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Crypto Prices May 08: Prices Tumble Amid Market Uncertainty

Key Takeaways
  • Bitcoin is currently trading below the $63,000 mark, while Ethereum remains steady at the $3,000 level
  • The cryptocurrency market undergoes a 0.80% downturn, reducing its overall market capitalization to $2.44 trillion
08-May-2024 By: Lokesh Gupta
Crypto Prices May 08

Crypto market cap at $2.44T, decreases by 0.80% in value

  • Outflows from the Grayscale Bitcoin ETF (GBTC) have resumed, indicating market uncertainty regarding potential Fed rate cuts.

  • Grayscale has withdrawn its application for an Ethereum Futures ETF (Form 19b-4), adding to uncertainty surrounding its approval.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Fear and Greed Index has slipped by 4 points to reach 64 out of 100, indicating a prevailing sentiment of greed. This could imply potential selling pressure at resistance levels within the cryptocurrency market.

Cryptocurrency values dipped over the past 24 hours

TOP 5 Losers Coins

IndicesLTPChange (%)
Akash Network$4.507.70%

Latest Market Update: 

  • #Bitcoin ($BTC) experienced selling pressure, trading below $62,500 on Wednesday.

  • Several altcoins, including #Worldcoin ($WLD), #Ondo ($ONDO), #Solana ($SOL), #Arwwave ($AR), and #Helium ($HNT), were trading in the red.

  • #Ethena ($ENA) surged by 4.82% within 24 hours, marking the highest gain.

  • Conversely, memecoin #dogwifhat ($WIF) recorded the largest loss, plummeting by 11.00% in the same period.

  • Total crypto market volume in the last 24 hours: $63.6 billion, marking a 17.17% decrease.

  • DeFi volume stands at $5.94 billion, accounting for 9.33% of the total crypto market's 24-hour volume.

  • Stablecoins represent $58.3 billion in volume, constituting 91.66% of the total crypto market's 24-hour volume.

  • Bitcoin dominance has risen to 53.52%, with an increase of 0.11% over the day.

Major Worldwide News Update:

  • FTX's latest proposal for compensating victims of its 2022 collapse pledges to repay all creditor claims plus offer billions in compensation. However, it's subject to Delaware Bankruptcy Court approval. Creditors with claims under $50,000 may receive a 118% recovery. Dissatisfaction persists as repayment is based on 2022 asset values, not current prices.

  • Bitcoin ETFs witnessed net outflows after two days of inflows, with Grayscale's GBTC alone reporting $28.6 billion in outflows. Despite this, institutional interest persists, as evidenced by Susquehanna International's $1 billion investment in GBTC. The market anticipates rate cuts amid higher jobless data, potentially keeping Bitcoin range-bound.

  • Grayscale Investments unexpectedly withdrew its Ethereum Futures ETF filing, sparking speculation. Analysts suggest this may shield its main Spot Ethereum ETF application from potential rejection by the SEC. The regulator's exploration of Ethereum classification as an investment contract adds further uncertainty to the ETF pursuit.

  • SEC Chair Gensler expresses frustration over disproportionate media focus on crypto compared to traditional finance. He emphasizes crypto's small market share compared to traditional markets and warns of scams and frauds. Gensler avoids direct answers on SEC actions and classification of Ethereum, facing criticism and legal challenges.

  • Robinhood's Q1 2024 earnings report, set for Wednesday's close, is eagerly awaited in financial and crypto circles. Projections suggest a 25% year-on-year revenue increase to $555 million. Despite past estimate misses, positive market factors and performance signal optimism. Increased equity and crypto activity fuel expectations.

  • Susquehanna International Group disclosed holdings in 10 US Bitcoin ETFs, with over $1.3 billion invested, including $1 billion in Grayscale's GBTC. This represents the largest ownership of Bitcoin ETFs by an institutional investor, signaling significant demand from institutions. Spot Bitcoin ETFs also saw increased inflows, boosting investor sentiment.

COIN GABBAR Views: Will Bitcoin break through overhead resistance, or will it falter? Amid SEC scrutiny and economic uncertainty, Bitcoin's price hovers at $63k. Can BTC reach $100,000 before mid-2025? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Solana Price Prediction: Can SOL Break Through $1000 in 2025

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