The cryptocurrency market experienced a 2.5% increase on May 8, reaching a total capitalization of over $3 trillion, marking its highest point in more than eight weeks. Bitcoin and Ether led these gains, rising approximately 2.3% and 4% respectively. The Federal Reserve's decision to maintain interest rates amidst fears of stagflation has reinforced Bitcoin's appeal as a store of value. Investors, concerned about inflation eroding fiat currencies, increasingly see Bitcoin as a safeguard. Furthermore, the anticipation of a US-UK trade deal, potentially beneficial for the crypto space, adds to market optimism. Reports suggest an announcement from President Trump regarding this trade deal could bolster risk appetite across markets. The technical analysis shows the market began to rebound from a support level of $2.4 trillion, with the total market cap currently sitting at around $3.03 trillion. If it surpasses the resistance between $3.1 trillion and $3.25 trillion, it could signal a sustained bullish trend aiming for all-time highs above $3.69 trillion. The Crypto Fear & Greed Index also indicates a shift back into 'greed' territory, highlighting a change in market sentiment.

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