Here’s 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$103,027 as markets opened, up 1.3 percent in 24 hours. After breaking through the US$100,000 threshold Thursday (May 8) the digital asset has found support. The day’s range has seen a low of US$102,871 and a high of US$103,672.
Bitcoin performance, May 9, 2025.
Chart via TradingView.
Bitcoin’s recent price surge is driven by the US government’s decision to legalize strategic Bitcoin reserves—boosting investor confidence and signaling institutional backing—alongside growing global adoption supported by favorable regulations and broader acceptance across sectors.
Ethereum (ETH) started the trading day at US$2,220 and quickly rallied. The cryptocurrency reached an intraday low of US$1,792.06 and saw a daily high of US$2,415.
Altcoin price update
- Solana (SOL) opened at US$169.63 up 4.57 percent over 24 hours. SOL experienced a low of US$151.51 and a high of US$171.39.
- XRP was trading at US$2.33, reflecting a 5 percent increase over 24 hours. The cryptocurrency reached a daily high of US$2.36 midday.
- Sui (SUI) was priced at US$3.80, showing an increaseof 0.50 percent over the past 24 hours. It achieved a daily low of US$3.36 and a high of US$3.92.
- Cardano (ADA) is trading at US$0.7866, up 7 percent over the past 24 hours. Its lowest price of the day was US$0.71, and it reached a high of US$0.79.
Today’s crypto news to know
Bitcoin surges past $100,000 amid trade optimism and institutional inflows
Bitcoin (BTC) has reclaimed the US$100,000 mark for the first time since February, driven by optimism surrounding a new US-UK trade deal and significant institutional investments. On May 8, US Bitcoin ETFs saw net inflows totaling US$117.4 million, with BlackRock’s IBIT and Fidelity’s FBTC leading the gains.
Additionally, the Federal Reserve’s decision to hold interest rates steady has bolstered investor confidence in crypto markets.
Coinbase acquires Deribit in landmark US$2.9 billion crypto derivatives deal
Coinbase has announced its acquisition of Deribit, a leading crypto derivatives exchange, for $2.9 billion—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.
The acquisition includes US$700 million in cash and 11 million shares of Coinbase Class A common stock. 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’s 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.
Celsius founder sentenced to 12 years for crypto fraud
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’s CEL token.
Between 2018 and 2022, Mashinsky misled investors about the safety of their funds, using customer deposits to inflate CEL’s 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.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.