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US Data Has Trapped Bitcoin Around the $79,000 Mark

Bitcoin is trying to maintain its position around $80,000 following better-than-expected employment data from the US. The April non-farm payrolls data showed that the labor market remains resilient despite signals of an economic slowdown. This picture has brought expectations regarding both the Fed's interest rate path and risk appetite in the crypto market back into focus.<h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Critical data released in the US</h2>According to data released by the US Bureau of Labor Statistics, the US economy recorded an increase of 115,000 jobs in April. Market expectations were around 62-65,000. Thus, the employment increase significantly exceeded expectations. However, the data was below the 185,000 employment increase in March. The March figure was previously announced as 178,000 and later revised upwards.The unemployment rate remained stable at 4.3%, in line with expectations. This picture shows that the US economy has not completely cooled down, but has entered a more moderate pace of employment growth compared to previous months. The main question for the markets focuses on how the Fed will interpret this data. Strong employment figures could narrow the room for interest rate cuts, while signals of a slowdown in employment could keep alive the debate for a more cautious monetary policy in the coming months. Following the data release, Bitcoin initially traded around $79,900. However, the price came under renewed pressure during the day and fell below $80,000. According to the current data on the chart, BTC is currently priced around $79,553, having lost approximately 1.16% in the last 24 hours. The daily trading range is between $79,287 and $80,648. This suggests that <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noreferrer" class="text-primary underline">Bitcoin </a>is struggling to regain the $80,000 level in the short term. <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/btcusdt-2026-05-08-17-02-23-cbffe685.webp" alt="BTCUSDT_2026-05-08_17-02-23.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> In recent days, Bitcoin's price movement isn't solely explained by macroeconomic data. Ongoing tensions between the US and Iran, particularly the risks surrounding the Strait of Hormuz, are putting pressure on global markets. Optimistic news flow regarding a potential agreement had previously pushed Bitcoin above $82,000. However, developments suggesting that tensions may continue weakened risk appetite and caused the BTC price to fall back below $80,000.The high level of oil prices also continues to be a separate pressure factor for the markets. Uncertainty regarding energy flows through the Strait of Hormuz keeps crude oil prices sensitive. The increase in energy prices risks pushing headline inflation upwards. At the same time, it can put pressure on consumer spending and hinder economic growth. Therefore, investors are following geopolitical developments at least as closely as US macroeconomic data.Uncertainty continues on the Fed side. The US central bank kept its policy interest rate stable in the 3.50-3.75 percent range last week. This decision showed that the Fed continues to seek a balance between slowing growth and persistent inflationary pressure. Better-than-expected employment data strengthened the view that the Fed may not rush into interest rate cuts.Markets are also watching for a possible change in the Fed leadership. It is stated that Kevin Warsh is expected to go through the confirmation process for the Fed chairmanship in the coming period. Such a transition is a key topic for risky assets because it could directly impact expectations regarding monetary policy.

8 May 2026

The Story Behind the Coinbase Outage: An AWS Issue Halted Operations for Hours

US-based cryptocurrency exchange Coinbase announced that all markets have been reactivated after experiencing hours of disruption to trading services due to a technical outage originating from Amazon Web Services (AWS). During the outage, the exchange temporarily halted order matching and switched markets first to "Cancel Only" mode, then to auction mode. Users experienced difficulties trading via web and mobile applications, and transfer delays were observed on some networks. Initially, <a href="https://jrkripto.com/tr/exchanges/coinbase-exchange" target="_blank" rel="noreferrer" class="text-primary underline">Coinbase </a>support stated that users might experience reduced performance due to an AWS outage. A later update indicated the problem was linked to a more widespread AWS outage. According to the company's live status page, the disruption initially affected the Solana and ALEO networks. As of 4:00 AM UTC+3 on May 8th, delays were experienced in sending and receiving transactions on these two networks. Coinbase stated that trading, deposits, and withdrawals were not affected on these networks during this period. However, the problem spread to a wider area in the following hours. Coinbase initially reported a "degraded performance" outage, stating that users might be unable to trade on web and mobile platforms. The company explained that the disruption was caused by "increased temperatures" in the use1-az4 availability area in the US-EAST-1 region of AWS. A subsequent technical assessment by Coinbase indicated that systems were designed to withstand outages in a single AWS region. However, this incident affected multiple AWS regions, resulting in longer-term disruptions to core trading services. During the return to normalcy, the exchange initially put all markets into "Cancel Only" mode, allowing users to cancel existing open orders but not accepting new market or limit orders. Markets were then switched to auction mode, where users could place limit orders and track indicative opening prices. Order matching was suspended for at least 10 minutes. After the auction process concluded, overlapping orders were matched at the opening price. Coinbase Support has now announced that all markets are back open for trading on Coinbase Exchange. The company stated that the issue has been fully resolved, but that the technical team will be investigating the outage and details may change once AWS's official assessment is released.The outage came at a time when Coinbase was under pressure both financially and operationally. The company recently decided to reduce its workforce by 14% due to weak market conditions and an AI-focused restructuring. This decision reportedly affected approximately 660 employees. Furthermore, Coinbase's first-quarter results fell short of expectations. The company reported a loss of $1.49 per share, while analyst expectations were for a profit of $0.27. Revenue remained at $1.41 billion, while market expectations were around $1.52 billion.<h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">COIN shares fell after the outage</h2>Coinbase shares also came under pressure after the outage. COIN shares fell 2.53% in pre-market trading on Friday. It was also reported that shares fell by more than 5% in after-hours trading following the company's announcement of weaker-than-expected financial results on Thursday. <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-05-08-151507-c283a0f5.webp" alt="Ekran görüntüsü 2026-05-08 151507.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure>

8 May 2026

New Altcoin Gets Double Listing from South Korean Exchanges

South Korea's leading cryptocurrency exchanges, Upbit and Bithumb, have announced new listings for PROS, the native token of Pharos. Upbit announced that PROS, which is scheduled to launch its mainnet on April 28, 2026, will be available for trading on the KRW, BTC, and USDT markets, while Bithumb announced it will add the PROS/KRW trading pair to its platform. Thus, Pharos, one of the new Layer-1 projects, has gained more visibility in the South Korean market with support from two major exchanges on the same day. <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-05-08-132343-a1fef350.webp" alt="Ekran görüntüsü 2026-05-08 132343.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-05-08-132309-b9f60e1a.webp" alt="Ekran görüntüsü 2026-05-08 132309.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> According to Upbit's announcement, Pharos trading will begin on May 8th on the KRW, BTC, and USDT markets. The exchange stated that deposits and withdrawals will only be supported through the Pharos network. Transfers from other networks will not be supported. Therefore, incorrect network usage could lead to risks such as uncredited assets or extended refund processes. Some temporary restrictions will also be applied during the listing process to ensure transaction security. Upbit will restrict buy orders for approximately the first 5 minutes after trading support begins. During the same period, sell orders below 10% of the previous closing price will also not be allowed. Furthermore, only limit orders will be available for the first two hours. Market orders and other conditional order types will be disabled during this time.According to data shared by the exchange, the previous closing price for PROS was 900.37 KRW, 0.00000774 BTC, and 0.621 USDT. As of May 8th, the latest prices were 990.89 KRW, 0.00000845 BTC, and 0.6759 USDT. This indicates an upward movement in the token price prior to the listing.A similar step has been taken by Bithumb for PROS. The exchange announced on its social media account that the PROS/KRW trading pair will be listed. KRW trading pairs are considered important in the South Korean market in terms of local investor interest. Therefore, the Upbit and Bithumb listings stand out as a noteworthy development for PROS in terms of short-term trading volume and market visibility.<h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">What is Pharos?</h2>Pharos is developed as an EVM-compatible Layer-1 blockchain network. The project uses an asynchronous BFT-based Proof-of-Stake consensus algorithm. The network's main goal is to provide a high-performance infrastructure for Web3 applications and real-world assets. Pharos aims to build an ambitious structure, especially in terms of scalability, with its parallel transaction architecture.According to the project's statements, the network aims for a capacity of approximately 30,000 transactions per second, a processing power of 2 Gigagas, and a block production time of less than 1 second. Pharos also plans to build an infrastructure that can support very large user bases. These goals are particularly important for RWA, or real-world asset-focused financial applications.Another noteworthy aspect of the Pharos ecosystem is the RealFi Alliance initiative. Through this structure, the project aims to make financial processes such as asset issuance, circulation, and revenue generation more integrated on the chain.The PROS token is used within the network for transaction fees, staking, and ecosystem incentives. Listing the token on major South Korean exchanges like Upbit and Bithumb could increase the new altcoin's access to liquidity. However, price volatility is generally high with new listings. Therefore, investors need to carefully monitor both transaction restrictions and price differences between exchanges. It's worth noting that it experienced a 30% <a href="https://jrkripto.com/tr/coin/pros-3" target="_blank" rel="noreferrer" class="text-primary underline">increase </a>at the time of writing.

8 May 2026

Bitcoin's December 25th Calculation: $6 Billion Worth of Options Market Chaos

While expectations for the end of the year are strengthening again in the Bitcoin market, data from the options side shows that investors are not exhibiting one-sided optimism. According to Deribit data, the open interest in Bitcoin options with a December 25 expiry date has reached $6 billion. While this figure initially points to a very strong bullish expectation, the details reveal that the picture needs to be read more balanced.Bitcoin has gained approximately 33 percent in value since its year-to-date low of $60,130 on February 6th. This rise has brought more optimistic price targets for the end of the year back into the spotlight. In particular, the high open interest accumulated in call options above $115,000 has been interpreted as the market pricing in a strong upward possibility. However, high open interest in the options market does not always directly mean a price expectation.<h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Deribit stands out in year-end options</h2>Deribit's share in December <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noreferrer" class="text-primary underline">Bitcoin </a>options is quite high. With $5.5 billion in open interest, the platform holds approximately 92 percent of the total market in this area. However, the actual value at expiry may be much lower than the current open position size. This is because a significant portion of these positions are not opened for direct directional betting purposes, but rather as part of hedging or neutral strategies. <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/deribit-56e6f120.webp" alt="deribit.jpg" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> In the options market, investors don't just take simple positions betting on the price reaching a certain level. Strategies built with different expiries, different strike prices, and reciprocal positions can generate profit even if the price doesn't move sharply. Therefore, interpreting the $6 billion open position alone as "Bitcoin is definitely preparing for a major surge at the end of the year" doesn't seem healthy. Call options are dominant, but extreme targets exist on both sides.At Deribit, put options remain 56% lower than call options. This trend in the put-call ratio is not surprising, given that investors in the crypto market are naturally more optimistic. Nevertheless, the fact that there are $1.85 billion in open positions in call options above $115,000 is noteworthy. This picture shows that Bitcoin investors are keeping quite high prices on the table for the end of the year. However, similarly, there is a significant accumulation of positions on the sell side for extreme scenarios. Open positions in put options below $55,000 reach approximately $1 billion. This reveals that a considerable amount of positions have been opened in price zones considered "low probability" on both the bull and bear sides.In other words, concluding that the market is overly optimistic by only looking at call options may be incomplete. On the bear side, there is similarly positioning for sharply declining scenarios. The fact that approximately half of the open positions are tied to distant price targets on both sides shows that investors are not only making directional predictions but also trying to manage portfolio risk. Professional investors are pricing in downside risk.One of the indicators that gives clearer signals in option pricing is the delta skew metric. This indicator measures how investors premium upside and downside risks. On Deribit, six-month Bitcoin put options are trading at a 9% premium compared to equivalent call options. In neutral market conditions, this indicator is generally expected to remain in the range of minus 6% to plus 6%. A 9% put option premium indicates that professional investors are cautious about a potential pullback in Bitcoin. While this doesn't signal panic in the market, it reveals that downside risks are not being ignored. The lack of significant relief in derivatives markets despite Bitcoin's recovery towards the $80,000 level is also important in this respect. High-strike call options, on the other hand, allow investors to participate in large bullish scenarios at a relatively low cost. For example, a call option with a strike price of $120,000 offers an investor the potential to profit if Bitcoin reaches much higher levels by the end of the year, at a limited cost. Such positions may be part of an asymmetric return quest rather than a direct expectation of a strong bull run. Therefore, interpreting the $1.85 billion high-price target call option position solely as excessive bullish confidence can be misleading. Interest in the Bitcoin options market for the end of the year is high, but professional investors are simultaneously seeking protection against downside risks. The market remains cautious while keeping the possibility of an uptrend on the table.

8 May 2026

South Korea to Impose 22 Percent Crypto Tax: Date Clarified

South Korea has finally announced its long-delayed <a href="https://jrkripto.com/tr/analytics" target="_blank" rel="noreferrer" class="text-primary underline">cryptocurrency </a>tax. The country's Ministry of Finance confirmed that the tax on virtual asset gains will go into effect as planned in January 2027. This marks one of the first clear public statements from the government regarding the regulation, which has been postponed several times. The announcement came at an emergency virtual asset taxation forum held at the National Assembly Members' Office Building in Seoul. According to Edaily, a South Korean news outlet, the forum was organized by People's Power Party lawmaker Park Soo-young and the Korea Tax Policy Association. Moon Kyung-ho, Director of the Income Tax Office at the Ministry of Finance, stated, "We will implement the virtual asset taxation as planned in January of next year." Under the current Income Tax Law, gains from the transfer or lending of crypto assets will be categorized as "other income" starting January 1, 2027. Investors whose annual crypto earnings exceed 2.5 million won, or approximately $1,800, will be subject to tax. The tax rate will be 22% overall. 20% of this will be income tax, and 2% will be local tax.The regulation is said to affect approximately 13.26 million investors. This number also shows how broad an individual investor base the crypto market has reached in South Korea. In recent years, transactions made through large platforms such as Upbit and Bithumb have become more of a focus for both regulators and politicians in the country.<h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Tax guide to be published in 2026</h2>Moon Kyung-ho said that the National Tax Service is continuing its preparations for the new system. It was reported that the institution held multiple working-level meetings with the country's five largest cryptocurrency exchanges. These exchanges include Upbit, Bithumb, Coinone, Korbit, and Gopax, all operated by Dunamu. The draft notification is expected to be submitted to legislative review in 2026. In his statement to reporters after the forum, Moon retracted the word "soon," clarifying that the notification will be published later in the year, not immediately. This detail shows that the technical framework of the application is still in the final stages.South Korea's crypto tax has been postponed twice before. Initially expected to come into effect earlier, the regulation was pushed back from 2025 to 2027 due to political disagreements, industry objections, and concerns about the technical readiness of exchanges. Recently, the ruling People's Power Party's proposal to completely abolish the tax has reignited the debate. The sector is also reacting negatively to proposed changes to anti-money laundering regulations.While the tax debate continues, the South Korean crypto sector is also reacting negatively to proposed changes to anti-money laundering regulations. DAXA, which represents the 27 registered virtual asset service providers in the country, argues that the new rules are impractical.According to the proposal, exchanges would be required to flag all overseas-linked transfers of 10 million won or more as suspicious transactions. According to DAXA, this requirement could increase the number of reported cases from approximately 63,000 last year to over 5.4 million. Industry representatives state that an increase of this scale would make compliance processes practically unmanageable.The Financial Services Commission and the Financial Intelligence Unit proposed these changes on March 30. The public consultation period will continue until May 11. The final rules are expected to be announced in July.

7 May 2026

Politics, BTC

US Data Has Trapped Bitcoin Around the $79,000 Markabout 20 hours ago

BTC, Altcoin

The Story Behind the Coinbase Outage: An AWS Issue Halted Operations for Hoursabout 22 hours ago

Altcoin

New Altcoin Gets Double Listing from South Korean Exchangesabout 24 hours ago

BTC

Bitcoin's December 25th Calculation: $6 Billion Worth of Options Market Chaos1 day ago

Regulation

South Korea to Impose 22 Percent Crypto Tax: Date Clarified2 days ago

Politics, BTC

US Data Has Trapped Bitcoin Around the $79,000 Markabout 20 hours ago

BTC, Altcoin

The Story Behind the Coinbase Outage: An AWS Issue Halted Operations for Hoursabout 22 hours ago

Altcoin

New Altcoin Gets Double Listing from South Korean Exchangesabout 24 hours ago

BTC

Bitcoin's December 25th Calculation: $6 Billion Worth of Options Market Chaos1 day ago

Regulation

South Korea to Impose 22 Percent Crypto Tax: Date Clarified2 days ago

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