A U.S. federal appeals court has closed the book on Custodia Bank’s bid for direct access to the Federal Reserve’s master-account program, delivering a setback after years of legal maneuvering. In a 7-3 ruling, the U.S. Court of Appeals for the Tenth Circuit declined to rehear the case, leaving intact the Fed’s long-standing discretion over who receives master accounts and access to the central bank’s payment rails. The decision arrives as crypto firms continue to seek direct lines to Fed services, while other players in the sector push for broader access and clearer regulatory pathways.

Key takeaways

• The Tenth Circuit rejected Custodia Bank’s final challenge in a 7-3 vote, effectively ending the bank’s bid for a Fed master account.
• Custodia originally applied in October 2020; after initial Fed rejection, it argued that the Monetary Control Act entitles state-chartered banks to Fed services, including a master account.
• Multiple courts have upheld the Fed’s discretion in granting master accounts, reinforcing the central bank’s gatekeeping role in access to payment rails.
• Kraken became the first crypto platform to receive a master account from the Federal Reserve Bank of Kansas City on March 4, tying it to Fedwire payments, albeit with a narrower set of services than a traditional bank.
• Disagreeing with the majority, Judge Tymkovich warned that a master account is “indispensable” for a bank’s operations and suggested denial could be viewed as a prohibitive outcome for a crypto-focused institution.
• The case underscores ongoing regulatory debate about “skinny” or limited master accounts for crypto firms, signaling a cautious but evolving approach to central-bank access.

Market context: The ruling lands amid broader regulatory discussions about how crypto-native firms should access traditional financial rails and liquidity. As more players seek direct Fed access to improve settlement efficiency and risk management, regulators have signaled openness to narrower, crypto-specific arrangements, while maintaining the Fed’s discretionary authority over master accounts.

Why it matters

The decision reinforces a foundational policy stance: the Federal Reserve controls who earns entry to its payment system through master accounts. For Custodia, the outcome closes a five-year pursuit that began with ambitions to settle digital-asset transactions with direct Fed support, reducing the likelihood of a direct route around traditional correspondent banking relationships. The ruling clarifies that the Fed’s authority to grant or withhold master accounts is not easily trumped by statutory arguments and that courts are unlikely to compel the Fed to provide access in the absence of a clearly defined statutory mandate.

Yet the same period has also seen notable progress elsewhere. Kraken, a prominent crypto exchange, secured a master account from the Fed’s regional arm in Kansas City, marking a pivotal milestone for the sector’s integration with the U.S. central bank’s system. This development demonstrates that the Fed is willing to grant access, albeit selectively, to entities that can demonstrate robustness, compliance, and operational readiness to connect to Fedwire payments. The distinction between “full” access and the more limited services available to nontraditional banks highlights the evolving nature of central-bank engagement with digital-asset firms.

While Custodia’s setback narrows the path for state-chartered banks seeking direct Fed access, the broader ecosystem remains engaged in a pragmatic dialogue about what accommodations crypto firms should receive. Proponents of increased access argue that direct ties to the Fed could reduce settlement risk and improve liquidity management in a sector characterized by rapid custody and settlement needs. Opponents caution against broadening eligibility without stringent risk controls and robust compliance frameworks. The tension mirrors larger regulatory dynamics as policymakers weigh consumer protection, financial stability, and innovation in parallel tracks.

The court’s opinion also underscores a practical reality: the Fed’s discretion has persisted through multiple adjudications. Although some judges have criticized the Fed’s stance, the majority’s analysis emphasizes that, absent a legislative change, master accounts remain a matter of administrative choice rather than automatic entitlement. In this sense, Custodia’s experience serves as a cautionary tale for other applicants that seek to accelerate entry into federal settlement rails without meeting the precise criteria the Fed applies in evaluating risk, governance, and operational readiness.

In the same thread, commentary around “skinny” master accounts—limited types of accounts designed to offer essential access without granting the full suite of services reserved for traditional banks—continues to gain attention. Advocates contend that even a pared-down pathway could substantially reduce the frictions crypto firms encounter when scaling and integrating with regulated financial infrastructure. Critics, however, argue that the integrity of the payment system requires careful calibration of who can participate and under what conditions. The recent disclosures, including Kraken’s march toward Fed-linked settlement capabilities, illustrate a cautious but tangible shift toward more inclusive mechanisms that balance safety with innovation.

What to watch next

• Regulators and the Fed may continue refining criteria for “skinny” master accounts and similar arrangements for crypto firms.
• Other applicants could reassess their strategies in light of the Custodia decision, potentially pursuing alternative means of direct Fed access or partnerships with traditional banks.
• Ongoing regulatory discussions and potential policy guidance could shape how future master-account decisions are communicated and implemented.
• Industry observers will monitor Kraken’s ongoing integration efforts and any further expansions of its Fed-connected capabilities.

Sources & verification

• U.S. Court of Appeals for the Tenth Circuit — Opinion documenting the denial of Custodia’s appeal: https://www.ca10.uscourts.gov/sites/ca10/files/opinions/010111400884.pdf
• Custodia Bank rehearing en banc master account coverage: https://cointelegraph.com/news/custodia-bank-rehearing-en-banc-master-account
• Custodia crypto bank appeal federal reserve master account coverage: https://cointelegraph.com/news/custodia-crypto-bank-appeal-federal-reserve-master-account
• Kraken receives master account and links to Fedwire coverage: https://cointelegraph.com/news/kraken-crypto-exchange-fed-master-account
• Additional context on Fed services not related to central bank digital currencies: https://cointelegraph.com/news/federal-reserve-service-not-related-to-cbdcs

Why it matters

The court’s ruling crystallizes the principle that access to the Fed’s payment rails is not an automatic entitlement for crypto-focused banks. It foregrounds the Fed’s discretion as a central feature of how digital-asset firms can participate in the U.S. financial infrastructure, at least in the near term. For stakeholders seeking to integrate digital assets into mainstream settlement processes, the decision clarifies the legal landscape and raises the bar for establishing the robust governance, risk controls, and compliance frameworks that the Fed expects of applicants.

At the same time, the Kraken milestone demonstrates that meaningful progress is possible even within a system that remains cautious about crypto-adjacent actors. By securing a master account from a regional Fed bank, Kraken has opened a pathway to improved liquidity and settlement efficiency, though with a narrower set of services than those enjoyed by conventional banks. The contrast between Custodia’s unresolved bid and Kraken’s operational foothold suggests that the road to broader access will likely be incremental, tempered by risk, regulatory clarity, and demonstrated resilience in transaction processing and governance.

Sources & verification

To verify the key elements of this story, readers can consult the official court filing and the referenced industry coverage:

• The Tenth Circuit opinion PDF confirming the denial of Custodia’s appeal: https://www.ca10.uscourts.gov/sites/ca10/files/opinions/010111400884.pdf
• Cointelegraph coverage on Custodia’s rehearing and related master-account discussions: https://cointelegraph.com/news/custodia-bank-rehearing-en-banc-master-account
• Cointelegraph coverage on Custodia’s crypto-bank appeal and Fed master account issues: https://cointelegraph.com/news/custodia-crypto-bank-appeal-federal-reserve-master-account
• Cointelegraph coverage on Kraken obtaining a master account: https://cointelegraph.com/news/kraken-crypto-exchange-fed-master-account

What the story means for the crypto ecosystem

As policy discussions evolve, the industry is watching how regulators balance the benefits of direct Fed access—lower settlement risk, faster liquidity management, and greater resilience—with the imperative to maintain safety, transparency, and financial stability. The Custodia ruling reinforces the notion that central-bank access is not guaranteed and that applicants must meet rigorous criteria and demonstrate systemic readiness. Simultaneously, Kraken’s milestone signals real-world progress and a potential blueprint for future entrants who can align with enhanced risk controls and compliance standards while leveraging more direct settlement capabilities. The next chapter will likely hinge on policy direction, the development of “skinny” account frameworks, and continued collaboration between policymakers, banks, and crypto firms to expand access without compromising systemic integrity.

The long-awaited Crypto Clarity Act is unlikely to advance through the Senate Banking Committee before April, according to Senator John Thune. The delay stems from ongoing disagreements between banks and stablecoin issuers over key legislative provisions, per reporting from The Block.

The CLARITY Act has been a focal point for crypto industry advocates seeking regulatory clarity on digital assets and stablecoin issuance. The continued stalling of the legislation signals that critical stakeholders have yet to align on framework details, pushing any Senate committee vote further into 2025.

Sources: Senator John Thune (via BSCNews) | The Block

Bitcoin’s brief jump above $73k shows bulls still in control, but Iran war risks, oil shocks and crowded leverage leave BTC vulnerable to a violent flush.

Bitcoin (BTC) price briefly cleared the $73,000 mark in the last trading session, signaling the current bullish phase is intact but leverage and positioning are now approaching blow‑off conditions.

Bitcoin breaks above $73K as risk appetite returns

Bitcoin pushed above $73,000 in the past 24 hours, gaining around 4% and extending its march to new all‑time highs against a backdrop of renewed risk appetite in global markets. This move comes as US equities continue to trade near record levels and traders maintain expectations for at least one Federal Reserve rate cut before year‑end, keeping liquidity conditions supportive for high‑beta assets such as BTC. On major derivatives venues, funding rates and open interest have been grinding higher, reflecting aggressive long positioning rather than spot‑led demand.

The latest leg higher follows weeks of sustained inflows into Bitcoin exchange‑traded products and centralized exchanges, with market depth still thinner than in prior cycles despite the larger nominal price. That combination of rising leverage and limited resting liquidity leaves the market vulnerable to sharp liquidations if price momentum stalls or macro data surprise to the upside on inflation.​

Leverage and whale positioning intensify

For directional traders, Bitcoin reclaiming and holding above the $70,000–$73,000 band confirms that the primary trend remains intact, but it also suggests that risk management now matters more than raw conviction. Elevated open interest, richer funding rates and large whale leverage all point to a market that can overshoot higher but will unwind violently on any macro or regulatory shock.

From a portfolio‑construction perspective, professional desks are likely to favor staggered profit‑taking on strength, tighter stop‑losses on high‑leverage BTC and ETH longs, and increased use of options to hedge downside tails while keeping upside participation. Retail investors chasing the breakout should be aware that the easy part of the move is probably behind, and that late‑cycle volatility around psychological levels like $75,000 and $80,000 historically separates disciplined participants from forced sellers.

Ethereum price surges as derivatives open interest jumped nearly 9% to above $30b, concentrating leverage on Binance, Gate, Bybit and OKX and priming Ethereum for sharper liquidations.

Ethereum (ETH) derivatives just lit up. Here’s a clean crypto.news-style piece on the ETH open interest story, using $ not “dollar.”

ETH derivatives open interest has jumped nearly 9% in 24 hours, pushing total ETH contract exposure above $30 billion and underscoring how fast leverage is building behind the latest leg of the rally.

ETH open interest climbs as traders add leverage

According to derivatives tracker Coinglass, total ETH contract open interest has increased by 8.94% over the past 24 hours, with aggregate open interest now at $30.451 billion across major exchanges. Binance leads with $6.593 billion in ETH OI, followed by Gate at $3.875 billion, Bybit at $2.358 billion, and OKX at $2.042 billion. The move comes as ETH trades above $2,180 and tracks Bitcoin’s push into fresh all‑time highs, drawing in both speculative longs and basis traders.

Oil almost touched $100 this week after tensions around the Strait of Hormuz sparked a macro panic. Stocks sold off and macro Twitter went into meltdown mode. Then, US Treasury Secretary Scott Bessent stepped in with a temporary license allowing countries to buy Russian oil already stranded at sea, calling the spike a short-term disruption. Oil dropped quickly, and crypto reacted fast.

Bitcoin pushed close to $72,000 with strong ETF inflows and continued accumulation from major buyers. The dollar also weakened, which is exactly the kind of macro setup that usually fuels risk assets.

The macro setup that every trader has been waiting for is building exactly the way the textbook says it should, and the Deepsnitch AI bonus codes are still live, but not for long. Here’s why you should hurry up ahead of the launch.

BTC jumps to $72K after Bessent kills the oil scare

Treasury Secretary Scott Bessent stepped into a market that was panicking about oil racing toward $100 a barrel and cooled things down fast. Iran’s new supreme leader had said the Strait of Hormuz would stay closed, and Donald Trump said stopping Iran mattered more than oil prices, which sent equities sliding and macro Twitter into full panic mode.

Then Bessent announced General License 134, a temporary move allowing countries to buy Russian oil that was already stuck at sea. He called the spike a short-term disruption and said the economy could actually benefit once things settle. Oil quickly dropped about $2 a barrel, and Bitcoin jumped close to $72,000 within hours while stocks were still trying to catch up.

This is what the setup looks like right before a sustained bull move starts: macro fear gets resolved faster than expected, institutional buying was already happening before the resolution, and the Deepsnitch AI bonus countdown is ticking in the exact window when new capital starts looking for the highest-asymmetry entries it can still access before the crowd arrives.

Three positions to load before this window shuts: $DSNT, BTC and ETH

1. The DeepSnitch AI bonus still live! Hurry up, only a few days left!

If you are still sitting on the sidelines reading about the Deepsnitch AI bonus and not positioning, this section is your last clear-headed moment before FOMO kicks in at the Uniswap listing price.

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If the bull case sends $DSNT to $30, this is the type of trade that creates serious wealth. This is a crypto presale ending soon situation with zero wiggle room because March 31 is the date and there is no extension coming.

2. Bitcoin (BTC) update for March 2026

BTC is currently trading around $72,000 on March 13 after recovering from the $63,000 to $64,000 range that defined February’s fear cycle, and the setup underneath it right now is the strongest it has been since Q4 2025 when BTC hit its all-time high of $126,000.

The 2026 bull target sits at $200,000, and the majority of analyst consensus clusters between $120,000 and $150,000 for the cycle high. BTC will not give you 100x from here. But as a store-of-value position running alongside a presale like $DSNT that is still in its final days of token presale window, BTC is the safest way to make sure you have exposure to the broad market recovery without having to time an altcoin rotation correctly.

3. Ethereum (ETH) update for March 2026

ETH reclaimed $2,000 this week and is currently trading around $2,100 on March 13 after spending the past several months in a brutal drawdown from its $4,105 ATH in December 2024.

The current entry is sitting 50% below the all-time high, with the Pectra upgrade scheduled for Q1 to Q2 2026.

The 2026 ETH high target sits at $6,000, and the most bullish analyst projections reach $10,000 to $15,000 in the supercycle case.

The upside math is still a 3x to 5x from here in the base case. That is a good trade, but it is not the same as DeepSnitch AI.

DeepSnitch AI bonus code: Hurry up, only a few days left before launch!

Bessent just gave the market a macro green light by capping oil at $100, BTC responded by jumping to $72K with ETF inflows running for three straight weeks, and the bull run setup that serious traders have been positioning for all year is starting to look a lot more like the real thing.

BTC and ETH are the right plays for traders who want cycle exposure with lower volatility and a clear path to 3x to 5x from current levels. But the Deepsnitch AI bonus is for the traders who want the move that makes the BTC chart look boring in comparison.

$DSNT at $0.04399 with five live tools, dual audits, 41.4M staked coins, and a 150% bonus on $10K-plus entries is the final days token presale setup that closes March 31 and never reopens at this price.

Visit the official DeepSnitch AI website and lock in your $DSNT before the deadline. Join X and Telegram community to catch the listing announcement drop.

FAQs

What exactly is the Deepsnitch AI bonus and does the deadline actually move?

The Deepsnitch AI bonus deadline is March 31 and the team has confirmed zero extension. It is a crypto presale ending soon situation with up to 300% bonuses that disappear the moment the presale closes.

Is the limited-time crypto bonus on DSNT worth stacking alongside BTC at $72K and ETH at $2,100 right now?

BTC and ETH are solid cycle plays, but a 3x to 5x is the realistic ceiling from current prices. The limited-time crypto bonus of up to 300% on $DSNT at $0.04399 puts tokens in your wallet for free.

Why is the final days token presale window on $DSNT more urgent than waiting for a discount after the Uniswap listing?

There is no discount after the listing. The final days token presale price of $0.04399 could be the floor that never returns. Every AI infrastructure token from TAO to RENDER listed above presale and never looked back. This is the last entry at ground floor and it is closing on March 31.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

Ether (ETH) traded about 30% below its yearly open of $2,990, as traders grow increasingly risk-averse amid a global conflict and macroeconomic uncertainties.

Still, stronger network usage and increasing inflows into ETH accumulation addresses could provide a spark that may see the price finally break $2,200 resistance.

Key takeaways:

• ETH held in accumulation wallets has risen 32% since January, showing strong long-term confidence.

• Staked ETH reaches a record 37.85 million, representing over 30% of supply.

• Analysts say Ether bulls must reclaim $2,200 as support 

6.5 million ETH increase in accumulation addresses

Although Ether’s price has fallen in 2026, network activity increased, with daily active addresses (DAA) rising to 1.1 million in February, the highest level since December 2022. The DAAs jumped by 80% to 672,170 from 370,390 in the past seven days.

“The increase in ETH active addresses indicates bullish market movements,” CryptoQuant analyst CW8900 said in a QuickTake note on Friday.

The chart below shows that activity increased most significantly after Ether’s recent drop below $2,000. 

“This implies that accumulation activity was at its most active,” the analyst added.

Similar activity has been consistently observed near macro bottoms since 2022, preceding significant ETH price rallies.

Additionally, daily inflows into accumulation addresses have increased steadily since mid-2025, reaching a record high of 1.14 million ETH in November 2025. The inflows have continued to climb in 2026, averaging 200,000 ETH per day, with a spike to over 350,000 on Thursday.

As a result, the amount of ETH held in accumulation wallets, or holders with no history of selling, has increased by 6.5 million to 26.55 million from 20.1 million on Jan. 1, representing a 32% increase.

The ETH supply held in accumulation addresses is an important indicator for traders and market participants, as it reflects overall confidence in Ether’s long-term outlook.

The total value of ETH staked further reinforces this outlook. The supply of staked Ether reached an all-time high of 37.85 million this week, signaling growing investor confidence and a squeeze on the liquid supply. This represents over 30% of the total ETH supply.  

A growing staked supply also indicates that a large percentage of investors are preparing to hold their ETH for longer.

As Cointelegraph reported, Ether supply held on exchanges fell to a new multi-year low of 3.46 million ETH, further tightening the available liquidity on the order books. 

Ether price needs to flip $2,200 into support

Data from TradingView shows ETH attempting to breach the $2,100-$2,200 resistance that has suppressed its price over the last month.

“This has been an important price area over the past couple of years of price action for Ethereum,” analyst Daan Crypto Trades said in a recent X post.

The last time the ETH/USD pair reclaimed this level was in May 2025. It rallied 24% in less than a week. In June 2025, it served as a launchpad for a 126% ETH price rally to the current all-time high of $4,950 reached in August 2025.

A key area to watch on the downside is $1,750-$1,850, which, if lost, could extend the downtrend to as low as $1,000.

“I assume that when this breaks either side of the range, we will see a large move occur,“ Daan Crypto Trades added.

This support area coincides with an ascending trend line that has upheld the price on the weekly chart since 2022.

Technical analyst Prof said holding this support would then trigger a retest of the 21-week exponential moving average at $2,700, 22% above the current price. 

As Cointelegraph reported, a decisive break above the $2,100 resistance and the 50-day EMA at $2,200 will have the bulls target $2,600 next.