In crypto news today, the market is crashing during this mid-morning European trading session on May 28, 2026, with the Bitcoin price falling -3.5% overnight, dropping to around $73,200, with fears that a loss of $70,000 is next. ETH USD is in worse shape, having lost the key $2,000 support level after a -4.8% crash over the past 24 hours.
Bitcoin’s drop below $75,000 continues the bearish price action that began in mid-May, with heavy ETF outflows a major driver of the market slump. Just yesterday alone, over $733M exited the various Bitcoin ETF funds, with the BlackRock IBIT ETF accounting for more than $500M of that figure, per CoinGlass data.
The total crypto market cap suffered a -3% drop since yesterday, falling from over $2.6 trillion, to just $2.54 trillion, and a loss of the $2.5 trillion level could open up a sharper drop back toward $2 trillion.
With Bitcoin dropping to $73,000, this has triggered a cascade of liquidations, with over $744M in rekt positions over the past 12 hours, $715M of which was from long positions, highlighting just how unprepared bullish traders were for this drop.
Crypto News Today: Fear & Greed Index Hits 22/100, Sliding Back Toward Record Lows Hit in April
The Crypto Fear & Greed Index is highlighting just how much hesitancy there is across the market right now as Bitcoin slides ever closer to $70,000 and below.
At the beginning of May, the index actually hit 50/100, moving back into neutral territory, as BTC surged to over $82,500, renewing hope and belief that the bear market may be over.
This was short-lived, as in less than three weeks, Bitcoin had slumped to $73,000 and brought the Fear & Greed Index back into ‘Extreme Fear’ territory once more.
Bybit Announces Transition to Single-Counted Open Interest Reporting to Enhance 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 come into effect on June 11, 2026. The exchange will transition from bilateral (dual-sided) OI counting to unilateral (single-counted) OI measurement. The move aligns Bybit’s reporting framework with methodologies commonly adopted across global derivatives markets.
While the displayed OI figures are expected to appear lower due solely to the updated counting methodology, this reflects only a shift in calculation methods. Traders’ actual positions, position limits, margin requirements, profit-and-loss calculations, and risk exposure remain unaffected.
The update is designed to enhance transparency and improve comparability across derivatives platforms. It comes hot on the heels of the UK government sanctioning the Justin Sun-backed HTX exchange, accusing the firm of channeling over $1.5Bn to Russia via flows from previously sanctioned entities (such as Grinex and Garantex).
Biggest Losers and Gainers Amid Today’s Market Crash
With Bitcoin spooking the market by dropping toward $70,000, there have been some huge red candles, but also a number of high-profile tokens holding strong amid the ongoing volatility.
While the likes of Troll (TROLL), World Coin (WLD), Akash (AKT), and Nockchain (NOCK) are all down anywhere from -10% to -30%, and feeling the full effect of the Bitcoin slump, a few assets are surging today.
Stellar (XLM), Perle (PRL), Rain (RAIN), and Build on Bitcoin (BOB) are four of today’s strongest performers, all up between +10% and +25%. Analysts are now left wondering whether these are dead cat bounces before joining the rest of the market, or if they are pre-empting a rally in Bitcoin that will lift the rest of the market with it.
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The post Crypto News Today (May 28): Crypto Crashing as BTC Nears $70K as Blackrock Dumps Over $500M Bitcoin appeared first on 99Bitcoins.
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