{"id":17641,"date":"2025-05-11T03:54:19","date_gmt":"2025-05-11T03:54:19","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/05\/11\/crypto-market-recap-bitcoin-breaks-us100000-coinbase-makes-us2-9-billion-power-play\/"},"modified":"2025-05-11T03:54:19","modified_gmt":"2025-05-11T03:54:19","slug":"crypto-market-recap-bitcoin-breaks-us100000-coinbase-makes-us2-9-billion-power-play","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/05\/11\/crypto-market-recap-bitcoin-breaks-us100000-coinbase-makes-us2-9-billion-power-play\/","title":{"rendered":"Crypto Market Recap: Bitcoin Breaks US$100,000, Coinbase Makes US$2.9 Billion Power Play"},"content":{"rendered":"<\/p>\n

Here\u2019s a quick recap of the crypto landscape for Friday (May 9) as of 9:00 p.m. UTC.<\/strong><\/p>\n

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.<\/p>\n

\n

Bitcoin and Ethereum price update <\/h3>\n

Bitcoin (BTC) <\/strong>was priced at US$103,116 as markets closed for the week, up 2 percent in 24 hours. <\/p>\n

The day\u2019s range has seen a low of US$102,526 and a high of US$103,636. After breaking through the US$100,000 threshold on Thursday (May 8), the digital asset has found support. <\/p>\n<\/div>\n

<\/small><\/p>\n

Bitcoin performance, May 9, 2025.<\/em><\/p>\n

<\/small><\/p>\n

Chart via TradingView.<\/em><\/p>\n

The crypto market\u2019s surge is attributed to positive geopolitical developments, particularly surrounding a US-UK trade agreement and optimism over upcoming trade talks with China. <\/p>\n

A better-than-expected jobs report also reignited institutional interest. Meanwhile, the MOVE index has cooled from its late March-early April spike, encouraging broader risk-taking across financial markets. <\/p>\n

On the technical side, Bitcoin\u2019s realized cap has hit an all-time high above US$893 million. Cointelegraph\u2019s Marcel Pechman notes that strong options activity suggests that prices above US$105,000 could fuel further gains. Analyst Egrag Crypto is forecasting a rally to US$170,000, contingent on Bitcoin breaking past its previous all-time high of US$109,000.<\/p>\n

<\/span>However, with Bitcoin\u2019s relative strength index approaching 70, overbought conditions are emerging, and investors are urged to be cautious of short-term volatility.<\/p>\n

<\/span>Ethereum\u2019s (ETH)<\/strong> price surge has outperformed that of Bitcoin and can be attributed to an increase in transactions following Wednesday\u2019s (May 7) Pectra upgrade. ETH\u2019s price has increased by over 25 percent from last week and 42 percent month-on-month. It finished the week at US$2,325.35, a 10 percent increase over 24 hours. <\/p>\n

The day\u2019s range saw a low of US$2,288.24 and a high of US$2,372.09.<\/p>\n<\/div>\n

\n

Altcoin price update <\/h3>\n

Solana (SOL)<\/strong> closed at US$171.67, up 7.1 percent over 24 hours. SOL experienced a low of US$168.64 and a high of US$172.75.<\/p>\n

XRP<\/strong> was trading at US$2.35, reflecting a 3.6 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.33 and a high of US$2.40. <\/p>\n

<\/span>Sui (SUI)<\/strong> was priced at US$3.89, showing a decrease<\/em>of 0.6 percent over the past 24 hours. It achieved a daily low of US$3.87 and a high of US$4.03. <\/p>\n

<\/span>Cardano (ADA)<\/strong> was trading at US$0.7799, up 5.5 percent over the past 24 hours. Its lowest price of the day was US$0.7763, and it reached a high of US$0.7953.<\/p>\n<\/div>\n

\n

Today\u2019s crypto news to know <\/h3>\n

<\/h4>\n

Coinbase to acquire Deribit in US$2.9 billion crypto derivatives deal<\/h4>\n

Coinbase has announced plans to acquire Deribit, a leading crypto derivatives exchange, for $2.9 billion \u2014 the largest deal in the crypto industry to date. This strategic move positions Coinbase to expand its offerings in the crypto options market, catering to the growing demand for advanced trading products. <\/p>\n

The acquisition includes US$700 million in cash and 11 million shares of Coinbase Class A common stock. <\/p>\n

Deribit, which processed US$1.2 trillion in trading volume last year, controls approximately 85 percent of the global crypto options market. This deal is expected to enhance Coinbase\u2019s presence in the international derivatives market and diversify its revenue streams. Analysts view the acquisition as a significant step for Coinbase to compete with other major exchanges like Binance and Kraken in the derivatives space. The transaction is subject to regulatory approvals and is anticipated to close later this year. Until then, Deribit will continue its operations as usual.<\/p>\n

Rumble\u2019s crypto wallet launch and Q1 earnings<\/h4>\n

Rumble\u2019s (NASDAQ:RUM) CEO confirmed the firm will launch a Bitcoin and stablecoin wallet to compete with the Coinbase Wallet in Q3. The Rumble Wallet will launch in partnership with Tether. <\/p>\n

\u201cOur goal is to become the most prominent non-custodial Bitcoin and stablecoin wallet, powering the creator economy,\u201d according to a May 9 (Friday) X post by Chris Pavlovski. <\/p>\n

On the earnings front, Rumble reported a net loss of US$2.7 million for Q1 on Thursday, a significant improvement over the US$43 million loss reported in Q1 2024. The company\u2019s revenue of US$23.7 million exceeded analysts\u2019 estimates; however, the firm reported a decrease in monthly active users to 59 million, down from 68 million in Q4 2024. <\/p>\n

Rumble opened 2.44 percent higher on Friday (May 9) and closed the week with a gain of over 17 percent.<\/p>\n

Meta\u2019s potential stablecoin integration<\/h4>\n

Meta Platforms (NASDAQ:META) is reportedly in discussions with cryptocurrency enterprises regarding the potential implementation of stablecoins for select, smaller-scale creator disbursements.<\/p>\n

Five informed sources told Fortune that the corporation has engaged in consultative deliberations with multiple cryptocurrency infrastructure providers, albeit without having yet settled upon a definitive strategic approach. <\/p>\n

An insider suggests that the entity may adopt a multi-token framework, encompassing the integration of established stablecoins such as Tether\u2019s USDt and Circle\u2019s USD Coin, amongst other alternatives.<\/p>\n

This news comes the day after Democratic lawmakers withdrew support for the GENIUS Act after concerns arose over the lucrative crypto dealings of companies tied to US President Donald Trump. The bill stalled on the floor of the Senate, prompting a public statement from US Treasury Secretary Scott Bessent:<\/p>\n

\u201cThis bill represents a once-in-a-generation opportunity to expand dollar dominance and US influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.\u2019<\/p>\n

Celsius founder sentenced to 12 years for crypto fraud<\/h4>\n

Alex Mashinsky, founder and former CEO of Celsius Network, has been sentenced to 12 years in federal prison for defrauding customers and manipulating the price of the company\u2019s CEL token.<\/p>\n

Between 2018 and 2022, Mashinsky misled investors about the safety of their funds, using customer deposits to inflate CEL\u2019s value and personally profiting over US$48 million. Celsius, which once managed over US$25 billion in assets, collapsed in 2022 amid a broader crypto market downturn, leaving thousands of users unable to access their funds.<\/p>\n

SEC considers crypto exemptions<\/h4>\n

The US Securities and Exchange Commission (SEC) is \u201cconsidering a potential exemptive order\u201d to let crypto firms bypass requirements to register as a broker-dealer, clearing agency exchange to issue, trade and settle securities. SEC Commissioner Hester Peirce made the announcement in a speech published on Thursday. <\/p>\n

Companies would still be expected to comply with rules to prevent fraud and market manipulation and may also need to meet certain disclosure and recordkeeping requirements.<\/p>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/strong><\/p>\n

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a quick recap of the crypto landscape for Friday (May 9) as of 9:00 p.m. UTC. Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news. Bitcoin and Ethereum price update Bitcoin (BTC) was priced at US$103,116 as markets closed for the week, up 2 percent […]<\/p>\n","protected":false},"author":0,"featured_media":17642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-17641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/17641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=17641"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/17641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/17642"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=17641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=17641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=17641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}