Crypto Market Recap: Bitcoin Surpasses $100,000 and Coinbase’s Major Acquisition

By Georgia Williams and Meagen Seatter
May 9, 2025, 1:05 PM PST
Investing News Network

In a significant turn of events for the cryptocurrency market, Bitcoin (BTC) has surged past the $100,000 mark, closing at $103,116 as the week ended. This noteworthy milestone was reached on May 8, 2025, and the digital asset has since found support, marking a 2 percent increase within a 24-hour period. The day’s trading activity revealed a low of $102,526 and a peak of $103,636. ### Geopolitical Developments Influence Market Surge

The recent growth in Bitcoin’s price can be largely attributed to favorable geopolitical developments, specifically a new trade agreement between the United States and the United Kingdom, as well as renewed optimism surrounding forthcoming trade discussions between the U.S. and China. Additionally, a strong jobs report has reignited institutional interest in cryptocurrencies.

The broader cryptocurrency market is also seeing a positive trend. The MOVE index, which gauges market volatility, has significantly cooled since its spike earlier this year, leading to increased risk-taking across various financial markets. On the technical side, Bitcoin’s realized capitalization has reached an all-time high of over $893 million. Analysts are observing strong options activity, with indications that prices above $105,000 could spur further gains. Egrag Crypto, a prominent analyst, forecasts a potential rally to $170,000, provided Bitcoin surpasses its previous all-time high of $109,000. However, caution is warranted as Bitcoin’s relative strength index is nearing 70, a level that typically signals overbought conditions.

Ethereum and Altcoin Performance

Ethereum (ETH) has also displayed impressive growth, outperforming Bitcoin with a substantial price increase. Following the Pectra upgrade on May 7, ETH’s price has journeyed upwards by over 25 percent weekly and 42 percent monthly, concluding at $2,325.35, an increase of 10 percent in 24 hours. The cryptocurrency traded between a low of $2,288.24 and a high of $2,372.09 over the same period.

In the altcoin space, Solana (SOL) closed at $171.67, marking a 7.1 percent increase; XRP was priced at $2.35, up by 3.6 percent; Cardano (ADA) traded at $0.7799, reflecting a 5.5 percent rise; however, Sui (SUI) saw a slight decline of 0.6 percent, pricing at $3.89. ### Coinbase Makes a Major Move with Deribit Acquisition

In significant corporate news, Coinbase has announced its decision to acquire Deribit, a leading crypto derivatives exchange, for a substantial $2.9 billion—the largest deal recorded in the cryptocurrency sector to date. This acquisition is poised to enhance Coinbase’s offering in the crypto options market, responding to the rising demand for advanced trading products.

The deal stipulates payment of $700 million in cash alongside 11 million shares of Coinbase Class A common stock. Deribit has established itself as a dominant player, handling $1.2 trillion in trading volume last year and controlling roughly 85 percent of the global crypto options market. Analysts view this acquisition as a critical strategy for Coinbase to enhance its competitiveness against other major exchanges such as Binance and Kraken. The transaction is pending regulatory approval but is expected to close later this year, during which Deribit will continue its operations as usual.

Additional Industry Updates

Beyond Coinbase’s acquisition, Rumble is preparing to launch a Bitcoin and stablecoin wallet in the third quarter of this year. This initiative is in partnership with Tether, with Rumble aiming to carve out a space in the non-custodial wallet market and to better serve the creator economy.

In its latest earnings report, Rumble revealed a net loss of $2.7 million for the first quarter of 2025, a significant improvement from a $43 million loss the previous year. While the company achieved revenue of $23.7 million, exceeding analyst expectations, it did report a decline in monthly active users.

In other news, Meta Platforms is reportedly exploring stablecoin integration to facilitate smaller-scale payments for creators. Meanwhile, Alex Mashinsky, the founder of Celsius Network, was sentenced to 12 years for fraud and manipulation of the price of CEL tokens, a critical reminder of the ongoing regulatory scrutiny within the industry.

Conclusion

As the cryptocurrency landscape continues to evolve, Bitcoin’s recent upswing, coupled with significant corporate maneuvers like Coinbase’s acquisition of Deribit, showcases a dynamic and rapidly changing market. Investors are advised to remain vigilant as they navigate this terrain, particularly with indications of approaching volatility.

For real-time updates and further insights, follow us at @INN_Technology.

For disclosures, Georgia Williams and Meagen Seatter hold no direct investment interests in any company mentioned in this article.

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