Crypto Market Daily Highlights – May 29 – BTC Extends Losing Streak


Key Insights:

  • Bitcoin (BTC) fell for a record ninth consecutive week, in spite of a bullish weekend.
  • 24-hour liquidation figures reflected the shift in sentiment, as the crypto majors recovered further from Thursday’s sell-off.
  • There were no major news stories to shift investor sentiment, however, leaving the crypto market at risk of another pullback.

On Sunday, it was another bullish session for the crypto market, with BTC and the broader market making gains for a second consecutive day.

There were no cues from the crypto news wires to shift investor sentiment, with dip buyers jumping in to support the bullish end to the week.

Crypto Market Cap Nudges up to $1,200bn After a Slide to $1,147bn

On Sunday, the total crypto market cap returned to $1,200 billion levels after a fall to a week low of $1,147 billion on Friday.

24-hour crypto liquidation numbers through the weekend reflected a shift in investor sentiment.

According to Coinglass, total liquidations stood at $95.52 million over the past 24-hours. Liquidations had surged to $500 million levels before the market’s bullish weekend.

Total Liquidations 300522

From the crypto top ten, ADA rallied by 3.88% to lead the way.

BTC (+1.51% ), DOGE (+1.04%), ETH (+1.17%), SOL (+1.65%), and XRP (+1.45%) saw modest gains.

BNB bucked the trend, however, falling by 0.59%.

While Bitcoin (BTC) saw green for a second consecutive day, bitcoin fell for a record ninth week in a row. The 1.43% gain from Sunday and a 1.46% rise on Saturday limited the loss to just 2.68%, however.

Bitcoin Looks to Recouple with the NASDAQ 100

Last week, bitcoin decoupled from the NASDAQ 100 as crypto investors grappled with regulatory uncertainty following the TerraUSD (UST) and Terra LUNA Classic collapse.

Monday through Friday, bitcoin fell by 5.51% compared with a 6.84% gain for the NASDAQ 100. While crypto investors may want to avoid a recoupling, a bullish first half of the week for the NASDAQ 100 could see bitcoin avoid an unprecedented tenth consecutive weekly loss.

BTC-NASDAQ Daily Chart 300522

Things were not looking good at the turn of the day, however.

At the time of writing, the NASDAQ 100 mini was up 65.5 points, while bitcoin was down 0.35%.

With the US markets close for Memorial Day, crypto investors may need to wait until tomorrow for any direction from the US markets.

Crypto News Highlights,

  • LUNA 2.0 (LUNA) found much-needed support but remained way off its high of $19.53 after a post-launch 80% slump.
  • STEPN (GMT) continued its recovery from Thursday’s 35% tumble, which came in response to news of plans to ban Mainland China users.
  • Sergio Perez and Oracle Red Bull Racing win the Monaco Grand Prix after launching a new NFT collection.

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