Bitcoin gives up morning gains, with a NASDAQ reversal weighing, while Binance Coin continues to set the pace for the crypto top ten.
It has been a mixed Monday, with the broader crypto top ten eying a third consecutive day in the green, while bitcoin (BTC) struggles.
Despite the upward trend for the broader market, downside risks remain. Market angst over Fed monetary policy, the economic outlook, and a crypto regulatory overhaul continue to peg the majors back.
Standing out amongst the top ten is Binance Coin (BNB), however, which was in a breakout session.
On Monday, bitcoin (BTC) eyed the first day in the red from three sessions, with a NASDAQ 100 pullback reversing early gains.
Through the morning session, BTC struck a morning high of $30,635 before sliding to sub-$30,000.
At the time of writing, BTC was down 0.32% to $30,185, with the NASDAQ 100 down 32 points.
The bitcoin reversal also aligned with the Bitcoin Fear & Greed Index.
This morning, the Fear & Greed Index fell from 14/100 to 10/100, reflecting increased concern among investors of another bitcoin sell-off.
Binance Coin (BNB) bucked the crypto market trend last week, rising by 2.27% to end the week at $319.15. While the rest of the crypto top ten saw red in the week ending May 22, market sentiment towards Binance Exchange and BNB Chain prospects drove demand for BNB.
In the wake of the TerraUSD (UST) and Terra LUNA collapse, BNB Chain extended a warm welcome to the wider crypto community to join the BNB Chain ecosystem. The latest offering coincided with the Binance move into the Middle East and a recent fact-finding mission in Germany.
For investors looking for survivor bias, the Binance exchange is considered to be in a strong position to absorb future market shocks.
While Binance Coin continued to head northwards, up an impressive 61% since a March 12 current year low, there were plenty of news updates to keep the markets busy today.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.