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The post Why is the Crypto Market Rising Today, May 8? appeared first on Coinpedia Fintech News

• Wall Street experts forecast bullish acceleration in May for the wider crypto market led by Bitcoin. 

• On-chain data shows whale investors are on a crypto shopping spree for heavily undervalued altcoins.

The total crypto market cap gained more than 4 percent in the last 24 hours to hover about $3.25 trillion on Thursday, May 8, during the late North American trading session. Bitcoin (BTC) price surged over 5 percent to reach a local high of about $101,784. 

The wider altcoin market recorded double percent digit gains in the past 24 hours, led by memecoins. Ethereum (ETH) price had surged over 15 percent in the past 24 hours to trade at about $2,070 at the time of this writing.

Major Forces Behind Today’s Crypto Market Surge

Short Squeeze Impact

In the past 24-hour, more than $626 million was liquidated from the wider crypto market, with the short traders amounting to over $536 million. As a result, the odds of a short squeeze significantly increased, amid notable greed and bullish sentiment.

Federal Reserve Monetary Policy

On Wednesday, the Federal Reserve held its lending rate at between 4.25 and 4.5 percent, as widely predicted by Wall Street economists. Notably, the rising stagflation risks, as highlighted by Fed Chair Jerome Powell, have compelled investors to seek alternative investments, with crypto assets emerging among the top.

Rising Demand from Institutional Investors 

On-chain data analysis for the last few days and weeks shows a strong demand for crypto assets by institutional investors. For instance, the U.S. spot BTC ETFs have recorded a net cash inflow of about $1.58 billion since the beginning of May, thus completing April’s $2.97 billion cash inflow.

More institutional investors – led by Strategy and Metaplanet – have been leveraging the global equity market to buy more Bitcoins and top-tier altcoins such as Solana (SOL) and Ethereum.

Geopolitical and Trade Developments 

The demand for altcoins and Bitcoin has continued to increase fueled by the global geopolitical tensions and ongoing trade war negotiations. Earlier on Thursday, the United States and the United Kingdom announced a strategic trade deal.

Meanwhile, tensions between Pakistan and India have pushed more investors to the Bitcoin market to hedge against short-term macroeconomic uncertainties.

Regulatory Catalysts 

As Coinpedia reported, two of the U.S. states – including New Hampshire and Arizona – have already approved respective legislation to establish strategic Bitcoin reserves. More states are expected to follow in the same direction in the near term and ultimately the federal government under the leadership of Donald Trump.

As a result, the demand for Bitcoin and the wider altcoin market has continued to grow, especially among institutional investors.

The post Why is the Crypto Market Rising Today, May 8? appeared first on Coinpedia Fintech News
Wall Street experts forecast bullish acceleration in May for the wider crypto market led by Bitcoin.  On-chain data shows whale investors are on a crypto shopping spree for heavily undervalued altcoins. The total crypto market cap gained more than 4 percent in the last 24 hours to hover about $3.25 trillion on Thursday, May 8, …

The ongoing trade war between the US and other countries has taken a positive turn with President Donald Trump announcing a historic trade deal between the US and the UK. Trump’s administration has agreed to lower tariffs on certain UK imports as part of the deal. Meanwhile, the BTC price has reclaimed the psychological $100,000 level for the first time since February.

Donald Trump Announces Historic US-UK Trade Deal

In a news conference at the Oval Office, the US President announced they had reached a breakthrough deal with the UK. He mentioned that the UK would reduce non-tariff barriers. Meanwhile, the US will also cut tariffs on UK-made cars to 10%, while beef tariffs will be close to zero.

Prime Minister Keir Starmer also commented on the deal, sharing his delight that both countries could finally reach an agreement. Donald Trump noted that they have been trying to reach a deal for years, which makes it historic. The president revealed that the UK trade deal will raise $6 billion in US external revenue.

Commenting on the deal, Commerce Secretary Howard Lutnick revealed that the UK will open its markets for US goods, which is huge considering that the UK is the sixth-largest economy in the world. Meanwhile, the Commerce Secretary mentioned that the UK will announce plans to buy $10 billion worth of Boeing planes.

As CoinGape reported, this US-UK trade deal undoubtedly provides a bullish outlook for the crypto market. It seems to have contributed to today’s market rally, with the BTC price hitting $100,000 for the first time since February.

Donald Trump revealed that they are looking to make a deal with Europe. He also commented on the negotiations with China, stating that he believes they would have good talks and possibly reach an agreement. The president added that they may lower tariffs if the talks go well. US-China trade war talks are set to begin on May 10.

BTC Price Reclaims $100k, Rally To Sustain?

The BTC price has reclaimed the $100,ooo level following Donald Trump’s announcement of the US-UK trade deal. Crypto analyst Titan of Crypto stated that the breakout looks clean and that a weekly candle close above this range could ignite a massive move in the coming weeks.

Crypto analyst Crypto Zeinab also stated that Bitcoin’s price is aiming for $118,000 next, which would mark a new all-time high (ATH) for the flagship crypto. Once that happens, he predicts that the flagship crypto will then rally to $130,000.

The post Donald Trump Announces US-UK Trade Deal, BTC Price Reclaims $100k appeared first on CoinGape.

Sui price has rallied by 120% from its lowest level in April, and is now forming a bullish flag pattern that points to an eventual surge to its all-time high. The rising stablecoin market cap, which is nearing the $1 billion milestone, will help to supercharge this rally.

Sui Price to Benefit as Stablecoin Market Cap Nears $1 Billion

Sui price rose to $3.80 on Thursday after soaring by 12% in the last 24 hours. This recovery happened in a high-volume environment, with the 24-hour figure jumping by 47% to $2.18 billion.

A potential catalyst that may propel Sui to its all-time high will be its growing stablecoin position. DeFi Llama data shows that the market cap of all stablecoins in the ecosystem has gone parabolic in the past few months and is slowly nearing the $1 billion milestone.

These stablecoins have a market cap of $913 million, higher than the January 1 level of $317 million, a nearly 200% increase. Therefore, if the trend continues, it means that these stablecoins will hit $1 billion either this month or in June.

A rising market cap of these coins is a bullish sign for a blockchain because it shows how active its network. It also helps to boost the chain revenue since it takes a small cut for all stablecoin transactions in the network. As the chart below shows, Sui’s chain revenue has held steady above $40,000 a day in the past few weeks.

Sui price will also benefit from the growing performance of its decentralized exchange (DEX) volume. Its volume jumped to over $11.65 billion in the last 30 days, making it bigger than other popular chains like Cardano, Avalanche, and Tron.

Sui Coin Price Analysis: Bullish Flag Points to More Gains

The daily chart shows that the Sui Coin price bottomed at $1.7028 in April. It then formed a double-bottom-like pattern at $2 with a neckline at $2.820. It has surged above the neckline and is nearing the crucial resistance at $4.

Most importantly, Sui price has formed a bullish flag pattern consisting of a tall vertical line and a rectangle pattern. Therefore, this pattern points to more gains, with the next point to watch being the all-time high of $5.4, which is about 40% above the current level.

On the flip side, the bullish Sui Coin price forecast will become invalidated if it drops below the lower side of the flag at $3.10. Such a drop will lead to more downside, potentially to the double-bottom neckline at $2.82.

The post Will $1B Stablecoin Milestone Propel Sui Price to ATH? appeared first on CoinGape.

Bitcoin open interest has seen a substantial increase following the Federal Reserve’s May 7 FOMC meeting when BTC briefly touched $96,000. According to the data, aggregated open interest jumped as Bitcoin’s price climbed toward the $100,000 level.

Bitcoin open interest adds $2B

Bitcoin open interest has jumped by $2 billion in a single day following BTC’s movement around the $96,000 level during the May 7 FOMC meeting. According to the chart data, aggregated open interest rose from approximately $17.5 billion to $19.15 billion. This is an 11.63% increase in just 24 hours.

$BTC $1.8B in OI has been added since yesterday after FOMC pic.twitter.com/bb31qXY2Ce

— exitpump (@exitpumpBTC) May 8, 2025

The timing of this open interest surge coincides directly with Bitcoin’s price action on May 7-8. This was when the cryptocurrency began a strong upward move from the $95,000 range toward $100,000. The chart clearly shows that open interest began climbing on May 7, with the steepest increase occurring over a 16-hour period.

This $2 billion influx of new positions is nothing but fresh capital entering the Bitcoin futures market. This may mean that the traders are more confident these days following a decision by the Federal Reserve to keep interest rates constant. The volume indicator of the price chart shows that higher trading occurred in this time period. This further confirms that more individuals are getting into the market.

Bitcoin open interest is the aggregate value of open futures contracts. Abrupt spikes usually indicate shifts in market sentiment and potential price movements. The current value of $19.15 billion in BTC open interest indicates that traders are placing massive bets on price action in the near future.

Bitcoin wallets return to a state of profit

The recent Bitcoin price rally has improved the profitability profile of market participants according to Glassnode data. When BTC dipped to the local low of $74,000, more than 5 million Bitcoin were held in underwater positions. However, the subsequent recovery has reduced this number to approximately 1.9 million BTC. This shows that over 3 million Bitcoin have returned to a profitable state.

As the market approached the current local low of $74k, more than 5M BTC were held in an underwater position. However, as the market recovery has taken place, this number has fallen to around 1.9M BTC, indicating that over 3M BTC have returned to a state of profit. pic.twitter.com/J7cmxlRyMH

— glassnode (@glassnode) May 8, 2025

This transition from loss to profit for many holders generally strengthens market sentiment, as investors experience financial relief. This comes amidst the surge in Bitcoin open interest. The data shows that a considerable number of short-term holder coins have returned to profitability as Bitcoin pushed above $95,000. This change is likely to drive profit-taking events as the market continues to show strength, as per Glassnode.

With Bitcoin’s price reaching as high as $99,800, the market has attracted fresh capital inflows. The realized cap, which measures the value of all Bitcoin at the price at which they last moved, has climbed to an all-time high of $889 billion. This metric confirms that new money is entering the Bitcoin ecosystem and supports the current price levels.

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Dogecoin price may be on the brink of a bullish breakout as on-chain and technical signals align with the crypto market surge. As Bitcoin price reclaimed the $101,000 high on the back of Donald Trump’s announcement of a US-UK trade deal to cut tariffs, DOGE price soared 13%, and a whale moved $148 million.

This whale transaction came as Dogecoin price broke out of a chart pattern that traders often associate with trend reversals. Consequently, the DOGE price soared to $0.1918, a 13% surge, placing Dogecoin among the top-performing crypto assets of the day. Daily trading volume crossed $1.42 billion, marking a 79% increase, while open interest in Dogecoin futures rose by 16.75% to $1.95 billion.

Dogecoin Price Road to $0.29 Target

According to crypto analyst Trader Tardigrade, Dogecoin’s price recently broke out of a diamond bottom formation on the daily chart. This chart pattern typically signals a potential reversal from a downward to an upward trend. According to the technical analyst, if the bull rally continues, the price target is $0.29, a 52% rally from the current levels. Amid this surge, a DOGE whale moved 807,378,538 DOGE tokens, worth approximately $148.8 million, between two unknown wallets.

The breakout was after a period of reduced volatility. Price action consolidated between mid-March and early May, creating a diamond. When the top meme coin broke above this pattern’s upper threshold, volume increased sharply, adding to its bullish movement.

According to the analyst, Dogecoin price has shown a 29-day consistent cycle, where RSI bullish divergence precedes price rally. Each cycle ends at a breakout, and the most recent RSI move coincides with the timeline indicating a DOGE price rally of $0.29.

Long-Term Support Remains Intact

On the weekly timeframe, crypto analyst Ali Martinez noted Dogecoin is trading above a long-standing ascending trendline that has been in place since October 2024. The current price level near $0.16–$0.18 aligns closely with the 0.618 Fibonacci retracement level, often used by traders to assess pullback zones during trend continuation.

Chart data suggests the price recently bounced off this area, indicating continued support. The analyst remarked, “A dip to $0.14 could present a buying opportunity ahead of a potential rebound to $0.30.” The dotted projection path on the chart outlines a scenario where DOGE continues higher toward resistance levels near $0.24 and $0.32.

This structure supports the idea that the current movement may be part of a broader upward trend, aligning with the Dogecoin price prediction. The higher low structure also remains intact, showing that buyers still maintain control at this stage.

DOGE Whale Activity and On-Chain Metrics Support Uptrend

On-chain data from IntoTheBlock reflects growing confidence among large holders. The number of wallets holding between 10 million and 100 million DOGE grew by 3.96%. This was the largest increase across all tracked wallet cohorts, indicating possible accumulation by institutional or long-term investors.

Smaller whale categories, such as those holding 1 million to 10 million DOGE and 100k to 1 million DOGE, also showed stability or slight growth. These trends suggest continued support and interest in Dogecoin from major holders.

The funding rate according to Coinglass has mostly remained in positive territory since mid-April. A positive funding rate indicates rising confidence in a continued DOGE price rise. This behavior suggests bullish market expectations remain strong among leveraged participants.

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Bitcoin price breaks $100,000 on May 8, 2025, as ETFs, Fed pause, and state crypto laws fuel rally. Will BTC now advance to new all-time highs?

Bitcoin clears $100,000 first time in 120-days

Bitcoin price crossed the $100,000 mark on Thursday, May 8, 2025, trading at its highest level since February. The milestone represents a 4.5% 24-hour gain, pushing BTC to $100,800 at the daily peak before settling near $99,696 at press time.

The renewed BTC price rally on Thursday can be attributed to a convergence of macroeconomic signals, adoption milestones across US states, amid surging institutional demand from Bitcoin ETFs.

Coingecko data further shows data BTC price gained 26.5% in the past 30 days and 59.1% over the last year. Traders now anticipate another leg up as BTC eyes new all-time highs, less than 10% away from breaching its previous record around $107,000.

4 factors that drove Bitcoin price above $100,000

1. Trump-UK trade deal drives renewed risk appetite

Market sentiment turned sharply bullish following a formal announcement from President Donald Trump confirmed a comprehensive trade agreement with the United Kingdom. The message emphasized the depth of US-UK relations and hinted at more bilateral deals in the pipeline.

The trade optimism has sparked renewed investor appetite for risk assets, with Bitcoin among the biggest beneficiaries.

Trump’s executive order establish crypto strategic reserve in March 2025. has helped frame Bitcoin as a strategic hedge against geopolitical uncertainty and global de-dollarization risks.

2. Three US states enact major crypto laws in rapid succession

• Arizona Governor signed House Bill 2749 into law: 

On May 7, Arizona Governor Katie Hobbs signed a bill establishing a Bitcoin and Digital Assets Reserve Fund. The fund will be managed by the state treasurer and composed of digital assets obtained through airdrops, staking rewards, and accrued interest.

The bill follows the governor’s veto against Senate Bill 1025, which had proposed investing 10% of states $32 billion Treasury assets in cryptocurrencies and NFTs.

Hobbs cited a preference for budget-neutral, lower-risk strategies in approving HB 2749. The newly-approved law now allows Arizona to engage in passive crypto asset management while maintaining fiscal conservatism. Staking rewards from unclaimed assets held over three years will also be funnelled into the reserve.

• Oregon enacts Senate Bill 167:

Oregon state amended the state’s Uniform Commercial Code to include digital assets such as cryptocurrencies, tokenized instruments, and electronic money. Signed into law by Governor Tina Kotek, the legislation introduces UCC Article 12, providing legal clarity on how digital assets can be used as collateral and managed in secured transactions.

The new rules also recognize electronic signatures and records, easing digital commerce integration. Transitional provisions give parties a one-year adjustment period. Prior to the update, crypto assets operated in legal gray zones under state law.

With this move, Oregon strengthens its infrastructure for asset-backed crypto innovation and enterprise use cases.

• New Hampshire becomes first state to adopt Crypto reserve:

New Hampshire became the first US state to approve Treasury laws to receive and hold Bitcoin in reserve. The move follows prior legislative actions that permitted tax payments in crypto and explored blockchain-based public record systems.

The latest statute, passed on May 8, directs the state to accept Bitcoin from federal forfeitures, grants, and settlements as reserve assets.

It does not authorize discretionary market purchases but ensures crypto assets entering public custody are lawfully held and secured.  Treasury officials will partner with approved custodians to manage private keys and staking operations.

3. Fed pause and recession risks reinforce Bitcoin hedge appeal

On Wednesday, US Federal Reserve held interest rates steady in its latest FOMC meeting but flagged rising unemployment as a growing concern. Investors now anticipate multiple rate cuts later in 2025 to cushion a slowing economy.

The shift in tone has rekindled the inflation hedge narrative around Bitcoin, with capital rotating out of treasuries and into hard assets.

Bitcoin’s fixed supply continues to appeal to investors preparing for policy easing and potential currency debasement. Market expectations of looser monetary policy have lifted global risk asset markets and has evidently played a role in driving BTC price above $100,000.

4. Institutional demand and ETF inflows intensify

Institutional capital has remained a key pillar of support during the current rally. Following renewed tensions between the United States and China, large corporate players have accelerated capital allocation into Bitcoin.

Exchange-traded funds (ETFs) have played a pivotal role in this dynamic. Over the past 13 trading days, Bitcoin ETFs recorded net inflows of $5.3 billion, with only two days of outflows.

On April 30 and May 6, net redemptions were modest at $56.3 million and $85.7 million, respectively. The consistent inflows indicate sustained institutional conviction and reflect Bitcoin’s growing status as a macro asset class comparable to gold or tech equities.

What’s next?

Bitcoin’s latest move above $100,000 places it within reach of entering a fresh price discovery phase. With only a single-digit percentage gain needed to break prior highs, markets are watching closely for institutional confirmation. If large players hold out for new highs, the rally could extend well into Q2.

However, some analysts suggest a partial rotation into altcoins may occur if Bitcoin shows signs of exhaustion. Capital rotation could benefit Ethereum, Solana, and newer sectors like Crypto AI tokens.

Looking ahead, the direction of Fed policy and geopolitical trade talks will remain key catalysts in the weeks ahead.

The post Bitcoin price tops $100K as 3 US states approve crypto BTC reserve laws in 24 hours appeared first on CoinGape.

The post Memecoins Explode as Bitcoin Inches Close to $100K—Will Memes Catch the Investors’ Attention? appeared first on Coinpedia Fintech News

The memecoin space has recorded a sudden rise of nearly 10% since the past trading day, while the volume has also almost doubled. This rise is fueled by the Bitcoin bulls pushing the price close to $100K as the market sentiment has turned bullish after remaining skeptical for a long time. Meanwhile, the top two memecoins, Dogecoin and Shiba Inu, rise with a decent margin of around 5%. However, the others manage to surge with a huge margin, Mog Coin (MOG) being the top gainer with close to 40% gains. 

Apart from this, the following memecoins are closely following the MOG price rally and are believed to explode once the BTC price surpasses the psychological barrier. 

Pudgy Penguins (PENGU) 

Pudgy Penguins received major attention from the beginning as the price initiated the trading journey with a 2000% rise. Besides, the volume also had soared by over $2.2 billion, which signaled a huge rise in the trading activity. Unfortunately, the rise remained for a short time as the bears intensified their action, causing a 92% drop from its highs. However, the beginning of Q2 has been largely bullish with a decent increase in volume, hence hinting towards a continuation of a strong upswing. 

As seen in the above chart, the PENGU price is following a parabolic recovery curve and has intensified since the last week of April. The Gaussian Channel has turned bullish for the first time since February, and the CMF has displayed a bullish divergence, suggesting a rise in the money flow into the platform. On the other hand, the MACD remains within the positive range, showing a rise in buying pressure. Therefore, the PENGU price is expected to remain within the curve and reach the neckline close to $0.042. 

Brett (BRETT) 

Brett Price is on the rise, intending to reclaim the $1 billion market cap as the volume has almost doubled in the past couple of days. With this, the BRETT price triggered a strong bounce, which has helped the token to rise and test a key resistance zone. This level has been acting as a strong support in the recent past, and hence, if it reclaims this support, the price is expected to drop a zero from its value.

The price is trading within a crucial range where the 50-day & 200-day MAS are acting as strong support and resistance levels, while the 50-day MA has shown a strong bullish divergence. Besides, the MACD is displaying a drop in the selling pressure while being in the positive range. Moreover, the levels are about to undergo a bullish crossover, which may elevate the levels beyond the resistance zone between $0.065 and $0.067 and reach the important resistance at $0.11. 

OFFICIAL TRUMP (TRUMP)

OFFICIAL TRUMP has received huge attention ever since the launch was announced by the U.S. President. Soon after the launch, the price dropped as Trump’s team reportedly sold their holdings, gaining millions in profit. However, the price has begun to rise and has broken out of the bearish range, indicating a change in the market dynamics. 

The TRUMP price has broken above the bullish pennant after consolidating for a while, with a slight rise in volume. Besides, the RSI has also begun to surge after testing the average range. Hence, the price appears to be poised to secure the immediate resistance at $13.5, and if it secures without facing a rejection, a rise to $16.5 could be imminent. 

The post Memecoins Explode as Bitcoin Inches Close to $100K—Will Memes Catch the Investors’ Attention? appeared first on Coinpedia Fintech News
The memecoin space has recorded a sudden rise of nearly 10% since the past trading day, while the volume has also almost doubled. This rise is fueled by the Bitcoin bulls pushing the price close to $100K as the market sentiment has turned bullish after remaining skeptical for a long time. Meanwhile, the top two …