Cryptocurrency Prices on May 8: Bitcoin Below $62500; Solana | Cryptos Headlines på Binance Square

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Cryptocurrency Prices on May 8: Bitcoin Below $62500; Solana & Dogecoin Down 4%+
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#Bitcoin  #Ethereum  #Crypto  #SOLANA  #BNB  $BTC  $SOL  $XRP 

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BTC

60 983,67

-3.34%

SOL

145,25

-4.61%

XRP

0,5978

-2.30%

346

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Here’s Why the Crypto Market is Falling It appears that the cryptocurrency market is poised for a massive price drop and may crash in the coming hours, following the escalated tension between Iran and Israel. During the opening bell of the US stock market, Barak Ravid, a political reporter shared a post on X (previously Twitter) that Iran is preparing to imminently launch a ballistic missile attack against Israel. Escalating Tensions Between Iran and Israel Barak noted that “Senior White House Official tells me: ‘The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel.’” However, this post went viral like wildfire as it gained significant attention from crypto enthusiasts and has gained 1.2 million views in just a few hours. Crypto Market Begins to Decline At press time, the overall cryptocurrency market began falling, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced price declines of over 2.5%, 3.5%, 4.6%, and 3.2%, respectively, over the past 24 hours. The majority of the price decline occurred following the news of the ballistic missile attack on Israel. Traders Liquidated $351.21 Million Following this news, traders have liquidated a significant $351.21 million, according to data from on-chain analytics firm Coinglass. However, the single largest liquidation occurred on Binance, the world’s biggest cryptocurrency exchange, involving a BTC/USDT pair worth $12.37 million. Amid this liquidation, the majority of liquidation happened in the past four hours, with bulls facing the hardest hit during this price decline. While analyzing total Bitcoin (BTC) liquidations in the past four hours, bulls have liquidated $50 million worth of long positions, while bears have faced $3.15 million of liquidations during the same period. #BinanceLaunchpoolHMSTR #EIGENonBinance BTCUptober BTCPredictedNewATH #BTCReboundsAfterFOMC $BTC $ETH $BNB

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Bearish Pressure Can’t Stop VET From Targeting $2 Despite bearish pressure weighing down on VeChain, analysts are still holding out hope that VET could face a massive surge to target an increase in a price as high as $2. The token has certainly struggled throughout 2024. Yet, that could be coming to an end with October looking to turn things around for a host of tokens. With ‘Uptober’ almost upon the market, there is a plethora of expectations for different cryptos. As with all price movement, a lot of that depends on Bitcoin. There are many who believe the coming month could have BTC eyeing a return to $70,000. That could have a massive impact on the market as a whole, as well as VeChain. VeChain Looks to Push Through Bears as VET Could Be In Line for October Surge Like many cryptocurrencies in the last several months, VeChain has struggled. Over the last 30 days, the token has fallen more than 8%, according to CoinMarketCap. Yet, it has enjoyed a notable turnaround. In the last seven days, it is up more than 14%, currently trading near the $0.024 mark. There are many analysts who expect VeChain to successfully navigate bearish pressure, and allow the surge to carry VET as high as $2. The asset is currently down 91% from its all-time high of $0.28, with the market projecting that landmark figure to be a thing of the past. Crypto analyst EGRAG took to X (formerly Twitter) to discuss their high hopes for VeChain. Specifically, they forecasted a massive move based on the Elliot Wave Theory. This identifies corrective wave patterns that could drive VET to notable highs. With Elliot Wave categorized by five sub-waves, EGRAG notes that VET is preparing to enter an impulsive Wave Three phase. This projection hints that Wave Four could bring about a correction before an explosive rally capitalizes on Wave Five. For the analyst, these moves could have VET targeting $1 in the short term, with a $2 top-end projection. #VET #Vechain #Altcoins #CryptoNews #BinanceLaunchpoolHMSTR $VET $VTHO $BTC

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Analysts Tip SUI to Rival Solana Layer-1 blockchain Sui (SUI) has been tipped as an incredible force to reckon with after showing resilience in the face of the recent market downturn. According to our market analysis, Sui has made a massive statement with a 36% surge in the last seven days and a 70% surge in the last 30 days. At press time, the asset was trading at $1.44, and its 24-hour trading volume was up by 28%. Speaking on the asset, Real Vision CEO Raoul Pal disclosed to his million X followers that Sui’s future trajectory appears bullish, as confirmed by market signals, growing adoption, and technological upgrades. Throwing light on this, Pal pointed out that the asset has broken the downtrend vs Solana (SOL) and all the top 20 tokens. In addition to that, its Relative Strength Index validates any form of bullish thesis with the asset “acting like it would be one of the key Chosen Ones of the major new chains, if not THE Chosen One.” From the technological perspective, Pal believes that the recent Mysticeti upgrade has led to a jaw-dropping finality that is under a second. Interestingly, this makes it the “fastest of all chains.” Pal also cited the upcoming Pilotfish as another upgrade that could transform the network and position it above competitors. According to our research, the Pilotfish has been designed to scale transactions per second (TPS) even above that of Solana Firedancer. This, coupled with the recent decision of Circle to issue stablecoin (USDC) on the platform, could be “another good step” towards outpacing competitors, Pal said. But what are Sui/Mysten Labs trying to achieve? Basically, they are trying to rebuild the internet, brick by brick for Web3. It is built to scale to Facebook/Meta size use cases (3 billion-plus) from zero-knowledge (ZK) logins to the coming Walrus decentralized storage protocol. #SUI #SuiNetwork #Solana #Altcoins #BinanceLaunchpoolHMSTR $SUI $SOL $BTC

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Bitcoin’s long-term holders set record high – What it means for BTC Bitcoin [BTC] continued to demonstrate strength as the crypto market rebounded after a six-month downturn. Long-term holders’ actions are crucial for BTC traders, offering insights into trade timing. Over the last two months, long-term holders have accumulated more BTC, marking the highest accumulation period in the last three years. Additionally, these investors, along with new entrants, have collectively purchased over 1 million BTC since from the year 2022. This aggressive buying behavior signals strong confidence in Bitcoin’s future. Some of the earliest Bitcoin mining addresses have recently become active, further increasing the long-term supply of BTC. MicroStrategy (MSTR) leads top 10 performing stocks in the S&P 500, continues to support Bitcoin with gains of over 1000% since adopting its BTC strategy. Recently, MSTR issued $1 billion in convertible debt at a low 0.625% interest rate to redeem $500 million of senior secured notes with a 6.125% rate to fund the purchase of Bitcoins. This move reduced its blended interest rate to 0.81% from 1.6%, lowering annual interest expenses. Remarkably, this debt offering also strengthens MicroStrategy’s balance sheet, allowing it to potentially acquire more Bitcoin in the future, even if BTC prices fall. The ongoing acquisitions by major institutions like MSTR position Bitcoin for future growth. Bitcoin 3-day MACD crossed bullish Moreover, BTC’s 3-day MACD has crossed into bullish territory, signaling continued strength as BTC trades above $63K. With expectations of breaking the $65,000 level soon, Bitcoin is showing resilience and a growing trend of reclaiming the 100-day moving average. This upward momentum suggested that being bearish on BTC at this time may be risky, especially as Bitcoin appears poised to reach new highs. #Bitcoin #BTC #CryptoNews #Altcoins #BinanceLaunchpoolHMSTR $BTC $ETH $BNB

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Cardano Now Interoperable With Bitcoin, Here’s How All networks are keen on attaining interoperability, which is crucial to their growth. In this light, Bitcoin developer and FluidTokens CTO elraulito took to X to announce the latest breakthrough in blockchain interoperability. He revealed a seamless Plutus V3-based smart contract bridge between Bitcoin (BTC) and Cardano (ADA) applications. Cardano-Bitcoin Bridge Comes With Multiple Features This bridge will allow Bitcoin users to send ADA, manage, or stake them on any Cardano pool without additional software or wallet. elraulito further explained that the smart contract was built using tools and protocols. It leverages a Cardano smart contract language known as Aiken and CIP69, which enhances the address’s programmability. In addition, the smart contract has a multi-validator responsible for facilitating transactions, delegations, and reward withdrawals. MeshJS manages off-chain transactions. The bridge employs Mesh, an open-source library that supports Web3 app development. This currently offers one of the few Plutus V3-compatible implementations. The developer is confident that these capabilities may extend to the Ethereum Virtual Machine (EVM) chain, further broadening Cardano’s functionality. Cardano Founder And Community Reacts to Interoperability Innovation Charles Hoskinson, Cardano founder, expressed surprise at the innovation and its capacity to usher in a new phase of cross-chain connectivity. It also generated questions from the crypto community on X, with most of them showing interest in understanding the mechanics and applications of the new bridge. Another set was more interested in the validation process. Hoskinson is a core advocate for sound technology and is likely impressed by the latest developments. His interest and commitment are evident in his dedication to positioning the Cardano protocol for long-term success. #Cardano #ADA #Altcoins #BinanceLaunchpoolHMSTR #CATIonBinance $BTC $ETH $ADA

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