Crypto Market Daily Highlights – May 23 – BTC Hits Reverse

Key Insights:

• The crypto market gives up Monday morning gains, with Bitcoin (BTC) re-visiting sub-$30,000.
• Bitcoin tracked the NASDAQ 100 Mini ahead of the US market open before tracking the NASDAQ 100 into the red.
• Downside risks linger, which limited the early upside for the 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.

Bitcoin Correlation with the NASDAQ 100 Provides Crypto Market Relief

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 Moves to the #4 Spot on CoinMarketCap

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.

Away from the Crypto Moves,

• Scammers hacked world famous NFT creator Beeple’s Twitter account. Cybercriminals got away with $438,000 in cryptos and NFTs with a phishing attack.
• Balenciaga announced plans to accept BTC and ETH in US stores from June. The luxury fashion house joins a growing list of fashion names accepting cryptos, including Gucci and TAG Heuer.
• ECB President Lagarde calls cryptos worthless: In an interview on Dutch TV, Lagarde reportedly said she maintained “all along” that cryptos are “highly speculative, very risky assets.”