The crypto market is at a critical juncture: Bitcoin tests $75,000 support, diverging from U.S. equities.
BlockBeats news, on May 27, the cryptocurrency market was at a critical point on Wednesday. Bitcoin failed to break above $78,000 on Tuesday, and its price has fallen below the $76,000 "bear market boundary" outlined by Tom Lee, now approaching the $75,000 support level. Ethereum also retreated after hitting $2,150 on Tuesday, dropping toward the $2,000 support, before rebounding near $2,050. AI-themed tokens RENDER, FET, and NEAR gave back most of their Tuesday gains.
The market's performance is clearly diverging from U.S. stocks. S&P 500 and Nasdaq 100 index futures both hit record highs, up about 0.3%.
In the derivatives market, crypto futures trading volume surged 54% within 24 hours to $201 billion, and liquidation volume soared 87%, but this mainly reflects the market reboot after the U.S. holiday. Bitcoin open interest climbed to 740,000 coins, with the 24-hour cumulative trading volume difference in the negative, showing traders aggressively shorting through market orders. Ethereum open interest hit a record high of 15.57 million coins, but the trading volume difference was also negative, indicating traders are shorting contracts to bet on a deeper decline after the critical technical support trendline was breached. Bitcoin's 30-day implied volatility index rebounded from this year's low, rising nearly 3% to 37.35%, showing the market is starting to seek protection against potential downside.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Samsung increases investment in AI infrastructure! Invests 1 billion USD in Helix Digital, owned by KKR (KKR.US)
Several subsidiaries of Samsung Group have agreed to invest a total of $1 billion in Helix Digital, a U.S. company backed by private equity giant KKR, further expanding the Korean conglomerate's presence in the rapidly growing artificial intelligence infrastructure market.
More than 20 billions spent this year! Eli Lilly (LLY.US) CEO: We will target “white spaces” in pharmaceuticals and continue to pursue larger-scale mergers and acquisitions.
Eli Lilly CEO Dave Ricks stated that investors can expect the company to pursue larger-scale deals, as it is extensively searching for assets in the "white spaces" of the scientific field.
Is the “AI bank run” coming? Apollo warns: AI assistants may drain banks' cheap deposits, which will pose risks to the financial system
Torsten Slok, Chief Economist at Apollo Global Management, stated that if consumers begin to heavily rely on AI assistants such as Muse under Meta and transfer cash to higher-yielding accounts, it could pose risks to the financial system.
Crypto prices
More
