The crypto market turned lower on May 23, with total capitalization falling to $2.6 trillion, a 2.6% drop over 24 hours. Total trading volume stood at $85.6 billion. Sentiment remained weak rather than stabilizing: the Fear & Greed Index stayed at 28, unchanged from the previous day and below last week’s 31 and last month’s 46.
Bitcoin and Ether retreat while DeFi underperforms
Bitcoin was quoted at $75,336.46, down 2.59% on the day, with trading volume at $29.8 billion and market capitalization near $1.5 trillion. A separate price snapshot in the same source showed BTC at $75,303.51, down 2.69%. Ether traded at $2,062.44, off 3.14% in 24 hours, with $14 billion in volume and a market cap of $248.9 billion. Market share remained concentrated, with BTC dominance at 58% and ETH at 9.58%.
Performance across segments was uneven. Stablecoins posted a 0.2% increase over the last 24 hours, reaching a combined market cap of $318.3 billion and trading volume of $72.6 billion. DeFi moved the other way. Its market cap fell to $59 billion, down 4.1%, with volume at $5.66 billion and global dominance at 2.3%. The shift points to capital favoring lower-volatility assets while risk appetite stays muted.
GENIUS gains 35% even as broader market stays under pressure
Not every token followed the market lower. Genius Terminal (GENIUS) traded at $0.5957, up 35.12% in 24 hours, on volume of $139.64 million. Audiera (BEAT) climbed to $1.29, recording a 75.22% surge. Quant (QNT) rose 6.56%, Midnight (NIGHT) added 6.45%, and NEAR gained 4.26%.
On the losing side, ONDO dropped 8.56%, edgeX (EDGE) fell 16.26%, Humanity (H) lost 13.07%, and DASH declined 10.58%. The source also identified Polkadot and the XRP Ledger Ecosystem as leading gainers at the sector level, though the broader tape still showed widespread selling.
Scam losses, ETF activity, and Fed expectations shape the backdrop
Several policy and institutional developments fed into the day’s tone. The FBI’s IC3 said it received 13,400 crypto ATM scam complaints in 2025, with losses exceeding $388 million. People over age 50 accounted for most reported losses. In California, Hermes Bitcoin was shut down, leading to the closure of 42 crypto ATMs over issues including high fees and money laundering.
Moscow Exchange plans to test its trading infrastructure this summer and launch limited cryptocurrency trading before the end of 2026. Bank of America increased ETF exposure to nearly $53 million, while its total digital-asset-related investments, including Strategy and Coinbase, reached $2.2 billion. Aave, MetaMask, and Mastercard launched a payment integration that lets users spend yield-bearing crypto assets while continuing to earn DeFi rewards through Aave.
On the regulatory side, Grayscale’s third SEC comment on the Hyperliquid ETF was presented as a sign that multiple HYPE ETF proposals could emerge in the near term. The SEC also delayed exemptions for tokenized U.S. stock trading, citing concerns over shareholder rights, compliance, and unauthorized third-party stock tokens. The Wall Street Journal reported that investors increasingly expect possible Federal Reserve rate hikes as inflation, oil prices, and AI-driven economic demand continue to rise. The source also said the Senate confirmed Kevin Warsh as Federal Reserve chairman through May 2030.
Selling pressure deepened from the previous day
Compared with the May 22 update, when the global market was down only 0.4% with capitalization at $2.66 trillion, the May 23 move showed a sharper risk-off turn. Market value fell to $2.6 trillion, losses in BTC and ETH widened, DeFi pulled back faster, and sentiment remained stuck in fear territory. Institutional allocation, ETF developments, and payment integration continued in the background, but the day’s trading data pointed to a market dominated by regulatory pressure, inflation concerns, and expectations of tighter monetary policy.