Bitcoin climbed sharply on Monday after Donald Trump announced a five-day postponement of threatened military strikes against Iran. The delay reversed a weekend selloff that had pushed Bitcoin from $76,000 to below $68,500, with the Fear and Greed Index reaching extreme fear territory as long positions were liquidated. Following the announcement, Bitcoin immediately recovered approximately $2,000 to reach $70,800, while Ethereum gained 5% to trade at $2,170. The Dow Jones Industrial Average rose 1,000 points in premarket trading, and oil prices dropped 8% to $90 per barrel.
The situation, however, remains unresolved. Trump had issued a 48-hour ultimatum over the weekend demanding Iran reopen the Strait of Hormuz or face strikes on Iranian power plants. Iran has not complied with that demand, and Trump has stated he remains prepared to act. Analysts note the development represents a pause rather than a resolution, leaving markets exposed to continued volatility in the days ahead.
On the legislative front, Senators Thom Tillis and Angela Alsobrooks announced Friday they had reached an agreement in principle with the White House on the stablecoin yield question, which has been the central obstacle blocking the Clarity Act since January. Under the reported framework, passive yield on stablecoin balances would be prohibited, meaning users could not hold an asset like USDC and earn interest in a savings-account format. Activity-based rewards, however, appear likely to remain permitted under the proposed terms.
The reported breakthrough moved prediction market odds significantly. The probability of the Clarity Act passing in 2026 rose to approximately 70% following the announcement. The stablecoin yield dispute had been widely regarded as the legislation’s most significant sticking point, and the apparent compromise has renewed expectations for the bill’s passage.
Hyperliquid‘s recently launched S&P 500 perpetual futures market surpassed $100 million in 24-hour trading volume over the weekend, quickly establishing itself among the platform’s most active markets. The product, licensed through Trade XYZ, is settled in USDC and available for trading around the clock, allowing users to access leveraged S&P 500 exposure on-chain without a traditional brokerage account. By the weekend, five of Hyperliquid’s ten most-traded markets were cryptocurrencies, with the remaining five comprising oil, gold, silver, and the S&P 500 perpetual.
Eightco Holdings, listed on Nasdaq under the ticker ORBS, added $40 million to its OpenAI position, bringing its total OpenAI exposure to $90 million, which now represents roughly 30% of the company’s treasury. The expansion follows a $125 million fundraise last week from BitMine, Ark Invest, and Payward, the parent company of Kraken, with investor Tom Lee also joining the board. In addition to its OpenAI stake, Eightco holds nearly 10% of all WLD tokens in circulation along with 11,000 ETH.
A class action lawsuit was filed Friday in the Southern District of New York against Tyler and Cameron Winklevoss, alleging the brothers misled investors ahead of Gemini‘s initial public offering last fall. The complaint claims Gemini overstated the resilience of its core exchange business while concealing plans to shift its strategic focus toward prediction markets. In February, the company laid off 30% of its workforce, withdrew from Europe and Australia, and identified prediction markets as its primary strategic direction. Gemini’s stock, trading under the ticker GEMI, closed Friday at $5.66, down approximately 85% since its IPO, with the company reporting a net loss of $582 million for 2025.
Originally reported by Decrypt.
