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▲ Bitcoin (BTC), Nasdaq ©
As Bitcoin ultimately gave up the $80,000 mark, risk-off sentiment is once again spreading across the cryptocurrency market. Analysis suggests that the short-term upward rally has been halted by the re-emergence of Middle East risks overlapping with profit-taking in the New York stock market.
According to CoinMarketCap, a cryptocurrency market data aggregator, as of 5:58 AM KST on May 8, Bitcoin (BTC) was trading at $79,885, down 1.89% over a 24-hour period. Its market capitalization was recorded at approximately $1.5997 trillion. Ethereum (ETH) fell 2.58% to $2,288, and XRP (Ripple) dropped 2.77% to $1.38. Dogecoin (DOGE) plunged 4.16%, marking the largest decline among major altcoins.
In the market, the renewed uncertainty regarding the possibility of progress in peace negotiations between the US and Iran is seen as a direct negative factor. The Wall Street Journal (WSJ) reported today that a senior Iranian official stated, “The US cannot simultaneously achieve the reopening of the Strait of Hormuz and withdrawal without any concessions.” Furthermore, news that the US is considering reactivating 'Project Freedom' to rescue merchant ships stuck in the Strait of Hormuz has heightened concerns about a resurgence of Middle East tensions.
The New York stock market's late-session reversal to a decline also dampened investor sentiment in the cryptocurrency market. On this day, the Dow Jones Industrial Average closed down 0.63%, the S&P 500 index was down 0.38%, and the Nasdaq Composite index was down 0.13%. Profit-taking in semiconductor stocks, which had recently led the AI rally, increased selling pressure across risk assets. AMD fell 3.10%, Intel 3.00%, Micron 2.97%, and British semiconductor design company Arm plummeted 10.1%.
However, some analysis suggests that internal market indicators do not yet point to a full-blown fear phase. According to CoinMarketCap, the Fear & Greed Index maintained a neutral zone at 48, and the Altcoin Season Index recorded 43. The average cryptocurrency RSI is around 54.86, which is far from the overbought zone. It is observed that while Bitcoin dominance is maintained, some capital is rapidly exiting altcoins.
In the short term, the key variable for the market is expected to be whether Bitcoin can defend the $79,000 level. If this level breaks, further correction to the $77,000 range is possible. Conversely, if Middle East risks ease and the rebound in New York tech stocks resumes, Bitcoin could attempt to recover $82,000. In particular, the flow of US spot ETF funds and movements in international oil prices are drawing attention as key variables that will determine future direction.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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