BTC Crashes to $66K, ETH Dips Below $2K as Middle East War Drags Again: Weekly Recap

Tomorrow will be the first month since the war against Iran began, but there is no clear end in sight.

It was another eventful week on the Iran – Israel/US front, with many major developments, including some twists and turns, which continue to impact the vulnerable crypto market.

Remember that bitcoin was stopped at $ 76,000 last Wednesday after gaining $ 13,000 from the initial shock when the first strikes in the Middle East began. It fell back to below $70,000 in the following days as the US Fed refused to change interest rates, but managed to maintain that level over the weekend.

Then, it dropped to $69,000 on Sunday evening and Monday morning as the impact of the weekend’s development reached equity markets. However, when Trump said that the US and Iran had made significant progress in their negotiations, BTC exploded by several values ​​reaching below $72,000.

Unfortunately, it returned to $69,000 hours later as Iran denied his statement. However, more information emerged that the two countries have made some kind of negotiations, and BTC touched $72,000 on Wednesday.

It was rejected again there, and although it held $69,000 and $70,000 yesterday, it fell below both levels today, dropping to a three-week low of just over $66,000 from now. This came as the Royal Government of Bhutan continues to transfer BTC, which it is likely to sell, and the US has reportedly begun preparing to send thousands of troops to the hot Middle Eastern region.

A reality check compared to last Friday shows that BTC is down about 6%, while other assets, such as ETH, XRP, and SOL, have seen even more painful declines. There are a few exceptions, of course, led by TAO (15%) and WLFI (7.5%).

Market Data

Market cap: $2.360T | 24H Volume: $112B | BTC dominance: 56%

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BTC: $66,400 (-5.4%) | ETH: $1,975 (-7%) | XRP: $1.33 (-7.8%)

This Week’s Crypto Topics You Can’t Miss

Fannie Mae Shockwave: Crypto-Backed Mortgages Are Coming to the US. One of the most important stories this week comes from the US mortgage boom, Better Homes and Finance. A report from the WSJ indicated that the company has partnered with Coinbase to allow home buyers to pledge BTC and USDC when they get a mortgage backed by Fannie Mae.

NYSE Parent Invests Another $600 Million in Polymarket as Prediction Market Volume Rises. The giant behind the New York Stock Exchange continues its big crypto-related investment, this time allocating another $600 million to Polymarket. Its total investment in the crypto-based prediction market has grown to $2 billion.

Analyst: Bitcoin Could Fall Below $46K as ‘Electric Cost’ Falls. Bitcoin is not yet successful – this is what the famous analyst, Ted Pillows, asserted this week. By comparing the estimated “electrical cost” of the asset, he determined that BTC may fall below $50,000 and drop to $45,000 in this cycle.

Gold Fails to Test Safe Haven as Prices Fall Amid War and Uncertainty. Although BTC has bounced back in the past few days, it has remained slightly green since the start of the war against Iran. The same cannot be said for gold, whose value has fallen sharply since peaking in late January.

Post-Hack Pressure Pushes Balance Labs to Halt Operations, Reorganize Protocol. The popular DeFi protocol Balancer was hacked a few years ago, and although the organization behind it tried to reorganize its operations, it announced earlier this week that it would be shutting down.

Saylor’s Strategy Buys Over 1,000 BTC as Unrealized Losses Increase. After several consecutive multi-billion dollar BTC runs, Saylor Strategy announced another very modest one this week. It spent $76.6 million to acquire another 1,031 BTC, and its total holdings have grown to more than 762,000 units.

Charts

This week, we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for a complete price analysis.