finance
Bitcoin Holds Above $80,000 as Oil Surges Past $100 on U.S. Strikes in Iran
Bitcoin fell to $80,224.38 on May 8, 2026, as nearly $300 million in cryptocurrency futures bets were liquidated following U.S. strikes in Iran that sent oil prices surging. Ether traded at $2,280 while DeFi tokens outperformed on news of Ondo Finance's first cross-border U.S. Treasury redemption. Strategy chairman Michael Saylor signaled a policy shift on bitcoin sales.
May 8, 6:21 AM·2m read1 source
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U.S. launched fresh airstrikes in Iran that sent Brent crude oil briefly above $100 per barrel. 38 late in the day.
Nearly $300 million in cryptocurrency futures bets were liquidated in the 24 hours that followed. 5 billion. Crypto futures trading volume dropped over 12% to $191 billion.
CoinDesk reported that traders unwound leverage aggressively after the unexpected risk-off move across markets. Ether was trading at $2,280 on May 8, 2026. 2% since midnight UTC and around 2% over the past 24 hours.
Monero and Dash each lost between 4% and 5%. The broader crypto recovery remains intact. Bitcoin had rallied from $65,000 in late March 2026. A drop below $75,000 would negate the recent string of higher lows and signal a reversion to the previous trading range.
Strategy chairman Michael Saylor said the company would consider selling bitcoin to cover dividend payments from its STRC. The statement represented a u-turn from the company's previous "never sell" strategy. The announcement added to market jitters even before the geopolitical developments unfolded.
Open interest for DOGE dropped by over 4%. TON open interest rose by 6%. OI-adjusted cumulative volume delta for most major tokens remained negative for the second straight day as of May 8, 2026. On Deribit, the most actively traded contract in the past 24 hours was a BTC $105,000 call option expiring June 26.
The top five most traded contracts included put options at $80,000, $75,000 and $60,000 strikes. This marked a clear change from the previous three sessions when calls had dominated trading activity. Bitcoin's annualized 30-day implied volatility index, known as BVIV, remained near 40%.
