CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2029.25, down 1.6% (-33.09) since yesterday’s close.

Two of 20 assets are trading higher.

Leaders: APT (+0.4%) and BCH (+0.4%).

Laggards: NEAR (-3.3%) and HBAR (-2.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Bitcoin slid as geopolitical shocks in the Middle East reverberated through energy markets, pushing crude prices higher and prompting a fresh round of profit-taking among long-term holders. Large, one-time transfers—conducted by an ancient BTC whale and one of the earliest adopters—added to the sense that risk appetite was evaporating as investors weighed the intersection of conflict, energy supply concerns, and crypto exposure.

Blockchain trackers reported notable moves from historical bitcoin wallets on the same day that Brent crude surged past $119 per barrel before retreating, and European energy prices spiked in response to attacks on gas infrastructure in the region. The broader macro backdrop has crypto traders watching for where the next large liquidity shift might come from, as the balance between risk-off sentiment and perceived safe-haven demand remains unsettled.

Key takeaways

• A long-destined bitcoin whale moved 1,000 BTC to Binance on Wednesday, after purchasing 5,000 BTC around 13 years ago. The address reportedly still holds roughly 1,500 BTC, worth about $106 million at current prices.
• One of the earliest BTC holders, Owen Gunden, transferred 650 BTC to Kraken on the same day, marking his first substantial sale in five months. He previously liquidated a large portion of his stack, around 11,000 BTC, in a prior period.
• Bitcoin traded around $70,400, down about 5% over 24 hours, as traders weighed the conflict-driven energy shock against ongoing macro uncertainty. Gold also softened, dipping roughly 4% to around $4,686 per ounce.
• Geopolitical events linked to Iran, Israel, and Qatar pushed energy benchmarks higher, with Brent briefly tipping above $119 before retreating, and WTI testing the $100 level in intraday moves.
• Analysts characterized the move as part of a broader risk-off shift rather than a straightforward move into safe-haven assets, underscoring ongoing questions about how crypto assets react to geopolitical stress.

Whale activity amid macro turmoil

Data from Arkham indicates that the so-called “bc1ql” whale—one of the most famous address labels in the bitcoin ecosystem—sent 1,000 BTC to Binance on Wednesday. The address originally acquired 5,000 BTC about 13 years ago and remains a significant UTXO holder, with roughly 1,500 BTC still in reserve, according to Onchain Lens analysis of the wallet’s balance history.

Meanwhile, Owen Gunden—one of the earliest BTC holders—moved 650 BTC to Kraken on the same day. Lookonchain reported this as his first sizeable sale in five months, part of a pattern of selective liquidity operations during a period of heightened macro noise.

Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen, noted that the BTC sell-off appeared to be connected to a broader risk-off phase driven by the energy shock in the Middle East. “BTC began to sell off yesterday around noon CET, following the escalation of the war between Iran and Israel and the attack on gas infrastructure in Qatar,” she told Cointelegraph, adding: “If we fail to hold the $70K–$71K level, we could return to the previous range of approximately $60K–$71K.”

Energy markets in flux deepen crypto uncertainty

The same day, energy markets reacted decisively to the regional tensions. Brent crude surged past $119 per barrel before easing to about $114.77, while West Texas Intermediate moved in a similar range, briefly touching $100 before trading near $96.50, according to Trading Economics. The price action underscores how geopolitical catalysts can quickly translate into risk-off dynamics across traditional and digital asset markets.

New developments in the region further intensified market attention. Reports emerged that Israel conducted strikes on Iran’s South Pars gas field—a component of the world’s most prolific natural gas reserve, which Iran shares with Qatar. The South Pars field has long been a focal point for debates about regional energy security and its potential spillover effects on energy prices globally. In the wake of the strikes, energy headlines dominated market screens, with Western wholesale gas prices in Europe and the UK spiking as European buyers weighed potential supply disruptions.

These energy-market ripples helped propel a narrative that the crypto market’s recent risk-off move is not a pure flight-to-safety among crypto bulls, but rather a broader shift away from risk assets in a period of heightened geopolitical risk. As Barthere put it, the interplay between energy prices, macro risk, and crypto exposure is still ambiguous—investors will be watching whether bitcoin can defend the key psychological level around $70,000.

Bitcoin’s price path amid a mixed risk environment

Bitcoin’s price action reflected a cautious stance among traders. As of early European trading hours, BTC traded around $70,440, down roughly 5% on the day, according to CoinMarketCap data. The pullback mirrors a concurrent decline in gold, which shed about 4.2% to roughly $4,686 per ounce, signaling that even traditional haven assets were not immune to the risk-off tone at the time.

Analysts stressed that this is not a straightforward “buy-the-dip” moment for all investors. Rather, it is a climate in which macro shocks, energy-market volatility, and geopolitical risk converge to shape liquidity flows. The key question for participants is whether BTC can hold the $70,000–$71,000 zone, which may prove pivotal in determining whether the market stabilizes in the near term or if the next leg down tests lower ranges.

“If we fail to hold the $70K–$71K level, we could return to the previous range of approximately $60K–$71K,” Barthere summarized, highlighting how quickly support levels can become contested when macro drivers shift abruptly. In this environment, traders and investors may need to consider both on-chain signals, such as whale balance movements, and off-chain indicators, including energy pricing and geopolitical risk proxies, to calibrate risk and potential hedges.

What remains uncertain is how durable the current risk-off mood will prove, and whether fresh catalysts—such as diplomatic developments or escalations in regional tensions—will reorient flows toward or away from digital assets. Market participants will be watching for any signs that key support holds and whether larger players—whether legacy funds or new entrants—adjust their allocations in response to evolving macro conditions.

As the situation in the Middle East continues to unfold, investors should keep a close eye on on-chain movements from long-held wallets, shifts in correlated markets like oil and gold, and the evolving narrative around bitcoin’s role in a high-uncertainty environment. The coming days could reveal whether this is a temporary liquidity squeeze or the first stage of a longer adjustment in crypto demand amid a broader macro pivot.

Readers should watch forthcoming updates on energy-market developments and on-chain whale activity, which together may illuminate the next leg for bitcoin’s price and its evolving relationship with traditional financial markets.

Pi Network price managed to brush off the bearish sentiment prevailing in the broader crypto market amid a major mainnet upgrade that introduced smart contract functionality to the Pi ecosystem.

According to data from crypto.news, Pi Network (PI) price initially fell 5% to an intraday low of $0.171 on March 19 before recouping from its losses and edging higher to $0.177 at press time. The token, however, remains nearly 40% lower than its high, which it attained following its highly anticipated listing on crypto exchange Kraken.

Pi Network’s resilience amidst the sectorwide downturn can be attributed to hype surrounding its mainnet upgrade to version 20. The latest upgrade brings the ability to support smart contracts to the network. This means developers can now build decentralized applications and other services on the platform, which could ultimately drive development and adoption of the Pi ecosystem.

In a March 19 X post, Pi developers also revealed that version 21 of the protocol would soon be rolled out. They instructed node operators to ensure their systems are up to date and to wait for more detailed instructions.

Major announcements such as these tend to boost investor demand for the token and thus add upward pressure on its price.

The latest upgrade follows a series of protocol updates that began on Feb. 20, when the team rolled out its first upgrade of the year to version 19.6.

Despite the bullish development for the Pi ecosystem, charts seem to present a bearish outlook for the Pi token for the upcoming sessions.

On the daily chart, Pi Network price has fallen below the 50, 100, and 200-day moving averages, a sign that the long-term trend has shifted decisively in favor of sellers. The only exception was the 20-day SMA at $0.176, which stands as the final line of support preventing a deeper slide into bearish territory.

As PI price fell, it flipped the Supertrend indicator red, which means the market bias has turned negative and volatility is now working against the bulls. Furthermore, the MACD lines have pointed downwards, which indicates that bears have seized dominance over the price action, and momentum is currently favoring further downside.

For now, $0.176 is the most important support level to keep an eye on. A drop below this could instill confidence in bears to push prices down to the Feb 23 low of $0.156. However, a break above the $0.200 psychological resistance would invalidate the bearish forecast and potentially signal a trend reversal.

Some South Korean lawmakers are pushing back against the ruling party’s plan to levy a 22% tax on cryptocurrencies.

A bill introduced by the right-wing People Power Party on Thursday seeks to amend the Income Tax Act and fully abolish the planned taxation on cryptocurrency gains, according to local media reports.

The tax plan was originally introduced in 2020 by the Ministry of Economy and Finance and proposed a 20% national income tax and 2% local tax on crypto profits that exceed 2.5 million Korean won. Since its inception, the proposal has been at the center of a heated political debate and has been postponed three times.

It was originally set to be implemented in 2022, but the effective date is now slated for Jan. 1, 2027.

However, the opposition contends that the proposal raises concerns around fairness and equity in taxation across investment classes, especially as South Korea has previously repealed income tax on other financial investments such as stocks. Critics of the framework argue that taxing only crypto investors is unfair.

Several major exchanges in the country have also argued that the tax structure would hamper trading activity and reduce market participation.

Interestingly, the bill cites the U.S. Securities and Exchange Commission’s recent guidance on how most cryptocurrencies may not qualify as securities. The People Power Party’s bill highlights this position to argue that crypto should not be treated the same as traditional securities.

Kim Han-gyu, the senior deputy floor leader for policy of the Ruling Democratic Party, has reportedly said that the left-wing party will discuss the bill, but noted that such a proposal has not been seriously considered so far.

As one of the largest crypto markets in the world, South Korea has been reevaluating its approach to taxation on digital assets.

Last year, the country’s Ministry of Small and Medium Enterprises and Startups proposed an amendment to the framework which would allow crypto firms to register as venture companies and become eligible for tax cuts and other benefits.

Browser marker Opera (OPRA) wants to replace its cash-based deal with Celo with a 160 million CELO token allocation, a move that would make the browser company a major stakeholder in the payments network if token holders approve it.

The proposal, submitted to Celo’s governance forum, would swap a quarterly U.S. dollar grant for a three-year token award. Using the roughly 600 million CELO now in circulation according to CoinMarketCap data, the proposed allocation equals about 27% of circulating supply.

It also represents 16% of the token’s 1 billion maximum supply. CELO is at the time of writing trading at $0.07, down significantly from a peak above $6 seen in late 2021.

The transaction would involve a “one-time transfer of 160 million CELO from the unreleased treasury to an Opera-controlled Safe.” To maintain governance, the proposal reads, the voting power of these tokens will be “capped at 10% of total staked CELO,” with protocol emergencies being the exception.

Opera and Celo said the change reflects the role of self-custodial crypto wallet MiniPay, which the browser maker operates, on the network. MiniPay runs on Celo, an Ethereum layer-2 network built for low-cost payments, and lets users hold their own funds, send stablecoins with phone numbers instead of wallet strings and pay using local methods in various countries including Argentina and Brazil.

“Since MiniPay is already Celo’s most-used app, we have a clear, long-term incentive to see the entire ecosystem thrive,” Jorgen Arnesen, EVP at Opera, told CoinDesk. “The terms of this agreement reflect the scale and maturity of the partnership and Opera’s genuine belief in and commitment to the long-term value of the Celo ecosystem and its native governance token, CELO, and our goal to be a supportive, key stakeholder.”

According to the companies, MiniPay has reached more than 14 million registrations and over 420 million transactions across more than 66 countries since launching in 2023.

They also said more than 50 million Opera browser users who earned rewards in recent months will be able to redeem them as USDT inside MiniPay.

If approved, the proposal would turn Opera into a long-term stakeholder in the Celo ecosystem. Opera’s shares are trading at $14.6 after losing 1.2% of their value in yesterday’s trading session.

OP_NET, a smart contract protocol that embeds execution directly into standard Bitcoin transactions, activates on Bitcoin Layer 1 (L1) today, March 19. The execution layer brings with it a live DeFi stack that includes a decentralized exchange (DEX), token issuance, permissionless smart contract deployment, and yield farming, without leaving Bitcoin mainnet via bridges or wrapped assets, per a press release shared with The Defiant.

The co-founder of OP_NET, Chad Master, told The Defiant that, unlike Bitcoin Layer 2 (L2) chains or “metaprotocols,” OP_Net operates as a “deterministic execution layer that runs directly on Bitcoin as it exists today – no soft fork, no hard fork, no new opcodes, no separate chain, no separate token. Every OPNet transaction is a real Bitcoin transaction.”

The results, as Master explained, is decentralized applications whose state is anchored to Bitcoin’s settlement layer, with BTC as the only gas asset.

In a statement, Master noted that the design intent is unambiguous:

“Every OpNet transaction is just a Bitcoin transaction. Users are never doing anything but making Bitcoin transactions. Connect your BTC wallet, make a trustless swap, and your Bitcoin stays Bitcoin. This is what native DeFi on Bitcoin actually looks like.”

At launch, the live DeFi ecosystem centers on MotoSwap, a Bitcoin L1 DEX for swapping BTC and OP-20 tokens (the protocol’s new token standard, the equivalent of ERC-20 tokens on Ethereum), alongside a two-phase swap execution model called NativeSwap that locks a quoted price for five blocks to reduce slippage risk — a necessary design given that Bitcoin transactions can’t be reverted once confirmed.

Permissionless smart contract deployment is live from day one, per the release, and a staking contract, similar to SushiSwap’s MasterChef, allows liquidity providers to create yield farms for new assets. The roadmap includes $PILL liquidity farming going live after the first week, with major stablecoins on Bitcoin via the OP-20S extension standard targeted for early Q2 2026, per the release.

The launch is the latest entry in the fast-growing Bitcoin DeFi (BTCfi) space, and lands amid a broader, sometimes fractious conversation about what Bitcoin’s base layer is actually for. When Bitcoin Core v30 shipped last October, expanding the OP_RETURN data limit from 80 bytes to 100,000 bytes, it triggered a debate, with critics warning of blockchain bloat and legal risk, and supporters arguing it was neutral infrastructure.

The debate was first flagged by The Defiant in May 2025, when the OP_RETURN limit removal was still a proposal. Meanwhile, the race to bring yield to BTC holders has been accelerating across the stack: Babylon Genesis launched its native BTC staking L1 last April, and Botanix rolled out yield-bearing stBTC last September — all pointing to the same demand to put idle BTC to work, without leaving Bitcoin.

‘SlowFi’: Making Fees a Feature

The team behind OP_NET is framing the opportunity around what they call “SlowFi” — the idea that Bitcoin’s 10-minute block times and L1 fee dynamics create structural exit friction that keeps capital in protocols longer than fast-chain DeFi allows.

On faster chains, sentiment shifts can drain liquidity in seconds; on Bitcoin, settlement delays and congestion fees make panic exits genuinely costly.

Master told The Defiant that the the team sees the SlowFi framing as an a unqiue and intentional feature Bitcoin has to offer:

“Our motto is ‘functionality over scale.’ We’re not trying to compete with Solana or Ethereum on speed. Bitcoin DeFi settles in blocks, not milliseconds, and that’s a feature for a certain class of capital – the kind that values security and finality over execution speed.” Referencing the potential scale of native BTCfi, he added:

“That capital is enormous and currently has nowhere to go on-chain. OPNet gives it a destination without asking it to leave Bitcoin.”

Master also sees fee generation as a feature, not a side effect — and one with implications for Bitcoin’s long-term security model, which depends increasingly on transaction fees as block subsidies continue to halve, “Every single Bitcoin block will be full. Miners will earn on L1 fee subsidies,” he said in the release, adding in commentary to The Defiant:

“OPNet doesn’t create a problem for Bitcoin – it contributes to solving one. More economic activity on L1 means more fees, which means a stronger security budget for the network.”

The OP_NET founders’ longer-term vision extends well beyond DeFi primitives — into tokenized equities, invoicing, encrypted messaging, and institutional debt instruments issued natively on Bitcoin.

“If Bitcoiners had access to MSTR or STRC natively issued as tokenized assets on Bitcoin — with the ability to trustlessly swap their Bitcoin for those assets,” Master told The Defiant, “I think there is a wide ocean of unexplored possibilities.”

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Yesterday, Brent crude prices moved sharply higher, with the XBR/USD chart showing breakouts above local resistance levels. Today, the price has climbed above the $110 mark, bringing it close to the multi-year high recorded on 9 March.

The bullish sentiment in the oil market is being driven by ongoing military tensions in the Middle East. According to recent media reports:

→ US President Donald Trump stated that Israel was responsible for the attack on Iran’s South Pars gas field;

→ Iranian missile strikes on Qatar’s key liquefied natural gas facilities caused significant damage.

Technical Analysis of XBR/USD

Recent price action allows for the construction of an ascending channel on the XBR/USD chart, reflecting heightened concerns over further escalation.

From a bullish perspective (as indicated by the arrows):
→ yesterday’s V-shaped rebound near the line dividing the lower half of the channel suggests strong buying pressure;
→ bulls showed confidence by breaking above the $106.40 level;
→ price remains in the upper half of the channel, with the median line potentially acting as support.

From a bearish perspective:
→ the RSI indicator is hovering near overbought territory;
→ long upper wicks around the $110 level point to selling pressure;
→ the upper boundary of the channel may act as resistance.

Taking the above into account, Brent prices remain under the control of buyers. As such, any pullbacks are likely to be limited in depth. A meaningful reversal would require significant changes in the geopolitical landscape.

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If lawmakers ultimately ban stablecoin rewards under the proposed CLARITY Act, Coinbase (COIN) could lose one tool it uses to attract users to hold digital dollars on its platform — though analysts say the impact on the exchange’s business may be limited.

As lawmakers debate the future of stablecoin regulation in Washington, one unresolved question in the proposed CLARITY Act could have significant implications for Coinbase and other stablecoin partners’ business model: whether companies will be allowed to share yield with stablecoin holders.

The bill, which has been stalled in Congress since January, seeks to establish a regulatory framework for stablecoins — digital tokens typically pegged to the U.S. dollar. A central point of contention is whether crypto firms should be allowed to pass through the yield earned on the reserves backing those tokens. Banks and some lawmakers have pushed to prohibit interest payments, while crypto companies, including Coinbase, have argued that restricting rewards would undermine stablecoins’ utility and competitiveness.

However, this week there were some glimmer of hope from D.C. One possible deal may be that stablecoin issuers and their partners tweak the language of their offerings to make them sound distinct from bank deposits, Senator Cynthia Lummis said Wednesday.

Read more: Key U.S. senator on crypto market structure bill negotiation: ‘We think we’ve got it’

Still, for Coinbase, the issue matters because stablecoins, particularly USD Coin (USDC), have become an important source of revenue and user engagement.

Under the CLARITY Act’s current draft, stablecoin issuers would be barred from paying interest directly to holders. But according to one industry source familiar with the legislation who didn’t want to be named, the language leaves room for alternative structures that could still allow rewards to reach users.

“There are so many loopholes in the CLARITY Act when it comes to stablecoin yields that the genie is kind of out of the bottle already,” the source told CoinDesk. While the bill prohibits issuers from paying interest, it does not clearly ban exchanges or platforms from distributing incentives such as rebates, credits or other rewards.

The distinction between “interest” and “rewards” is thin, the source added. Marketing incentives or loyalty programs could effectively replicate the economic impact of yield while technically remaining compliant. That echoes similar debates around guidance tied to the GENIUS Act, where the line between restricting yield and shaping how it can be distributed through partners remains unclear.

Another provision in the bill may further complicate enforcement. The legislation contains a carveout for payments tied to activity — meaning yield could potentially be distributed if a stablecoin is used in transactions, lending or other financial activity. In practice, that could allow structures where stablecoins are routed through decentralized finance protocols to generate returns before those rewards are passed on to users.

Even partnerships between issuers and exchanges could potentially achieve a similar result. For example, an issuer could earn yield on Treasury reserves, share some of that revenue with an exchange partner and have the exchange distribute rewards to users — an arrangement that regulators have warned might constitute evasion but that is not explicitly banned in the bill’s current form.

“It feels like even a mediocre marketing professional could come up with several creative structures that would be compliant,” the source said.

Not ‘existential’

Wall Street analysts say that the debate has implications for Coinbase but is unlikely to threaten the company’s broader business model.

Owen Lau, an analyst at Clear Street, said the ability to share stablecoin yield is only one of many ways the company attracts users to its platform.

“It’s important, but it’s not even close to existential,” Lau said. Coinbase already generates revenue from trading, derivatives and its Base blockchain ecosystem, and many users come to the platform for services beyond stablecoin rewards.

In 2025, transaction revenue remained the exchange’s main source of revenue, though stablecoin revenue had increased exponentially from the year prior, bringing in $1.35 billion in 2025 compared to $910 million in 2024, making it the second-largest driver of revenue, according to a recent filing.

Coinbase, however, takes a slightly different view on this debate.

“Ironically, if a crypto rewards ban went into law, it would make us more profitable since we payout large amounts in rewards to our customers holding USDC,” Coinbase CEO Brian Armstrong wrote in a post on X in February. “But we don’t want this to happen, it’s better for customers to get rewards, and it’s better for the US to keep regulated stablecoins competitive on a global stage.”

Stablecoin incentives do play a strategic role, however.

Clear Street’s Lau said Coinbase benefits when customers keep USDC on its platform because the company can capture the full share of yield generated by the reserves backing the token. If users move those assets to external wallets or decentralized platforms, Coinbase may receive only a portion of that revenue.

“If they cannot give enough incentive to customers, these people may move USDC away from Coinbase wallets,” Lau said, which could reduce the company’s share of stablecoin-related income.

At the same time, the near-term financial impact may be limited. Lau noted that Coinbase largely passes stablecoin yield through to users, meaning the revenue is often offset by expenses.

“From an earnings perspective, it actually doesn’t change much,” he said, adding that the bigger question is whether restrictions could slow the long-term growth of USDC adoption.

If the final rules allow activity-based rewards or loyalty-style incentives, Lau said Coinbase could still use those programs to encourage customers to hold and use USDC on its platform, potentially driving higher market capitalization for the stablecoin and increasing the revenue Coinbase shares with Circle.

For now, the outcome remains uncertain as lawmakers continue negotiating the bill’s language.

But even if strict limits on yield survive, analysts and industry participants say crypto companies are likely to adapt, ensuring that stablecoins remain a competitive feature of the digital payments ecosystem.

Shares of Coinbase are down about 12% year to date, while bitcoin is down 19%.