On Saturday, May 23, 2026, BTC nosedived by 2.7%, hitting $75,483, its lowest point of the week. ETH followed suit, dropping to $2,064, a 3.2% loss for the day. The week worsened for BTC, which saw a 4.5% decline, effectively wiping out recent gains. Trading volumes skyrocketed, signaling panic selling across the board. This sudden downturn is attributed to cascading liquidations in the derivatives market, forcing the unwinding of long positions. No major macroeconomic event appears to explain this movement, but the market’s fragility after weeks of decline amplified the reaction. Altcoins suffered even more severe losses, with some shedding over 5%, while the total crypto market capitalization melted by $50 billion in a single day. BTC is now testing the $75,000 support level, a crucial psychological threshold. Should this level break, the next significant support zone lies around $72,000. Long-term investors might view this as an opportunity, but volatility remains heightened. The weekend’s close promises to be a nervous one, with risks of further tremors.
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