Market News Update - Friday, May 8

* WTI oil rebounded to nearly $100; US stocks closed higher, and BTC broke the $80,000 mark.
* US and Iran exchanged fire in Hormuz. President Trump urged Iran to sign a nuclear deal amidst suspicions of UAE involvement on the US side.
* Tonight at 7:30 PM: April Nonfarm Payrolls data to be released.
* Jobs Added (Forecast: 60-78K; Previous: 178K)
* Unemployment Rate (Forecast: 4.3%; Previous: 4.3%)
* Bitcoin Timing: Key trading timeframes to watch this week.
* May 7 Spot ETF Session:
* BTC recorded -$170.5M in outflows (BlackRock data unavailable).
* ETH recorded -$77.3M in outflows (BlackRock data unavailable).
* SOL saw +$6.7M in inflows; XRP saw +$13M in inflows.
* President Trump lost a second tariff lawsuit, with a 10% blanket tariff declared illegal and a refund of the tax requested.
* South Korea plans to tax crypto profits at 22% from 2027, applied to gains exceeding 2.5 million won (~$1,800) annually.
* Germany plans to abolish tax exemptions, replacing them with a 25% profit tax to help cover a €98 billion budget deficit.
* WLFI denied rumors that President Trump's son withdrew from a project.
* The Arbitrum community approved a proposal to unfreeze $71M in ETH locked since the Kelp DAO hack.
* Kraken acquired the startup Reap for $600M, expanding into stablecoin payments and B2B financial infrastructure.
* Strategist Tom Lee revealed that BitMine might slow down its ETH accumulation as it approaches its target of 5% of the total ETH supply.