On Friday, Donald Trump declared it a “great day for markets and the world” while announcing several good news items; yet by the weekend, Iran had publicly contradicted almost every statement—including the claim about returning enriched uranium. Despite the uncertainty, Bitcoin (BTC) surged past the $77,000 mark, but sharp sell-offs have yet to materialize. So, what is the latest in the world of cryptocurrencies?
Heightened tensions shape crypto landscape
We previously detailed the complicated talks and communication between Iran and the United States. Moving into this week, everything now hinges on Monday—unless there’s an unexpected development, the coming three days could bring either war or a diplomatic breakthrough. Trump has refused to guarantee an extension of the ceasefire, which expires Wednesday.
In market developments, Charles Schwab announced plans to roll out cryptocurrency trading within weeks. Morgan Stanley’s BTC exchange-traded fund (ETF) has already attracted $100 million in net inflows over just six days. Meanwhile, Fortune reported that Binance could face a probe amid accusations that it may have facilitated fund flows to Iran.
Kelp DAO suffered a hacking incident only hours ago, as attackers exploited the protocol to mint unbacked rsETH, leading to losses close to $290 million. RAVE, which recently saw a speculative price surge, is now in the depths of a “pump and dump” crash. Bitget’s CEO revealed an investigation into RAVE following its meteoric rise of 7300% within nine days—from around $0.60 to over $28, before plunging back below $1.60, leaving top buyers facing 95% losses.
RAVE’s volatility triggers major exchange responses
The dramatic “pump and dump” activity in RAVE originated on the Bitget exchange. In an effort to seek accountability, Bitget offered rewards of up to $10,000 for evidence against those responsible. With nearly all available supply controlled by the project team, a supply squeeze set the stage for extreme price jumps, pulling in speculative traders and briefly landing RAVE among the top 15 cryptocurrencies by market cap.
Exchanges were well aware that RAVE was no more valuable or functional than established tokens like AVAX, SUI, or LTC, yet the overwhelming volume prompted them to monitor rather than intervene. Bitget’s recent investigation is believed to stem from mounting pressure to act amid this speculative frenzy.
Bitcoin (BTC) hovers at critical resistance
Bitcoin’s resistance test currently appears shaky. The pace of upcoming news regarding Iran could trigger accelerated selling. Since BTC is right at the top of its price channel, a surge in trading volume to the downside could lead to a 10% drop, potentially retesting the $68,000 support level.
Market participants have grown used to conflicting statements from the US and Iran, and reactions are becoming more muted. However, Friday’s market sentiment shifted abruptly. Claims of returning uranium to the US—among other announcements—convinced some investors that a long-term deal was imminent, propelling Bitcoin beyond $78,000. That optimism could reverse quickly.
Market observers suggest that if the ceasefire expires Wednesday without renewal or an agreement—much like two weeks ago, when talks dragged until the very last hours—it would not be surprising to see BTC fall by 10% or even more.
In recent days, oil has held above $90, raising concerns that prolonging the conflict could further stoke inflation in a range of goods and commodities. An extended crisis could deepen market damage.
