In today’s crypto news, the market is crashing during this mid-morning European trading session on May 28, 2026, with Bitcoin price dropping -3.5% overnight, falling to around $73,200, with fears of a $70,000 loss. ETH USD is in a worse situation, having lost the key $2,000 support level after a -4.8% crash over the past 24 hours.
Bitcoin’s fall below $75,000 continues the downward price trend that began in mid-May, with heavy ETF outflows being one of the main drivers of the market collapse. Yesterday alone, more than $733 million was withdrawn from various Bitcoin ETF funds, with the BlackRock IBIT ETF accounting for more than $500 million of that figure, according to CoinGlass data.
The total crypto market cap suffered a -3% decline since yesterday, from over $2.6 trillion to just $2.54 trillion, and a loss from the $2.5 trillion level could result in a steeper decline towards $2 trillion.
With Bitcoin falling to $73,000, this triggered a cascade of liquidations, with over $744 million in rekt positions in the last 12 hours, of which $715 million came from long positions, highlighting how bullish traders were unprepared for this decline.
(SOURCE: CoinGlass)
Crypto News Today: Fear and Greed Index Hits 22/100, Falling Back Towards Record Highs Hit In April
The Crypto Fear & Greed Index highlights how there is currently hesitation in the market as Bitcoin inches ever closer to $70,000 and below.
In early May, the index actually hit 50/100, returning to neutral territory, as BTC surged to over $82,500, renewing hope and belief that the bear market might be over.
This was short-lived, as in less than three weeks Bitcoin had plummeted to $73,000 and pushed the Fear and Greed Index back into “extreme fear” territory.
(SOURCE: Fear and Greed Index)
Bybit Announces Transition to Single Count Open Interest Reporting to Improve Market Transparency
In other crypto news today, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced an update to its Open Interest (OI) calculation methodology, which will take effect on June 11, 2026. The exchange will move from bilateral (double-sided) counting of OI to unilateral (counted) measurement of OI. The move aligns Bybit’s reporting framework with methodologies commonly adopted in global derivatives markets.
Although the OI numbers shown should appear lower solely due to the updated counting methodology, this only reflects a change in calculation methods. Actual trader positions, position limits, margin requirements, profit and loss calculations and risk exposure are not affected.
The update is designed to improve transparency and comparability across derivatives platforms. This follows the UK government’s approval of the Justin Sun-backed HTX exchange, accusing the company of funneling more than $1.5 billion to Russia via flows from previously sanctioned entities (such as Grinex and Garantex).
The biggest losers and winners of the current stock market crash
(SOURCE: CoinGecko)
As Bitcoin scared the market by dropping to $70,000, there were some huge red candles, but also a number of high-profile tokens that remained strong amid the current volatility.
While Troll (TROLL), World Coin (WLD), Akash (AKT), and Nockchain (NOCK) are all down -10% to -30% and feeling the full effect of the Bitcoin crisis, a few assets are up today.
Stellar (XLM), Perle (PRL), Rain (RAIN) and Build on Bitcoin (BOB) are four of the best performers at the moment, all up between +10% and +25%. Analysts are now wondering if these are dead cat bounces before joining the rest of the market, or if they are anticipating a Bitcoin rally that will lift the rest of the market with it.
SEC Crypto: the American agency pauses its tokenized action plan
The SEC backed away from releasing an “innovation exemption” framework that would have given regulated crypto platforms a legal path to list tokenized versions of stocks like Apple and Tesla, a draft that would have been released days before regulators changed course to consider industry feedback.
The pause does not mean that the tokenized actions are dead. This means that the legal on-ramp that regulated platforms in the United States have been waiting for has stalled, while offshore products continue to operate in the gray area they already occupy.
Read the full story here.
Cardano Price Analysis: $0.20 Next If $0.23 Support Is Lost?
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Cardano is slowly bleeding. ADA is trading near $0.23, down slightly over the past 24 hours, and three straight weeks of losses have left the bulls with very little to celebrate. The more interesting question is not where the ADA is today; that’s what the derivatives data suggests about the direction we’re headed.
The CoinGlass numbers tell a sobering story: Cardano futures open interest on Binance has slipped to $98 million, down sharply from the May 11 high of $128.97 million. This is real money going out. Adding to the pressure, the long/short ratio is only 0.70, below the neutral threshold of 1.0, indicating that active traders are positioned more for a decline than a recovery.
Community discussions on social platforms remain split between “ADA is criminally undervalued compared to its 2021 peak” and “this thing continues to underperform Ethereum and Solana.” Both sides make valid points.
Check out our full analysis here.
Bitcoin ETF News: Why Beginners Choose BlackRock Over Crypto Exchanges
Bitcoin ETF News: BlackRock’s iShares Bitcoin Trust has accumulated approximately $56 billion in cumulative inflows since its launch in January 2024, making it one of the fastest-growing ETF products in financial history and the default entry point for a new generation of Bitcoin investors who have never touched a crypto exchange.
The Spot Bitcoin ETF funds now collectively hold nearly 1.3 million BTC, representing nearly 7% of all Bitcoin in circulation, with IBIT holding the dominant share of this exposure.
So if IBIT is so popular with newbies, why did $527.84 million leave the fund in a single day in May, and does this exit mean the on-ramp is closing? The short answer is no.
Read the full story here.
The article Crypto News Today (May 28): Crypto Crashing as BTC Approaches $70,000 as Blackrock Dumps Over $500 Million in Bitcoin appeared first on 99Bitcoins.
