Crypto Market Update August 8: BTC Price Tests $65K, MSTR Stock Tops $100, and PI Leads Altcoins

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.

Still, Glassnode data notes that spot trading activity for Bitcoin in the crypto market is still low, suggesting that retail buyers are still on the sidelines.

Glassnode’s co-founder Rafael notes that Bitcoin will only make a healthy recovery if spot trading activity begins to rise again.

MSTR Stock Price Closes at $100 Amid STRC Gains

The MSTR stock price gained by 3.26% on August 7 to close trading at $100. This marked the first time that Strategy shares have closed above $100 since July 22.

The rise comes as the STRC preferred stock inches closer to the par value of $100. The STRC stock also gained by 1.15% on August 7 to close trading at $95.

Strategy has been selling Bitcoin and MSTR shares to push the value of STRC back to between $99 and $100. The rise suggests that Strategy’s efforts are panning out.

CoinGape also earlier reported that Strategy CEO Phong Le noted that Strategy could start buying BTC when STRC gets back to $100, with these BTC purchases set to not only bode well for Bitcoin but also the broader crypto market.

Pi Network Price Extends Gains After 7% Weekly Rally

Pi Network price has created its biggest weekly green candle since April 2026 after the price moved from $0.082 on August 3 to $0.0913 at the time of writing.

The gains seen by Pi Coin come ahead of a Protocol 26 upgrade that will occur on August 11, as earlier reported by CoinGape.

Still, the RSI reading of 27 suggests that the momentum is still favoring bears despite the recent gains. This RSI also suggests that Pi Coin is still oversold, suggesting that buying pressure is still weak.

The AO bars that are red and growing in length also support a bearish price outlook. These bars suggest that bears still have a good grip, and the ongoing gains might not last.

Catch up on what happened in the crypto market yesterday in our Crypto Market Update August 7.