Feb 28 AI Newsletter

As of 2 PM Hong Kong time on February 28, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.25 trillion US dollars, witnessing a 5.29% increase compared to yesterday; the total trading volume is 122.11 billion US dollars, marking a 3.2% increase from the previous day.

According to sosovalue, the price of $BTC is 60,950 USD, an increase of 7.41% from yesterday. The market cap of $BTC is 1.20T USD, accounting for 53.1% of the total market cap; $BTC's 24-hour trading volume is 35.41B USD, making up 29% of the total trading volume.
The price of $ETH is 3,348.9 USD, up 3.69% from yesterday; the market cap of $ETH is 402.39B USD, representing 17.9% of the total market cap; $ETH's 24-hour trading volume is 20.17B USD, comprising 16.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 71% of the total cryptocurrency market cap, and their combined trading volumes constitute 45.5% 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 23:55, the top five gainers are:
Top 1 gainer is PolySwarm. As of 23:55 today, its market cap is 43.12M, with a coin price of 0.024976 USD, witnessing a 24-hour increase of 73.5%.
The second is DeXe. As of 23:55 today, its coin price is 6.9840 USD, with a 24-hour increase of 66.2%.
The third is Aeternity. As of 23:55 today, its coin price is 0.061410 USD, showing a 24-hour increase of 60%.
In fourth place is Delysium. As of 23:55 today, its coin price is 0.32000 USD, with a 24-hour rise of 44%.
In fifth place is Pepe. As of 23:55 today, its coin price is 0.0000030300 USD, increasing by 42.9% 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, Others sector has risen 10.5% relative to the UTC 0 time, led by gains in nct (63.9%), jasmy (35.3%), and occ (29%).
Meme sector has increased 7.6% relative to UTC 0, with pepe (45%), samo (37.5%), and WEN (33.4%) leading the rise.
$BTC sector has risen 7.41%, with $btc (7.41%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The total market value of Bitcoin ETFs has surpassed $40 billion, with assets under management (AUM) reaching $36.85 billion. The trading volume for the new spot Bitcoin ETFs reached more than $50 billion six weeks after the SEC approved ETFs from BlackRock, Fidelity, and Bitwise. Grayscale Investments experienced its lowest outflow since the approval of Bitcoin ETFs, with its GBTC fund seeing a reduction to $44 million. US spot Bitcoin ETFs have surpassed a cumulative trading volume of $50 billion since their inception in the United States on January 11. Spot Bitcoin ETFs have seen significant inflows, overshadowing gold ETFs, with a shift in investor behavior since their introduction. Last week, VanEck's spot Bitcoin ETF, ticker HODL, experienced a significant trading volume spike, registering more than $400 million, an increase of over 1,400% compared to its second most active day. Since the approval of a spot Bitcoin exchange-traded fund (ETF) was awaited, it got the greenlight last month, igniting significant inflows. BlackRock's spot Bitcoin ETF saw record daily trading volumes on Monday, with more than 42 million shares of the iShares Bitcoin Trust (IBIT) traded, worth roughly $1.3 billion. Trading volumes for the 'New Nine' spot Bitcoin ETFs reached a new daily record as Bitcoin's price surged to nearly $55K. Yesterday's total trading volume of 9 Bitcoin spot ETFs was approximately 2.4 billion US dollars, setting a new historical high. $BTC price shoots to $57,000 as nine Bitcoin ETFs set new records. In a significant show of investor confidence, Bitcoin ETFs have seen a massive influx of $520 million in the past 24 hours, according to BybitMEX Research. Amid strong inflows into Bitcoin ETFs, $BTC price hit a new two-year high of over $57,000 as its market cap breached $1.1 trillion. Bitcoin ETFs have reached a new all-time high in trading volume, with IBIT leading the pack as Wall Street's preferred Bitcoin ETF. BlackRock Bitcoin ETF records over $1 billion in trading volume for the second consecutive day. The nine new US-approved spot Bitcoin ETFs have collectively amassed over $12 billion since January, data from Arkham shows.
Next news: Bitcoin has experienced a significant surge in its price, surpassing key milestones such as $52,000, $53,000, $54,000, $55,000, $56,000, $57,000, $58,000, and even $59,000. This surge is attributed to factors such as increased investor interest, significant capital inflows into Bitcoin ETFs, and strategic institutional investments. The rally is also fueled by optimism surrounding the upcoming Bitcoin halving event, which historically leads to price increases. Additionally, MicroStrategy's acquisition of additional Bitcoins has contributed to the surge. The cryptocurrency market has also seen a significant increase in total market value, reaching over $2 trillion, with strong gains in alternative coins. Bitcoin's recent surge has led to discussions about its potential to reach or even exceed $60,000, with some analysts predicting a rise to $100,000. However, there are cautionary notes about potential liquidation risks and market overheating, as well as the need for further examination of stablecoins and potential challenges in the crypto market. Despite these, the overall sentiment remains positive, with anticipation of new all-time highs for Bitcoin and Ether.
Next news: The IRS has hired former executives from Binance US, TaxBit, and ConsenSys to enhance its expertise in cryptocurrency compliance and enforcement. This move is part of the IRS's efforts to develop clearer regulations for crypto brokers and exchanges, requiring them to report detailed client transaction information. The initiative aims to improve compliance and foster a cooperative relationship between the crypto industry and regulatory authorities, while also addressing challenges such as cryptocurrency tax evasion. The IRS is currently dealing with a surge in cases related to crypto tax evasion. Additionally, the IRS is proposing final regulations that will require crypto brokers and exchanges to report details of customer transactions to the U.S. government. The hiring of Sulolit Mukherjee and Seth Wilks is aimed at enhancing the IRS's focus on digital assets for the upcoming tax season, utilizing funding from the Inflation Reduction Act to build compliance, reporting, and enforcement programs for digital assets, including cryptocurrencies and NFTs. The official tax filing season in the U.S. started on Jan. 29, with the IRS urging citizens to report all cryptocurrency and digital asset income. However, taxpayers are not required to report cryptocurrencies held in wallets, transferred between wallets owned by the same person, or purchased with fiat currency. A recent change exempts cryptocurrency transactions above $10,000 from being reported until a regulatory framework is released, reversing a law established on Jan. 1. The U.S. House Financial Services Committee has criticized the digital asset reporting requirements passed on Jan. 1 as poorly constructed.
Next news: Boutique investment banking firm Benchmark initiated coverage of MicroStrategy, publishing a research report Tuesday with a buy rating and a share price target of $990. The forecast is based on a projected year-end 2025 valuation of the company's Bitcoin holdings and an estimated year-end 2025 value of its business intelligence software activities. In its price projection, Benchmark posited that the approval of multiple spot Bitcoin ETFs and the upcoming halving could act as tailwinds for the Bitcoin price. "Our price target for MicroStrategy is based on our assumption that the price of Bitcoin will reach $125,000 at the end of 2025, and that move would be driven by increased demand resulting from the SEC’s approval in January of spot Bitcoin ETFs in the U.S., and the impact of the fourth Bitcoin halving, set to occur in late April," Benchmark senior equity research analyst Mark Palmer said in the report. "The reduced pace of supply resulting from the halving has the potential to drive the price of the cryptocurrency meaningfully higher during the next couple of years," added Palmer. MicroStrategy's share price now stands at $860.75, increasing by over 8% in early trading on Tuesday. The next Bitcoin halving will likely occur in April of this year, and the event will reduce the reward that miners receive for validating and adding new blocks to the blockchain by 50%. The halving occurs after every 210,000 blocks are mined, which takes roughly four years to do. The last halving occurred in 2020, when the block reward was reduced from 12.5 Bitcoin to 6.25 Bitcoin. With the next halving the block reward will again drop from the current 6.25 $BTC to 3.125 $BTC per block. This mechanism is programmed into the Bitcoin protocol and is intended to control the supply of new Bitcoins, making it more scarce over time. The world's largest cryptocurrency by market capitalization decreased by over 9% in the past 24 hours to $57,210 at 10:34 p.m. ET, according to The Block's price page. TheGM 30 index, representing a selection of the top 30 cryptocurrencies, has increased by 4.44% to 122.45 in the past 24 hours.
Next news: A hacker who looted billions of dollars from crypto exchange Bitfinex revealed details of how he was able to pull off one of the largest Bitcoin heists in history. Ilya Lichtenstein, who appeared as a cooperating US government witness in a money laundering trial in Washington, told a jury Tuesday that he had access to Bitfinex’s systems for several months and also hacked into individual accounts at other crypto exchanges such as Coinbase and Kraken. Lichtenstein and his social-media rapper wife pleaded guilty last year to a money-laundering conspiracy tied to the hack.
Next news: The Ethereum Constantinople upgrade is expected to be activated on the mainnet at 21:55 on March 13th. The upgrade has been successfully activated on all testnets and is set to go live on the Ethereum mainnet. It introduces a temporary data blob with EIP-4844, also known as "Protodanksharding," which will help reduce L2 transaction fees. Node operators and stakers must upgrade their software to the versions listed in the announcement. The Dencun network upgrade, also known as Protodanksharding, is set to go live on the Ethereum mainnet on March 13, 2024, at 13:55 UTC, following its successful activation on all testnets. This upgrade, which follows the Shapella upgrade, introduces ephemeral data blobs with EIP-4844 to help reduce L2 transaction fees. The upgrade requires node operators and stakers to update their software to the specified releases. A community livestream will be available for those interested in following the upgrade as it happens. The Dencun upgrade includes changes to both Ethereum's consensus and execution layers, with full protocol changes listed in EIP-7569. Client releases supporting Dencun on the Ethereum mainnet have been announced, with a note for validators on the importance of client diversity. Ethereum users, ether holders, non-staking node operators, stakers, and application or tooling developers are provided with specific instructions regarding the upgrade. The name 'Dencun' combines Deneb, a star name, and Cancun, a Devcon city name, reflecting the upgrade's impact on both the consensus and execution layers of Ethereum.
Next news: Humanity Protocol, a digital identity project focusing on palm-scanning technology as a less invasive alternative to iris scans, has secured strategic funding from over 20 venture capital funds within the crypto space, including notable names like Animoica Brands and Polygon. The project, which aims to build the human layer for Web3, did not disclose the amount raised in its recent investment round. This funding round saw personal participation from Animoica Brands’ executive chairman Yat Siu and Polygon co-founder Sandeep Nailwal. Humanity Protocol claims to offer a more human-centric approach to digital identity, contrasting with the eyeball-scanning project Worldcoin, which has faced scrutiny from various global authorities over privacy concerns.
Next news: Amber Group transferred 13,800 $ETH, equivalent to $44.9 million, from a Binance address. According to ScopeScan monitoring on February 28th, BlockBeats reported that Amber Group withdrew 13,800 $ETH (worth $44.9 million) from Binance. Later, 7,000 $ETH was transferred to a new address, and 6,800 $ETH was transferred to Amber Group's recharge address.
Next news: Uniswap Labs has introduced three new products to simplify the swapping process on its decentralized exchange. These include a Uniswap extension tool for browsers, a limit order function on its web app, and a new data and insights webpage. The extension tool is in beta testing and allows users to manage their assets across different chains and connect via mobile devices by scanning a QR code. Limit orders and the data analytics dashboard are available to users immediately, offering more control over trades and access to real-time token data. Uniswap is enhancing its platform to become a more complete swapping platform.
Next news: Binance Labs invests in Babylon to support the development of Bitcoin collateralization. On February 27th, Binance Labs announced its investment in Babylon to support the development of Bitcoin staking. He Yi, co-founder of Binance and head of Binance Labs, emphasized the significance of Bitcoin staking as a new use case for the industry, marking a significant step forward in the integration of Bitcoin and proof-of-stake economics. Binance Labs' investment in Babylon represents their commitment to supporting innovative projects that lead the Bitcoin narrative and advance its use cases. The Babylon Chain is built using the Cosmos SDK and provides Bitcoin timestamp services for PoS chains, serving as a control plane that synchronizes the Bitcoin network and PoS chains. It is responsible for promoting $BTC staking, final round participation, and tracking validator staking information, ultimately serving as a channel between the Bitcoin PoW world and PoS chains.

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.