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Crypto Market Weekly Recap: US-Iran War Steer Crypto Prices, Kraken Gets Fed Master Account, Tokenization Push March 2-6

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CoinGape Newsletter
March 07, 2026

This week, escalating tensions between the US and Iran sent shockwaves through global financial markets, with crypto experiencing heightened volatility. Bitcoin, Ethereum, XRP, and other crypto assets surged 7-10% as investors flocked to digital assets following positive macroeconomic data.

Crypto billionaire Arthur Hayes said rising oil prices will trigger FED money printing. The uncertainty increased amid profit booking amid risk-off sentiment among institutions. Massive redemptions from spot Bitcoin, Ethereum, XRP, and Solana ETFs met options expiry.

U.S. President Donald Trump has signaled plans to escalate military action against Iran as early as today. He also revealed that the U.S. is considering destroying new areas and groups of people in the country as tensions escalate. Meanwhile, Bitcoin is facing new selling pressure as the U.S.-Iran war enters its second week.

Dogecoin, Pepe coin, and Shiba Inu Price retreated after Bitcoin slid beneath the $70,000 mark. The wider cryptocurrency market declined 2.53% over 24 hours, reducing total value to $2.33 trillion.

Bitcoin remained under pressure, hovering below the key threshold as bearish sentiment strengthened. The downturn accelerated as forced liquidations hit $90.39 million in Bitcoin positions during the same period.

Cardano price remains under pressure as it struggles to break above a descending trendline near $0.25. The ADA price trades around $0.25 after briefly testing the upper boundary of a downward channel. Earlier this week, the token rebounded toward $0.29 before slipping into consolidation near the $0.25 zone.

The broader cryptocurrency market dropped about 3.56% in 24 hours amid rising global economic concerns. Bitcoin price slipped more than 4% and hovered below the $70,000 mark during the widespread market retreat.