Bakkt has completed its acquisition of Distributed Technologies Research, a stablecoin payments infrastructure firm. 

The deal brings DTR’s agentic payments technology and compliance tools into Bakkt’s regulated institutional platform.

The company said the combined platform will support institutions and fintechs seeking faster digital payments. Bakkt aims to build a 24/7 digital settlement layer using stablecoin technology.

Stablecoin settlement becomes core focus

Bakkt said DTR’s AI-native engine will be added to its existing infrastructure. The company expects the integration to reduce reliance on traditional correspondent banking systems.

Bakkt CEO Akshay Naheta said, “The architecture of money movement rarely evolves at this level.” He added that the deal introduces stablecoin functionality as a bridge between legacy finance and digital assets.

At closing, Bakkt issued 11,316,775 Class A common shares to DTR’s beneficial holders. The company may issue up to 725,592 more shares tied to outstanding warrants.

The transaction was first announced in January. At that time, the deal involved 9.3 million shares. Bakkt also announced a corporate name change to Bakkt Inc. during the same period.

Bakkt stock recovers after earlier drop

Bakkt shares fell about 8% to $7.86 before the deal closed. The stock later recovered to $8.62 by Thursday’s market close.

The company has faced pressure in recent years. In 2024, the NYSE warned Bakkt over a possible delisting after its share price stayed below $1 for 30 days.

Bakkt was founded in 2018 and is majority-owned by Intercontinental Exchange. The firm has worked with major brands, including Starbucks and Mastercard. The DTR deal now places stablecoin payments at the center of its next growth plan.

SBI Holdings has started formal talks with Bitbank over a capital and business alliance. The planned transaction would make Bitbank a consolidated subsidiary of SBI.

The company said it plans to acquire shares after due diligence and internal approval. Details on timing, structure, and acquisition method will be discussed later.

The move comes soon after SBI Group absorbed Bitpoint Japan through a merger with SBI VC Trade in April 2026. The latest talks show SBI is moving quickly to expand its crypto exchange business.

Japan is also reviewing how crypto assets fit under the Financial Instruments and Exchange Act. That process may bring tighter rules for exchanges and crypto investment products.

Bitbank’s IPO path comes into focus

Bitbank had previously prepared for a possible Tokyo Stock Exchange listing by mid-2025. The company had also raised about 7 billion yen through a capital and business alliance with Mixi in 2021.

Mixi became a major shareholder with a 26.2% stake. SBI’s proposal may now draw attention to Bitbank’s listing plans and future ownership structure.

Bitbank expands crypto payment services

Bitbank has also moved further into crypto-linked payments. The exchange launched the “EPOS Crypto Card for Bitbank” with EPOS Card, the fintech arm of Marui Group.

The card allows users to settle monthly credit card bills using bitcoin held on Bitbank. It also offers 0.5% cashback in bitcoin, ether, or Aster.

Bitbank said the card is the first in Japan to allow credit card bills to be settled directly from crypto exchange balances. The service may later add more crypto payment options.

The possible SBI deal would combine Bitbank’s exchange brand and payments push with SBI’s wider financial network. Bitbank has also reported zero hacking incidents since launch, which may support its appeal to a larger financial group.

The US CLARITY Act has advanced toward enactment as the final text addressing stablecoin yields has been published, signaling a potential turning point in a long-running regulatory dispute between the banking sector and the crypto industry. The provisions are designed to deliver regulatory clarity while balancing competitive concerns with consumer incentives. According to Cointelegraph, Coinbase chief legal officer Faryar Shirzad urged lawmakers to “get CLARITY done” after Senators Thom Tillis and Angela Alsobrooks released the final language outlining how stablecoins may or may not accrue rewards.

Shirzad said the framework preserves the core ability for Americans to earn rewards that reflect real usage of crypto platforms and networks, while the negotiations secured tighter restrictions on yield-bearing features that could undermine traditional banking models.

The draft text, titled “SEC 404. Prohibiting interest and yield on payment stablecoins,” would bar crypto firms from paying any form of interest or yield solely for holding stablecoins, aligning stablecoin economics with the treatment of deposits in conventional banking. It explicitly limits such rewards to bona fide activities, aiming to prevent the sort of risk-free earnings that critics argue could distort competition with banks. Industry observers cited the provision as a central point of contention in the broader debate over whether stablecoin yields should be subject to stricter oversight or outright prohibition.

Industry participants have voiced mixed reactions. Mert Mumtaz, chief executive of Helius Labs, argued that the approach clarifies that “you don’t get risk-free yield on your dollars without using a bank,” underscoring concerns about market structure and consumer protection. The policy, while restrictive on yields, leaves room for incentive schemes tied to legitimate platform activity, a nuance that proponents say preserves user engagement without eroding banking stability.

Key takeaways

• The SEC 404 provision would bar paying interest or yield on stablecoins solely for holding them, with exceptions limited to rewards tied to bona fide activities on a platform.
• The final text represents a compromise intended to address competitiveness concerns raised by banks while preserving incentives for users who engage with crypto platforms.
• Market and industry reaction centers on whether the bill can proceed to markup and eventual enactment, with predictions about timing and likelihood continually shifting.
• Policymakers and industry insiders expect a formal markup by the Senate Banking Committee, potentially as soon as the week of May 11, signaling a path toward a full chamber vote.
• Public commentary from industry leaders emphasizes the transition from debate on yields to broader considerations of licensing, oversight, and cross-border regulatory alignment.

Context and regulatory framing: stablecoins, yields, and governance

The central issue in the CLARITY Act discussions has been the interaction between stablecoin economics and the banking system’s capital and liquidity requirements. By placing a clear line on yields tied to stablecoins, the legislation seeks to deter yield-bearing mechanisms that could emulate deposits or credit-like products outside traditional bank channels, while permitting rewards that reflect genuine platform usage. This distinction is intended to reduce regulatory ambiguity for crypto firms while preserving consumer protections and preserving fair competition with regulated financial institutions.

Legislative momentum and process implications

Industry observers view the publication of the final text as a significant milestone, potentially clearing the way for a markup and a formal vote. Cointelegraph notes that Senate Banking Committee proceedings could be scheduled imminently, with some commentators indicating the possibility of markup in the week of May 11. Among lawmakers, optimism is tempered by the likelihood of continued negotiations with banking interests, who have historically pressed for tighter restrictions on crypto yields and product features.

Traders on prediction platforms have begun pricing in the probability of legislative movement. Polymarket participants currently assign a roughly 55% chance of the CLARITY Act being signed into law in 2026, reflecting optimism about congressional action while acknowledging potential hurdles ahead. Commentators also point to ongoing advocacy from industry leaders who are urging timely markup and consideration of the broader bill’s provisions beyond the yield issue.

Regulatory and institutional implications for firms and markets

The stablecoin yield provisions are part of a broader governance framework that could influence licensing, oversight, and constitutional concerns around crypto markets. For exchanges, custodians, and banks, the draft text raises practical questions about how rewards programs will be structured, how to demonstrate bona fide activity, and how to ensure compliance with the prohibition on yield that is not tied to legitimate usage.

From a compliance perspective, the final text frames the boundary conditions for reward schemes and may necessitate changes to product design, disclosures, and customer communications. It also shapes the risk calculus for banks weighing crypto-related partnerships or onboarding stablecoin-linked products, given the perceived impact on competitive dynamics and liquidity management. The broader policy environment—encompassing licensure, anti-money laundering (AML) controls, know-your-customer (KYC) standards, and cross-border considerations—could be influenced by how the CLARITY Act ultimately is crafted and enacted.

Industry leadership has underscored the importance of clarifying the regulatory regime to support strategic planning, risk management, and compliance programs across banks, crypto platforms, and financial counterparties. As the debate shifts from whether yields should be allowed to how they should be governed, institutions are likely to adjust their internal controls, policy documentation, and external disclosures to reflect the evolving framework.

Looking ahead, the ultimate fate of the CLARITY Act will hinge on the timing and outcome of the markup process and the willingness of lawmakers to broker a final agreement that satisfies both financial stability concerns and the desire for market clarity. While the published text narrows the scope of permissible yields, it also consolidates a path toward definitive regulation, which could reshape how crypto-native finance interacts with traditional banking systems.

As discussions progress, market participants and compliance teams should monitor committee calendars, stakeholder testimonies, and potential amendments that could alter the bill’s trajectory or scope. The next steps will be critical in determining whether the promised clarity translates into a durable regulatory framework for the U.S. crypto sector.

The U.S. CLARITY Act appears poised to clear a major hurdle as lawmakers publish the final text addressing stablecoin yields. Coinbase chief legal officer Faryar Shirzad welcomed the development, saying it moves the industry closer to regulatory clarity after Senators Thom Tillis and Angela Alsobrooks released the last version aimed at settling a long-running dispute over whether stablecoin yields could undermine the competitiveness of the banking system.

In a post on X, Shirzad declared, “It’s time to get CLARITY done.” He noted that while banks won added restrictions on rewards, the measure preserves Americans’ ability to earn rewards tied to real usage of crypto platforms and networks. The draft text is framed around the SEC’s 404 provision, titled “Prohibiting interest and yield on payment stablecoins,” which would bar crypto firms from paying any form of interest or yield to holders of stablecoins simply for holding them.

Key takeaways

• The final CLARITY Act text targets stablecoin yields directly, prohibiting interest or yield on payment stablecoins while allowing rewards linked to genuine activity on crypto platforms.
• Industry voices are split: proponents argue the framework provides much-needed clarity, while some players worry banks will press for even tighter restrictions on rewards.
• Market sentiment around the bill has shifted, with prediction markets pricing in a roughly 55% chance of the act becoming law in 2026, up from earlier levels.
• Observers expect a Senate Banking Committee markup to occur imminently, potentially accelerating congressional action despite ongoing banking industry opposition.
• Key political signals point to active congressional momentum, with several lawmakers urging lawmakers to advance the bill without delay.

How the text reshapes stablecoin incentives

The crux of the draft revolves around a categorical ban on distributing interest or yield to stablecoin holders solely for holding the asset. The provision, labeled as SEC 404, would treat payments that resemble a bank deposit as prohibited, constraining the ability of stablecoin issuers and exchange-like platforms to offer high-yield incentives that could compete with traditional banks.

Still, the text carves out a pragmatic exception: rewards could be offered if they reflect bona fide activities. In practical terms, traders leveraging on-chain activity, transaction volume, or network usage could potentially receive rewards tied to real participation rather than passive holding. This nuance is seen as a balance between consumer incentives and financial stability considerations that banks have long argued could be undermined by yield-rich crypto products.

Industry voices have debated the nuance. Mert Mumtaz, CEO of Helius Labs, summed up a common sentiment: the policy would “clarify” the playing field by preventing risk-free yield on dollars without engaging a bank-like infrastructure. His comment reflects a broader concern among some crypto executives that the line between rewarding activity and yield-bearing mechanisms remains delicate and closely watched by policymakers.

From policy to markets: what investors should watch

Beyond the text itself, market participants are parsing the political and regulatory signals. The developer-facing question is whether the prohibition on yield will dampen the appeal of stablecoins as programmable money or merely push innovation toward activity-based rewards that fit within the new framework. For investors and builders, the distinction matters: a ruleset that favors transparency and objective usage data could reduce regulatory risk over time while still allowing meaningful consumer incentives aligned with platform usage.

Prediction markets reflected the evolving sentiment. Polymarket traders currently assign about a 55% probability that the CLARITY Act will be signed into law in 2026, reflecting a positive but not definitive trajectory. The market’s view underscores a broader expectation that, despite resistance from certain banking interests, the bill’s momentum could translate into legislative action within a reasonable horizon.

Industry leaders have begun calling for stronger legislative momentum. Coinbase CEO Brian Armstrong, weighing in on the development, urged lawmakers to “mark it up”—a shorthand for moving the bill through committee work and toward a floor vote. The push signals a preference within the industry for rapid progress, even as lawmakers assess the competing concerns raised by traditional banks about financial stability and competitive integrity.

Next steps: timing, opposition, and the markup window

Political forecasts suggest that the Senate Banking Committee could schedule a markup “imminently,” according to market observers closely tracking congressional timing. Alex Thorn, head of firmwide research at Galaxy Digital, noted that the release of the final text increases the likelihood that committee action could occur the week of May 11, while cautioning that opposition from banks is likely to intensify as the proposal moves forward.

The bill’s path remains intertwined with banking sector concerns. Thorn warned that banks could ramp up their opposition efforts if the framework gains momentum, potentially shaping amendments or tightening measures during the markup. The tension between crypto innovation and bank-focused risk controls remains a central dynamic in the bill’s journey through Congress.

On the political calendar, several lawmakers have signaled urgency. Senator Bernie Moreno has suggested he expects the CLARITY Act to be enacted by the end of May, while Senator Cynthia Lummis indicated the moment is now or never for major crypto legislation. These statements, paired with Tillis and Alsobrooks’ publication of the final text, position the CLARITY Act as a potential milestone in the broader effort to legalize and regulate the digital-asset sector in a comprehensive way.

As the process unfolds, observers will be watching for not only the markup but also the precise language surrounding “bona fide activities” and how regulators might interpret and enforce those provisions. The balance between incentivizing consumer participation and preventing risk-free yields remains at the heart of the debate, and the outcome could set a precedent for how the U.S. approaches other crypto-financial products in the future.

Why this matters for the crypto landscape

For investors and builders, the CLARITY Act represents more than a legislative milestone; it signals a potential framework in which stablecoins can operate under a clearer, more predictable set of rules. If the final law preserves the ability to offer activity-based rewards while eliminating pure yield for holders, it could create a path for ongoing innovation that aligns with prudential financial oversight. The emphasis on real usage data and on-chain activity as a basis for rewards could also encourage exchanges and wallet providers to strengthen transparency and compliance measures, potentially improving consumer protection and market integrity over time.

Still, the negotiations illustrate the ongoing tug-of-war between crypto innovation and traditional banking interests. Even with a favorable final text, the regulatory environment will likely continue to evolve, with future amendments, enforcement guidance, and potential state-level adaptations factoring into how firms design products and how users interact with stablecoins.

As the legislative clock ticks, market participants should monitor the markup schedule, any revisions to the bona fide activity criteria, and the broader political discourse around crypto regulation. The balance struck in this bill could shape the pace of stablecoin adoption, the feasibility of reward-driven user engagement, and the overall risk calculus that financial institutions apply to digital assets in the coming years.

Readers should stay attentive to further updates on the markup timeline, potential amendments, and the administration’s stance on crypto regulation as Congress weighs the CLARITY Act’s final form and its implications for the evolving crypto economy.

Solana-based DeFi yield protocol Carrot has announced a permanent shutdown after losses tied to the Drift Protocol exploit left it unable to continue operations.

According to a statement posted by Carrot on X on Thursday, the April 1 attack on Drift proved “catastrophic” for the protocol, forcing the team to wind down services and set May 14 as the deadline for users to withdraw remaining funds. The team said it will continue assisting recovery efforts linked to Drift and distribute assets once they are recovered.

“We are setting May 14th as the deadline to withdraw any remaining funds from Boost, Turbo, and CRT before we will then begin to deleverage the system. Your deposited funds are still yours, but all leverage will be reduced to zero, freeing up all liquidity for CRT redemption,” the team said.

Integrated with Drift’s infrastructure, Carrot relied on its liquidity pools to generate yield, which left it exposed when the exploit drained a large portion of Drift’s total value locked. DefiLlama data shows Carrot’s TVL fell from about $28 million before the incident to $1.99 million, a drop of roughly 93%.

Drift Protocol said on April 5 that the exploit followed months of preparation, during which attackers built trust with contributors through in-person meetings and online contact before delivering malicious tools. External estimates placed losses from the attack at about $280 million, while Drift described the campaign as organized and backed by significant resources.

According to Drift’s review, contact with the attackers began around October 2025, when individuals posing as members of a quantitative trading firm approached contributors at a crypto conference and later maintained relationships across multiple industry events. The exchange said those interactions allowed the group to gain trust before compromising devices and executing the exploit.

Drift added it has “medium-high confidence” that the same actors were involved in the October 2024 Radiant Capital breach, which resulted in about $58 million in losses and involved malware distributed through Telegram.

The impact has extended beyond Carrot. Projects connected to Drift, including Gauntlet, PrimeFi, and Elemental DeFi, have also reported disruptions following the exploit.

DefiLlama data shows that April recorded nearly $630 million in crypto losses across 25 incidents, making it the largest month for exploits since February 2025, when losses reached $1.47 billion. The $293 million attack on Kelp remains the biggest exploit of 2026 so far, followed by the Drift breach at roughly $285 million, with both incidents accounting for more than 90% of April’s total losses.

Brazil’s central bank has barred virtual assets from settlement inside regulated international payment rails. 

The rule applies to eFX services, which cover certain cross-border payments and transfers. Banco Central do Brasil published Resolution BCB No. 561 on Thursday. The measure updates rules for payment providers operating under the country’s foreign exchange framework.

The new rule says payments or receipts between an eFX provider and a foreign counterparty must use foreign exchange transactions. Providers may also use movement in a non-resident Brazilian real account.

The resolution bans the use of virtual assets for those payments and receipts. This means crypto and stablecoins cannot settle transactions inside the regulated eFX channel.

Rule is not a full crypto ban

The measure does not ban crypto transfers across Brazil. It only blocks crypto settlement within the supervised eFX framework.

Transitional rules also apply to firms not yet listed as approved eFX providers. These companies may continue operating if they seek central bank approval by May 31, 2027.

However, they must follow the same settlement rule. Their payments and receipts cannot use virtual assets.

Stablecoin activity draws closer review

Brazil has increased oversight of crypto-linked payment flows as stablecoin use grows. The central bank has been adding virtual assets to its financial and foreign exchange rulebook.

In November 2025, regulators set new rules for virtual asset service providers. These included authorization requirements and rules for crypto services tied to the foreign exchange market.

BCB Governor Gabriel Galipolo previously said crypto use had risen in Brazil over recent years. He said about 90% of flows were linked to stablecoins, raising concerns over taxation, money laundering, and backing.

The central bank has also reviewed stablecoins issued outside its supervision. In a technical note to Congress, it warned that such tokenscould face bans or strict conditions in Brazil.

The note said real-denominated stablecoins issued beyond BCB oversight may affect regulatory equality and monetary sovereignty. It also said foreign-currency stablecoins may raise concerns over capital flows and payment system fragmentation.

South Korea’s Seoul Administrative Court has granted Bithumb a temporary reprieve from a six-month suspension, allowing the exchange to continue operating while the case proceeds.

According to Yonhap News Agency, the court’s 2nd Administrative Division under Judge Gong Hyeon-jin approved the stay on Thursday, pausing enforcement of a sanction imposed by the Financial Intelligence Unit, an anti-money laundering body under the Financial Services Commission.

Regulators had issued the suspension notice in March, stating that Bithumb failed to meet AML obligations that required proper identity verification of users. The penalty targeted new customers by restricting external crypto deposits and withdrawals, a move that would have limited onboarding activity if enforced.

The Financial Intelligence Unit also imposed a fine of 36.8 billion won, about $25 million, after identifying roughly 6.65 million cases where user identities were not properly verified, according to The Korea Herald. Disciplinary measures were also directed at CEO Lee Jae-won as part of the same action.

Court filings show Bithumb challenged both the suspension and its execution, submitting a lawsuit and a stay request on March 23. Enforcement had already been paused during judicial review, and the latest decision keeps restrictions on hold until a final ruling is issued, leaving day-to-day operations unaffected for now.

Company statements cited by Yonhap indicated that the suspension could slow new user growth and weigh on business activity, while the FIU maintained that any revenue impact would be limited. Payment of the fine remains pending more than four weeks after the deadline, despite a 20% early settlement discount offered by the regulator, The Korea Herald reported.

“We plan to faithfully present our position throughout the remaining legal proceedings,” Bithumb said, according to local media reports.

Regulatory pressure deepens after operational missteps

Regulatory scrutiny has intensified following a series of operational issues, including a February payout error that triggered investigations into internal controls. During a promotional campaign, the exchange mistakenly distributed a theoretical 620,000 BTC instead of 620,000 won, an error that led to unintended credits reaching external wallets.

According to local outlet Chosun Biz, Bithumb recovered about 99.7% of the assets, while the remaining portion was addressed using company reserves after some users sold the funds. Legal action has since been initiated against certain users who refused to return the assets, with provisional seizure requests filed to freeze holdings ahead of civil proceedings.

Authorities responded to the incident by tightening oversight across the sector. The Financial Services Commission directed exchanges to strengthen real-time monitoring of large transactions after an emergency inspection identified vulnerabilities in automated settlement systems.

Alongside the regulatory challenges, Bithumb has pushed its planned initial public offering timeline to 2028, citing ongoing scrutiny, while investigations by the Financial Supervisory Service continue to examine risk management practices tied to the payout error.

Strategy’s CEO has promoted its high-yield STRC stock as a way to cover personal expenses, drawing attention to the risks tied to its dividend structure.

According to comments made by Phong Le on Natalie Brunell’s show, the executive described STRC as an income-generating asset that could help investors manage recurring costs such as mortgages, utility bills, and car payments. He said the stock’s variable dividends “almost looks like a paycheck,” while noting that payments arrive regularly.

Le disclosed that he had personally purchased $250,000 worth of STRC, explaining the decision through his own financial setup. He said he holds a 1.75% 30-year mortgage and viewed STRC’s current 11.5% annualized dividend as a way to earn a higher return instead of paying down that debt. He described the approach as earning income from the spread between the dividend yield and his borrowing cost.

Details published by Strategy on its STRC information page state that cash dividends are not guaranteed, while the company’s board retains the authority to suspend payments and adjust the dividend rate at any time. The same disclosures also note that the stock carries no assurance of principal repayment.

During the same appearance, Le compared the consistency of STRC payouts to a salary, although the company’s own documentation outlines conditions under which those payments can be reduced or halted.

Le also addressed the composition of STRC’s investor base, stating that roughly 80% of holders are retail participants. His remarks framed these investors as individuals managing everyday financial obligations, including mortgages and bills, placing them among the primary users of the product he described.

The discussion has drawn parallels to earlier remarks by Michael Saylor, who in March 2021 encouraged the use of leverage, including mortgages, to acquire Bitcoin. Unlike those comments, Le’s remarks focused on STRC rather than bitcoin, positioning the company’s own stock as a yield-based alternative.

In the same interview, Le also said STRC “grew faster than the iPhone,” referring to the pace of stock sales. Standard accounting definitions, however, distinguish capital raised through stock issuance from revenue generated through the sale of goods or services.

Compensation disclosures cited in public filings show that Le’s annual pay has exceeded $15 million, placing his personal investment example in a different financial context than the retail investors he described.

The crypto market rose around 1.2% on Friday, with total market capitalization ticking higher as a wave of short liquidations and stronger tech-led risk sentiment lifted prices despite persistent geopolitical tensions.

Bitcoin (BTC) climbed roughly 1.5% to trade near the $77,000 level after rebounding from recent lows, while Ethereum (ETH) gained about 1% to hover around $2,200. Major altcoins such as XRP (XRP), BNB (BNB), and Solana (SOL) also moved higher by 1–2%, reflecting a broader recovery across the market.

The move higher was largely driven by a short squeeze in derivatives markets. More than $150 million in crypto positions were liquidated over the past 24 hours, with roughly 70% of those tied to short positions. The forced unwinding of bearish bets added upward pressure as traders rushed to cover positions.

The rebound comes even as geopolitical risks remain elevated, particularly around the U.S.–Iran standoff.

Iran’s President Masoud Pezeshkian said the U.S. naval presence near Iranian ports amounts to an “extension of military operations,” calling it “intolerable.” U.S. President Donald Trump added that Washington “might need” to restart military action, while offering limited transparency on the status of negotiations.

Despite these developments, markets showed signs of resilience, suggesting that much of the geopolitical risk may already be priced in for now. Oil prices remained elevated but steadied after recent volatility linked to the Strait of Hormuz tensions. Brent crude held near the $110–$111 per barrel range, while WTI crude traded just below that level, easing slightly from recent spikes that had raised fears of supply disruptions.

At the same time, safe-haven assets softened. Gold slipped over 1% during the session, while silver also declined, indicating a partial rotation back into risk assets. This shift provided additional support to crypto markets.

Alphabet Inc. rally lifts tech and crypto-linked equities

Broader market sentiment improved sharply after Alphabet Inc. shares surged roughly 10% following stronger-than-expected earnings driven by its cloud and AI segments. The move added hundreds of billions of dollars in market value and lifted global tech stocks.

The rally extended into Asian markets, where tech-heavy indices such as the Nikkei 225 moved higher, reinforcing a risk-on tone across asset classes.

Crypto-linked equities also tracked the move. Shares of Coinbase and MicroStrategy rose alongside Bitcoin’s recovery, reflecting renewed investor appetite for digital asset exposure. Mining stocks also saw gains as improving prices and sentiment supported the sector.

While the latest move points to improving near-term sentiment, analysts note that crypto markets remain highly sensitive to further developments in U.S.–Iran tensions, oil price movements, and shifts in global liquidity conditions.