It was a rough week for cryptocurrencies as Bitcoin (CRYPTO: $BTC), Ethereum (CRYPTO: $ETH) and other digital assets fell sharply amid ongoing volatility in global financial markets.
Uncertainty about the war in Iran and crude oil prices above $110 U.S. a barrel sent investors fleeing from risk assets such as crypto and stocks and into cash.
BTC fell from a high of $75,000 U.S. earlier in the week to a low of $66,000 U.S. on March 27. Ethereum is again trading below the key support level of $2,000 U.S.
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Other leading cryptocurrencies such as Solana (CRYPTO: $SOL) and XRP (CRYPTO: $XRP) also slid deep into the red for the week.
Cryptocurrencies fell alongside stocks, with all three major U.S. indices ending the week in a correction, defined as a decline of 10% or more from recent highs.
With no end to the Iran war insight, investors are in a risk-off mood. Beyond the Middle East conflict, these were some of the top stories that moved crypto prices over the past week.
Coinbase Offers Crypto Mortgages: Coinbase Global (NASDAQ: $COIN) is offering cryptocurrency-backed mortgages to U.S. homebuyers. The crypto exchange is partnering with mortgage firm Better Home & Finance (NASDAQ: $BETR) to enable people to use Bitcoin as a down payment when buying a house. The new crypto mortgages have the support of the U.S. government. Critics warn that securing mortgages with crypto could result in a housing crisis.
Tether Prepares for an Audit: Stablecoin issuer Tether has hired KPMG to carry out an audit on its $185 billion U.S. dollar-pegged USDT stablecoin. The hiring of the accounting firm comes as Tether prepares for full financial scrutiny ahead of its push into the U.S. market. This news sent the stock of Circle Internet Group (NYSE: $CRCL) down 24% on the week.
NYSE Invests in Polymarket: Intercontinental Exchange (NYSE: $ICE), the parent company of the New York Stock Exchange (NYSE), has invested $600 million U.S. in prediction market Polymarket. The money gives Polymarket fresh capital to fund its growth. It also comes as traditional market operators seek to capitalize on the popularity of prediction markets.
White House Crypto Czar Steps Down: White House Crypto Czar David Sacks is leaving his post. Sacks has joined the President’s Council of Advisors on Science and Technology. Sacks, who held the Crypto Czar title for a year, oversaw the White House’s early work on crypto, including the passage of the GENIUS Act. It’s not clear who, if anyone, will replace Sacks.
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