Crypto Market Update August 8: Bitcoin, Ethereum Slip as Solana Tops Altcoin Gains
- Cryptocurrency
Crystal Kim- 7 minutes read
The crypto market shows a mixed outlook today, August 9, with Bitcoin (BTC) and Ethereum (ETH) registering slight drops while Solana (SOL) trades in the green. The mixed outlook comes amid fresh speculation about whether the CLARITY Act bill might pass in 2026 after Senator John Thune filed cloture on the bill.
What is Driving the Crypto Market Today
The progress made by the CLARITY Act is one of the factors driving the crypto market today. US Senators will now hold a cloture vote for the bill on September 15 after they resume session after the summer recess.
Data from Polymarket shows that there is now a 21% chance that the crypto bill will pass in 2026, with this being an increase from the odds of 13% on August 5.
The CLARITY Act bill could be bullish for the crypto market because it will draw more institutional buyers who were previously sitting on the sidelines because of a lack of clear guidelines.
Still, the low odds of the bill passing are suppressing crypto prices, considering that Bitcoin and Ethereum are down by 0.40 and 0.26%, respectively. Most of the top ten biggest cryptos by market cap are also trading in the red today, August 9.
Besides the CLARITY Act bill, the US CPI data that is coming out on August 12 is also moving the crypto market, as traders await to see whether the data will show that US inflation is cooling or not.
The Fed interest rate prediction markets currently show that there is a 63% chance that the Fed will leave interest rates unchanged at between 3.50% and 3.75% at the September FOMC meeting.
If the CPI data also shows that inflation is cooling, it will further reduce the odds of the Fed hiking rates and boost demand for risk-on assets like crypto and push market prices higher.
Crypto Market Data Today
- Total Crypto Market Cap: $2.21 trillion (-0.13%)
- 24-hour Trading Volumes: $33.48 billion
- Bitcoin: $64,738 (-0.38%)
- Ethereum:$1,911 (-0.24%)
- XRP:$1.03 (+0.24)
- Bitcoin Dominance: 58.8%
- Ethereum Dominance: 10.4%
- Altcoin Season Index: 37/100
- Fear and Greed Index: 31 (Fear)
Crypto Derivatives Market Data
Data from Coinglass shows that the open interest across the crypto market dropped by 0.97% today to $113.75 billion at the time of writing.
The total amount of liquidations also stood at $68 million, with this also being a 62% drop from the liquidations seen on August 8.
Long liquidations came in at $23 million, while short liquidations came in at $45 million per Coinglass data. These liquidations also affected 59,885 traders, with the biggest liquidation order occurring on Binance, where a BNB/USD position with $1.12 million was closed.
The total futures trading volumes across the crypto market also dropped from $159 billion on August 8 to $63 billion at the time of writing, as activity cooled down over the weekend.
Bitcoin Price Prediction as Momentum Fades
The price of Bitcoin is testing the resistance at $65,000, but weak buying pressure has prevented the price from breaking upwards above this resistance.
The RSI reading of 55 suggests that the momentum is favoring bulls. Still, the RSI line is dropping to suggest that the bullish momentum is becoming weak. The CMF reading of -0.15 also shows that the selling pressure is more than the buying pressure.
If Bitcoin price closes above the resistance of $65,000, it could make sustained gains towards the 123.6% Fib level of $66,133.
But if it moves below support at the 73.8% Fib level of $64,731, selling pressure could rise and push BTC to $63,000.
Ethereum and Solana Technical Outlook
Ethereum price remains above $1,900 amid rising inflows to ETH ETFs. A previous report by CoinGape noted that Ethereum ETFs recorded their biggest weekly inflows since April, suggesting there is a surge in demand coming from institutions.
Data from Hyperliquid also shows that four out of the top five biggest positions opened on Ethereum on the Hyperliquid crypto market exchange are long positions, suggesting that traders expect ETH price to sustain gains.
Solana price is also making a rounded bottom recovery as it outperforms the broader crypto market amid an increase in buying pressure for two straight days.
The rounded bottom has a height of 8.82%, and this is how high the price of ETH could rally if it moves above the resistance at $76.
The AO histogram bars that are green despite being negative suggest that the bearish momentum is becoming weak. The MACD line is also moving above the signal line to also suggest that the bears are losing their grip, and this could support SOL’s uptrend.
