May 9 Crypto Morning Report | Bull Market Accelerates, Key Dynamics Overview
Market Highlights
BTC Breaks $103,000 - Price steadily holds above key levels, building momentum to challenge previous highs, a new round of rally is brewing.
ETH Surges 20% in a Single Day - Ethereum leads the market strongly, focus shifts to 'ETH Season', with increased exchange rate volatility, short-term selling pressure must be watched.
SOL Rises to $160 - Driven by BTC/ETH breaking through key intervals, but the increase is relatively lagging, with $172 as the next resistance.
Policy and Regulation
• US SEC may introduce compliance token exemption policy, industry regulation welcomes a potential turning point
• Ripple and SEC reach formal settlement, ending a four-year legal battle
• Trump's controversy disrupts, US stablecoin regulatory bill temporarily shelved
• Missouri plans to eliminate capital gains tax, bill submitted for governor's signature
Institutional Movements
• Coinbase Q1 revenue of $2.03 billion fell short of expectations, but plans to acquire Deribit for $2.9 billion to enter the derivatives market
• Binance launches Sonic trading competition with a total prize pool of up to $2.2 million
• Celsius founder sentenced to 12 years, industry liquidation continues
Technical Innovations
• Skale launches BITE protocol to defend against MEV attacks at the consensus layer
• Virtuals break $2, Genesis ecosystem heat recovers
Market Warnings
• Trump's 'support for XRP/SOL/ADA in strategic reserves' is false news, related lobbyists have been expelled
• SEC Commissioner Peirce criticizes ETF approval efficiency as low, investors need to remain patient
Operational Suggestions
The current market is in a strong cycle, but the trends of various cryptocurrencies are diverging:
BTC holders can continue to look at the $105,000-$110,000 range
ETH short-term focus on $2,310 resistance, with $2,060-$2,120 support area for positioning
SOL needs to break through $172 to confirm the feasibility of the $180 target
