Here’s a quick recap of the crypto landscape for Friday (May 8) as of 11:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news
Bitcoin (BTC) was priced at US$80,195.30, fluctuating above and below the US$80,000 threshold.
Chart via TradingView
Bitcoin price performance, May 8, 2026.
Ether (ETH) was priced at US$2,287.42, down by 2.1 percent over the last 24 hours.
Altcoin price update
- XRP (XRP) was priced at US$1.39, down by 1.7 percent over 24 hours.
- Solana (SOL) was trading at US$88.65, trading 1.1 percent lower over the past 24 hours.
Today’s crypto news to know
Coinbase Bleeds in Q1, suffers AWS outage amid staff cut
Coinbase Global (NASDAQ:COIN) is taking a beating on multiple fronts, reporting a painful US$394 million net loss for the first quarter of 2026.
This marks the exchange’s second consecutive quarter in the red, a stark contrast to the US$66 million profit it posted during the same period last year. Net revenue also took a massive hit, plunging 31 percent to us$1.4 billion and missing analyst expectations entirely.
Much of this financial damage stems from a brutal US$482 million unrealized loss on the company’s crypto investments, directly tied to Bitcoin’s recent price slide.
Adding insult to injury, the exchange suffered a major hours-long outage almost immediately after releasing its earnings report. The disruption was triggered by an overheating Amazon Web Services (AWS) data center in Northern Virginia, forcing Coinbase to temporarily freeze trading by shifting markets into “Cancel Only” and “Auction” modes before finally restoring full service.
Despite the chaos, CFO Alesia Haas insisted that the company’s underlying fundamentals are strong and highlighting growth in the US spot trading market.
However, the market isn’t buying the optimism just yet. The dismal earnings follow an earlier announcement that Coinbase is slashing 14 percent of its workforce—roughly 700 employees—in an aggressive pivot toward AI-driven efficiency.
CEO Brian Armstrong noted in a recent company email that artificial intelligence has dramatically accelerated workflows, allowing the firm to experiment with hyper-lean “one person teams” to manage development.
The company’s stock has tumbed 15 percent since the start of the year and currently sitting 50 percent below its October peak.
US Treasury pressures Binance over alleged sanctions evasion
The US government is once again dialing up the pressure on Binance, with the Treasury Department privately demanding strict compliance with the exchange’s 2023 guilty plea monitoring program.
According to an exclusive by The Information, this aggressive push follows reports that over US$1 billion flowed through the platform to entities linked to Iran throughout 2024 and 2025.
The geopolitical stakes prompted Senator Richard Blumenthal to launch a formal inquiry into the alleged money laundering and sanctions violations.
Binance, however, vehemently rejected the accusations, accusing the Senator of relying on completely false information, and swiftly slapped the Wall Street Journal with a defamation lawsuit over its coverage.
In response, the media outlet doubled down, reporting that the Department of Justice (DOJ) has already opened an official inquiry into the potential sanctions evasion.
Binance continues to firmly deny any wrongdoing or alleged retaliation against its internal investigators.
Mastercard taps Yellow Card to expand Stablecoin Payment
Mastercard (NYSE:MA) is making a massive play for the emerging digital economy by forging a strategic alliance with Yellow Card, a licensed stablecoin infrastructure provider focused heavily on Africa.
Together, the financial heavyweights plan to pioneer and deploy stablecoin-enabled payment solutions across Eastern Europe, the Middle East, and Africa (EEMEA).
The pilot program will heavily utilize security tools like the Mastercard Crypto Credential to rigorously test real-world applications. Specifically, the initiative is targeting high-friction financial areas such as cross-border remittances, business-to-business settlements, treasury management, and digital loyalty ecosystems.
Joint working groups will actively collaborate with local banks and financial regulators to ensure the blockchain solutions are both highly secure and fully compliant.
The initial rollout will target key financial hubs including Ghana, Kenya, Nigeria, South Africa, and the United Arab Emirates.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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