SoSo Daily May 24 | Bitcoin fell below 109,000 USDT

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 Space Nation Oikos (OIK). As of 00:00 today, its market cap is 36.11M USD, with a coin price of 0.066250 USD, witnessing a 24-hour increase of 99.4%.
The second is Ton Station (MRSOON). As of 00:00 today, its coin price is 0.000052980 USD, with a 24-hour increase of 68.7%.
The third is Holograph Utility Token (HLG). As of 00:00 today, its coin price is 0.00040440 USD, showing a 24-hour increase of 45.7%.
In fourth place is Ultiverse (ULTI). As of 00:00 today, its coin price is 0.0028530 USD, with a 24-hour rise of 43.4%.
In fifth place is Covalent X Token (CXT). As of 00:00 today, its coin price is 0.042520 USD, increasing by 35.8% 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, 0 are up and 16 are down. Notably, Layer2, DePIN, and Meme sectors are worth mentioning.
Layer2 sector has fallen 8.33% relative to the UTC 0 time, led by declines in DYM (-15%), rly (-13.4%), and ZK (-12.5%).
DePIN sector has decreased 8.36% relative to UTC 0, with IO (-14.8%), flux (-11.7%), and data (-10.9%) leading the drop.
Meme sector has fallen 9.06%, with GRIFT (-24%), GOAT (-21.2%), and shoggoth (-19.5%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin fell below 109,000 USDT
Next news:Semler Scientific, a Nasdaq-listed healthcare technology company, recently made a significant Bitcoin purchase between May 13 and May 22, 2025. The company acquired 455 $BTC for $50 million at an average price of $109,801 per coin, funded by its $500 million at-the-market offering program. As of May 22, Semler Scientific holds a total of 4,264 Bitcoins, purchased for a total of $390 million at an average price of $91,471 each, with a current market value of $474.4 million. Despite this, the company's stock price fell by 6.7% to $41.89, with a market capitalization of $498 million.
Next news:Background: Ledn is a centralized cryptocurrency lending platform that supported Ethereum-backed loans in February 2024 to help users refinance after the Celsius bankruptcy impact. Recently, Ledn announced it will discontinue Ethereum support and shift focus to Bitcoin-backed loans.

Main Event: Starting July 1, 2024, Ledn will stop earning interest by lending out client assets to avoid third-party credit risk. The company will only offer a "custodied Bitcoin" loan structure, where customers’ collateral is fully held in custody by Ledn or its trusted fund partners. Simultaneously, Ledn will cease offering "growth account" savings products for Bitcoin and Ethereum, concentrating solely on loan services.

Reasons and Impact: Adam Reeds, Ledn’s founder and CEO, stated this move returns to Bitcoin’s original intent, avoiding risks and inflation caused by asset reuse in traditional finance. The company emphasizes a risk management and asset security-first strategy, aiming to reduce risks through transparent and secure custody models. With Bitcoin prices hitting new highs and renewed market demand for centralized Bitcoin lending, Ledn hopes to set a new standard for digital asset lending by simplifying products and focusing on Bitcoin.

Industry Background: The centralized lending sector faced multiple bankruptcies in 2022, damaging user trust. Ledn maintained stability through proof of assets and transparency measures. Recently, competitors like Strike, Xapo Bank, Unchained, and Coinbase have also launched Bitcoin-backed loan products, intensifying competition.

Future Outlook: Ledn believes digital asset platforms should be responsible for building robust systems and proactive risk management. It plans to continue focusing on Bitcoin, streamline its product line, and enhance security. SoSoValue was not mentioned.
Next news:Background: U.S. President Trump hosted an exclusive high-end dinner at his golf club in Virginia, limited to the top 220 holders of his TRUMP emoji coin, attracting billionaires, celebrities, and basketball stars. The event sparked widespread ethical controversies and legal questions.

Main Events: Entry to the dinner required holding TRUMP tokens, with participants collectively spending approximately 394 million USD to purchase the tokens. Several key figures, including Justin Sun, founder of Tron and a cryptocurrency elite, attended. More than half of the guests might reside outside the United States, using offshore exchanges to buy tokens, raising concerns about foreign interference in U.S. election laws. Thirty-five members of Congress have called for a Department of Justice investigation, and some lawmakers have proposed legislation to prohibit officials from profiting from digital assets. Notable critics, such as Elizabeth Warren, labeled the dinner a "corruption feast."

Trump's Stance: Although the White House stated he attended in a personal capacity, Trump gave a brief speech at a podium bearing the presidential seal, reaffirming support for a national Bitcoin reserve before leaving the venue. Trump also stated on social media that the U.S. holds a leading position in the cryptocurrency field.

Potential Impact: The incident has raised ethical and legal concerns about the convergence of cryptocurrency and political power, potentially accelerating related regulatory and legislative processes.
Next news:Liu Peng, CEO of JD Coin Chain Technology, stated in an interview with Techub that the JD stablecoin is a stablecoin based on a public blockchain, pegged 1:1 to fiat currencies such as the Hong Kong Dollar (HKD) or US Dollar (USD). It has currently entered the second phase of sandbox testing and will offer mobile and PC applications for retail and institutional users. The testing scenarios mainly include cross-border payments, investment trading, and retail payments. Cooperation is underway with leading compliant exchanges. In retail payment scenarios, integration and testing are being conducted with acquiring scenes such as JD's Hong Kong and Macau sites.
Next news:Trump announced that negotiations with the EU have made no progress and decided to impose a 50% tariff on EU products starting from June 1.
Next news:
Next news:Foresight News reports that Binance has announced that starting today, users will enjoy zero withdrawal fees for USD 1 withdrawals made through the BNB Chain.
Next news:Wu Shuo learned that Cetus stated it has not yet received a response from the hacker regarding its white-hat negotiation proposal and suggests the hacker consider it. Meanwhile, Cetus, in collaboration with Inca Digital and funded by the Sui Foundation, announced a bounty of 5 million USD, seeking effective information that can lead to the hacker's identification and arrest (including providing name, address, and related evidence). If the hacker cooperates and accepts the proposal to return the funds, the team will waive accountability, including the bounty. The bounty payment will be decided by the Sui Foundation.
Next news:According to Foresight News and reported by Betakit, Canadian stablecoin issuer Stablecorp has completed a funding round of 1.80 million USD. Investors include institutions such as Coinbase Ventures and Side Door Ventures. The funds will be used to expand the infrastructure of the Canadian dollar stablecoin QCAD, including establishing on-chain foreign exchange liquidity and payment channel integration.

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.