Crypto markets tumbled alongside traditional assets. The cause? Escalating conflict in Iran and hotter-than-expected U.S. inflation. It sparked a broad risk-off move.
Bitcoin slid from $74,000 to around $69,000. The Nasdaq lost 1.5%. Gold dropped roughly 5% to $4,700.
February producer prices jumped 0.7% monthly. Oil spiked after strikes on Iranian energy infrastructure. The data triggered the selloff.
The U.S. Federal Reserve maintained interest rates at 3.50-3.75%. Chairman Jerome Powell rejected stagflation fears. But he’s insisting inflation must fall before cuts resume.
Bitcoin ETF flows flipped negative. Net outflows hit $163.5 million. That’s after a week of inflows. It signals investor caution amid the macro turbulence.
Hyperliquid launched officially licensed S&P 500 perpetual futures via TradeXYZ. They’re settled in USDC. Tradable 24/7 with leverage.
Index and ETF perpetuals now account for 5.5% of the platform’s volume. Gold, oil, and equity perps pushed nearly $1 billion in daily trading during Iran-related turmoil.
The HYPE token briefly hit a new local high above $43. Then it retreated alongside broader crypto weakness.
Kraken has paused its planned multi-billion-dollar IPO. The exchange previously filed a confidential S-1. It raised $800 million at a $20 billion valuation.
Crypto equity performance is weakening. BitGo’s down 44% since listing. Gemini’s stock has plunged 80%. Citi just downgraded it.
The delay suggests even leading exchanges view public markets as inhospitable. They’re waiting for better macro conditions. Better regulation. Better sector sentiment.
The FTX Recovery Trust will distribute another $2.2 billion to creditors on March 31. It’s the fourth payout under its Chapter 11 plan.
Distributions are routed via BitGo, Kraken, and Payoneer. They’re calculated at November 2022 prices. Former Bitcoin holders receive cash based on roughly $20,000 per coin.
That’s far below today’s prices. But the payments finally restore liquidity. They offer former creditors a fresh, lower-cost reentry into crypto markets.
Total claims under the recovery plan may exceed $16 billion.
Geopolitical instability continues to pressure risk assets. So does persistent inflation. So does uncertain monetary policy.
Hyperliquid’s expansion into traditional market products signals growing convergence. Crypto infrastructure is meeting legacy finance. But investor appetite for crypto equity remains tepid.
