Crypto Daybook Americas

Bitcoin left behind in the geopolitical melee

Your day-ahead look for May 22, 2026

By Omkar Godbole, Olivier Acuna|Edited by Jamie Crawley

May 22, 2026, 11:31 a.m.

3 min read

Make preferred on

Share this article

X (Twitter)LinkedInFacebookEmail

Make preferred on

Geopolitics (Vilius Kukanauskas/Pixabay) — (Vilius Kukanauskas/Pixabay)

Summary

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

Daybook will not be published on Monday, May 25 due to the Memorial Day holiday. We will be back on Tuesday, May 26.

The current state of financial markets is best described as macro-geopolitics first, crypto second.

The evidence is clear. Despite recent positive regulatory developments related to the Clarity Act, bitcoin BTC$62,867.66 has shown little excitement, trading near $77,200 – largely unchanged over the past 24 hours and for the week.

Meanwhile, oil remains elevated near $100 and speculative capital is pouring into copper amid fears of a sulfur shortage. The connection? Copper production is heavily dependent on sulfuric acid, whose supply has been disrupted through the Strait of Hormuz.

In essence, everything is revolving around Hormuz, driving commodity flows and prices higher, stoking inflation fears, lifting bond yields, which are supposedly weighing over crypto. The U.S. stocks, meanwhile, hover near record highs, driven by AI optimism.

Bitcoin is not at the center of this geo-economic and AI repricing.

It is no surprise, therefore, that U.S. spot bitcoin ETFs continue to bleed, recording $1.15 billion in outflows this week after $1 billion last week, according to SoSoValue. The Coinbase premium, a key gauge of U.S. demand relative to the rest of the world, has hit monthly lows.

Analysts have repeatedly emphasized that these indicators need marked improvement before a sustained rally can take hold. The question is whether that will happen while markets remain fixated on geopolitics and AI.

In the meantime, certain corners of the crypto market, particularly on-chain perpetuals and quantum-resistant tokens, continue to show strength, driven by specific news and narratives, as we discussed Thursday. Layer-1 blockchain Near Protocol’s token (NEAR) is the latest addition to that group, surging over 25% in the past 24 hours following the announcement of a major upgrade focused on automated scaling and quantum resilience.

In traditional markets, Nasdaq futures have surrendered early gains and are trading largely flat. Analysts remain broadly bullish on stocks following the latest earnings season. Stay alert.

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

ZachXBT flags $520K Polymarket exploit on Polygon, team says funds are safe (CoinDesk): Polymarket is aware of reports tied to its rewards payout system and emphasized that user funds and market resolutions remain safe, describing the issue as an internal one rather than a broader contract exploit. Further updates are expected.
Near Protocol to automate its own growth and its token is skyrocketing (CoinDesk): Near’s forthcoming upgrade will allow the network to scale dynamically without human intervention. The market is approving, driving up NEAR by 27% in the last 24 hours to $2.25.
Asian shares track Wall Street gains and oil prices climb on uncertainty over the Iran war (AP): Asian shares advanced Friday following modest gains on Wall Street, while oil prices rose as efforts to end the Iran war yielded limited results. Oil prices Thursday in U.S. trading, alleviating pressure from the bond market as yields fell.
Treasury yields fall as investors digest week of bond market volatility (CNBC): U.S. Treasury yields fell Friday after a week of volatility that saw borrowing costs rise to multi-year highs in response to renewed concerns about inflation. The yield on the 10-year Treasury note fell more than 2 basis points to 4.564%.

Related Assets

Bitcoin$62,867.66

0.28%

Related Assets

Bitcoin$62,867.66

0.28%

Latest Crypto News

1
Bitcoin’s Sharpe Ratio slides to lowest since 2022. Here’s what it means.

vor 21 Minuten
2
Ripple’s preliminary crypto asset provider license in Luxembourg upgraded to fully compliant

vor 39 Minuten
3
Coinbase AI draws backlash after erroneously publishing World Cup result before kickoff

vor 1 Stunde
4
FOMC minutes, SpaceX joins Nasdaq 100: Crypto Week Ahead

vor 2 Stunden
5
Vitalik Buterin says Ethereum is preparing its ‘biggest rebuild’ since the Merge

vor 2 Stunden
6
Live markets: Bitcoin pops to $63,900, then reverses, as week begins

vor 2 Stunden
7
I am contemplating selling some of my bitcoin for gold, veteran trader Peter Brandt says

vor 4 Stunden
8
XRP rises 3% as $1.14 breakout turns into support test

vor 5 Stunden
9
Ether leads crypto’s hold above key levels as bitcoin steadies over $63,000

vor 5 Stunden
10
Clarity and Congress’s summer break: State of Crypto

vor 16 Stunden

Latest Research

Building the Zcash Machine: Tachyon and Quantum Readiness

Building the Zcash Machine: Tachyon and Quantum Readiness

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

By CoinDesk Research

Jun 30, 2026

Commissioned byGenZcash

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

Why it matters:

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

View Full Report

Bitcoin, ether traders aren’t fully buying the bounce, options markets show

U.S. Department of Labor building (Department of Labor)

Warsh’s comments set the stage for U.S. jobs data to ignite bitcoin, gold rally

Lighted exit sign mounted on a wall.

XRP, HYPE funds are the bright spots as investors flee bitcoin, ether ETFs

Bitcoin’s Sharpe Ratio slides to lowest since 2022. Here’s what it means.

The office building of CSSF, Luxembourg's financial authority. (CSSF/Media)

Ripple’s preliminary crypto asset provider license in Luxembourg upgraded to fully compliant

Erling Haaland celebrates after scoring Norway's first goal against Brazil.

Coinbase AI draws backlash after erroneously publishing World Cup result before kickoff

!–>!–>!–>!–>!–>!–>!–>
Read More

FTX’s Bankman-Fried Pleads Not Guilty to $40M Chinese Bribery Charge

Bitcoin’s Pizza Day Leap: From Experiment to Global Store of Value

Myanmar Online Scam Crackdown: Death Penalty for Violent Operators

Brazil Slaps Banco Topazio With $3.2M Fine and 2-Year Crypto Trading Ban