SoSo Daily May 5 | Bit Digital applies for financing up to 500 million USD through ATM method
Crypto Market Update
Let's turn our attention to today's overall Crypto market situation.
As of 00:01 on May 5, 2025, according to sosovalue, the total market cap of the crypto market stands at 3.04 trillion US dollars, witnessing a decrease of 3.63% compared to yesterday; the total trading volume is 53.35 billion US dollars, marking an increase of 6.15% from the previous day.
Cryptocurrency Market Update - May 5, 2025
According to sosovalue, the price of $BTC is 94,258 USD, a decrease of 1.67% from yesterday. The market cap of $BTC is 1.87 trillion USD, accounting for 61.6% of the total market cap; $BTC's 24-hour trading volume is 15.17 billion USD, making up 28.4% of the total trading volume.
The price of $ETH is 1,808 USD, down 1.39% from yesterday; the market cap of $ETH is 218.29 billion USD, representing 7.19% of the total market cap; $ETH's 24-hour trading volume is 6.84 billion USD, comprising 12.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.79% of the total cryptocurrency market cap, and their combined trading volumes constitute 41.2% of the total trading volume.
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Refereum. As of 00:00 today, its market cap is 174.57K, with a coin price of 0.000035790 USD, witnessing a 24-hour increase of 57.2%.
The second is New XAI gork. As of 00:00 today, its coin price is 0.061450 USD, with a 24-hour increase of 47.7%.
The third is Arcblock. As of 00:00 today, its coin price is 1.0641 USD, showing a 24-hour increase of 25.4%.
In fourth place is Rebel Bots. As of 00:00 today, its coin price is 0.0011964 USD, with a 24-hour rise of 24.1%.
In fifth place is zkLink. As of 00:00 today, its coin price is 0.058800 USD, increasing by 24.1% over the last 24 hours.
Moving on, let's take a look at the sector performance in crypto market.
According to sosovalue, out of 16 sectors, 1 is up and 15 are down. Notably, GameFi, AI, and DePIN sectors are worth mentioning.
GameFi sector has fallen 2.54% relative to the UTC 0 time, led by declines in CEC (-24.9%), LRDS (-22.5%), and MAX (-14.3%).
AI sector has decreased 3.05% relative to UTC 0, with REX (-23.4%), ASI (-15.7%), and EPT (-12.4%) leading the drop.
DePIN sector has fallen 3.26%, with dbc (-8.38%), lamb (-8.31%), and pundix (-8.17%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin mining company Bit Digital has applied for financing of up to 500 million USD through an "At-The-Market" (ATM) offering, exceeding its current market value of 429 million USD. The funds are intended to be used for expanding high-performance computing and cloud services businesses. The capital will be allocated to expenditures on mining machines and cloud service equipment, operating funds, and potential acquisitions. (The Miner Mag)
Next news:
According to TechFlow, on May 5th, Binance announced that it will implement important parameter adjustments on May 9th, including lowering the portfolio margin collateral ratios for 11 assets such as VET, EOS, and FTT, with a maximum reduction of up to 15%. Additionally, leverage and margin tiers for more than 20 USDⓈ-M perpetual contracts will be adjusted in two batches (06:30 and 07:30 UTC). These adjustments will affect existing positions. Binance reminds users to closely monitor the changes in unified maintenance margin ratios and recommends adjusting positions in advance to avoid potential risks.
Next news:
According to TechFlow, on May 4th, on-chain analyst Onchain Lens (@OnchainLens) monitored that a certain wallet withdrew 1,202 $ETH from Binance after being dormant for 4 years, worth 2.20 million USD.
Next news:According to a report by PANews on May 4, President Trump stated that he does not expect to serve a third presidential term, and that small businesses in the United States will not require any exemptions.
Next news:Senate Democrats' reversal on the U.S. stablecoin bill casts a shadow over the legislative outlook. With only days remaining before the bipartisan-supported GENIUS Act (Guidance and Establishment of the U.S. Stablecoin National Innovation Act) is scheduled for a Senate vote, nine Democratic senators oppose the current version, citing numerous issues related to anti-money laundering, foreign issuers, national security, financial system stability, and accountability. The bill requires stablecoins to be backed 100% by liquid assets such as U.S. dollars and short-term Treasury bonds, mandates public disclosure of reserves, and subjects them to audits. Republican senators emphasize the need for bipartisan cooperation to advance the legislation, but internal Democratic demands concerning national security and enforcement provisions make consensus difficult. The bill requires 60 votes to pass; currently, Republicans hold only 53 seats, necessitating bipartisan support. Democrats express concerns about crypto businesses linked to former President Trump and his family, believing the legislation insufficiently addresses investor and consumer protections.
Next news:A "zero-day" vulnerability on the Solana blockchain affected the confidential transfer feature of certain tokens adhering to the Token-2022 standard. The flaw allowed attackers to mint tokens without limits or steal tokens from user accounts through forged zero-knowledge proofs. The vulnerability was discovered on April 16, and the Solana Foundation privately organized validators to deploy two critical fixes within two days, successfully patching the issue. This feature has been supported since October 2023 but has a low adoption rate. Paxos denied that its USDP stablecoin used this feature, and the vulnerability did not impact Paxos products. The Foundation confirmed all funds are secure, with no known exploit incidents. Solana co-founder Anatoly Yakovenko defended the Foundation's coordinated upgrade efforts, emphasizing the support of major validators.
Next news:
According to TechFlow, on May 4th, Cointelegraph reported that several well-known traders shared their views on Bitcoin's recent price movements. Trader TheKingfisher pointed out that there is a dense concentration of long positions in the $95,700-$96,000 range, while a large number of short positions are concentrated in the $96,500-$97,000 range. These price levels may act as magnets, with intense volatility expected. Analyst Michaël van de Poppe believes that as long as Bitcoin stays above $91,500-$92,000, it still has the potential to reach new highs. He also reminded that the cryptocurrency market often experiences a pullback before the Federal Reserve meetings, expecting a bottom on Tuesday followed by a rebound.
Next news:
According to TechFlow by DeepTide, on May 4th, the Washington Post reported that faced with soaring student debt and unaffordable housing prices, an increasing number of young Americans are turning to the Meme coin market, viewing it as a new path to financial freedom. Data shows that among the 18-29 age group, 42% of males and 17% of females have participated in cryptocurrency investment or trading. Despite the significant risks in the Meme coin market, this form of investment continues to heat up under the Trump administration's deregulation and the promotion of social media. Industry insiders state that this phenomenon reflects the new generation's disappointment with traditional financial methods and their pursuit of alternative investment opportunities. However, experts warn that investors need to be cautious of market volatility and fraud risks.
Next news:Bitcoin falls below 95,000 USDT
Next news:
BlockBeats reported that on May 5, Musk changed his X nickname to "gorklon rust," previously it was "Elon Musk."
Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.