 24, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.96 trillion US dollars, witnessing an increase of 0.72% compared to the previous day; the total trading volume is 62.13 billion US dollars, marking a decline of 13.2% from the previous day.

According to sosovalue, the price of $BTC is 51,095 USD, an increase of 0.167% from yesterday. The market cap of $BTC is 1.00T USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 23.73B USD, making up 38.2% of the total trading volume.
The price of $ETH is 2,959.6 USD, up 0.699% from yesterday; the market cap of $ETH is 355.61B USD, representing 18.1% of the total market cap; $ETH's 24-hour trading volume is 20.35B USD, comprising 32.7% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 70.9% 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 Uniswap. As of 17:55 today, its market cap is 9.33B, with a coin price of 12.380 USD, witnessing a 24-hour increase of 74.5%.
The second is Pangolin. As of 17:55 today, its coin price is 0.28942 USD, with a 24-hour increase of 61.8%.
The third is COTI. As of 17:55 today, its coin price is 0.13997 USD, showing a 24-hour increase of 43.9%.
In fourth place is Sushi. As of 17:55 today, its coin price is 1.8190 USD, with a 24-hour rise of 43.7%.
In fifth place is Agility. As of 17:55 today, its coin price is 0.0054650 USD, increasing by 40.3% 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 12.2% relative to the UTC 0 time, led by gains in uni (74%), png (62.4%), and sushi (40.6%).
NFT sector has increased 2.69% relative to UTC 0, with myria (10.9%), opul (9.8%), and tlm (9.07%) leading the rise.
AI sector has fallen 2.97%, with vxv (-13%), arkm (-10.2%), and lai (-9.48%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is: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: 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: A federal judge has approved a $4.3 billion fine on Binance after the crypto exchange pleaded guilty to violating anti-money laundering laws. The company's compliance will be monitored by an independent company for up to five years, with the monitor yet to be appointed. Binance's founder, CZ, has resigned as CEO and agreed to pay a $50 million fine, with his sentencing delayed until April, where he is expected to be sentenced to no more than 18 months in prison. Binance acknowledges compliance flaws following the admission of charges of anti-money laundering and sanctions violations. The inquiry found that the exchange carried out transactions for Hamas and other terrorist organizations, pinpointing grave weaknesses in the company’s compliance systems. As part of the settlement, Binance will be monitored by an independent enterprise for 5 years, ensuring full compliance with US laws and regulations. Prosecutors highlighted Binance’s misconduct, instigated by senior executives, that compromised the financial system's integrity. The plea bargain seeks to resolve these deficiencies, with Binance taking total responsibility for its conduct and undertaking more strict compliance measures. The postponement of the sentencing of Changpeng Zhao till April and the appointment of a new CEO, Richard Teng, represent a critical moment for Binance and the entire cryptocurrency market. The exchange’s attempts to rebuild confidence among users and regulators will be crucial in preventing a user exodus. The outcome of this litigation and Binance's improved compliance efforts could be an important factor in regulatory and operational standards within the crypto community. Sullivan & Cromwell, a New York-based law firm, has been appointed as the independent monitor to ensure Binance's compliance with US laws, correcting its anti-money laundering and sanctions policies. This monitorship, along with a large financial penalty, highlights the US government’s dedication to compliance enforcement and the protection of the financial system from abuse.
Next news: In an email thread with early collaborator Martii 'Sirius' Malmi, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, foresaw the potential debate surrounding Bitcoin's energy consumption. Satoshi highlighted the irony in the conflict between economic conservation and environmental conservation. This early exchange indicates that the energy debate, which has become a significant point of contention in the cryptocurrency community, was anticipated by Satoshi from the very beginning.
Next news: 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: 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: Carson Group has announced it will offer four of the ten newly launched Bitcoin ETFs to its clients, responding to the surging demand for such products. The selected ETFs include those from Bitwise and Franklin Templeton, as well as the highly popular iShares Bitcoin Trust by BlackRock and the Fidelity Wise Origin Bitcoin Fund. This move comes amidst a broader trend of increasing investor interest in Bitcoin ETFs, as evidenced by significant net inflows into these products. Despite some financial institutions like Vanguard blocking access to Bitcoin ETFs, Carson Group's decision reflects a growing acceptance of digital currencies in traditional investment markets. The market has shown strong trading volumes and asset management growth for Bitcoin ETFs, indicating a positive outlook for their future performance and sustainability as investment options.
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.

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.