Important News Overview of the Crypto Market on May 8, 2025

1. Bitcoin Approaches $100,000: Price Rises to $99,045, Market Boosted by Expectations of Federal Reserve Rate Cuts (Decision to be Announced Tomorrow), Technical Outlook Neutral to Bullish.

2. Policy Developments: New York State Congressman Proposes Ban on Politicians Using Memecoins and Stablecoins for Personal Gain; Arizona Signs Bill Establishing the First State-Level Crypto Reserve Account in the U.S.

3. Institutional Movements: BlackRock Increases Holdings in Bitcoin-Related Assets to $5.43 Billion, Significant Increase in Spot ETF Holdings, Showing Institutional Confidence.

4. Market Volatility and Risks: $233 Million Liquidated Across the Network in 24 Hours, Primarily Short Sellers; Coinbase Users Stolen Over $45 Million Due to Social Scams, Highlighting Security Risks.

5. Technology and Ecosystem: Solana Breaks $150, Market Sentiment Warms Up; Binance to Conduct Tron Network Wallet Maintenance Tomorrow; .sol Domain Holders to Receive a 1.5 Billion SNS Airdrop.

6. Regulatory Progress: U.S. Treasury Secretary States Aim to Create a Preferred Destination for Digital Assets; SEC Documents Reveal New York Regulators Pressured to Classify Ethereum as a Security.

7. Breakthrough in Russian Policy: The Central Bank of Russia Announces Allowing Limited Purchases of Cryptocurrency, Seen as a Major Turning Point in Global Regulation.