Crypto Market Overview

BTC (+3.3% | Now at $102,934)
Boosted by easing tariff policy concerns, BTC climbed over 3.3% in the past 24 hours. The price has been steadily trending upward within an ascending channel, peaking at $104,241. Technically, the candlestick pattern shows a strong bullish alignment, with price action holding above short-term moving averages. The MACD indicator remains in a bullish crossover, with widening histogram bars indicating sustained buying momentum. A breakout above the channel resistance could open the door to test the $105,000 psychological level in the short term. On the downside, failure to break higher may lead to a pullback toward the $102,000–$100,000 support zone. Overall, the bias remains bullish, with a focus on whether rising volume can sustain the uptrend. [1]

ETH (+16.21% | Now at $2,214)
ETH surged more than 16% in the past 24 hours, reaching a high of $2,243.98. The price is steadily moving within an ascending channel, with short-term moving averages aligned bullishly. ETH is trading well above its 5-, 10-, and 30-period hourly moving averages, underscoring a clear upward trend. The MACD remains in a bullish crossover with expanding histogram bars, reflecting strong buying pressure. A breakout above the upper channel boundary could target $2,300 in the near term, while a pullback could see support tested in the $2,150–$2,100 range. Monitoring volume trends remains key to confirming whether the rally can extend further. [2]

ETFs
According to Farside Investors, U.S. spot Bitcoin ETFs recorded a net inflow of $117 million on May 8, [3] while U.S. spot Ethereum ETFs saw a net outflow of $16.1 million. [4]

Altcoins
As of 6:30 (UTC) on May 9, the Frog-Themed, Ether.fi Ecosystem, and PolitiFi sectors posted gains of 32.1%, 27%, and 25.8%, respectively. [5]

U.S. Equities
On May 8, U.S. Equities closed higher across the board, with the S&P 500 rising 0.58%, the Dow Jones Industrial Average gaining 0.62%, and the Nasdaq Composite advancing 1.07%. [6]

Spot Gold
Gold traded at $3,282.78 per ounce, down 0.69% on the day (as of 2:30 AM UTC May 9). [7]

Fear & Greed Index
The index stands at 73 (Greed), reflecting broadly optimistic sentiment. Current pullbacks are viewed more as technical consolidations and cautious positioning ahead of upcoming macro data releases. [8]

High-Potential Tokens

VIRTUAL — Virtuals Protocol (+42.1%, Circulating Market Cap $1.326B)

Token Overview
VIRTUAL is the native token of Virtuals Protocol, a decentralised network for trading virtual asset derivatives. The platform enables users to freely price and trade events, assets, and data flows within virtual worlds. It blends on-chain derivative mechanisms with social interaction features. It focuses on two core concepts: “tradable virtual assets” and “gamified prediction markets.

Market Outlook
The protocol is actively rolling out multi-chain deployments, refining virtual asset valuation models, and implementing community governance mechanisms. These upgrades are widely seen as enhancing the platform’s functionality, scalability, and user engagement, further solidifying its position as a foundational layer in Web3 virtual finance. Investors are optimistic that these developments will support long-term value growth for VIRTUAL.

IP — Story Protocol (+35.5%, Circulating Market Cap $1.423B)

Token Overview
IP is the native token of Story Protocol, a project reimagining how intellectual property is created, managed, and monetised. It provides an open, modular Web3 IP infrastructure that allows creators to register works on-chain, track their evolution, and enable collaboration and remixing via permission mechanisms — amplifying network effects around content.

Market Outlook
Backed by several prominent VCs, Story Protocol plans to expand its on-chain copyright framework, revenue-sharing models, and cross-platform content integration. The market sees these initiatives as effectively addressing pain points in traditional IP management and empowering creators to unlock sustained value in a decentralised landscape, driving growing demand and price appreciation for the IP token.

PEPE — Pepe (+29.5%, Circulating Market Cap $4.6B)

Token Overview
PEPE is a meme-driven cryptocurrency inspired by the iconic internet character “Pepe the Frog.” Since launch, it has rapidly gained traction with strong community momentum and viral spread. With no pre-mine or team allocation, the project is entirely community-driven, emphasising decentralisation and entertainment value.

Market Outlook

PEPE’s rally is buoyed by surging sentiment across the broader meme coin sector. The project is actively advancing community governance and exploring crossovers with mainstream meme IPs to expand its footprint in the Web3 entertainment ecosystem. These strategic moves are expected to strengthen community cohesion, attract more attention, and provide additional upside catalysts for the token.

Alpha Data

Bitcoin Market Cap Reclaims $2 Trillion, Surpasses Google to Become 6th Largest Global Asset

Key Metrics
Bitcoin (BTC) market capitalisation has reclaimed the $2 trillion mark, currently standing at $2.036 trillion, up 3.27% over the past 24 hours. It has overtaken tech giant Google, climbing to the 6th spot among the world’s largest assets by market value. This marks Bitcoin’s first return above $100,000 in three months, setting a new high since early February. Meanwhile, the total crypto market cap has also rebounded sharply to $3.22 trillion, rising 2% in the past 24 hours, indicating a sustained recovery in overall market sentiment.

Analysis
Bitcoin’s resurgence past $2 trillion and the $100,000 level is underpinned by two major macro tailwinds. First, Fed Chair Jerome Powell signalled potential interest rate cuts later this year while highlighting ongoing inflation and unemployment risks. Persistent inflation pressures are driving investors toward inflation-hedging assets, with Bitcoin — the so-called “digital gold” — regaining favour. Second, former U.S. President Donald Trump publicly announced efforts to advance a tariff agreement with the U.K. Combined with upcoming U.S.–China trade talks, these developments have boosted global risk appetite and spurred capital inflows into high-volatility assets, including crypto. [9]

Rumble Q1 Revenue Rises 34% as It Bets on Crypto Wallet to Challenge Coinbase

Key Metrics
Video-sharing platform Rumble (Nasdaq: RUM) reported Q1 2025 revenue of $23.7 million, a 34% year-over-year increase, driven by subscription growth and enhanced monetisation. Despite a decline in monthly active users to 59 million, post-U.S. election user retention stood at 87%, far exceeding the 60% retention rate following the 2022 midterms. Net loss narrowed to $2.7 million, with adjusted EBITDA loss at $22.7 million. Average revenue per user (ARPU) was $0.34, down 13% quarter-on-quarter. As of March-end, Rumble held $319 million in liquid assets, including $301 million in cash and 210 Bitcoin (approximately $17.4 million).

Analysis
Rumble delivered strong growth in Q1 2025, underpinned by its cloud services expansion and international business development. The company secured a cloud services deal with El Salvador and received a strategic investment from Tether, significantly strengthening its balance sheet. Rumble also plans to launch a non-custodial crypto wallet, Rumble Wallet, in Q3 in partnership with Tether. The wallet will support Bitcoin and stablecoins, positioning itself as a direct competitor to Coinbase. Concurrently, Rumble is expanding its content ecosystem, onboarding the White House and prominent influencer Tim Pool, and co-filing a lawsuit with Trump Media Group against a Brazilian judge to assert free speech rights. It has also partnered with the Tampa Bay Buccaneers and Rebel News to further diversify its cloud services business. [10]

Stablecoin Monthly Trading Volume Hits Record $1.82 Trillion

Key Metrics
Stablecoin transaction volume surged to a record $1.82 trillion last month, underscoring their growing real-world utility in the crypto market. Despite heightened volatility in overall crypto trading, organic, non-speculative use of stablecoins continues to rise, reflecting their increasing role in payments, settlements, and capital flows. The market likely still underestimates the long-term potential and systemic value of stablecoins.

Analysis
The record-high stablecoin volumes aren’t merely driven by speculation but point to expanding real-world applications. Key drivers include rising demand for cross-border payments, a revival of DeFi ecosystems, increased use of stablecoins as core assets, safe-haven demand during global economic uncertainty, greater institutional participation, innovative stablecoin products, and improved on-chain infrastructure reducing transaction costs and enhancing speed. In short, stablecoins are evolving from speculative instruments into critical infrastructure for the digital economy. [11]

Alpha Insights

Superstate Launches “Opening Bell” to Enable SEC-Registered Equities to Trade On-Chain

Overview
Superstate has unveiled Opening Bell, a platform designed to facilitate the issuance and trading of SEC-registered equities directly on the blockchain. The initiative plans to debut on the Solana network, creating a native integration between traditional equity markets and blockchain infrastructure. Superstate recently collaborated with several institutions to submit a framework proposal to the SEC. Opening Bell aims to enable issuers to bypass traditional centralized exchanges (CEXs) and conventional listing processes, leveraging blockchain rails for continuous trading and real-time settlement. SOL Strategies — dubbed “the MicroStrategy of Solana” — is expected to be among the first to onboard its common stock via the platform. [12]

Analysis
Superstate’s move to enable SEC-registered equities to be issued and traded natively on Solana positions it as a frontrunner and key infrastructure provider in the compliant security tokenization space. By deploying on the high-performance Solana chain, Superstate could attract traditional financial institutions and issuers seeking efficient, low-cost trading solutions. The platform has the potential to bridge crypto and traditional finance, draw more institutional capital into digital assets, accelerate regulatory alignment, and lay the groundwork for future innovative financial products.

Bridge Launches USDB, Developer-Focused Stablecoin Backed 1:1 by Cash and BlackRock Money Market Fund

Overview
Payments platform Bridge has introduced USDB, a stablecoin purpose-built for developers. Backed 1:1 by cash and the BlackRock Money Market Fund, USDB offers on-chain and off-chain security guarantees and seamless API integration. USDB enables frictionless conversion with USDC, and developers can earn rewards by holding USDB. Early adopters are already leveraging USDB to build products spanning treasury management, embedded accounts, and international payments. [13]

Analysis
Bridge is carving out a niche in the stablecoin market by targeting developer-centric use cases. USDB’s focus on developer needs signals a broader trend where stablecoins will underpin embedded finance, automated payment workflows, and other advanced applications, accelerating mainstream adoption across the crypto industry and digital economy. Its backing by cash and BlackRock’s fund may also bolster market confidence in next-gen stablecoins and further diversify the stablecoin landscape.

Stablecoin Bill Fails Narrowly in Senate, Falling Short at 49–48 Vote

Overview
A stablecoin regulation bill has stalled in the U.S. Senate, narrowly failing in a 49–48 vote on Thursday, falling short of the 60 votes required, largely due to Democratic opposition. Nevertheless, both parties may still reach a compromise in the coming weeks. Several Democratic senators emphasized that stablecoin oversight is critical to consumer protection and industry regulation. Meanwhile, Senator Elizabeth Warren and others voiced strong objections to the TRUMP token organizers’ “token-for-dinner” promotional campaign. [14]

Analysis
Although the bill faced an initial setback, regulatory negotiations are far from over. A bipartisan compromise in the coming weeks remains plausible and is crucial for the stablecoin market’s long-term outlook. A clear and balanced regulatory framework would reduce uncertainty, attract institutional investors and TradFi players, and unlock broader adoption of stablecoins in payments and settlements. In the short term, however, regulatory uncertainty is likely to fuel continued market volatility.

Fundraising Updates

According to RootData, five projects publicly announced funding rounds in the past 24 hours, spanning CeFi, consumer apps, and DeFi, with total disclosed funding exceeding $2.92 billion. Here are the top three deals: [15]

Deribit

Acquired by Coinbase for $2.9 Billion
Crypto options exchange Deribit has been acquired by Coinbase for $2.9 billion, comprising $700 million in cash and 11 million shares of Coinbase Class A common stock. The final transaction price will be subject to customary adjustments, with deal closure expected by year-end. Founded in 2016, Deribit is the world’s first crypto options platform and currently commands over 80% of the global crypto options market. It consistently ranks among the top 10 globally in futures trading volume and open interest. Coinbase aims to integrate spot, futures, and options trading businesses through the acquisition, building a comprehensive crypto asset trading ecosystem.

T-REX

Raises $17 Million Pre-Seed Led by Portal Ventures
Web3 consumer entertainment platform T-Rex raised $17 million in a pre-seed round led by Portal Ventures, Framework Ventures, and Arbitrum Gaming Ventures. Built by Web3 product studio EVG, the T-Rex platform features a blockchain optimised for consumer applications. It includes a built-in distribution engine (via a Chrome extension) to track user engagement across X, TikTok, YouTube, and other platforms, addressing Web3’s user acquisition challenges. The protocol’s governance mechanisms, from gas fees to consensus, are tailored for consumer-grade use cases.

GoQuant

Raises $4 Million Seed Round Led by GSR
Digital asset trading infrastructure provider GoQuant announced a $4 million seed round led by GSR. The funding will accelerate the development of its low-latency trading execution system and expand its institutional business lines. GoQuant is dedicated to building infrastructure for digital assets, with a focus on enhancing accessibility and efficiency across blockchain ecosystems. Its platform offers advanced analytics, security protocols, and integrated solutions to serve a wide range of participants in the digital asset space.

Airdrop Highlights

Miden
Miden is an Ethereum Layer 2 scaling solution developed by Polygon, leveraging zk-STARKs technology to enhance Ethereum’s scalability and security. At the end of April, Miden completed a $25 million seed funding round, led by a16z, Hack VC, and 1kx. The project plans to allocate 10% of its future token supply to Polygon token holders. [16]

How to Participate

1. Install the Miden Wallet from the Chrome Web Store. [17]
2. Claim testnet tokens. [18]
3. Interact with the wallet by transferring test tokens and conducting transactions. [19]

Reminder
Airdrop plans and participation methods are subject to change at any time. Users are advised to follow Miden’s official channels for the latest updates. Participation carries risks, and users should conduct thorough research before engaging. Gate.io does not guarantee the distribution of future airdrop rewards.


References:

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. Farside Investors, https://farside.co.uk/btc/
4. Farside Investors, https://farside.co.uk/eth/
5. CoinGecko, https://www.coingecko.com/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata
9. 8MarketCap, https://8marketcap.com/
10. GlobeNewswire, https://www.globenewswire.com/news-release/2025/05/08/3077703/0/en/Rumble-Reports-First-Quarter-2025-Results.html
11. X, https://x.com/cryptounfolded/status/1920485766108459309
12. The Block, https://www.theblock.co/post/353344/superstate-unveils-opening-bell-to-bring-sec-registered-equities-onchain-starting-with-solana?utm_source=twitter&utm_medium=social
13. X, https://x.com/Stablecoin/status/1920533471044513945
14. Jin10, https://flash.jin10.com/detail/20250509025016803800
15. Rootdata, https://www.rootdata.com/Fundraising
16. Miden, https://miden.fi/
17. chrome webstore, https://chromewebstore.google.com/detail/miden-wallet/ablmompanofnodfdkgchkpmphailefpb?hl=zh-CN&utm_source=ext_sidebar
18. Miden Faucet, https://faucet.testnet.miden.io/
19. Miden Wallet, https://miden.leo.app/send

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.