Global markets rose on Thursday, with the Dow Jones (+0.62%), S&P 500 (+0.58%), and Nasdaq (+1.07%) all gaining, as the US and UK announced a trade deal that will cut tariffs, sparking optimism about potential agreements with other countries. The deal, the first of President Trump's trade wars, was seen as a positive sign for both governments. Meanwhile, China reported a surge in April exports, driven by shipments to southeast Asia and Europe, ahead of crucial trade talks with the US. The Federal Reserve held interest rates steady, citing tariff uncertainty, while the Bank of England warned of a "plethora of risks" facing the UK economy.
In crypto, the global crypto market cap continued increasing, gaining 5.6% over the past day to $3.23tn. The total crypto market 24h volume increased 56% to over $162bn. Bitcoin surged to its highest level since February, increasing 4.4% in the past 24h and reclaiming the key $100,000 mark, currently trading $103k. around $98.9k, Ether increased over 18%, and went above the $2,200 mark, now trading around $2,250.
In the past 24 hours, crypto liquidations increased by 196% and totaled $877m, with 83% of them short positions. BTC liquidated positions made up 39% of all liquidated positions, with 93% of liquidated positions being shorts, while ETH positions made up 33% of all liquidated positions, with 83% of liquidated positions being short.
According to data from SoSo Value, U.S. Bitcoin spot ETFs recorded a net inflow of $117.46 million on May 8, 2025, continuing a steady streak of institutional accumulation. BlackRock’s IBIT led with $69 million, followed by Fidelity’s FBTC at $35.34 million and ARKB with $13.12 million. All other ETFs, including Grayscale’s GBTC and BTC, posted zero net flows for the day. The inflows came alongside the rally in Bitcoin price, with trading volumes spiking—IBIT alone saw $3.17 billion in volume—signaling renewed investor momentum with BTC’s return above the $100k mark. US Ether spot ETFs recorded a net outflow of $16.11 million, driven by a $19.30 million withdrawal from Fidelity’s FETH, which outweighed a $3.19 million inflow into Grayscale’s ETH fund. This marks the third consecutive session of outflows, bringing the weekly total to –$55.75 million.
The US Senate on May 8 failed to advance the GENIUS Act, a bipartisan stablecoin bill, after Democrats unexpectedly withdrew support amid concerns over President Donald Trump’s crypto affiliations. The bill, formally titled the Guiding and Establishing National Innovation for US Stablecoins Act of 2025, aimed to provide regulatory clarity for payment-focused stablecoins and reinforce dollar dominance in global finance. Despite revisions to address anti-money laundering concerns, the legislation fell short of the 60 votes needed to proceed. Republican sponsors, including Senators Bill Hagerty and Cynthia Lummis, expressed frustration, while Treasury Secretary Scott Bessent and industry figures called the setback a missed opportunity for U.S. leadership in digital asset regulation.
Coinbase has agreed to acquire Deribit, a major crypto derivatives trading platform, for approximately $2.9 billion, in a move that will enable the company to expand into the profitable crypto derivatives market and accelerate its international growth strategy.
Coinbase's Q1 revenue fell 10% to $2 billion, with net income plummeting 95% to $66 million due to a large paper loss on its crypto holdings, but the company still beat earnings estimates and made a significant acquisition to become the global leader in crypto derivatives trading.
Doodles' NFT sales surged by 97% in the last 24 hours, reaching $1.1 million, as the project prepares to launch its DOOD token and airdrop on May 9, contributing to a 7% increase in the overall NFT market volume to $103 million over the past week.
The US Securities and Exchange Commission has formally settled its high-profile lawsuit against Ripple Labs, concluding a case that began in December 2020 with allegations the company illegally sold $1.3 billion in XRP tokens. Under the terms filed Thursday, Ripple and its top executives—CEO Brad Garlinghouse and Executive Chairman Chris Larsen—will pay $50 million to the SEC, significantly less than the $2 billion initially sought by the regulator. The remaining $75 million from previously escrowed funds will be returned to Ripple. The settlement, which still requires approval from Judge Analisa Torres, marks the end of a four-year legal battle and comes as XRP, the fourth-largest cryptocurrency by market cap, trades higher on the news.
Hut 8, a cryptocurrency mining firm, increased its hashrate by 79% in the first quarter despite posting a net loss of $134.3 million due to large-scale investments, and is pushing ahead with expansion plans to scale up its operations and improve its financial performance.
Space and Time, a Microsoft-backed blockchain project, has launched its public mainnet, providing a decentralized, zero-knowledge-proven data infrastructure for crypto applications to query historical and cross-chain data, enabling developers to build secure on-chain applications with cryptographic proofs.
VanEck's Onchain Economy ETF ($NODE) is scheduled to begin trading on May 14, 2025, following its inception on May 13, 2025. It is an actively managed fund that invests in companies driving blockchain adoption across multiple industries, offering a diversified approach to participating in the evolving digital asset economy without direct cryptocurrency investments, with a unique strategy that combines fundamental analysis, market trend assessment, and Bitcoin cycle metrics to optimize investment and manage market volatility.
MARA Holdings' Bitcoin holdings nearly tripled over 12 months to 47,531 BTC, valued at approximately $4.9 billion, despite the company's Bitcoin production and total earnings falling short of expectations due to the Bitcoin halving event and increased mining costs.
Rumble, a video streaming platform, will launch a Bitcoin and stablecoin wallet in the third quarter of this year, in partnership with Tether, to compete with Coinbase Wallet and provide creators with a new monetization tool.
Former Celsius CEO Alex Mashinsky has been sentenced to 12 years in prison for fraud, signaling the US Department of Justice's commitment to severely punishing crypto-related crimes, particularly those that target retail investors, despite speculation about potential leniency from the Trump administration.
Missouri's House Bill 594, which would eliminate capital gains tax in the state, has passed a vote and awaits the governor's signature, amidst broader discussions on US tax reform sparked by President Trump's proposals to overhaul the income tax system and replace it with revenue from import tariffs.
Meta is exploring the integration of stablecoin payments into its platforms, potentially supporting multiple tokens, as part of a broader trend of tech companies investing in and adopting stablecoins amidst rapid market growth and stalled regulatory efforts.
The US Securities and Exchange Commission is considering a rule change to exempt companies using blockchain technology from certain registration requirements, allowing them to more freely issue tokenized securities while still complying with anti-fraud and market manipulation rules.
The 22-year-old developer of the Zerebro platform, who was believed to have committed suicide during a livestream, is reportedly alive and has been seen outside his family home, with evidence suggesting he faked his own death and has since transferred millions of dollars' worth of cryptocurrency from his wallets.
