TLDR
- Bitcoin price fell from $75,000 to $66,000 this week; Ethereum price fell below the $2,000 support level
- All three major US stock indexes entered correction territory, with the S&P 500 posting its longest losing streak since 2022.
- Oil prices rose above $100 per barrel as the conflict intensified in the Middle East, prompting investors to become risk averse.
- Coinbase has launched cryptocurrency-backed real estate loans, while Tether has hired KPMG to conduct a long-awaited audit.
- White House cryptocurrency czar David Sachs has stepped down after one year in office
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It’s been a tough week in the financial markets. Cryptocurrencies and stocks sold off heavily as oil prices rose and investors retreated from risky assets.
Bitcoin It fell from a weekly high of $75,000 to a low of $66,000 by Friday, March 27. Ethereum fell back below the $2,000 level, a key support level that traders are closely monitoring.
Solana and XRP also ended the week in the red. The broader cryptocurrency market is tracking a sell-off in stocks as fear spreads across financial markets.
On the stocks side, the S&P 500 fell for the fifth straight week, its longest losing streak since 2022. The Dow Jones Industrial Average entered correction territory, down more than 10% from its recent high.
The Nasdaq fell 2.1% on Friday alone, slipping further into a correction. Shares of the “Magnificent Seven” technology giants lost more than $330 billion in market value in a single day.
oil It was the main driver of the sell-off. Brent crude traded above $106 a barrel and WTI surpassed $100, as attacks across the Middle East raised fears the conflict could extend into April.
President Trump extended Iran’s deadline by 10 days, giving the country until April 6 to meet US demands or face strikes on its power plants. Markets remained unstable despite the extension.
Cryptocurrency industry stories that moved the markets
Coinbase Announced that it is offering cryptocurrency-backed mortgages in the US, the exchange is teaming up with Better Home & Finance to allow buyers to use Bitcoin as a down payment on a home, with the government backing the program.
Stablecoin issuer Tether has hired accounting firm KPMG to audit its $185 billion USDT stablecoin. The move is part of Tether’s push into the US market. The news sent Circle Internet Group shares down 24% over the week.
The New York Stock Exchange’s parent company, InterContinental Exchange, has invested $600 million in prediction market Polymarket. The deal gives Polymarket capital to expand as traditional market operators move into the space.
Washington and regulation
White House cryptocurrency czar David Sachs has stepped down after one year. Sachs oversaw early cryptocurrency policy in the White House, including passage of the GENIUS Act, and moved to the President’s Council of Advisors on Science and Technology. No replacement has been named.
Prediction market Kalshi saw its valuation double to $22 billion in its latest funding round, up from $11 billion in December. The funding came the same week that Arizona charged Calci with 20 felony counts, accusing her of running an illegal gambling operation.
Nearly $15 billion worth of Bitcoin options contracts expired on Deribit on March 27, representing 40% of the exchange’s total open interest. A similar $19 billion expiration last September is linked to the beginning of Bitcoin’s current downturn, which has now reached 40% since October.
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