Daily Market Report – May 8, 2025
The cryptocurrency market edged higher over the past 24 hours, with Bitcoin (BTC) rising 1.08% to $97,917.52 and Ethereum (ETH) holding steady at $1,826.51, up just 0.02%. BTC traded between $95,791.44 and $98,333.01, while ETH ranged from $1,788.00 to $1,847.05. The Fear & Greed Index remained at 53, reflecting consistent investor confidence, and futures liquidations totaled $99.49 million—suggesting healthy trading activity without extreme volatility. Long/short ratios stayed closely balanced, with BTC longs at 50.05% and ETH longs at 50.50%.
Altcoins saw notable gains, led by EPT with a 32.58% surge, KAITO up 29.29%, and SHELL rising 23.46%, continuing the trend of selective altcoin strength. Total value locked (TVL) across all blockchains held nearly flat at $99.449 billion, showing stability across DeFi platforms.
In ecosystem news, Moonshot launched a new Solana-based token, $urmom, though its market cap dropped to $11.4 million shortly after. Meanwhile, the meme token Mikami, themed after adult actress Yua Mikami, plummeted over 50% post-launch, serving as a cautionary tale for speculative buyers.
On the regulatory front, Arizona signed HB 2749, officially establishing the state’s first cryptocurrency reserve. In a significant update, the U.S. Office of the Comptroller of the Currency (OCC) confirmed that banks may now offer crypto custody and trading services at the direction of their customers—an important move toward mainstream adoption. Additionally, DeFi Development approved a 1-for-7 stock split and reaffirmed its expansion on the Solana network.
In legal disclosures, Coinbase revealed that the New York Attorney General had previously urged the U.S. SEC to classify ETH as a security—shedding light on past regulatory debates that continue to influence policy discussions today.
Michael Crag
