The crypto market is up today, August 8, after a decline in the US nonfarm payrolls data for July 2026 reduced the odds of the Federal Reserve hiking interest rates in September. Bitcoin (BTC) price moved above $65,000 while Strategy (NASDAQ: MSTR) stock closed trading at $100. Pi Network (PI) is also the top gainer among altcoins after the price surged by 4.6% to $0.091 at the time of writing.
Why is the Crypto Market Up Today?
Prediction markets show that the odds of the Federal Reserve hiking interest rates during the September 2026 FOMC meeting have dropped to 37%. 63% of wagers believe that the Fed will leave the interest rates unchanged at between 3.50% and 3.75%.
An earlier report by CoinGape revealed that the US non-farm payrolls came in at 23,000 in July 2026, with this being significantly less than the 80,000 that analysts had expected.
When the jobs market is weak, the Fed might choose to hold rates steady or even trim them, which in turn makes risk assets such as crypto attractive to investors, with this explaining why the crypto market is up today.
CoinGecko data shows that all of the top ten cryptos apart from Hyperloquid (HYPE) are trading in the green today. Solana (SOL) is the biggest gainer in this cohort after the price rose by 2.8% to trade at $75 at the time of writing.
The Senate majority leader John Thune has also filed cloture on the CLARITY Act bill, paving the way for a vote to occur in November, with this milestone also explaining why the crypto market is up today.
The CLARITY Act bill is meant to introduce regulatory clarity to the crypto market, and this could draw institutional buyers to the market. The possibility of the bill passing is now pushing crypto prices up as buyers frontrun the likelihood of the bill passing.
Crypto Market Data
- Total Crypto Market Cap: $2.21 trillion (+0.02%)
- 24-hour Trading Volumes: $48 billion
- Bitcoin: $64,940 (+0.1%)
- Ethereum: $1,918 (+0.24%)
- XRP: $1.03 (+0.26%)
- Bitcoin Dominance: 58.9%
- Ethereum Dominance:10.5%
- Altcoin Season Index: 37/100
- Fear and Greed Index: 30 (Fear)
Derivatives Market Analysis
Data from Coinglass shows that there were $149 million in liquidations across the crypto market today. Long liquidations stood at $59 million, while short liquidations came in at $90 million.
Ethereum has seen the biggest liquidations of $27 million, followed by Bitcoin with $24 million in liquidations. The biggest liquidation occurred on Binance, where an ETH/USDT position worth $1.35 million was wiped out.
The total open interest across the crypto market today stood at $115.59 billion, while the tidal derivatives volume numbers stood at $159 billion, with this being a slight increase from the $152 billion in volumes seen on August 7.
Bitcoin Price Briefly Touches $65,000 Despite Weak Spot Activity
The price of Bitcoin moved above $65,000 on August 8, with this being the first time that BTC has moved above this psychological resistance since July 31.
The rise coincided with rising inflows to Bitcoin ETFs, with data from SoSoValue showing that BTC ETFs had $853 million in inflows between August 3 and August 7. This is the highest weekly inflows posted by these ETFs since the week between April 17 and April 21.
