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Bitcoin Falls Below $80,000 Triggering $300M in Liquidations Bitcoin retreated below $80,000 on May 8, triggering approximately $300 million in futures contract liquidations, according to CoinDesk. The drop followed US military strikes on Iran that briefly pushed oil prices above $100 per barrel, sparking risk-off sentiment across markets and a shift toward bearish positioning in crypto futures. CryptoQuant data indicates traders are taking profits into strength. Analysis firm Enflux linked the move to easing tensions in the Strait of Hormuz, while Glassnode argues that Bitcoin has reclaimed key on-chain support levels despite the price decline. ...

Coinbase Trading Disrupted for Hours Due to AWS Outage Coinbase, one of the world’s largest cryptocurrency exchanges, experienced a multi-hour trading outage on May 8, attributing the disruption to a technical fault with Amazon Web Services (AWS). According to reports from CoinDesk and The Block, Coinbase entered “Cancel Only” and auction-mode restrictions during the incident, preventing users from executing normal trades. The company has since announced that services have been fully restored but stated it will conduct a thorough investigation into the cause and impact of the outage. ...

Russia-Ukraine Victory Day Ceasefire Breached Within Hours A ceasefire between Russia and Ukraine implemented to cover Victory Day celebrations on May 8 collapsed within hours as both sides accused each other of violations. Reports of hundreds of drone attacks emerged shortly after the truce took effect, severely challenging what was meant to be a symbolic pause in the conflict. According to BBC reporting, both Russia and Ukraine reported responding to extensive drone attacks within hours of the ceasefire going into effect. The truce was originally intended to cover celebrations marking the Soviet Union’s victory over Nazi Germany, offering a brief window of respite in the years-long war. ...

Senator Warren Questions Meta on Stablecoin Plans Senator Elizabeth Warren has pressed Meta over its stablecoin trial, citing risks from the previous Libra project and the company’s planned 2026 integration, according to The Block. Warren’s inquiry highlights ongoing regulatory concerns about major technology companies entering the cryptocurrency space. She has long been one of the most vocal critics of the crypto industry in Congress. The questioning references Meta’s previous attempt to launch the Diem (formerly Libra) stablecoin project, which faced intense regulatory pushback and was ultimately abandoned. Warren expressed concerns about the timeline for integrating stablecoin functionality into Meta’s platforms in 2026. ...

TikTok Rolls Back AI Video Descriptions After Bizarre Errors TikTok is scaling back its AI-generated video description feature after bizarre and inaccurate outputs were widely shared online, according to BBC Tech. Despite the feature only being rolled out to a subset of users, the absurd AI-generated descriptions drew significant public attention. The AI system produced numerous wildly inaccurate and unrelated descriptions for videos, including complete misreadings of video content and nonsensical text. This incident once again underscores the accuracy challenges that AI content generation technologies face in real-world deployment. ...

Stablecoin Card Spending Growing 100% Year Over Year Stablecoin card spending is growing 100% year over year, according to a Rain executive. Stablecoin settlement enables weekend and holiday processing, reducing trapped capital by over 40% and improving card economics.

ECB’s Lagarde Warns Euro Stablecoins Pose Financial Stability Risk ECB President Christine Lagarde warned that euro-denominated stablecoins pose risks to financial stability and monetary policy, advocating for a digital euro over private stablecoins. Her stance diverges from that of the Bundesbank.

Sony Announces $3 Billion Buyback Amid Memory Price Pressure Sony Group announced a $3 billion share buyback program. Its semiconductor division faces pressure from declining memory chip prices. Despite slowing PlayStation growth, Sony maintains its double-digit profit growth forecast.

Indonesia Volcano Eruption Kills 3 Hikers, Several Missing Mount Dukono, one of Indonesia’s most active volcanoes, erupted on May 8, killing at least three hikers and leaving several others missing. The volcano, located in North Maluku province, has been nearly continuously active since 1933. The eruption sent an ash column several kilometers high. Rescue teams face challenges due to ongoing ash fall and toxic gas. Indonesia sits on the Pacific Ring of Fire and has over 120 active volcanoes. ...

S&P 500 Call Options Volume Surges to Record $2.6 Trillion Wall Street’s chase for upside has pushed S&P 500 call options volume to a record $2.6 trillion. Analysts say the implications for bitcoin appear bullish, though with an important caveat about sustainability.