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What next as majors surge 10% to recover war-driven losses

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What next as majors surge 10% to recover war-driven losses

Crypto markets snapped back hard on Sunday after spending Saturday pricing in what looked like the start of a prolonged regional war.

Bitcoin climbed to $66,843, up 5.2% over the past 24 hours, recovering most of the losses from Saturday’s slide below $64,000 after U.S. and Israeli strikes on Iran.

The bounce accelerated after Iranian state TV confirmed the death of Supreme Leader Khamenei, which markets interpreted as raising the odds of a shorter conflict.

Solana led the recovery among majors, surging 10.8% to $86.42. Ether rose 7.5% to reclaim $1,994, putting it back within touching distance of $2,000 for the first time since Thursday. Cardano added 6.7%, dogecoin gained 6.5%, XRP rose 5.6%, and BNB climbed 4.8%.

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The weekly picture is messier, however. Bitcoin is still down 1.6% over seven days, XRP has lost 2%, and dogecoin is off 2.5%. Solana and ether are the only majors that have clawed back into the green on the week, up 1.7% and 1.1% respectively.

The weekend volatility has been enormous but net movement has been small, which captures the broader story of a market whipsawing on global headlines without actually going anywhere.

The bounce looks convincing on a 24-hour chart but fragile in context. Saturday’s sell-off happened on thin weekend liquidity. Sunday’s rally happened on the same thin liquidity, just in the opposite direction.

The real test arrives in hours when equity futures, oil, and bond markets reopen and institutional capital has its first chance to react to Saturday’s events.

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The Polymarket’s ceasefire contract gives a 78% chance of a U.S.-Iran ceasefire by April 30 and 61% by March 31, as reported earlier Sunday.

If that pricing holds once traditional markets digest the weekend, the bounce has legs. However, if oil spikes and equities gap lower on the open, crypto’s Sunday optimism could get faded the same way Wednesday’s push to $70,000 was.

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Crypto World

Oil, silver trading is way more popular than XRP, SOL on Hyperliquid

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Hyperliquid's perpetual rankings. (Hyperliquid)

Traders on decentralized exchange Hyperliquid are favoring traditional commodities like oil and silver, trading them more aggressively than crypto tokens such as XRP (XRP) and solana (SOL).

Perpetual futures contracts tied to crude oil benchmarks WTI and Brent have recorded a combined trading volume of over $500 million in the past 24 hours. The silver contract alone accounted for more than $412 million in trades.

By trading activity, oil and silver contracts now far outpace SOL and XRP perps, which posted $176 million and $31 million in volume, respectively. For context, both XRP and SOL have multibillion-dollar market caps and rank among the world’s largest cryptocurrencies.

This trend comes as commodities have turned highly volatile amid the ongoing Iran conflict, which has disrupted crude supply through the strategic Strait of Hormuz — a critical chokepoint for roughly 20% of global oil shipments. It underscores Hyperliquid’s emergence as a go-to platform for price discovery in commodities, especially over weekends when traditional markets are closed.

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Hyperliquid's perpetual rankings. (Hyperliquid)
Hyperliquid’s perpetual rankings. (Hyperliquid)

Brent and WTI crude prices have surged more than 45% this month, the kind of returns typically seen in memecoins. The rally has pushed oil above $100 a barrel, sending inflationary shocks worldwide and drawing renewed attention to commodities as a sector of interest amid heightened geopolitical and market risks.

The uncertainty shows no signs of abating, suggesting Hyperliquid’s energy markets could continue to see heavy activity and potentially challenge bitcoin and ether’s dominance. Perpetual contracts tied to the two tokens still remain the most traded on the exchange, posting 24-hour volumes of $1.94 billion and $990 million, respectively.

Iran said early Monday that the Strait of Hormuz would be “completely closed” immediately if the U.S. follows up on President Donald Trump’s threat to attack its power plants.

The stark warning came after Trump said the U.s. would obliterate Iran’s power plans if Tehran fails to fully allow oil tankers to pass through the Strait within 48 hours.

In the meantime, analysts at investment banking giant Goldman Sachs have lifted their oil price forecasts amid the ongoing supply disruption.

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They now see the Brent crude averaging $100 a barrel over March-April, up from a prior forecast of $98, and implying a roughly 62% premium to their full‑year 2025 outlook. The bank also revised its full‑year 2026 Brent average higher to $85 a barrel, while maintaining a robust $80 average for 2027.

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Resolv stablecoin drops 70% after $80 million exploit after attacker mints USR

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(CoinDesk)

A stablecoin is supposed to be worth a dollar. Resolv’s USR is worth 27 cents and the math to fix it doesn’t work.

Resolv Labs confirmed over the weekend that a malicious actor gained unauthorized access to protocol infrastructure through a compromised private key and minted approximately $80 million in uncollateralized USR. The team paused smart contracts and burned roughly 9 million of the illicitly minted tokens, but the damage was already done.

Unlike smart contract bugs that can be patched, key compromises are infrastructure failures that no amount of code auditing can prevent.

Current USR supply consists of 102 million pre-incident tokens plus approximately 71 million illicitly minted tokens that are still circulating. The protocol holds roughly $95 million in assets as of Monday morning, down from $141 million cited in Resolv’s initial statement as redemptions drain what’s left.

Against total liabilities of approximately $173 million in outstanding USR, that’s a collateralization ratio of roughly 55%.

(CoinDesk)

If pre-incident USR holders redeem first, which is what Resolv is facilitating through an allowlist process targeting March 23, the $95 million in assets gets absorbed by the 102 million in legitimate USR. That’s roughly 93 cents on the dollar for those who get through the door.

USR is trading at $0.27 on CoinGecko, down 72% over the past week and 61% in the past 24 hours alone. The 24-hour range stretched from $0.14 to $0.82, reflecting chaotic trading as the market tried to price in the exploit’s severity. Daily volume hit $8.4 million against a market cap of just $54 million, meaning a significant chunk of the remaining supply changed hands in a single day.

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DeFiLlama data shows Resolv’s TVL peaked near $684 million in February 2025 before declining through the year to around $95 million pre-exploit. The protocol had raised $10 million in funding and was generating roughly $5.28 million in annualized fees. That revenue stream is now effectively dead.

Ledger CTO Charles Guillemet said in an X post that the exploit “will create bad debt on some lending markets, particularly in specific pools,” flagging that some Morpho pools using USR as collateral had already been exited.

Resolv said the underlying collateral was not directly compromised and that the attack came through “unauthorized third-party actions, including a targeted infrastructure compromise and cyberattack.” The team said it was working with law enforcement and onchain analytics firms and would “pursue all available avenues to recover assets.”

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The protocol strongly advised against trading USR or related Resolv tokens while recovery measures are being implemented, adding that “actions of users during post-exploit period may affect the recovery,” a line that suggests trading could complicate any future claims process.

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Blockchain Messaging Adoption Rising in Line With Global Unrest

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Blockchain Messaging Adoption Rising in Line With Global Unrest

Decentralized, blockchain-based messaging and social media apps saw a surge of interest over the last year amid civil unrest and communication blackouts in the Middle East, Asia and Africa. 

Search interest in decentralized social media has grown 145% over the last five years, according to Exploding Topics, while decentralized peer-to-peer messaging service Bitchat saw a spike in downloads during protests in Madagascar, Uganda, Nepal, Indonesia and Iran in recent months.

Search interest in decentralized social media has spiked in the last five years. Source: Exploding Topics

“I think people are starting to trust open protocols more than they trust closed companies,” Shane Mac, the CEO of XMTP Labs, told Cointelegraph in a recent interview.  

XMTP Labs is a startup focused on building decentralized communication technology. Mac said that unrest around the world is pushing people to explore decentralized messaging options and think more about privacy.

WhatsApp, the messaging app owned by social media giant Meta, said in February that Russia had moved forward with its block on the app, making it inaccessible without a VPN or similar workaround.

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“The last 15 years have been centralized, and the next 15 are going to decentralize. When you see an entire country shut down single apps, it tells you that there has to be a new foundation that we need to go build on,” added Mac. 

“Open source is having a moment. Open protocols, open financial systems, open communication protocols, open identity standards. It’s going to be a really cool next era of the internet as decentralization and open standards come back.”

No single point of failure 

Mac said decentralized networks can provide a safe harbor during turmoil as they’re typically harder to shut down without a single point of failure.

Decentralized platforms are generally hosted across networks spanning multiple countries, with servers managed by their participants. 

In comparison, centralized options run on a single collection of servers controlled by one entity or company, which can be blocked and taken offline more easily. 

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