Trading

Over the past 24 hours, crypto markets turned broadly lower as total capitalization fell more than 2% to about $2.53 trillion, triggering $574.28 million in liquidations with roughly 90% from long positions. Bitcoin slid about 3% into the $75,000 area, erasing around $55 billion in market cap, while Ether dropped 4%. The move followed the SEC's delay of a tokenized stock trading exemption framework and Kevin Warsh being sworn in as the new Federal Reserve chair.

Bitcoin fell back under $78,000 after failing near recent range highs, and Glassnode says options positioning still points to caution. The data highlights lower implied volatility, persistent demand for downside hedges, and a short-gamma area around the mid-$75,000s that could intensify weakness if price drifts lower. BTC was last noted at $76,744 at press time.

Hyperliquid's HYPE token surged to an all-time high near $62.50 in May 2026, prompting comparisons with XRP's far calmer price action around $1.3518. The piece argues that HYPE's deflationary setup contrasts with XRP's large supply, while recent spot ETF flows show XRP drawing $12.57 million for the week versus $63.96 million for HYPE in its first eight U.S. trading days.

Bitcoin slid on Friday evening to $75,120, posting a 2.8% daily drop and extending weekly losses to about 5%. In the past 24 hours, long liquidations hit $209 million versus $4.7 million for shorts, while total crypto liquidations reached $577.9 million. Spot bitcoin ETFs also saw $36.29 million in outflows during Friday's session.

Bitcoin derivatives positioning is rebuilding after an roughly eight-month deleveraging stretch, as Binance futures open interest moved back above its 180-day moving average. The shift was flagged by CryptoQuant analyst Darkfost, who said the contraction started after the October 10 event and later began to reverse in early May. BTC was trading at $77,479 at press time.

On May 23, Bitcoin hovered in the mid-$70,000s and remained capped below major moving averages, with the 200-day average in the low $80,000s still acting as the key barrier. Hyperliquid (HYPE) pushed into price discovery in the low $60s after clearing resistance in the high $40s, while Zcash (ZEC) surged toward $700 but showed signs of unstable, momentum-driven swings. Dogecoin (DOGE) stayed boxed between roughly $0.10 support and $0.11–$0.12 resistance, and Ethereum (ETH) continued to look weaker than BTC while trading below a declining 200-day average around the mid-$2,500s.

Humanity Protocol’s H fell 13.2% over the past 24 hours, sliding back toward the $0.215 area after failing to hold the $0.28 local range highs. While the broader trend was described as bullish, indicators showed heavy outflows and selling pressure, leaving room for a deeper pullback toward $0.194 or $0.167 if $0.215 breaks.

Kevin Warsh was sworn in on Friday as chair of the US Federal Reserve, as President Donald Trump said Warsh would remain independent on interest-rate policy. Traders are still pricing in no rate cuts through 2026, while CME FedWatch probabilities point to possible hikes at upcoming FOMC meetings, including June 17. The current Federal Funds Target rate is between 350 and 375 BPS.

On May 22, a Hyperliquid trader known as 'Evaded' recorded over $7.5 million in unrealized profit from long positions in ZEC and HYPE opened less than 96 hours earlier. He then shifted into a new 25x leveraged long on 18,100 ETH with $38.63 million in notional exposure, a setup that could be liquidated after an adverse move of roughly 4%.

Bitcoin fell below $76,000 after a sharp selloff, sliding from nearly $78,000 to $75,500 and marking its lowest level since April 30. Major altcoins also declined as ETH moved toward $2,050, XRP slipped under $1.35, and SOL dropped below $85. Total liquidations reached $485 million, including more than $430 million in long positions.